Magazine

​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.

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?

If an insured has a $1-million, combined single limit (CSL) on an auto policy and they exhaust the auto CSL and the umbrella limits, would the limit for the umbrella be reset for any other loss?

Berkley Design Professional’s innovative approach to professional liability insurance addresses the current business litigation climate and provides a solution for both design firms and owners or developers.

An insured has a $5-million limit on their umbrella policy but wants to show only a $2-million limit on the certificate of insurance. Is it permissible for an agent to list lower limits on the COI than what the policy actually provides?

After a cat-heavy year, many commercial lines are gearing up for significant rate increases. But commercial excess isn’t necessarily one of them—which makes it a good time to have a conversation about changes in these insureds’ operations.

The new structure provides a dedicated limit for every project a firm works on after the retroactive date specified in the professional liability policy—even if the policy aggregate limit is exhausted after a claim.

An agent is issuing a new certificate of insurance with policy limits of $1 million/$2 million. The agent knows of a $500,000 claim. What policy limits should be shown on the COI?