| |  | | | Answering Your FAQs * Contractual Risk Transfer/Additional Insured/Certificates of Insurance * Commercial Property * Personal Auto Issues * Trends & Insights * Insurance Laws & Statutes/Coverage Resources |
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| | An agent asks: When coverage is provided by two different carriers for two different policy periods and injury or damage occurs, which CGL policy should respond to the loss? |
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| | Contractual risk transfer is often confused with insurance coverage; and certificates of insurance are ALWAYS confused for a document with any real meaning or power. This article focuses on one key fact – the insurance policy rules regardless what the contract says. |
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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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| | Contractual risk transfer is a fact of life for any agent working with construction clients. Your client might be the transferor or the transferee or both on the same job. Because insurance is a slave to the contract, you have to understand contractual risk transfer. |
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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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| | A concept as common as the application of a “property deductible” is rarely taught or even considered, it is simply “understood.” The problem is we tend towards the belief that everyone “understands” the application of a property deductible the same way. They don’t. |
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| | Commercial property underwriters have utilized essentially the same information for nearly 400 years: Construction, Occupancy, Protection and Exposure. Known to us mortals as “COPE.” When the correct COPE information is provided, the insurance mechanism performs as intended. However, ISO estimates that approximately 50 percent of commercial properties are incorrectly “rated” from a COPE perspective. The result, $4.5 Billion in commercial property premium leakage over four years. |
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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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| | When your insured rents a car is the coverage provided by his/her personal auto policy primary or excess? The reality is, there is no one answer. The answer is a function of state law. Policy wording makes the PAP excess, but the rental agreement makes the insured’s PAP primary. Since there is disagreement, we have to turn to state law. Does state law require the rental car company to provide coverage to the renter? If so, then the PAP is excess; if not, the PAP may be primary (because excess of nothing (as stated in the rental agreement) is primary). |
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| | When agents have coverage questions, they sometimes ask the underwriter for a coverage interpretation. Interested and concerned members of the VU faculty want to know why in the world you would ask the underwriter anything about coverage. Underwriters don’t make coverage determinations, adjusters do. |
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| | Every insurance practitioner knows what happens when there is an ambiguity in policy language, the insured is supposed to win. But what makes a provision ambiguous? Is an ambiguity created simply by disagreement, or is more required? Guess what, creating ambiguity requires more than simple disagreement over a policy provision. |
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| | Download this chart that details mid-term cancellations by state. |
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