Underinsuring property is a problem that can result in a significant coinsurance penalty. However, underinsuring business income is particularly troublesome given that coinsurance penalties can be catastrophic. This is particularly…
Following a covered loss, a replacement compressor was rented at the cost of about $100 a day. By the time repairs were made, the insured incurred $6,000 in rental costs.…
Sometimes a contract calls for naming a party as an additional insured. On other occasions, it requests additional named insured status. So, what’s the difference and what are the advantages…
THIS MAY BE THE MOST IMPORTANT ARTICLE YOU READ THIS YEAR. If you insure contractors or others who must enter into agreements specifying insurance coverages and certificate language, you could…
Question: “I have had discussions with agents who believe that the wording in the ISO CGL policy pertaining to an “insured contract” covers the requirement to add additional insured status…
Many businesses use independent contractors. While the “principal” (owner) is usually not liable for the actions of an independent contractor, third parties can make claim or sue the owner on…
High temperatures and drought conditions caused a golf course, despite its mitigation efforts, to lose most of its greens. A severe storm downed dozens and dozens of trees on a golf…
Agents who’ve experienced a hard market know that claims are often scrutinized much closer than they are in a soft market. Unfortunately, there are circumstances that sometimes lead to the…
The ISO business income form(s) includes coverage for loss arising out of a civil authority prohibiting access to the insured’s premises due to direct damage by a covered peril to…
In a number of recent hurricanes, civil authorities ordered mandatory evacuations before the storms made landfall. The ISO Business Income form applies to losses arising from orders of civil authority…
