Underwriting and Liability Considerations for Multi-Dwelling Properties
An elderly couple built a one-story dwelling on their property for themselves and sold the property’s primary dwelling to their child.
Strategies
How Independent Agents Can Advocate for Safer Roads
Nine in 10 drivers are seeing more aggressive, reckless and distracted driving. The good news is independent agents are uniquely positioned to influence driving behavior with both clients and lawmakers.
One Loss, Two Deductibles: Equipment Breakdown or Homeowners Loss?
A homeowner had a loss where the HVAC system’s condensate pump failed due to a mechanical breakdown. The HO3 policy with an equipment breakdown endorsement—form 16016—with a separate $500 deductible appears to indicate the condensate pump and the resulting water damage should be covered under the equipment breakdown endorsement. The insurance carrier says otherwise.
Breaking Through the Barriers to Real-Time Insurance Data Innovation
A large portion of the industry continues to operate on core platforms designed around nightly batch cycles. Those systems were built for stability and auditability, not instantaneous updates.
3 Workflows Every New Agency Should Automate
New agents should focus on automating a few high-impact areas that generate revenue, strengthen client relationships and promote retention.
Is Personal Property Stolen From a Storage Facility Subject to a 10% Limit?
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.
Combine Damage: Is a Claim Reported If Only the Agent Is Notified?
An insured had a foreign object go through his combine when harvesting. He called and reported the damage to the agent but didn’t know whether the damage would be over his $5,000 deductible. The agency submitted the claim around 50 days after the original date of loss. The company says they are only paying $2,500…
Comprehensive vs. Collision: Shopping Cart Blown by Wind into Car
After a shopping cart was blown 30 yards across a parking lot into a client’s car, the agent believes the windstorm damage is a comprehensive loss. The adjustor says the object is a collision loss because the object must be falling to be caused by a windstorm.
COI and Blanket Additional Insured: Should an Agency Provide Notice of Cancellation?
If a certificate of insurance (COI) holder is shown as an automatic additional insured when required by contract through a blanket additional insured endorsement and the coverage is cancelled, does the agent need to notify the certificate holder of the cancellation?
Including an HOA as Additional Insured on Contractors’ CGL
An agency insures several contractors that do work for unit owners within a homeowners association (HOA). The HOA asked to be an additional insured on these contractors’ policies. Without incurring a large expense by scheduling the HOA as each job arises, what is the best way to endorse the contractors’ policies to include the HOA…
