Insurance Illustrated | September 20, 2024

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for the week of September 20, 2024

Education + Analysis for the Independent Agent

Categories Included In This Week's Edition

Special Feature * Advantages of Big 'I' Membership * Commercial Lines * Agency Management * Personal Lines * Insurance Laws & Statutes/Coverage Resources

Special Feature

Advertising Injury for Intellectual Property Coverages: Understanding Gaps in Commercial General Liability Policies

Personal & Advertising Injury coverage under the Commercial General Liability policy offers very limited protection for patent infringement. Specialty coverage is available, and one such provider, Intellectual Property Insurance Services Corporation’s executive vice president Chuck Baxter has graciously authored this article for Insurance Illustrated.

Advantages of Big 'I' Membership

Big "I" Alliance Blue

Big “I" Alliance Blue provides a competitive market access solution for Big “I" member agencies. Members may access personal and commercial lines markets including auto and home, bonds, cyber, small commercial and more. There are no fees and no volume commitments, and you own your expirations. Additionally, Big “I" Alliance Blue placement center staff can assist with quoting, issuing and binding accounts for agents.

Commercial Lines

The Theft "Inventory Shortage" Exclusion

The Special Causes of Loss form (and most crime forms) excludes losses "where the only evidence of the loss or damage is a shortage disclosed on taking inventory." In other words, if you conduct an inventory and find something missing, that doesn't necessarily mean it was stolen. But what DOES it mean? In this article, we'll discuss how this exclusion should be applied and what the courts have said abo

Insurance and Meth Labs

One of the worst scourges of the drug scene involves methamphetamines. Because the drugs are so inexpensive, increasing numbers of teens and others are becoming addicted. Because the drugs are so easy to make from over-the-counter pharmacy products, meth labs are springing up all over the country, from urban to rural areas. The labs can also be dangerous to operate. If property is damaged, is there insurance coverage?

Are Donations Made to Non-Profits Covered in a Business Income Loss?

Business income and extra expense coverage can be difficult claims to handle, and filling out the business income worksheet must be done with care. In this question, an agent asks if donations the non-profit include on their profit & loss statement covered after a loss. Our experts chime in, and this article is worth a read. The insurer’s underwriter also chimes in.

Agency Management

Does This Sound Like YOUR Underwriter?

I asked agents from all over the country to recount some of the strangest, most unusual, or simply irritating situations involving underwriters. Here are some of their responses.

Procedures and Why They Really Matter

Over the years I’ve seen many agents spend thousands of dollars on a Procedures Manual,... one you’ve bought…one you’ve paid a consultant to come in and do…or one you’ve struggled for years to implement but can never quite seem to get there. And you know why…

Agents’ Duty to Report Claims to the Carrier

Many agency problems arise over claims. The agent’s duty to report claims to the carrier can be one area that can generate many different scenarios and opinions. Failure to timely report a claim to the insurer can generate an errors and omissions claim or can damage your relationship with your insurer. Recommending your insured report a claim can cause their policy to non-renew due to frequency or other issues such as maintenance concerns. What’s an agent to do? Here are some top tips for the dos and don’ts of claims reporting.

Personal Lines

Understanding the Unique Facets of Flood Insurance: Flood Zones

Flood insurance is, unusual. A flood policy essentially covers one peril but is surrounded by many unusual facts and facets that make flood coverage unlike any other. Agents must understand the uniqueness of flood to more effectively present it to clients. This series on flood insurance is divided into seven parts; following is part 1. Links to each part in the series are provided at the end of the articles.

Duty to Defend – In the Words of the Court

Generally, an insurer’s duty to defend flows from the facts alleged in the lawsuit. When the pleadings alleged damage or injury that is covered by the policy, the insurance carrier has a duty to defend, regardless of whether the insured is ultimately liable and/or the insurer has a duty to indemnify. Conversely, when the pleadings allege facts or events not covered by the policy, and the insurer has no knowledge of facts to the contrary, the carrier is not obligated to defend – but this is a question of law.

Kids at College: Does ISO’s Age Limitation Really Apply?

Based on the dictionary meaning of “resident," is there really an age limitation on kids away at college? Paragraph 5.a.(1) states that an insured is a relative who is a resident of your household. Paragraph 5.b.(1) states that a student who WAS a resident before MOVING OUT to attend school is an "insured." It does not appear an age limitation really applies if residency existed and the adult child never changed residency.

Insurance Laws & Statutes / Coverage Resources

Dog Owner Liability Rules by State

Download this state-by-state list of dog owner liability rules for easy reference. Did you know September is National Pet Health Insurance Month? Ensure your animals are covered for protection against expensive medical costs.

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