Were you affected by the Equifax breach? There is a 1 in 2 chance you were. Even if you weren’t, there are certain steps you can take to fight identity theft, including “freezing” your credit. Yes, there are some downsides to this, but saving your good credit may be worth the aggravation.
Personally-owned autos belong on a personal auto policy (PAP), but occasionally a commercial insured intentionally or unintentionally includes one or several personally-owned auto(s) on its business auto policy (BAP). Commercial clients may do this for one of many reasons; but when a commercial client intentionally or unintentionally includes a personally-owned auto on the BAP, the…
The “absolute pollution exclusion” may be the most misunderstood and misapplied exclusion in ISO’s commercial general liability policy. Carrier are misapplying for one of two reasons: 1) they really don’t understand it; or 2) they are looking for a way to deny a claim. Either way, shame on them for torturing the policy to affect…
Once a policy is in effect and has existed beyond the underwriting period, provisions still exist allowing the carrier to cancel the policy during the policy period. These are often referred to as mid-term cancellation laws. All 50 states statutorily mandate the conditions under which a policy can be cancelled prior to the end of…
Contractual risk transfer is a fact of life for any agent working with construction clients. Your client might be the transferor or the transferee or both on the same job. Because insurance is a slave to the contract, you have to understand contractual risk transfer.
You cannot assume the entity type you insured last year is the same entity type that exists this year. When insuring small businesses, you are fighting against several unseen entities – namely accountants and lawyers. These other professionals make changes to the small business without much thought to the problems these changes can cause your…
Effective June 1, 2017, Insurance Services Office (ISO) introduced the new Miscellaneous Professional Liability Policy (MI 00 01) along with a multitude of endorsements. This is the first in a series of insurance programs designed to address the professional liability needs of various risk types. These new forms are housed in Division Sixteen – Professional…
Ownership, or rather the desire to own, is changing. More and more people see less and less the need to own something they don’t use on a regular basis. As the saying goes, “I don’t need a drill, I just need a hole.” The insurance industry needs to prepare for this shift in attitude and…
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.
If the person or entity causing injury or damage to a third party is NOT an insured in the policy, guess what – there is NO coverage. Who is an insured, and not an insured, in the CGL, BAC and work comp must be understood, because if this is wrong, all the great work in…
