| |  | | | Business Income * Homeowners' Insurance * Personal Auto Issues * Agency Management * Insurance Laws & Statutes/Coverage Resources |
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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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| | 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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| | 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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| | 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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| | 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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| | 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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| | 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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| | 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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| | You can download this convenient Conditional Renewal Notifications Requirements by State chart for easy reference. |
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