| |  | | * * * * Please note, the next edition of Insurance Illustrated will be July 9, 2021. * * * *
Special Feature * Business Income * Businessowners' Policy * Homeowners' Insurance * Personal Auto Issues * Agency Management * Insurance Laws & Statutes/Coverage Resources |
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| | COVID-related supply chain issues have dramatically increased the cost of building materials. The result, replacement cost limits on property policies may be too low for the foreseeable future. How should an agency respond when talking with their clients about this issue? |
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| | The ISO business income form(s) includes coverage for loss arising out of a civil authority prohibiting access to the insured's premises due to direct damage by a covered peril to property at that location or elsewhere. However, what if the civil authority doesn't specifically prohibit access to the insured's property, but rather to the insured's products? Intrigued? Then keep on reading.... |
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| | Is the phrase, “…direct physical loss of or damage to…” ambiguous? Plaintiff attorneys are trying to convince courts that it is. Simply, it’s not, and this article explains why. |
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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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| | The economic disruption caused by COVID-19 has left millions of people unemployed—at what many say is the highest rate since the Great Depression. In considering the future, those who’ve lost their jobs may think about starting a home-based business as the crisis eases or perhaps working more independently. This could create an expansion of the micro-business market—businesses with few or no employees that often operate out of homes or shared spaces. |
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| | Below is an "Ask an Expert" question we received involving a BusinessOwners Policy. While we attempted to address the coverage issues raised from the standpoint of the BOP, it became very clear that this risk was not suited for a BOP, regardless of whether or not the insurer was willing to issue one. While BOP's can be ideally suited for many mainstream businesses, it isn't for everyone. |
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| | BOP policies are not “all that.” There are some gaps every agent must know and understand before settling on a BOP. |
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| | A Pew Research study showed that 42% of college grads age 18-29 were living with their parents. Many of them attempted to make it on their own but, given economic and job market conditions, were forced to move back home. Does this create HO and PAP coverage issues for anyone? |
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| | ISO’s first major change to the Homeowners’ program has been filed. These changes are scheduled to take effect beginning March of 2022. Although this sounds like a long time from now, the time will go quickly. Review the coming changes now and print this for future reference. |
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| | Everyday agents are asked, well required, by banks to provide Coverage A limits in excess of the developed replacement cost. Why are such requests made? So that Coverage A limits match the loan requirements of course. Mortgagees tend to forget that the loan buys more than just the structure; it includes the land and location, location, location. The buyer/mortgagor is paying for the view and access to the office and shopping in addition to the house. The insurance policy only pays to replace the house. |
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| | ISO has introduced a major change to its Personal Auto program; the largest change in many years. As part of this change key provisions of the “base” PAP (PP 00 01) are being rewritten, new exclusions and exceptions are being added and new requirements are being placed on the insured. This article addresses to changes in the base PAP. |
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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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| | Although most damage waiver fees are considered outrageous, the insured is best advised to purchase the waiver for short-term rentals. This is not only in the best interest of the insured, but also the agent since an inadequately covered loss may result in the loss of an account or worse, an E&O claim. |
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| | COVID and the government actions that resulted were never anticipated, but now it has happened. Such government actions are now a known exposure, what must the agency do to going forward to address this new possibility? |
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| | About the time you become satisfied with your knowledge level, figuring you know all there is to know, you become a danger to yourself and everyone else. For example, the most dangerous time for any pilot or insurance practitioner is that point when they begin to feel comfortable in themselves and their knowledge. |
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| | Download this chart which details by state whether or not faulty workmanship is an "occurrence". |
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