Dig a Little Deeper Addressing damage by sinkhole activity The Court Decisions column is one of the most popular features of Rough Notes magazine. One reason for this 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 are tested with an actual loss and a court decision, they remain mental exercises. In
Personal Lines
Mind the Gap Understand the exclusions regarding freezing, mold, floods and backups Some of the most common—yet confusing—types of homeowners insurance losses stem from claims involving water. For inexperienced agents this can be overwhelming; however, you’ll find that you can master this in no time at all if you break this subject into different categories. So why was his claim denied and our client’s wasn’t? Believe it or not, it
Iso Emerging Issues Perspective A “flood” is not always a flood Layers of fallacy stand between property owners and the insurance coverage that can protect them from the financial devastation of flood losses. People and businesses in need of flood insurance often go without because they don’t recognize the risk, don’t realize they’re not covered, or dislike the perceived lack of choice in how they protect themselves. For agents, these
Personal Lines Focus Addressing this common and expensive natural disaster A decade ago, Hurricane Katrina—and a couple of close-following but less powerful storms—brought devastation to the Gulf Coast. The events spiked consumer interest in flood insurance. A few years ago, when Superstorm Sandy slammed New York and neighboring states, it had the same effect. According to Westfield Services Leader Brian Bowerman, CPCU, this uptick is quite common after a major
Understanding transportation risks in an automated environment The rising popularity and growth of shared mobility programs has forced insurers to adapt and create new coverage solutions and risk evaluation methods to serve the evolving needs of both individual and business customers. Now, a market still grappling with these fundamental changes in risk exposures and consumer behavior is facing yet another disruptive force—the development and introduction of increasingly sophisticated autonomous vehicle
