Back to Basics – What is Legal Liability?
What does it mean when an adjuster reports that your insured is not “legally liable,” so the carrier will deny the claim. This article explains the basics of legal liability…
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Back to Basics – What is Coinsurance and How Do I Describe it to My Clients?
Coinsurance may be the least mentioned yet easily explainable clause in both commercial and personal property and other policies. You will find coinsurance clauses in many types of policies. These…
Back to Basics – Insurers Increasingly Imposing Warranties and Safeguards on Commercial Property Policies
An interesting post on LinkedIn by risk management consultant Jack Schwartz, managing director at Davis + Gilbert Risk Management, caught my attention. The issue, according to Schwartz is that insurers…
Understanding the Unique Facets of Flood Insurance: Key Underwriting Questions
Flood insurance is, unusual. A flood policy essentially covers one peril but is surrounded by many unusual facts and facets that make flood coverage unlike any other. Agents must understand…
Back to Basics – How Many Different ‘Values’ Can Property Have?
Property can be assigned many “values” depending on the purpose of the valuation and who is valuing it. Some examples include: The amount for which the property could be sold;…
How Does a “Person” Become Legally Liable?
Liability policies, whether the HO, PAP or CGL, respond when the insured is judged to be “legally liable” for the injury or damage. But how is “legal liability” determined? That…
Back to Basics – Insurance History – And Maybe Some Myths and Legend
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,…
