Back to Basics – What is Spoliation in Insurance Claims?
The Oxford Dictionary defines spoliation as “the act of ruining, destroying or spoiling something,” according to. In short, it means that something that should be kept is lost, destroyed, or…
Back to Basics
Back to Basics: What is Product Recall Coverage?
Manufacturers both large and small position their products into the consumer market, whether food, supplies, or equipment. Normally, rigorous testing helps to ensure the product is safe. However, end users…
Back to Basics – Why Do Insurance Policies Have Exclusions?
Every insurance policy has exclusions. In this article, we discuss the six main reasons for policy exclusions. This article covers those reasons and provides a few warning tips for insurance…
Back to Basics – Why is the Insurance Industry Regulated?
You may wonder why the insurance industry is so heavily regulated. Let’s take a look at the main reasons the states regulate insurance. Because business owners, the economy and industry…
Back to Basics – Financial Terms Commercial Insurance Professionals Need to Know
As you handle more complicated commercial accounts, you’ll need to understand some often-used financial terms. Whether you’re furnishing your commercial insured’s financial data for underwriting or renewal or responding to…
Back to Basics – What is the Business Owners Policy?
The business owners policy (BOP) is one of the most widely used commercial insurance policies designed to protect small-to-medium sized business owners. While the Insurance Services Office ISO form is…
Back to Basics – Lead with Workers Compensation Coverage
Read any insurance trade journal, and you’ll see articles about how agents can “lead with workers compensation insurance.” Savvy insurance agents can increase their business by targeting employers with considerable…
Back to Basics – Insurance Policies as Contracts
“I’m an insurance agent, not a lawyer. Why do I need to know so much about contract law?” This is a question almost every new insurance employee asks, especially once…
Back to Basics – What is the Hard Market/Soft Market Insurance Cycle?
The insurance industry has long gone through periods of “hard” and “soft” market conditions. In hard markets, insurance premiums increase and capacity – the ability of insurance markets to accept…
Back to Basics – An Introduction to Business Interruption Insurance
Many agents struggle to understand business interruption (BI) insurance, also called business income insurance. This important coverage protects business owners if a covered property loss, or in some cases government…
