| |  | | | Special Feature * Advantages of Big 'I' Membership * Agency Management * Back to Basics * Personal Lines * Commercial Lines * Insurance Laws & Statutes/Coverage Resources |
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| | 2023 was undoubtedly the most challenging year most independent insurance agents have experienced in their careers. It will certainly be one of the costliest to insurers, and this and uncertainty about the future given climate and social and other inflation seems to drive rates. According to Swiss Re, the cost of natural disasters worldwide broke several loss records. Does your agency have a plan of action in place that can help guide you as you navigate this difficult market? |
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| | The Big “I" Professional Liability program has created a free “Sample Agency Procedures Manual"--a template designed for both personal and commercial lines agency workflow. It is critical that if you implement this manual, you customize it to your agency's procedures—and that once customized and implemented, you follow it. Failure to follow your written procedures and to update the manual when procedures change can result in a client alleging an E&O claim against your agency. Member login required. |
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| | Almost two years ago, the author authored the article “An Agent Call to Action: Underinsurance” which appeared in this publication as well as a couple of other blogs. Essentially, he was reacting to the evolving underinsurance nightmare confronting the homeowners who lost their homes in the Marshall Fire near Boulder, Colorado. As time passes, there is growing evidence that the issue of underinsurance is far from resolved and may be getting worse. Why? This article explores the many facets of underinsurance that front-line P&C agents and their company partners need to creatively address in both personal and commercial lines in the New Year. |
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| | This may be the most important coverage article you read this year. It may be the most important coverage article you’ve ever read. Please read it. And please have your colleagues read it. If you work in an agency, send a link to the article to your underwriters, marketing reps, and claims people. RTA…Read The Article! |
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| | Ask an Expert questions and answers provide strong resources to our agents. We receive many excellent questions regarding certificates of insurance – their issuance, the contracts that may be attached, the wording, and more. Read on to see the question and answer on this interest certificate question |
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| | You may hear the term “vicarious liability” arise when talking to claims adjusters or an underwriter who may have concerns about the extent of potential liability faced by one of your current or potential insureds. This article explores the concept of vicarious liability to help you understand the liability challenges underwriters and adjusters consider when deciding on application acceptances or when adjusting claims. |
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| | Insurance (or assurance), as we understand the concept today, is more than 700 years old. But what events shaped our modern world of insurance? Following are some interesting facts, myths, and legends that helped mold the current insurance world in America. |
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| | The PAP defines "collision" to involve impact of an insured auto with another auto or object. Comprehensive, or "other than collision" (OTC) coverage applies to contact with a bird or animal. So, if you hit a pedestrian, is it a comprehensive or a collision loss? |
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| | Based on the dictionary meaning of “resident," is there really an age limitation on kids away at college? Paragraph 5.a.(1) states that an insured is a relative who is a resident of your household. Paragraph 5.b.(1) states that a student who WAS a resident before MOVING OUT to attend school is an "insured." It does not appear an age limitation really applies if residency existed and the adult child never changed residency. |
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| | Here’s a great example of why the majority of your large and small contractors need pollution coverage. The Rhode Island Supreme Court decision found in favor of the insured, but most states do not agree with this position according to attorney Randy Maniloff. This decision is just another reason to contact your contractors and recommend they consider a quote for pollution liability or review their policy limits. |
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| | Agents and insureds often think employee dishonesty coverage on a BOP is the same as coverage provide by Commercial Crime policies or forms. Unfortunately, that’s not the case. This article provides a real-life example of where more is less. |
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| | James Moore, workers compensation expert and founder of Cutcompcosts.com, recently wrote updated the industry about what he’s seeing on claims loss run reviews. Agents who perform regular loss run reviews with their workers compensation clients add value that not all agents can. Here are the trends. |
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| | Constant debate swirls around the difference between independent contractors and employees. It seems that every contractor wants everyone to believe that everyone on the job site is an independent contractor; but we know that’s not true. Use these 17 “tests” to differentiate between a de facto employee and a true independent contractor. |
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