Personal lines policies offer liability coverage limits that protect your insureds if they injure someone or damage their property. But with today’s ever-increasing jury verdicts, it’s not hard to see how a minor accident can morph into something that plows through, if you’ll excuse the pun, the $300,000 combined single limits (CSL) on your insured’s…
Coinsurance may be the least mentioned yet easily explainable clause in both commercial and personal property and other policies. You will find coinsurance clauses in many types of policies. These and other policies usually contain a coinsurance clause. Business owners policy Commercial property policy Flood insurance policy Business income policy Dwelling policy Homeowners policy Health…
Property can be assigned many “values” depending on the purpose of the valuation and who is valuing it. Some examples include: The amount for which the property could be sold; known as “market value.” Market value is what a willing buyer will pay a willing seller. What an expert thinks it’s worth. In simple terms,…
Liability policies, whether the HO, PAP or CGL, respond when the insured is judged to be “legally liable” for the injury or damage. But how is “legal liability” determined? That is the question answered in this short article.
Insurance (or assurance), as we understand the concept today, is more than 700 years old. But what events shaped our modern world of insurance? Following are some interesting facts, myths, and legends that helped mold the current insurance world in America.
