| |  | | | Commercial Property * Business Income * Homeowners' Insurance * Personal Auto Issues * Agency Management * Insurance Laws & Statutes/Coverage Resources |
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| | Never assume the named insured owns the building. You need to ask what seems like a ridiculous question because ownership of the building may be held by another “person” related to the operation. The president of the corporation may own the building personally, but in his mind there is no difference. Not protecting the actual owner can create a huge gap in coverage. |
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| | comes from ISO data and provides a lot of information. With this code, agents have a lot of information and can use it to advise their clients. This article details each part of the RCP and provides some insight on how the information can be used. |
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| | Bad decisions cause commercial property clients to pay higher property premiums. Sadly, the insured may not even recognize their poor choices. Worse still, agents can help clients identify their bad decisions with the right information. |
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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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| | Business Income is the most important property coverage. The problem is, some agents only do half the job when protecting the insured’s income loss exposure. There are two loss periods the business income policy needs to cover. |
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| | Is employee payroll covered by the business income policy? One part of the contract seems to state that only the payroll of employees necessary to resume operations is covered. Is this the correct application of this wording? |
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| | Trusts are often used as a means to avoid some of the issues related to probate and estate taxes. However, the lawyers rarely tell insureds that when a trust is set up changes must be made to the homeowners’ policy in the form of specific endorsements as the person’s relationship to the house has changed. We have to ask every year – never assume – because lawyers don’t think about it. |
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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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| | 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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| | In practical application, the PAP extends coverage for the business use of a “your covered auto” provided it’s not used to carry people or property for a fee (i.e., Uber or Lyft). Absent material misrepresentation in the application regarding the use of the vehicle, the PAP responds to an incident arising from business use. But some carrier’s apply specific business use exclusions few ever pay attention to, until it’s too late. |
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| | “Should I buy the damage waiver?” A question you probably receive from your clients on a regular basis. What do you tell them? Is it worth the money? |
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| | Following a horrific natural disaster, agents must plan on receiving calls from angry insureds. Knowing the angry calls are coming is the first step toward managing them. Storm victims need to feel some level of control to move through and past the “inventory” / “reaction” stage. Knowledge allows a feeling of control. Provide clients as much information as possible – even if it’s news they may not want to hear. Storm victims follow a known pattern of recovery, know the pattern. |
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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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| | The qualified lead ratio tells the agency if their database of leads is beneficial or wholly useless by answering the question, what percentage of leads in its database are good leads and which ones are just names taking up memory space? In simplest terms, the qualified lead ratio tells an agency how beneficial its prospect database really is to the producers and the agency. With this ratio it is not hyperbole to say the agency can predict its future success. |
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| | Download this useful chart that details liability coverage for trailer-related liability. |
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