Three distinct phenomena negatively impact the commercial and, to some extent, personal insurance marketplace: The Winner’s Curse, Submission Bias, and Overconfidence. These phenomena are explained in an international whitepaper titled,…
For as long as I have been in the insurance business agents have sought ways to promote themselves to their marketplace to get people to know them. The agents believe…
Banks are required to accept private flood insurance as broad as the NFIP policy per the Biggert-Water Flood Insurance Reform Act of 2012. The problem is, they want the AGENT…
Never assume the named insured owns the building. You need to ask what seems like a ridiculous question because ownership of the building may be held by another “person” related…
Everyday agents are asked, well required, by banks to provide Coverage A limits in excess of the developed replacement cost. Why are such requests made? So that Coverage A limits…
Eliot Spitzer, former New York Attorney General, sued Marsh & McLennan Cos. on October 14, 2004, for supposed bid rigging and other misdeeds and misinformation. This suit led to laws…
Amazingly claims adjusters still believe the commercial general liability’s (CGL’s) “absolute” pollution exclusion is, in fact, absolute. Bizarre stories abound of claim denials arising out of misapplications of the exclusion.…
More than one-third of homeowners’ insurance liability claims are attributable to dog bites according to a 2016 Insurance Information Institute (III) report. III reported that the average cost of a…
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,…
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,…
