| |  | | | Special Feature - Flood * Contractual Risk Transfer/Additional Insured/Certificates of Insurance * Personal Auto Policy * Trends & Insights * Insurance Laws & Statutes/Coverage Resources |
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| | Flood insurance is, unusual. A flood policy essentially covers one peril but is surrounded by many unusual facts and facets that make flood coverage unlike any other. Agents must understand the uniqueness of flood to more effectively present it to clients. This article is Part 1 in a seven-part series on flood insurance. |
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| | Compared to more common property insurance policies, National Flood Insurance Program (NFIP) policy forms are quite intriguing. Part 2 in this seven-part flood series digs into the three NFIP coverage forms. |
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| | In Part 3 of this seven-part flood series, this article explains how two requirements must be met before owners or lessees can avail themselves of the flood coverage offered by NFIP: the structure must be in a participating community (currently more than 21,000); and the community must have transitioned into the Regular Program. |
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| | From a flood insurance perspective, how did we get to where we are? Flood insurance is colorful enough on its own, but reading the history makes it even weirder. |
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| | How should agents manage a COI in situations where the insured carries limits higher than those required by the contract between their client and the upper tier contractor? Should the limits required to meet the contractual requirements be listed, or should the actual policy limits be listed? Doing it one way is misrepresentation and the other is, well, misrepresentation. How does the agent avoid misrepresentation? |
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| | Does the breath of coverage depend on the inclusion or exclusion of the assumed business name, the DBA? Well, the answer isn’t as clear as you might think. |
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| | Can information inadvertently left on a Certificate of Insurance limit the breadth of protection extended from the policy? The real question is, does a COI alter coverage? |
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| | We find that often there is a misconception that listing someone as a driver on an auto policy automatically makes them an insured or that someone is not an insured because they are not listed as a driver. The reality is that the policy language is what governs and listing as a driver is more often an underwriting and rating tool. But there are exceptions…caveat emptor! |
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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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| | Some employers of people who use their personal autos for business want to be named as additional insureds on their personal auto policies (PAPs). However, many companies refuse to do this on the basis that they don't want the broader exposure or that the business owner has no insurable interest. Actually, there's no need to name the business as an AI on the PAP, although there could be a need for a PAP endorsement similar to a "do nothing" endorsement in the business auto program. |
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| | An insured’s offer to purchase insurance is made in the form of the application, supposedly completed by the insured. Acceptance flows from the insurance carrier in the form of a policy. Logically, then, the insurance negotiation begins with the application. |
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| | Within the wording of the commercial property policy’s replacement cost provision there is a 180 day “limitation.” How does this supposed limitation actually apply and to whom does it apply? For whatever reason, some insurance carriers routinely use this supposed limitation incorrectly. |
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| | According to the experts, our industry is in almost immediate need of nearly 400,000 new workers due to retirements and other transitions. However, many hiring managers say the industry is having the same problem it has always had – insurance is not sexy. Well, I beg to differ! Insurance is the sexiest profession out there! |
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| | You can download this Valued Policy State list for easy reference. |
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