| |  | | Special Feature - Certificates of Insurance * Business Auto * Business Income * Workers' Compensation * Businessowners' Policy * Condominium Issues
Our next edition will be published Friday, January 7, 2022.
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| | Agents may be asked to complete an addendum to a certificate of insurance; in fact, the agency may almost be forced to do so. Should the addendum be completed? The “ivory tower” answer is “no;” the correct answer is, “no;” but…. Sometimes agencies make decisions counter to the correct ones, if the agency plans to ignore the advice, what can it do to protect itself? |
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| | ISO’s most recent BAP multistate filing includes 19 NEW endorsements. Effective 11/1/2020, many of these endorsements are the result of Big I’s Technical Affairs Committee and cover gaps that have existed for years. Get to know these endorsements, they can save the insured from major coverage gaps. |
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| | Lawyers make life interesting for the insurance industry. Often we outsmart them by creating endorsements to satisfy a request that, in effect, really do nothing other than make the lawyers feel good. That’s the effect of these two endorsements. |
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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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| | Non-BOP business income coverage is written on a coinsurance basis; however, some agents are afraid of coinsurance for a couple reason: 1) they don’t know how to develop the proper coinsurance percentage; and 2) they don’t want to explain the CP 15 15 Business Income Report and Worksheet. Well, there are three alternatives to coinsurance agents can use. One doesn’t save the agent from having to explain the worksheet, and two may not indemnify the insured – but agents do have alternatives. All three are touched on in this article. |
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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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| | The ISO Business Income program has a Monthly Limit of Indemnity option that allows the entry of factors of 1/3, 1/4, or 1/6 on the declarations page. Does this mean you have 3, 4, or 6 months worth of coverage? In addition, how does coinsurance work with this option and why is the option even available? |
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| | Only “occupational” injuries are covered by workers’ compensation. To be “occupational” and thus compensable, the injury must “arise out of and be in the course and scope of employment.” All three distinct tests must all be satisfied for the injury to be compensable. |
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| | Agents very rarely experience an employers’ liability claim; but this does not mean this important gap-filling coverage should not be understood. There are employee-related gaps in the commercial general liability (CGL) policy and the workers’ compensation (WC) policy that make this coverage a necessity. This primer allows a much clearer understanding of this important yet neglected coverage. |
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| | Workers’ compensation is simple, it provides sole remedy protection for the injured worker. The difficulty in work comp arises from state and federal laws and non-traditional employer/employee relationships. This article addresses three workers’ compensation endorsements every agent must understand and know when to use. |
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| | ISO introduced five new cannabis exclusions for use with the BOP policy. Two of the five are essentially “absolute” exclusions and three have a hemp exception. This article introduces and explains these new endorsements. |
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| | As part of the most significant update to the ISO Businessowners program since its inception, ISO is introducing nearly 60 new, optional endorsements, revisions to dozens more, and updates to the base form. Get ready, these enhancements will be filed in the first quarter of 2022. |
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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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| | This piece answers three condo questions for unit owners. First, when the unit owner is responsible for insuring unit improvements and betterments, is this limited to improvements made by them or any previous owner? Second, should the unit owner’s mortgagee be added as an additional insured or mortgagee on the association’s master policy? And lastly, how should agents respond when the mortgagee is requiring Coverage A limits equal to the loan amount? |
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| | Additional Living Expense is specifically limited in the HO policy; however, at least one group that undertakes to provide “expert” opinions believes that there is no limit. Be careful the advice you take and read the policy yourself rather than depending on others. The E&O claim you avoid could be your own. |
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| | What happens with there is not enough coverage from the NFIP to cover the condo association. Do the unit owners purchase their own coverage or does the association have to purchase excess coverage? |
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| | Download this handy PAP Resource list organized by state for easy reference. |
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