An agent inquires on a carrier’s contract regarding binding authority and how it pertains to coverage when the National Weather Service issues a high-risk warning. A Virtual University expert breaks down the answer below.
Learn more below on surge and lightning protection in commerical property and homeowners policies.
Your insured’s bank has asked to be named as an additional insured on their business income coverage. Why? Could be that the insured has a loan or line of credit they want to secure. Could be that they’re so used to being named as a mortgagee on the prope
An agent writes, “In Louisiana, is workers compensation the sole remedy for a worker who is injured in an auto accident on company time in a company vehicle? Is there any circumstance where UM would be required? Does the employer have to carry UM on his c
An agent writes, “We have a relationship with a life insurance agent who has access to our clients and our files. He would like to split the commission on the p-c business that he refers to our agency. Can we split commissions with someone who does not ha
A New York agent asks, “I have a question concerning nonpayment cancellations of personal lines policies. An insured makes a payment by personal check on a policy that is scheduled to cancel for nonpayment of premium. The check is properly received before
A Maryland agent asks, “Our insured suffered water damage to his basement when rain was blown in around and under the basement door. Apparently the door did not fit tight against the frame or floor, allowing wind-driven rain to enter the basement. Is this
According to Marshall & Swift/Boeckh, more than 60% of U.S. homes are undervalued by an average of 25%. In some cases, according to MS/B, as much as 73% of an agency’s book of homeowners business may be undervalued by an average of 35%.
A Maryland agent asks, “Our insured suffered water damage to his basement when rain was blown in around and under the basement door. Apparently the door did not fit tight against the frame or floor, allowing wind driven rain to enter the basement. Is this