Agents who have insureds with international exposures must be aware that local laws, business customs, economic conditions, political climate, and government regulation all affect the insurance risks that the organization faces. This article examines five common risk areas that these organizations face.
Managing e-business calls for a comprehensive risk management approach and a thorough understanding of the multifaceted nature of the exposures. It is imperative to incorporate an ingrained awareness of e-business exposures in a business’ employees and to provide them with the necessary tools to analyze, quantify, and manage those exposures. In this article, I’ll take…
The inland marine form on a tree surgeon’s stump grinder included a “Fire Extinguisher and Brush Burning Warranty” endorsement. Vandals destroyed the grinder by burning it. The insurer has denied the claim because the fire extinguisher had been removed for servicing at the time of loss. Is the claim denial valid?
“I have a residential general contractor that is being offered coverage by a Risk Retention Group. I know that Risk Retention Groups are insurance companies that are formed and owned by the policyholders, that they are not regulated by state governments, and often do not use standard ISO forms. I’m sure there are pros and…
At last count, we’ve had 15 questions concerning the difference, if any, between coverage afforded by inland marine installation floaters and riggers liability forms. For example: “I am working on a crane company prospect and am not the current agent. The current agent is using an installation floater to cover items being lifted and I…
Below is a recent “Ask an Expert” question we received involving a Business Owners Policy. While we attempted to address the valuation issues raised from the standpoint of the BOP, it became very clear that this particularly exposure was probably not suited for a BOP. While BOP’s can be ideally suited for many mainstream businesses,…
A significant source of uncovered claims (many that result in E&O claims against insurers and agents) involves the failure to (properly) identify named insureds on an insurance policy. For many businesses (and even personal lines accounts), the entities that need coverage can be complex and due diligence is the order of the day.
This article was referenced in our VUpoint newsletter, Vol. 1, No. 14, September 18, 2000 and is based on a question submitted to our “Ask an Expert” service. Newsletter readers were given the opportunity to be the expert in “solving” this case. Below is the question, followed by the submitting agent’s opinion.
Increasingly U.S. businesses find themselves in a global marketplace. This no longer applies to just huge, multi-national corporations. Your “mom and pop” insureds may very well fulfill orders from their web site or sell products on eBay, Amazon or other marketplace web sites. You may have hundreds of insured with international liability exposures that have…
Below is an “Ask an Expert” question we received involving a Business Owners Policy. While we attempted to address the coverage issues raised from the standpoint of the BOP, it became very clear that this risk was not suited for a BOP, regardless of whether or not the insurer was willing to issue one. While…
