An insured who is leasing a building or space in a building is being required by the landlord to carry $1M in “fire legal” coverage. The insured’s CGL insurer will not provide more than $300K in FDLL limits. What can the insured do? Better, what SHOULD the insured do?
If you issue a fair number of certificates of insurance, no doubt you have been asked by some customers to give them a “blank” or “sample” certificate they can show for prospective jobs. Is there a problem doing this?
Agent question: “We have not been individually adding Additional Insured endorsements, relying on them being an indemnitee in the ‘insured contract’ wording of the CGL or BOP policies, which gives them AI status without endorsing that on the policy.” Could this agency have a problem, along with their customers?
Many, if not most, certificates of insurance identify one or more parties as additional insureds. However, with several hundred non-ISO AI endorsements in the marketplace, many of these forms provide significantly inferior AI coverage compared to ISO forms. So, just checking an AI box on the COI doesn’t tell anyone much of anything. So, should…
Unless there is a legal requirement, is there a reason to issue a written binder on an account? We posed this question to the VU faculty and got a mixed bag of responses. What do you think?
Agencies often have to balance business decisions with their E&O implications. Value-added services can be extremely important to the prosperity of agencies. However, it’s important to consider the potential E&O exposures they present and adapt policies and procedures that take advantage of these strategic advantages while minimizing E&O potential.
Agencies and insurers often provide policy coverage summaries. Is this a good idea? As is often the case, the agency must balance the sales and service function with their E&O exposure. This article suggests a reasonable way to do this, if warranted, including a sample disclaimer.
This is neither an advertisement nor an endorsement, but rather an informational piece about what one agent-led group is trying to accomplish. Anyone who deals daily with certificate of insurance requests may want to read how one initiative is trying to automate this process as much as possible so that insurance information is obtainable quickly,…
Agents are often asked to place specific wording (frequently verbatim from a contract) in the “Description of Operations” field of the ACORD 25. Should/can you do this and, if so, what exactly can/should you include?
Many good agencies that have worked hard, done things well, and are not grasping at straws, are still at a competitive disadvantage. The categories in which this is occurring are widespread. Here are some important examples….
