Insurance wholesalers and intermediaries should not be charging an additional fee in excess of the commissions they receive from insurance carriers. It irks me to see additional itemized charges on an insurance quote not attributed to the insurance carrier, but added by the intermediary. It is typically identified as a placement fee, service charge, or […]
Insights
Another Claims Expense Form to Be Wary Of
I have posted previously about the benefit of having a healthy limit (i.e. $100k minimum) of claims expense coverage on a crime insurance policy in order to cover the expense of a forensic accountant, or a similar service, to establish the amount of a loss. Furthermore, I have cautioned to beware of some carriers that […]
Review Policy Exclusions on Every Single Policy
Not all policy exclusions are equal. It is inevitable for insurance policies to contain exclusions, but the breadth, scope, and particular wording of an exclusion can have a significant impact on coverage. Some exclusions may contain exceptions while others may be narrow in scope. Ultimately, one that favors the policyholder most, should be pursued. Knowledge […]
Is Coverage Adequately Addressing the Territory Exposure?
As the business world continues to expand with more businesses operating globally (in some form or another) than ever before, attention to an insurance policy coverage territory has never been more imperative. Reviewing the coverage territory clause on a policy, however, may not provide the complete picture. Just yesterday, while reviewing a hybrid E & […]
Scrutinize Policy Wording
Those who spend time reviewing insurance policies may develop tendencies to overlook certain portions of a policy, or specific clauses of a policy, due to its pervasiveness within policies and the expectation of what is intended to be covered by a particular clause or section of a policy. This habit can ultimately prove harmful when […]
Coverage for Jackware Claims
I learned of a new cyber term yesterday, “jackware,” which is similar to ransomware in that it features an outside hacker taking control of a system and disrupting the flow of information. What distinguishes jackware is that the attack is not aimed at the computer system itself, but rather at embedded devices in machinery or […]
Understanding Coverage and Exclusions for Earth Movement
Property insurance policies vary in their application of coverage and exclusions when it comes to the peril of earth movement. Some may only apply to earthquake and/or other naturally caused movements, whereas others take a broader approach and will include all types of earth movement, even man-made. When negotiating terms of coverage, pursuing the broader […]
The Definition of Property Damage and the Inclusion of Joint Loss Clauses
Most people by now are familiar with the business interruption insurance coverage disputes raging in courts since the onset and spread of Covid-19. With the first few state supreme courts weighing in on this dispute in the last week and following the overwhelming majority of lower court decisions that no coverage applies, the trend seems […]