| |  | | | Business Income * Business Auto * Homeowners' Insurance * Trends & Insights * Workers' Compensation * Insurance Laws & Statutes / Coverage Resources * Answering Your FAQs |
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| | There doesn’t need to be a “pandemic” exclusion in the business income policy. The absence of the word or an exclusion containing the word does not change the facts of coverage. |
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| | Is employee payroll covered by the business income policy? One part of the contract seems to state that only the payroll of employees necessary to resume operations is covered. Is this the correct application of this wording? |
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| | Plaintiff attorneys think they have figured out a way to squeeze coverage from the business income policy. It’s an interesting attempt, but it's still a “no go.” Hopefully they will keep on trying because it makes for great entertainment. |
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| | With the mobility that technology offers in the form of cell phones, PDAs, and laptops, the ability to conduct business away from the traditional office has exposed employers to hazards not considered or dreamed of just a few years ago. Employers are subject to an ever-increasing chance of being held vicariously liable for the actions of their employees working outside of the traditional office. |
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| | Thousands of restaurants engage in food delivery. This is, by no means, a new phenomenon. With that reality in mind, two questions arise: Is the restaurant covered for food delivery if it does NOT have a business auto policy; and how does a restaurant’s business auto policy respond to food delivery when they have the coverage? |
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| | The owner of a large commercial account is loaning his nonresident daughter a Ford F350 pickup for a week in order to relocate a horse in the horse trailer that she owns. He wants to know if the BAP that covers the company-owned pickup truck will cover him and his business if there is an accident while pulling the horse trailer. What do you think? |
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| | 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 possibly the agent from an E&O perspective. We know this in the industry, but now the NY Times is reporting it – and they are making serious charges. |
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| | Vacant land, or what qualifies as vacant land, is a common question for the VU. Two recent “Ask an Expert” questions specific to vacant land indicated the need to address the question again. |
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| | In the “HO-2000 world,” ISO has promulgated over 145 homeowners’ endorsements. Some of these endorsements take protection away (we want to stay away from those), some apply to specific exposures (such as home sharing) and others even clarify what the policy already says. But among this long list are great endorsements that are greatly underutilized by many agents. |
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| | 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 policy. Logically, then, the insurance negotiation begins with the application. |
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| | Insurance (or assurance), as we understand the concept today, is more than 700 years old. But what events shaped our modern world of insurance? Following are some interesting facts, myths, and legends that helped mold the current insurance world in America. |
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| | 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 theft, including “freezing” your credit. Yes, there are some downsides to this, but saving your good credit may be worth the aggravation. |
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| | When the work comp policy expires, it is time for the audit. As every agent knows, work comp premium is generally based on payroll; thus, the two most important questions are: 1) what remuneration is included in the audit; and 2) what remuneration is excluded from the audit? Of the two questions, knowing what payroll is excluded from the audit might be the more important information – as this is where most mistakes are made. This article lists the payroll inclusions and exclusions. |
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| | Endorsements serve to alter any policy; this is true of workers’ compensation policies. This is a schedule and description of many workers’ compensation forms and endorsements. |
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| | Workers’ compensation, as a coverage, is simple. A worker gets hurt, the work comp policy pays – theoretically; that’s the simple part. The more complicated areas of workers’ compensation involve the state laws and legal doctrines applicable to workers’ comp. Two key areas of confusion are how many different types of employees are there and how do you decipher who qualifies as an employee? |
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| | Because agents work in a contract-based industry subject to many legal concepts, understanding specific legal terms is necessary. |
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| | An agent asks: COVID and all the coverage debates swirling around it has raised the question in our agency regarding the use of a disclaimer. Several in the agency think we should develop disclaimer language to, essentially, warn our clients that there may not be any coverage for a COVID-related loss. Can you suggest the best way to word such a disclaimer? |
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