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Coverage Concerns

    ASSIGNMENT OF BENEFITS

ASSIGNMENT OF BENEFITS

Assignment of benefits Is Florida an omen or an outlier? Will increased loss costs and rates from assignment of homeowners insurance benefits spread from Florida to other states? Learn about the issues so you can be ready to advise. From 408 in 2006 to more than 28,000 in 2016. Those figures represent the annual number of lawsuits—an increase of nearly 7,000%–arising from the “assignment of benefits” under insurance policies in

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    IT LOOKS LIKE A CRIME

IT LOOKS LIKE A CRIME

A coordinated attack between November 2013 and May 2014 resulted in Interactive Communication International processing 25,553 fraudulent transactions resulting in a $10.7 million loss. It turned the claim into Great American Insurance Company for coverage under its Computer Fraud Policy and coverage was denied. Interactive argued for coverage from the scam because all actions were fraudulent. Great American denied coverage because the fraudulent activity took place because of a vulnerability

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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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    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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    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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