| |  | | | Special Feature - "Employee" or "Independent Contractor" * News & Filings from ISO * Business Income * Homeowners' Insurance * Personal Auto Issues * Agency Management * Insurance Laws & Statutes / Coverage Resources |
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| | Classifying a worker as either an “employee” or “independent contractor” is problematic for more than just workers’ compensation. In an attempt to minimize the problems and confusion, the Department of Labor has proposed the codification of five tests to help in classifying a particular worker as an employee or independent contractor. Although not necessarily developed for the insurance industry, these tests can be used for workers’ compensation clients. |
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| | Do you think your car can be “stolen” yet still be sitting in the parking lot or driveway with you in it? Well, evidently, it can – it’s called “Hacking.” Because of the technology found in new vehicles, hacker may be able to “steal” your car even though you are still in passion of it. |
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| | ISO’s most recent BAP multistate filing includes 19 NEW endorsements. Effective 11/1/2020, many of these endorsements are the result of Big I’s Technical Affairs Committee and cover gaps that have existed for years. Get to know these endorsements, they can save the insured from major coverage gaps. |
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| | This question was posted to our "Ask an Expert" service from a Big "I" member: "What is the business Income exposure for a nonprofit organization? We understand the extra expense component but are having trouble with the business income part." Keep reading to learn that business income is often a LOT more than just lost profit. |
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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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| | Once again, we find ourselves in the deeply political and emotional debate about guns, the second amendment, gun control, and safety. This discussion requires us to clear up some misconceptions about guns, insurance, and the place of the insurance industry. We may even have to deal with some misinformation. |
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| | Based on the dictionary meaning of “resident," is there really an age limitation on kids away at college? Paragraph 5.a.(1) states that an insured is a relative who is a resident of your household. Paragraph 5.b.(1) states that a student who WAS a resident before MOVING OUT to attend school is an "insured." It does not appear an age limitation really applies if residency existed and the adult child never changed residency. |
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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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| | Here’s your one-stop-shop for Liability Coverage for Trailer-Related Liability: Primary and Excess Protection. |
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| | Usage-based-insurance, UBI or telematics is here, though not yet widespread. However, eventually carriers will find a way to make telematics part of every driver’s life. Are there any up or down sides to this future? |
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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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| | When can an insurance carrier cancel a policy during the middle of the policy term? Everyone knows and can easily explain cancellation for non-payment, but that’s not the issue. The real problems and misunderstandings seem to flow from the concept of a “change” in risk. How much “change” must there be before the insurance carrier can cancel a policy during the term? |
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| | The Digital Transformation of the Insurance industry is underway. Technologies such as the Internet of Things, Big Data Analytics, Robotics and Artificial Intelligence are already making an impact. But where will this end? What will the Insurer of the Future look like? Alan Walker doesn’t paint a happy picture, but it’s not necessarily dire either. |
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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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| | This chart details workers' compensation and illegal alien statutes by state. |
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