| | | | Special Feature * Advantages of Big 'I' Membership * Workers Compensation * Personal Liability * Commercial Lines * Insurance Laws & Statutes/Coverage Resources |
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| The habitational market struggles with a lack of capacity, increasing non-renewals, higher deductibles and restricted underwriting. How can the industry adapt to this hard market? This article covers current habitational risks in the multi-family market and offers tips for agents trying to place coverage. |
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| Big "I" Hires is available to members as a robust online recruiting platform developed to help insurance agencies of all sizes hire top-performing sales and service staff. An array of tools and resources are available to find the right candidate with a few simple clicks and manage the entire process in one online location. When the new hire is identified utilize assessments, then onboarding and education resources for the right experience and acclimation into your agency culture and operations. |
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| Classifying a worker as either an “employee” or “independent contractor” is problematic for more than just workers’ compensation. In an attempt to minimize the problems and confusion, the Department of Labor has proposed the codification of five tests to help in classifying a particular worker as an employee or independent contractor. Although not necessarily developed for the insurance industry, these tests can be used for workers’ compensation clients. |
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| The employee decides to take his or her work “on the road” now that they are allowed to work from home – or anywhere. When the employee takes a “workcation” away from their residence, are any workers’ compensation issues created? |
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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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| As you handle more complicated commercial accounts, you’ll need to understand some often-used financial terms. Whether you’re furnishing your commercial insured’s financial data for underwriting or renewal or responding to audit assistance, here are the top financial terms you should know. |
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| The concept of actual cash value (ACV) is far more complicated than “replacement cost minus physical depreciation.” In fact, the meaning of replacement cost differs based on the state. To further complicate the “problem” with defining ACV is whether or not labor is depreciable. Again, the answer differs based on the state in which the property is located. |
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| Charts are probably the most helpful resource for keeping track of key Homeowners’ policy provisions. Being able to see key information in one, easy-to-read form aids in memory and retention; besides, it allows easy recall because the charts can be printed for easy reference. ISO’s release of its 2022 multi-state homeowners’ filing requires two different charts based on the edition date of the policy form being used. |
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| Underinsurance is still a problem. According to CoreLogic approximately 60 percent of homes are underinsured by 20 percent on average. Obviously, this leads to devastating results for the insured, and possibly the agent from an E&O perspective. We know this in the industry, but now the NY Times is reporting it – and they are making serious charges. |
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| Effective June 1, 2017, Insurance Services Office (ISO) introduced the new Miscellaneous Professional Liability Policy (MI 00 01) along with a multitude of endorsements. This is the first in a series of insurance programs designed to address the professional liability needs of various risk types. These new forms are housed in Division Sixteen – Professional Liability – Other Than Medical of the ISO Commercial Lines Manual. |
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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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| The tragic December 2007 shooting of innocent shoppers at an Omaha, Nebraska shopping mall brought two quick questions to the VU "Ask an Expert" service. The entire mall was closed for 2-3 days during the peak holiday season and several stores were closed for two weeks, not reopening until the week prior to Christmas day. Does a business income policy respond to this business interruption? |
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| Every state and the District of Columbia grants insurance carriers an “underwriting period.” Insurance carriers are granted broad authority to cancel a newly-written policy during this statutorily-limited period. |
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