| |  | | | Over the last several days, the VU has fielded several auto insurance related questions as it pertains to food delivery and the Coronavirus. These questions cannot be classed simply as personal auto or business auto questions because the most common question involves both polices. |
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| | Very simply, how does or might the commercial general liability (CGL) policy respond to the coronavirus? There are many hurdles that must be jumped before the CGL will respond. |
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| | During this pandemic panic the most common question asked of agents dozens of times every day, “Does my business income policy cover the shutdown mandated or recommended by the government?” The short answer is, no. But you need more detail than that; so here you go. |
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| | Insurance Services Office (ISO) has introduced four new earth movement exclusions with effective dates of 12/1/19. Three are designed for use with the commercial general liability (CGL) coverage parts; and one is for use with the owners and contractors protective liability (OCP) coverage part. These are extremely dangerous endorsements if used improperly. |
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| | The economic disruption caused by COVID-19 has left millions of people unemployed—at what many say is the highest rate since the Great Depression. In considering the future, those who’ve lost their jobs may think about starting a home-based business as the crisis eases or perhaps working more independently. This could create an expansion of the micro-business market—businesses with few or no employees that often operate out of homes or shared spaces. |
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| | Insurance carriers often provide what is referred to as a RCP Code. The code comes from ISO data and provides a lot of information. With this code, agents have a lot of information and can use it to advise their clients. This article details each part of the RCP and provides some insight on how the information can be used. |
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| | If your client has a mural on the inside or outside of the building, how do you cover it? Is it covered by the property policy? Is there any special wording in the proprietary form that provides coverage? Many agents don’t consider insuring a mural, but it could be a very expensive exposure for your insured. This video session explores the coverage needs of a mural. |
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| | Bad decisions cause commercial property clients to pay higher property premiums. Sadly, the insured may not even recognize their poor choices. Worse still, agents can help clients identify their bad decisions with the right information. |
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| | Business Income is the most important property coverage. The problem is, some agents only do half the job when protecting the insured’s income loss exposure. There are two loss periods the business income policy needs to cover. |
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| | Business income coverage responds only when certain conditions are met. Simply losing business income is not enough to trigger coverage. This article explores the conditions that must be met using a water contamination incident in Corpus Christi, TX as the backdrop. |
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| | Business income coverage is unique because the factors used in calculating the amount of protection the insured is required to purchase differ from the factors used when calculating the amount of compensation owed/paid following a business-closing loss. Because of the different calculation methods, there is a difference between “insurable” business income and “compensable” business income. |
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| | When your insureds use Yelp, Twitter or even Facebook they open themselves up to charges of libel and defamation of character. Is your personal lines client protected? A Yelper is out $20,000 because of this problem. |
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| | 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 match the loan requirements of course. Mortgagees tend to forget that the loan buys more than just the structure; it includes the land and location, location, location. The buyer/mortgagor is paying for the view and access to the office and shopping in addition to the house. The insurance policy only pays to replace the house. |
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| | 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 homeowners’ insurance respond to this exposure? Check out this fictionalized interview to get the answer to this question. |
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| | “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? |
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| | Most people, including your clients, are insurance illiterates. Their limited understanding of insurance comes from the commercials they see on TV and the misinformation they “hear on the streets.” Insurance professionals should invest in their client’s kids. Why? Let us count the ways. |
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| | For the personal auto insurance industry, food delivery is a big exposure. And because so many teenagers and even young adults deliver food as a primary or secondary source of income, agents are regularly asked if the PAP covers food delivery. Does the PAP extend coverage for food delivery? Well, maybe! Like so many other insurance coverage questions, the answer depends on the coverage language of the individual policy and the specifics of the activity. |
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| | Your insureds are not insurance experts, nor should we expect them be. In fact, many don’t like to talk or think about insurance - much less read a “coverage-heavy” letter. However, there are times when agents are required to capture specific coverage facts in writing. When it becomes necessary to pen a coverage letter, remember to apply three key guidelines. |
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| | Employees are your greatest expense, but they are also your most valuable asset. The loss of great or even just a “good” employee has a tremendous effect on the agency. How do you manage employees according to their style while giving them a sense of place and accomplishment? Follow these rules of management success. |
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| | Insurance carriers spend in excess of $6.7 billion on advertising. Progressive alone spends over $1 billion. Most of this advertising is about price and how much the insured can save. Only a few companies and a few ads ever even mention coverage and the need for protection. Such an incredible marketing effort combined with several other industry failings to create the idea that insurance is all about price. Even some producers think it’s about price. After all, every policy is the same except for price – right! |
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| | 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. |
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