Virtual University

The CGL Loss Settlement Clause

While there can be disagreement over the amount of recovery, the valuation of claims under most property and inland marine forms is a fairly straightforward process. In most cases, the…

Law.

How Tenants Can Avoid Subrogation Claims

How does a tenant protect himself against the building owner (or the owner’s carrier) who is seeking to recoup the cost of reconstruction to the building, in excess of the…

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Valuing Property in CGL Claims

A third party files a claim demanding replacement of property negligently damaged by your insured. Does the CGL policy respond on a replacement cost (RC) basis or actual cash value…

Business Income Basics…Coinsurance Alternatives

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…

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Business Income “WITHOUT” Extra Expense

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.…

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Additional Insureds vs. Additional Named Insureds

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…

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Additional Insureds and Certificates

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…

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Contractual Liability vs. Additional Insured Status

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…

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Insuring the Independent Contractor Exposure

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…

Adult, Business, Businessman, Computer,Search

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