With increased costs in this hard market, many insureds want to reduce their premiums. One way to do that is through the use of deductibles. But, how large a deductible is appropriate for your insureds? In this article, we’ll give you some tips from our faculty and several top risk managers that may help you…
An insured had an open lot business and stored a substantial amount of business personal property (BPP) in an enclosed shed. They did not insure the shed. Thieves stole $5,000 worth of BPP. The adjuster says it isn’t covered because it wasn’t in a DESCRIBED building, but it would have been covered if in the…
It’s relatively easy to convince a prospect they need CGL coverage. However, it may be difficult to convince them that they may need other forms of liability insurance such as Directors & Officers, Errors & Omissions, Employment Practices Liability, etc. The problem often involves a lack of understanding between the differences in these coverages and…
This article was referenced in our VUpoint newsletter, Vol. 1, No. 14, September 18, 2000 and is based on a question submitted to our “Ask an Expert” service. Newsletter readers were given the opportunity to be the expert in “solving” this case. Below is the question, followed by the submitting agent’s opinion.
A significant source of uncovered claims (many that result in E&O claims against insurers and agents) involves the failure to (properly) identify named insureds on an insurance policy. For many businesses (and even personal lines accounts), the entities that need coverage can be complex and due diligence is the order of the day.
Below is a recent “Ask an Expert” question we received involving a Business Owners Policy. While we attempted to address the valuation issues raised from the standpoint of the BOP, it became very clear that this particularly exposure was probably not suited for a BOP. While BOP’s can be ideally suited for many mainstream businesses,…
At last count, we’ve had 15 questions concerning the difference, if any, between coverage afforded by inland marine installation floaters and riggers liability forms. For example: “I am working on a crane company prospect and am not the current agent. The current agent is using an installation floater to cover items being lifted and I…
“I have a residential general contractor that is being offered coverage by a Risk Retention Group. I know that Risk Retention Groups are insurance companies that are formed and owned by the policyholders, that they are not regulated by state governments, and often do not use standard ISO forms. I’m sure there are pros and…
The inland marine form on a tree surgeon’s stump grinder included a “Fire Extinguisher and Brush Burning Warranty” endorsement. Vandals destroyed the grinder by burning it. The insurer has denied the claim because the fire extinguisher had been removed for servicing at the time of loss. Is the claim denial valid?
Managing e-business calls for a comprehensive risk management approach and a thorough understanding of the multifaceted nature of the exposures. It is imperative to incorporate an ingrained awareness of e-business exposures in a business’ employees and to provide them with the necessary tools to analyze, quantify, and manage those exposures. In this article, I’ll take…
