| |  | | | Business Income * Homeowners' Insurance * Personal Auto Issues * Agency Management * Insurance Laws & Statutes / Coverage Reqources * Special Feature - Agency Universe Study |
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| | The ISO Business Income program has a Monthly Limit of Indemnity option that allows the entry of factors of 1/3, 1/4, or 1/6 on the declarations page. Does this mean you have 3, 4, or 6 months worth of coverage? In addition, how does coinsurance work with this option and why is the option even available? |
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| | During the pandemic panic, one of the most common question received by the VU was, “Does the Business Income policy cover government-mandated shutdowns?" The answer then and the answer now is, no, the business income policy was not designed to cover these types of situations. That’s the short answer, but you probably need the longer answer included in this article. |
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| | How is the actual loss of business income deciphered? Both ISO-promulgated business income policies (CP 00 30 and CP 00 32) provide guidance on how the actual loss of business income is calculated. |
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| | The concept of actual cash value (ACV) is far more complicated than “replacement cost minus physical depreciation.” In fact, the meaning of replacement cost differs based on the state. To further complicate the “problem” with defining ACV is whether or not labor is depreciable. Again, the answer differs based on the state in which the property is located. |
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| | Not to be overly dramatic, but ordinance or law is a very real personal lines exposure - often overlooked during the personal lines risk management and insurance planning process. Agents must explain the exposure, the coverage limits and the options. This article lays out the coverage, the problems and the options. |
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| | A house exploded in Charlotte, NC. Rumors of a meth lab began to swirl leading to an analysis of the HO policy to answer the question, does the insurance carrier owe anything if damage was the result of a meth lab? |
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| | In 1973, the insured had a 1967 Chevy Corvette stolen. It was reported to the police and the insurer paid $2,500 for the claim. The car was recovered last October, completely stripped. The police called the insured and released the car to him. The insured sold the car to a friend who restores Vettes. The insurer now wants the insured to reimburse them for $14,000, the current value of the car. The insured wants to reimburse the carrier the $2,500 paid over 30 years ago. Who's correct? |
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| | Your insured’s car is stolen. Since he only carried liability coverage, he wants to simply cancel the policy and get a return premium? At what point does his potential liability end for this vehicle so that he can cancel the policy? |
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| | A father’s nonresident daughter borrowed his camper trailer to be hauled by her SUV. Dad hooked the vehicles up. While the trailer was being towed, it somehow became uncoupled, and the tongue of the trailer rammed the rear of the daughter’s SUV, causing several thousand dollars damage. Dad thinks this is his fault and wants his PAP to pay. Will it? |
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| | True experts worry more about what they don’t know than what they do know, continually looking for ways to fill their knowledge gap. Self-proclaimed experts ignore the breadth of what they don’t know and are satisfied (mainly because they don’t know what they don’t know). Be VERY wary of anyone calling themselves an “expert.” |
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| | The “heart” of networking is rooted in selfishness. There are serious problems with this single path to success. Of course, we do need relationships with others; but how can we cultivate those relationships and bypass all the ineffective networking garbage? |
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| | Following a horrific natural disaster, agents must plan on receiving calls from angry insureds. Knowing the angry calls are coming is the first step toward managing them. Storm victims need to feel some level of control to move through and past the “inventory” / “reaction” stage. Knowledge allows a feeling of control. Provide clients as much information as possible – even if it’s news they may not want to hear. Storm victims follow a known pattern of recovery, know the pattern. |
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| | Download this convenient over insurance statutes by state chart. |
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| | All Big 'I' member agencies will receive an email invitation to participate in the 2020 Agency Universe Study. We recognize that this is a challenging time for agents and their clients, and your input is more important than ever as the industry seeks to understand the current situation and your outlook on the future. |
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