Producers aren’t involved in loss settlement decisions. As a practical matter, however, they can’t avoid being impacted by them, as they’re the first-line contact with insureds. That affects what you need to know. DEPRECIATING LABOR COSTS Challenges persist to an important practice By Joseph S. Harrington, CPCU When it comes to actual cash value (ACV) settlement of a damaged roof, insurance professionals can’t be surprised that most home owners would
Coverage Concerns
OFF PREMISES OR AT NEWLY ACQUIRED PROPERTY? Dr. T’s Nature Company ran out of room at its two leased buildings. Its landlord offered it the temporary use of a nearby warehouse and even agreed to not charge for the temporary use. Unfortunately, a fire occurred while Dr. T’s property was at that warehouse. When Dr. T’s turned in a claim for $100,000, its carrier denied coverage because the property was
To what extent can a certificate holder rely on a COI as “certification” that coverage is actually in place? If that’s impossible or impractical, what’s the point of certificates? More uncertainty about certificates What about hard-to-detect limitations on coverage? By Joseph S. Harrington, CPCU Jim Mahurin has seen a lot he doesn’t like in his 35 years as an insurance and risk management consultant. More to the point, he hasn’t
Dwayne’s dogs had a surprising trick that he had never witnessed. When he left them in his truck camper, they would jump out but then be back in the truck when he returned because they had been returned by others while he was gone. One day they escaped, but instead of being returned without incident, they attacked Robert as he was walking to his vehicle in a parking lot. Robert
Today, extortion is rapidly expanding beyond human kidnapping, and extortion insurance coverage is expanding along with it. Agents and brokers need to understand provisions in policies that address the exposures. In confidence, but how strict? By Joseph S. Harrington, CPCU If you don’t want to become a victim of extortion, it’s wise not to tell people you have money to pay ransoms. And if that ransom money comes from an
