| | | | Business Auto * Business Income * Homeowners' Insurance * Insurance Laws & Statutes/Coverage Resources * Special Feature |
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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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| Personally-owned autos belong on a personal auto policy (PAP), but occasionally a commercial insured intentionally or unintentionally includes one or several personally-owned auto(s) on its business auto policy (BAP). Commercial clients may do this for one of many reasons; but when a commercial client intentionally or unintentionally includes a personally-owned auto on the BAP, the agent must ascertain the legitimacy of the vehicle’s inclusion on the BAP. The primary goal of this article is to allow agents to answer the question, “When is the inclusion of a personally-owned auto on the BAP legitimate and proper?” |
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| “An” insured does not equal “the” insured in any policy; however, carriers like to broaden the meaning of “an” insured in the BAP care, custody or control exclusion to make it equal to “the” insured so it can deny claims that should not be denied. You may have experienced this in your own office. |
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| Business income coverage is unique because the factors used in calculating the amount of protection the insured is required to purchase differ from the factors used when calculating the amount of compensation owed/paid following a business-closing loss. Because of the different calculation methods, there is a difference between “insurable” business income and “compensable” business income. |
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| An agent asks: Several of my clients’ have suffered damage as a result of the riots in the area. However, prior to the riots they were already closed as a result of state-wide COVID-19 closures. How will the business income policy respond? Will loss payment be affected by the previous closure order? |
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| Now through April 23, access this 57-page Big "I" Virtual University Risk & Reality Report where author Chris Boggs teaches you the hardest lesson surrounding business income - how to complete the business income worksheet (CP 15 15). |
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| When your insureds use Yelp, Twitter or even Facebook they open themselves up to charges of libel and defamation of character. Is your personal lines client protected? A Yelper is out $20,000 because of this problem. |
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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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| Now through April 23, view this two part series dedicated to the HO policy free of charge. Sessions include Understanding the HO’s Three Trust Endorsements and How Does a “Person” Become Legally Liable. |
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| State laws vary regarding auto policies, personal and commercial. Each state prescribes its own minimum limits and other required coverages. Some state require Uninsured Motorist (UM) and some states require Uninsured and Underinsured Motorist (UM/UIM). Is it a Personal Injury Protection state (aka, No-Fault); or are you allowed to exclude a driver? |
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| ISO’s Commercial Property Conditions (CP 00 90) gives the insured up to two years to file suit against the insurance carrier. Should the agent advise their insured on this limitation? The answer might surprise you. |
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