| |  | | | Special Feature - Flood * News & Filings from ISO * Business Income * Homeowners' Insurance * Personal Auto Issues * Agency Management * Insurance Laws & Statutes/Coverage Resources |
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| | The NFIP has promulgated a new rating program for all flood policies – Risk Rating 2.0. The goal is to modernize flood rating using technology and history to develop somewhat customized premiums. There are major changes, a new world to which those seasoned in flood rating must adjust! |
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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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| | 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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| | Business income coverage responds only when certain conditions are met. Simply losing business income is not enough to trigger coverage. This article explores the conditions that must be met using a water contamination incident in Corpus Christi, TX as the backdrop. |
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| | Business income coverage is unique because the factors used in calculating the amount of protection the insured is required to purchase differ from the factors used when calculating the amount of compensation owed/paid following a business-closing loss. Because of the different calculation methods, there is a difference between “insurable” business income and “compensable” business income. |
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| | Vacant land, or what qualifies as vacant land, is a common question for the VU. Two recent “Ask an Expert” questions specific to vacant land indicated the need to address the question again. |
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| | In the “HO-2000 world,” ISO has promulgated over 145 homeowners’ endorsements. Some of these endorsements take protection away (we want to stay away from those), some apply to specific exposures (such as home sharing) and others even clarify what the policy already says. But among this long list are great endorsements that are greatly underutilized by many agents. |
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| | Once again, we find ourselves in the deeply political and emotional debate about guns, the second amendment, gun control, and safety. This discussion requires us to clear up some misconceptions about guns, insurance, and the place of the insurance industry. We may even have to deal with some misinformation. |
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| | Usage-based-insurance, UBI or telematics is here, though not yet widespread. However, eventually carriers will find a way to make telematics part of every driver’s life. Are there any up or down sides to this future? |
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| | Opinions vary regarding the widespread availability and ultimate acceptance in the US of fully autonomous vehicles. Some foresee widespread adoption of fully autonomous vehicles within the next “automotive generation” (within 12 years); others believe fully autonomous vehicles won’t be the “rule” for at least two or three automotive generations (24 to 36 years). Both sides have credible arguments, but only one can be correct. Regardless who is correct, how is legal liability altered during the transition to full autonomy? |
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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 possession of it. |
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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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| | If it’s not measured, it can’t be managed. Every agent and agency must be able to measure specific sales ratios to effectively plan for the future. Two commonly measured ratios are retention ratio and closing ratio; but a new metric not often discussed is the “effective production time.” |
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| | Six “costs” in addition to the premium combine to develop the insured’s true total cost of risk: 1) Deductibles or Self-Insured Retentions; 2) The cost of uninsured or self-insured losses (intentional or unintentional); 3) Legal costs; 4) Loss control and safety costs; 5) Claims management costs; and 6) Opportunity costs. Do your clients understand these costs? |
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| | You can download this ACV Rules and Depreciation of Labor State List for easy reference. Note that not every state has common law, statutory law, or DOI reaction regarding depreciation of labor. Only those states that have addressed the issue are indicated in this reference list. |
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