Mind the Gap By Marc McNulty, CIC, CRM ORDINANCE OR LAW COVERAGE You need to be able to explain—and sell—this important protection Ordinance or law. We’ve all heard of the coverage, but how many of us actually know how it works? As the name suggests, it has something to do with regulations and building codes … but can you explain it to a client? More important, can you explain it
Commercial Lines
ISO Emerging Issues Perspective By Rick Stoll and Diane Injic COMMERCIAL LINES PREMIUM LEAKAGE: PLUGGING HOLES WITH BETTER DATA Agents can be gatekeepers From tiny acorns big oaks can grow. Errors tend to work in the same way. Inaccuracies in rating due to incomplete or faulty information drawn from policyholders can lead to missing premiums and unexpected claims. Two real-world examples shed light on how leaks can begin undetected—and then
Dig a Little Deeper By Linda Ferguson, CPCU WHEN THE SHOE IS ON THE OTHER FOOT Questionable terms left undefined typically take on their “plain meanings” The Court Decisions column is one of the most popular features of Rough Notes magazine. One reason is that the courtroom is where the promises made in an insurance contract often become real. All insurance professionals can develop “what if” scenarios, but until those
NEW AND EMERGING PRODUCTS It’s not just insurance anymore By Joseph S. Harrington, CPCU More and more, you’ll find that new “insurance products” from commercial lines carriers and intermediaries include more than insurance. Indeed, insurance may not even be essential. With abundant capacity and soft pricing in most lines, markets find that policy features alone rarely provide the payback they’re seeking in terms of market penetration and profit. Increasingly, they
Risk Managers’ Forum By Scott E. Bushnell, CPA BUSINESS INTERRUPTION AND NATURAL DISASTERS Case study sheds light on claims adjustment process A recent report, The Allianz Risk Barometer for 2018, lists business interruption as the number one risk facing companies. Number three on the list, and up a notch from the prior year, is natural disasters. The link between natural disasters and business interruption is inextricable. Many small and mid-sized
