| |  | | | Commercial General Liability * Condominium Issues * Business Auto * Workers' Compensation * Crime * Insurance Laws & Statutes/Coverage Resources * Answering Your FAQs |
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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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| | A tree trimmer has his CGL policy with one insurer and his BAP policy with another one. There is an accident involving his bucket truck so, of course, each insurer is pointing at the other one for coverage. This and other situations illustrate why it is usually a good idea to insure both policies with one carrier. |
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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 HO-6. |
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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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| | 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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| | 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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| | 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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| | 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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| | 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 now thorugh January 31, 2021. |
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| | An insured stores activated gift cards worth several million dollars in a warehouse. The commercial property insurer says they’re not covered because they’re “evidences of debt” and the same as currency. Is that true? What about Commercial Crime coverage? |
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| | Download this chart that details workers’ compensation extraterritorial/reciprocity statues by state. |
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| | An agent asks: Can our agency cancel or non-renew a nightmare client? |
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