If the person or entity causing injury or damage to a third party is NOT an insured in the policy, guess what – there is NO coverage. Who is an insured, and not an insured, in the CGL, BAC and work comp must be understood, because if this is wrong, all the great work in…
Three distinct phenomena negatively impact the commercial and, to some extent, personal insurance marketplace: The Winner’s Curse, Submission Bias, and Overconfidence. These phenomena are explained in an international whitepaper titled, “Analyzing the Disconnect Between the Reinsurance Submission and Global Underwriter’s Needs.”
Insurance (or assurance), as we understand the concept today, is more than 700 years old. But what events shaped our modern world of insurance? Following are some interesting facts, myths, and legends that helped mold the current insurance world in America.
Need help finding the condominium laws of each state? This reference gives you the condominium law, the horizontal property law, the common ownership law, or whatever it is called of every state. Useful – and needed – whether you insure the association or the unit owner.
This may be the most important coverage article you read this year. It may be the most important coverage article you’ve ever read. Please read it. And please have your colleagues read it. If you work in an agency, send a link to the article to your underwriters, marketing reps, and claims people. RTFA…Read The…
An upscale art and frame shop is insured on a BOP policy. The insured owns no autos, so there is no business auto policy. In addition, there is no hired and nonowned coverage under the BOP. While loading a heavy painting and frame into a customer’s car, the insured’s employee injures the customer and damages…
Do you know how to code and rate commercial lines accounts? Do you understand the difference between coding, rating, and coverage? If not or you’re not sure, then take a few minutes to read this article and, if warranted, respond to our inquiry at the end of the article.
One of the most frustrating types of questions received by the VU “Ask an Expert” service usually begins with, “Does ‘a’ homeowners policy cover…” or “Does ‘a’ BOP cover….” The first question is, is it a pure ISO form or not? And, if it IS an ISO form, what is the edition date? What does…
Are you ever confused about whether a particular policy form is a pure ISO form, a modified version, or a proprietary insurer form? This article provides a three-test approach for determining whether a form is ISO or not that is effective probably 99% of the time.
The ISO Commercial Property form, CP 00 10, requires that buildings and structures be described in order for coverage to attach. However, ISO’s Business Owner’s Policy only requires that the premises be described. So, as long as the “building” limit is adequate, that limit applies to all structures on the premises. However, that makes it…
