One of the biggest exposures for an errors and omissions claims arises from certificates of insurance. When providing additional insurance, under the commercial general liability policy replace the need for a waiver of subrogation endorsement? Read this article to find out.
Certificates of Insurance
Recent settlements and jury verdicts against property owners and managers hit with premises liability claims continue to climb. Whether your clients own a tavern, a manufacturing plant, manage apartment complexes, or are homeowners, their current liability limits may be insufficient in today’s legal environment.
Do agents owe any duty to a certificate holder? Opinions differ. Given the reality of the COI, its intended purpose and the parties to the various contracts related to a construction site, agents have very little duty to the certificate holder beyond honesty.
Warren Buffett introduced the newest insurance disrupter – the THREE. As the name suggests, this is a three-page insurance policy intended for small businesses. If that isn’t amazing enough, this policy combines seven different coverages into its three pages. So, what is the problem? Well, there are many problems that will victimize an unsuspecting insured.
Workers’ compensation, from a coverage standpoint, is the simplest coverage to understand and even explain. However, statutes and common laws serve to complicate the initial simplicity of workers’ compensation and complexity breeds errors.
A glossary of workers’ compensation terms.
Contractual risk transfer is often confused with insurance coverage; and certificates of insurance are ALWAYS confused for a document with any real meaning or power. This article focuses on one key fact – the insurance policy rules regardless what the contract says.
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.
When the work comp policy expires, it is time for the audit. As every agent knows, work comp premium is generally based on payroll; thus, the two most important questions are: 1) what remuneration is included in the audit; and 2) what remuneration is excluded from the audit? Of the two questions, knowing what payroll…
