An insured wants to downsize. They sell their house, move in with in-laws and buy a tenant homeowners policy with a Coverage C limit of $105,400. However, thieves break into the storage facility and steal everything.
A commercial lines prospect has a limit on business income and business personal property (BPP), but not on the building.
A high-net worth customer in Pennsylvania would like to leave a car at his secondary home in Oregon. The car would be available to local family members to use throughout the year.
A pallet manufacturing company has a business auto policy that renews in November and a commercial umbrella policy that renews in April.
As we head into a new year, there’s no better time to equip producers with foundational insurance industry knowledge and concepts.
Inadequate limits are an all-too-common claim in independent insurance agency E&O. And with inflation today outstripping even the inflation guards inserted on some policies, these claims are becoming more frequent.
Why would premium be charged on values that exceed the limit of coverage?
To accurately calculate a potential business income loss, the costs and added time are much different than they may have been just a few years ago.
In an incident when operating a business-owned and insured vehicle, there was personal liability once the business auto policy paid the full limit.
Since the restoration contractor invoice is paid out of the building limit, how can an agent ensure the cost is covered? Should the price of the building be inflated?
