Ordinance or Law for Your Homeowners’ Clients
Not to be overly dramatic, but ordinance or law is a very real personal lines exposure – often overlooked during the personal lines risk management and insurance planning process. Agents…
Personal Lines
When Insurance Strikes (Out): Underestimating Replacement Cost
Underinsurance is still a problem. According to CoreLogic approximately 60 percent of homes are underinsured by 20 percent on average. Obviously, this leads to devastating results for the insured, and…
The Underwriting Period
Every state and the District of Columbia grants insurance carriers an “underwriting period.” Insurance carriers are granted broad authority to cancel a newly-written policy during this statutorily-limited period.
Insurance Applications: Ambiguities and Lies
An insured’s offer to purchase insurance is made in the form of the application, supposedly completed by the insured. Acceptance flows from the insurance carrier in the form of a…
Credit Freezes and Insurance
Were you affected by the Equifax breach? There is a 1 in 2 chance you were. Even if you weren’t, there are certain steps you can take to fight identity…
Who Is Liable When No One Is Driving?
Opinions vary regarding the widespread availability and ultimate acceptance in the US of fully autonomous vehicles. Some foresee widespread adoption of fully autonomous vehicles within the next “automotive generation” (within…
Home Sharing Hosts and the Loss of Income
Home sharing hosts have exposures not common to many homeowner clients, a business income exposure. When an unexpected loss occurs, the home owner losses a source of revenue. Does the…
The “Business Use” Exclusion in the Personal Auto Policy
In practical application, the PAP extends coverage for the business use of a “your covered auto” provided it’s not used to carry people or property for a fee (i.e., Uber…
Mid-Term Cancellations
Once a policy is in effect and has existed beyond the underwriting period, provisions still exist allowing the carrier to cancel the policy during the policy period. These are often…
Uh-Oh, I Damaged a Rental Car
“Should I buy the damage waiver?” A question you probably receive from your clients on a regular basis. What do you tell them? Is it worth the money?
