Article

How Vacant is Vacant – But What if it’s NOT Vacant?

Vacant land, or what qualifies as vacant land, is a common question for the VU. Two recent “Ask an Expert” questions specific to vacant land indicated the need to address…

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3 Factors Negatively Impacting the Insurance Marketplace

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,…

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The Holy Grail

For as long as I have been in the insurance business agents have sought ways to promote themselves to their marketplace to get people to know them. The agents believe…

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DO NOT Sign Lender-Supplied Private Flood Insurance Forms

Banks are required to accept private flood insurance as broad as the NFIP policy per the Biggert-Water Flood Insurance Reform Act of 2012. The problem is, they want the AGENT…

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I Bet the Named Insured Doesn’t Own the Building! Have You Asked?

Never assume the named insured owns the building. You need to ask what seems like a ridiculous question because ownership of the building may be held by another “person” related…

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Ignore the Bank, Go With Replacement Cost

Everyday agents are asked, well required, by banks to provide Coverage A limits in excess of the developed replacement cost. Why are such requests made? So that Coverage A limits…

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‘However’ – the Word that Neutralizes the ‘Absolute’ Pollution Exclusion

Amazingly claims adjusters still believe the commercial general liability’s (CGL’s) “absolute” pollution exclusion is, in fact, absolute. Bizarre stories abound of claim denials arising out of misapplications of the exclusion.…

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When Sweet Fifi Bites

More than one-third of homeowners’ insurance liability claims are attributable to dog bites according to a 2016 Insurance Information Institute (III) report. III reported that the average cost of a…

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