| |  | | | Answering Your FAQs * Commercial General Liability * Condominium Issues * Workers' Compensation * Trends & Insights * Insurance Laws & Statutes / Coverage Resources |
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| | Agents have asked the Big "I" many questions about COVID and insurance. Here are a few “talking points” that may be beneficial over the coming months. |
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| | States are in various stages of reopening following months of COVID-19 lock downs. As the states progress through the various levels, businesses are making key decisions regarding masks, should masks be required or optional? Some legislatures have taken the responsibility for this decision away from business owners and are requiring masks be worn; but other states leave the decision to the business owners. |
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| | A commercial prospect rents space at a warehouse and his current agent tells him that the fire damage legal liability coverage on his CGL policy covers him there. The prospective agent believes that the CP 00 40 Legal Liability Coverage Form is superior. Who is right…or are both wrong? |
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| | Most general liability coverage cases, that address whether “property damage” has taken place, focus on the “physical injury to tangible property” aspect of the definition. You can see that a building is no longer standing or that water intrusion has caused damage. On the other hand, whether there has been a “loss of use” of property can be more esoteric. So, between “physical injury” cases being more common, thereby providing more guidance, as well as involving a more easily identifiable injury, it is not surprising that “loss of use”-based “property damage” cases can be challenging. |
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| | The VU "Ask an Expert" service has been made aware of a number of requests from the lenders of condo unit owners who want to be named as mortgagees on the association master policy. In addition, they are demanding that the binder specifically state "Walls In" coverage is provided. |
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| | This piece answers three condo questions for unit owners. First, when the unit owner is responsible for insuring unit improvements and betterments, is this limited to improvements made by them or any previous owner? Second, should the unit owner’s mortgagee be added as an additional insured or mortgagee on the association’s master policy? And lastly, how should agents respond when the mortgagee is requiring Coverage A limits equal to the loan amount? |
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| | Individuals who live in or own homes in a home association face increased financial risks from assessments. Personal lines policies cover some of the assessments, but increased limits of loss assessment coverage should be purchased where available, and individuals who live in a HOA should have their policy endorsed to include personal injury liability claims. |
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| | Why waivers of subrogation are requested is a question that results in blank stares and shoulder shrugs. Risk managers want them because they were in the previous contract their company entered into. Subcontractors further down the food chain request them because somebody else required it as a condition to being awarded the contract. Owners and general contractors insist on them because they feel they are buying protection at some level, perhaps believing it will prevent the employees of subcontractors from suing them for injuries received on the project. Nobody knows why they are required beyond, “We’ve always done it that way.” |
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| | The National Council on Compensation Insurance’s (NCCI’s) Workers’ Compensation Experience Rating worksheet looks daunting at first. But once all the acronyms, shorthand and calculations are understood – it can be appreciated for the thing of beauty that it really is (OK, maybe that’s a bit of hyperbole). Grab a copy of the X-Mod Worksheet and let’s learn how to interpret it. |
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| | On any given day in the United States, perhaps 500,000 injured workers are under treatment for chronic pain; a great majority ingest opioids. There may well be 100,000 injured workers on long-term opioid treatment, some extending over two decades. But the use of opioids seems to be dropping. |
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| | One of the most frustrating types of questions received by the VU “Ask an Expert” service usually begins with, “Does ‘a’ homeowners policy cover…” or “Does ‘a’ BOP cover….” The first question is, is it a pure ISO form or not? And, if it IS an ISO form, what is the edition date? What does the edition date matter? Keep reading…. |
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| | Ownership, or rather the desire to own, is changing. More and more people see less and less the need to own something they don’t use on a regular basis. As the saying goes, “I don’t need a drill, I just need a hole.” The insurance industry needs to prepare for this shift in attitude and desire. |
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| | According to the experts, our industry is in almost immediate need of nearly 400,000 new workers due to retirements and other transitions. However, many hiring managers say the industry is having the same problem it has always had – insurance is not sexy. Well, I beg to differ! Insurance is the sexiest profession out there! |
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| | Download this chart which details by state whether or not faulty workmanship is an "occurrance". |
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