An agent asks, “I’m quoting a tank fabrication operation. They manufacture large metal tanks at their facility, transport the tanks to the customer’s location, and install them. The current agent includes business income coverage, but I think there is still a gap if these very expensive completed tanks are destroyed while still at the insured’s…
“A traditional axiom of products liability law is that a manufacturer or supplier of goods has a duty to warn of any danger from the intended or unintended but reasonably foreseeable use of its products. This duty extends to those using or purchasing the product, as well as to those who could reasonably be expected…
Departments of Insurance across the country are bracing for the introduction of new commercial property policy language promised by the newly-formed property insurance bureau the Dominion of Organized Property Exchanges (DOPE). How might the “Injudicious Act” exclusion affect property pricing?
If your client has a mural on the inside or outside of the building, how do you cover it? Is it covered by the property policy? Is there any special wording in the proprietary form that provides coverage? Many agents don’t consider insuring a mural, but it could be a very expensive exposure for your…
If your client has a mural on the inside or outside of the building, how do you cover it? Is it covered by the property policy? Is there any special wording in the proprietary form that provides coverage? Many agents don’t consider insuring a mural, but it could be a very expensive exposure for your…
Non-BOP business income coverage is written on a coinsurance basis; however, some agents are afraid of coinsurance for a couple reason: 1) they don’t know how to develop the proper coinsurance percentage; and 2) they don’t want to explain the CP 15 15 Business Income Report and Worksheet. Well, there are three alternatives to coinsurance…
When agents have coverage questions, they sometimes ask the underwriter for a coverage interpretation. Interested and concerned members of the VU faculty want to know why in the world you would ask the underwriter anything about coverage. Underwriters don’t make coverage determinations, adjusters do.
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.
Before reviewing the exclusions, exceptions, and exceptions to exceptions, you must confirm the loss even qualifies for coverage based upon the grant of coverage found in the insuring agreement.
Most general liability coverage cases, that address whether “property damage” has taken place, focus on the “physical injury to tangible property” aspect of the definition. You can see that a building is no longer standing or that water intrusion has caused damage. On the other hand, whether there has been a “loss of use” of…
