In 2021 according to the Insurance Information Institute (III), almost 24% of losses under homeowners insurance arose from water damage (including freezing-related) claims. From 2017 to 2021, III reports that the average claim severity for water damage claims for homeowners multi-peril policies was $12,514. What if some simple homeowner education could help your insureds prevent…
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.
While the reality of today’s underwriting is often, “Does this fit the box?” today’s hard market has caused many agents to scramble toward wholesalers and carriers with heartier appetites. However, submissions swamp today’s underwriters, and they may only scratch the surface of an application before responding, “No way!” How do you get your underwriting submission…
Unlike “traditional” businesses, an insurance agency has a unique business model with low capital requirements and no significant working capital needs. But when capital is needed to seize an opportunity, the capital required can be substantial. Since many principals may never have borrowed from a bank, they may not be familiar with how credit is…
Perfluoroalkyl Substances (PFAS) are a hot topic with Insurance Services Office rolling out forms to exclude coverage for PFAS. This article will provide what we know to date on this important topic.
The proper issuance of certificates of insurance is a common problem facing agents, whether they’ve been in the business for decades or they’re just entering the industry. This article provides solid, practical recommendations for the proper issuance of certificates from a highly experienced insurance consultant.
In record numbers, today’s teachers are fleeing the classroom for less political, safer and better-paying jobs. Could a former teacher or a school librarian be your next hire?
A few recent articles highlight how many Americans, especially Millennials, supplement their income with side gigs. A side gig is work people start in addition to their main jobs. Side gigs can be full time or part time, and many people begin side gigs because they intend to transition into a full-time business. Many side-gig…
You may wonder why the insurance industry is so heavily regulated. Let’s take a look at the main reasons the states regulate insurance. Because business owners, the economy and industry depend so heavily on insurance, the regulation of insurance is vital to national business interests. This article covers some basic insurance regulations impacting us as…
