| |  | | AGENCY OWNERS AND EMPLOYEES:
Let us know what motivates you to give back to the communities you serve, how you decide which organizations to help, and how much time you devote to volunteering. Complete this short survey and be entered into a drawing to win one of twenty $500 Charity Choice gift cards courtesy of Liberty Mutual Insurance® and Safeco Insurance®.
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| | Special Feature - Flood * Commercial General Liability * Business Auto * Workers' Compensation * Life & Health * Insurance Laws & Statutes/Coverage Resources |
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| | Terms and conditions peculiar to NFIP policies have evolved, changed, and been added since the plan's formation in 1968. In Part 4 of this seven-part flood series, this article explains policy terms and conditions unique to flood insurance. |
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| | In Part 5 of this seven-part flood series, this article digs into unique to the flood policy definitions including Flood, Basement, Elevated Building, and more. |
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| | Rapid development in coastal areas, on barrier islands, and near habitat-rich wetland areas prompted the Federal government to pass the Coastal Barrier Resources Act of 1982 (CBRA). Otherwise Protected Area (OPA) boundaries generally follow Federal, state, or local park boundaries and include land used for recreation or conservation. Learn more about both in Part 6 of this seven-part flood series. |
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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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| | 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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| | When anyone is injured by an intoxicated individual, attorneys typically seek to suck in as many parties as possible to secure payment for the injured party. Liquor liability insurance is designed to defend the insured against charges of negligent conduct related to the service of alcohol; and to indemnify or pay on behalf of the insured if they are ultimately found legally liable for the injury or damage. |
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| | Small businesses are facing problems when buying a commercial auto for business use – banks often require the business and the business owner’s name be on the title. This has the appearance of creating coverage problems, but none really exist. However, to avoid any question or appearance of a coverage gap, the agent can take specific steps to avoid improper denials. |
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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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| | Agents often get pulled into spots they don’t need to be; one of those is pulling MVRs for commercial auto clients. If asked to run MVRs for your commercial auto client, what should you do? |
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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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| | 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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| | Term insurance policies have always been a popular product. The premiums involved seem to make people feel that it is the ideal solution to their insurance needs. The belief is that needed coverage is given at affordable prices. There is little thought given to "initial premiums" versus "future premiums." That is one of the major flaws in this type of insurance. |
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| | It may surprise a client to find that the company’s most valuable asset was not insured. This would be especially upsetting for an insured who felt that there was always needed coverage in effect. Property, liability and business income insurance were purchased to eliminate serious losses. What went wrong? Why wasn’t this possible major loss brought to their attention and why wasn’t it insured against? |
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| | As tough a sale as it is, life insurance can be sold. A far tougher sale is disability insurance. Most prospects do not understand statistically how likely they are to be disabled vs. deceased. This article provides some of those statistics, along with some coverage considerations! |
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| | Check out this useful glossary of workers’ compensation terms. |
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