Forms & Substance

Over the years, numerous recommendations, rules, guidelines and lawsuits have attempted to deal with the problem of existing lead-based paint in homes and other structures. The EPA has usually played a key role in lead paint mitigation efforts. On April 22, 2010, an enhanced lead paint rule took effect which directly affects renovation and repair contractors.

In early March, the Virtual University’s “Ask an Expert” service began receiving a string of inquiries asking just what the new rule entails and what insurance implications it might have. Interestingly, the rule includes no insurance requirement for contractors. However, since the penalty for noncompliance can be $32,500 per violation per day, owners, contractors and others are more closely examining liability coverage with an eye for any specific lead paint exclusions.

Also of note is varying jurisdictional case law and how it applies the pollution exclusion to such exposures, along with emerging products to pick up coverage gaps left by CGL coverage. Needless to say, few liability policies will respond to regulatory penalties for noncompliance.

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Why Buy a Renter’s Policy?

On Oct. 4, 2009, while VU faculty member and Florida Big “I” insurance instructor David Thompson was visiting his parents in Vero Beach, Fla., when his cell phone rang at 4:32 a.m. The caller ID flashed his daughter’s name. Most parents intuitively know that pre-dawn phone calls from children are usually not a good thing.

In this case, Thompson’s daughter called to tell him that her apartment building had just burned to the ground, taking almost everything she owned with it. As traumatic as it was for his daughter, considering what the call could have been about, Thomspon was relieved.

Had Thompson given his daughter the same advice on renter’s insurance that he gives his students? More importantly, had his daughter taken his advice?

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Life Insurance Policy Checklist

Many p-c agents have spent numerous hours in errors & omission classes discussing the need for checklists. There are many policies in force that have important items missing, as well as unneeded items in effect. Client needs are continually changing. Insurance must adapt to these changes.

The same is true with life insurance. A policy sold years ago may now require modifications, as client needs have probably evolved. Changes in the family, income and required expenses may occur on a weekly basis. This brief article provides a sample life insurance checklist that can be adapted for your agency.

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Bill Wilson (bill.wilson@iiaba.net) is director of the Big “I” Virtual University, an online learning center for agents and brokers.