| |  | | | Commercial General Liability * Condominium Issues * Business Auto * Workers' Compensation * Crime * News & Filings from ISO * Insurance Laws & Statutes/Coverage Resources * Special Feature - COVID-19 |
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| | In 2019, ISO introduced three new construction-related endorsements. Two extended automatic insured status for completed operations and one waiving subrogation rights when required by contract. The industry asked and received. |
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| | Over the past few years liability insurers have been adding endorsements to attempt to limit their exposure for bodily injury claims on construction sites (not to mention for property damage). One way that insurers have attempted to limit such exposure has been to amend their CGL policy’s “employer’s liability” exclusion to preclude coverage for bodily injury to employees of “any insured” -- as opposed to the standard language, which applies to preclude coverage for employees of “the insured.” |
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| | Insurance Services Office (ISO), in its most recent multistate endorsement revision filing, made a minor change to 25 additional insured endorsements; brought two additional insured endorsements up-to-date and in alignment with most the construction-related additional insured endorsements; added three new non-construction AI endorsement triggered by the presence of a contractual requirement for AI status, and addressed the old problem of newly acquired or created LLCs. |
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| | It’s a bizarre statement, but here goes anyway: “Condo unit owners, even those on upper floors, should consider purchasing a dwelling flood policy that includes both contents coverage and building coverage.” Here's why.... |
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| | An often asked question is, “Which is more appropriate when writing a townhouse within a homeowners’ association that purportedly provides the real property coverage for the entire building?” This is a really good question because in these situations, the agent must choose between the HO-3 and the HO06. |
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| | Although the unit owner doesn’t own the entire structure, they may have responsibility for insuring some “real property” elements that are part of the building. And the only way to know what property the unit owner is required to insure is to read the condo association’s ruling documents such as the covenants, conditions and restrictions (CCRs). |
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| | Now through January 29, 2021, view this three part webinar series dedicated to trailers, BAP coverage symbols, and BAP endorsements. |
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| | In the liability coverage of the garage policy (similar to that in the CGL), there is a contractual liability exclusion. However, the exclusion doesn't apply to "liability for damages...[t]hat the 'insured' would have in the absence of the contract or agreement." Now take a look at the contractual liability exclusion in the garagekeepers portion of the policy...but before you do, make sure you're sitting down. |
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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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| | 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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| | Once the mystery is removed from the experience mod worksheet, development of the lowest possible experience mod is quite easy. This article shows how to develop the lowest possible mod while at the same time highlighting the fact that achieving this mod may not have the intended result. |
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| | Gift cards have become an increasingly popular form of giving for Christmas, birthdays, and many other occasions. Each year, BILLIONS of dollars are spent on gift cards, many of which are never redeemed. If a gift card is lost or stolen, is there any coverage for the lost value under a homeowners policy? |
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| | Your computerized telephone system is hacked and the perpetrators ring up $500,000 in unauthorized toll charges. The claim is denied under the property policy, crime policy, and cyber policy. Is there any way to cover this? |
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| | Make plans to watch this 2-hour on-demand Big 'I' Virtual University webinar, "It's Criminal What Agents Don't Know About Crime Insurance". This training costs Big 'I' members $79 and nonmembers $179, but it's FREE for you until January 31, 2021. |
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| | Insurance Services Office (ISO) recently introduced several changes to its Auto Dealer Coverage Form (CA 00 25) with a November 2020 edition date and a proposed effective date of December 1, 2020. These changes are in response to changes in the business auto program, the general liability program and the dissolution of the garage program. |
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| | Insurance Services Office (ISO) recently introduced several changes to the Business Auto Coverage Form (CA 00 01) with a November 2020 edition date and a proposed effective date of December 1, 2020. |
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| | Constant debate swirls around the difference between independent contractors and employees. It seems that every contractor wants everyone to believe that everyone on the job site is an independent contractor; but we know that’s not true. Use these 17 “tests” to differentiate between a de facto employee and a true independent contractor. |
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| | The US and the world are more than nine months into the COVID pandemic. News and reports from all sides create confusion and fear. This is a simple attempt to provide key information or data without opinion or commentary. The reader is required to draw his or her own conclusion from the data provided. |
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