Do you know how to code and rate commercial lines accounts? Do you understand the difference between coding, rating, and coverage? If not or you’re not sure, then take a few minutes to read this article and, if warranted, respond to our inquiry at the end of the article.
The exposure to loss of money, securities, or other property due to trick, scam, etc. has been around for millennia, but from an insurability standpoint, traditional “ISO standard” insurance products have excluded this exposure as a business risk. Until now.
On June 26, 2015 in Obergefell v. Hodges, the U.S. Supreme Court in a 5-4 decision ruled in favor of same-sex marriage. So what does this mean for you and your customers? Specifically, what are the P&C coverage implications? This article primarily examines some commercial lines issues and the companion article does the same for…
One of the most frustrating types of questions received by the VU “Ask an Expert” service usually begins with, “Does ‘a’ homeowners policy cover…” or “Does ‘a’ BOP cover….” The first question is, is it a pure ISO form or not? And, if it IS an ISO form, what is the edition date? What does…
Your insured has BAP Symbol 9 nonowned auto coverage which extends coverage to the named insured while employees use their autos on business. However, what if the named insured uses independent contractors who operate their own autos…is the named insured still covered? What if the named insured only has a CGL policy?
A customer with a d/b/a sole proprietorship owns two autos covered by a BAP written with Symbols 7, 8, and 9. She drives one, largely on business, and her retired husband drives the other. You have a chance to bid on her insurance and note that she does not have the DOC endorsement. When you…
Agents and insureds often think employee dishonesty coverage on a BOP is the same as coverage provide by Commercial Crime policies or forms. Unfortunately, that’s not the case. This article provides a real-life example of where more is less.
In response to the “Rise of the Drones” (not to be confused with the “Rise of the Planet of the Apes”), ISO has filed new and revised policy provisions for its CGL and Commercial Umbrella programs. This article was written by VU faculty member Mike Edwards for Louisiana Big “I” agents and he had graciously…
One of the most litigated provisions in the ISO CGL policy is the pollution exclusion. But what we have found via our “Ask an Expert” service is that often claim denials are made without regard to the requirement that the BI or PD arise from the “irritant” or “contaminant” nature of the “pollutant.”
Your insured is a pool contractor. If he damages the pool’s liner, causing a leak, does his CGL cover him? What if he needs to drain the pool for maintenance and it pops out of the ground overnight following a heavy rain…does his CGL cover him?
