Back to Basics – What Does Symbol 1 on the Business Auto Policy Cover?
While Symbol 1 of the Commercial Auto Policy should cover “any auto” your insured drives, there are no guarantees that 1) Your carrier will allow this coverage on all or…
Commercial Lines
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: 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 – 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 – 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…
Back to Basics – What is Legal Liability?
What does it mean when an adjuster reports that your insured is not “legally liable,” so the carrier will deny the claim. This article explains the basics of legal liability…
Back to Basics – Insurers Increasingly Imposing Warranties and Safeguards on Commercial Property Policies
An interesting post on LinkedIn by risk management consultant Jack Schwartz, managing director at Davis + Gilbert Risk Management, caught my attention. The issue, according to Schwartz is that insurers…
