| |  | | | Business Income * Business Auto * Homeowners' Insurance * Trends & Insights * Workers' Compensation * Insurance Laws & Statutes/Coverage Resources * Answering Your FAQs |
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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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| | An insured veterinarian generates 50-60% of her income from two specially-equipped mobile vet labs she uses on visits to area farms or clients who have acreage and horses. She has a need (as do her clients) for business income coverage if these vehicles are damaged away from the premises. Can this be done within the ISO commercial auto or commercial property programs? |
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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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| | An event planner wants to expand his services to include hiring a shuttle van, shuttle bus, or limo as a part of a package deal when planning large events. The agent seems to remember that the ISO BAP excludes hiring an auto with a driver but can’t find any exclusions in the coverage form which address this exposure. Is he missing something? |
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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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| | No need to sugar-coat my opinion about lawyers. But, lest you think I’m just being mean, the crux of this article is that lawyers make reasonable and even good recommendations without knowing the insurance ramifications. An unfortunate loss situation is the basis for this article. |
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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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| | The client calls and tells you they have sold or traded in their car. Do you delete coverage that day? Be careful. What about if the insureds have sold their home? When is it proper to delete coverage? |
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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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| | While the number of compensable lost-time injuries have declined steadily for more than 25 years, work comp rates have not dropped. Why? Could the cost of injuries be to blame? |
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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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| | You can download this convenient Conditional Renewal Notifications Requirements by State chart for easy reference. |
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| | An agent asks: I sold a life insurance Trust UL policy many, many years ago. The Doctor recently died. He had Option B (option 2). The face amount was $500,000 however it had built us $67.000. in cash value and the Trust was paid the total $567,000. They are asking if the cash value portion is taxable. I read where the $500,000. is not taxable but what about the cash value? The banks CPA didn’t know. Can you help me with this question? |
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