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Coverage Concerns

    WILL “INADVERTENT OMISSIONS” COVERAGE BE THE NEXT EUROPEAN IMPORT?

WILL “INADVERTENT OMISSIONS” COVERAGE BE THE NEXT EUROPEAN IMPORT?

Will “inadvertent omissions” coverage be the next European import? By Joseph S. Harrington, CPCU Liability coverage for errors and omissions is “old hat,” but if you were an underwriter how would you feel about first-party coverage for a client’s oversight? In coming years, commercial property insurers in the U.S. could have access to a new tool for providing such coverage. Today, staff members of the Insurance Services Office (ISO), the

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    WHEN SHOULD HE HAVE NOTICED?

WHEN SHOULD HE HAVE NOTICED?

Vince purchased his lawyer’s professional coverage in a package policy that included property, general liability, and professional coverage. Sixty days before its renewal a notice was sent by his carrier alerting him that professional coverage was being discontinued on the renewal. The renewal policy was issued as indicated without professional coverage but with a significant reduction in premium. Three years later, when he realized a professional claim might be presented,

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    The Top 5 Critical Changes ISO Made in 2017

The Top 5 Critical Changes ISO Made in 2017

The Top 5 Critical Changes ISO Made in 2017 By Michael Wayne Throughout 2017, the Insurance Services Office (ISO) announced several changes. Considering that ISO collects some 2 billion records annually and has a database of nearly 20 billion records associated with risk management and insurance, its decisions are well informed. Here, in no specific order, are what can be considered ISO’s Top 5 Critical Changes of last year. Enhanced

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    MANY CHECKS BUT HOW MANY OCCURRENCES?

MANY CHECKS BUT HOW MANY OCCURRENCES?

The finance manager at First United Methodist Church started embezzling in 2008 but the crime wasn’t discovered until December 2012. Philadelphia Indemnity was notified in January that a total of $200,000 had been taken. The church requested coverage under the 2011 and the 2012 policy terms for a total of $100,000 but Philadelphia offered only $50,000. See how much the church received. Philadelphia Indemnity Insurance Company (Philadelphia) provided four separate

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    WRITE YOUR OWN POLICIES? LEMONADE’S CHALLENGE

WRITE YOUR OWN POLICIES? LEMONADE’S CHALLENGE

Engaging the village to identify and address risk In a sense, Lemonade 2.0 is not new, but a return to the policy drafting long carried on in meeting halls and on kitchen tables by the organizers of mutual fire insurance companies. By Joseph S. Harrington, CPCU Stay with us, please. Insurance professionals can get into a lather over the mere mention of Lemonade, the company that tells the public to

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