A concept as common as the application of a “property deductible” is rarely taught or even considered, it is simply “understood.” The problem is we tend towards the belief that everyone “understands” the application of a property deductible the same way. They don’t.
Carriers seem to believe that a property loss must be discovered within 180 days of the event causing the damage for the policy to respond on a replacement cost basis; even some agents believe this. Well, it just isn’t true. Find out why.
Mid-year premium growth reported by the 15 excess and surplus lines (E&S) stamping/service offices across the United States has reached almost $18 billion. Given the fact that the data reported is halfway through 2019, the growth represents a 12.68% increase over what was recorded at mid-year 2018.
During COVID, many if not most employees were assigned to work from home. Office-based operations discovered that remote employees may be just as efficient as they were in the office. Additionally, many businesses calculated how much they could save by lessening or totally eliminating their real estate spend. One result of COVID’s work-from-home (WFH) mandate,…
A house exploded in Charlotte, NC. Rumors of a meth lab began to swirl leading to an analysis of the HO policy to answer the question, does the insurance carrier owe anything if damage was the result of a meth lab?
A mural is a very real insurance exposure, and a very popular addition to many both public and private commercial buildings and residences. One underwriter reported writing $500,000 coverage on an exterior mural, just for the mural, NOT the building. Just an “average” mural (painted by a local, unknown artist) can cost the building owner…
Agents very rarely experience an employers’ liability claim; but this does not mean this important gap-filling coverage should not be understood. There are employee-related gaps in the commercial general liability (CGL) policy and the workers’ compensation (WC) policy that make this coverage a necessity. This primer allows a much clearer understanding of this important yet…
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.
Constant debate swirls around the difference between independent contractors and employees. It seems that every contractor wants everyone to believe that everyone on the job site is an independent contractor; but we know that’s not true. Use these 17 “tests” to differentiate between a de facto employee and a true independent contractor.
Practice the insurance profession long and you begin to hear and learn various legal liability terms ranging from the basic ideas of “negligence” and “torts” to more specific concepts like “compensatory damages” and “superseding events.” Occasionally, though, we are still surprised by what the lawyers have created – weird legal theories that can’t possibly exist.
