The Incident Reporting Provision
Nearly all "claims made" forms allow the insured to report a fact or circumstance that will likely or may give rise to a claim at some point in the future. If the reported act or error does evolve into a claim at a later date, the...
No one knows exactly when, but at some point, some senior executive liability underwriter must have moved to an errors and omissions division and discovered the professional liability policy contained no "continuity date" limitation. Errors and omissions...
"I hate my insurer" says the client. "All they ever want to do is settle the claim… after throwing my deductible out the window." Brokers have heard this for years, and as errors and omissions policy holders, many may even think it themselves. Insureds might even...
Rarely are clients immediately aware of the wrongful or erroneous actions of the "professional" they trusted to perform specific duties or services; mainly because "professional" acts or errors do not or only seldom cause immediate injury. A "professional's"...
Funeral homes, while a common site in nearly every community, are not common in the services offered. Beyond arranging funerals, burials or cremations, many sell burial vaults, sell/rent caskets and burial clothes. Other services offered include: retrieving bodies...
Setting up a chimney sweep business is relatively inexpensive and requires NO specific license in many states. Overall, professional chimney sweeps operate in a relatively unregulated environment allowing less-than-professional practitioners to operate in this...
Insurance Journal launched a new video series last year entitled "Watching the Risks." The premise of the series is the uniqueness of every industry and the insurance and risk management issues specific to each type of insured.
To date, IJ has posted six of these...
A discussion of the leasehold interest coverage form's loss calculations and its vacancy provisions complete this three-part series on this highly undersold coverage. Prior posts detailed the expenditures covered by the form and the necessary coverage calculations....
Two values must be developed before calculating the amount of leasehold interest coverage purchased: gross leasehold interest (GLI) and monthly leasehold interest (MLI).
Gross Leasehold Interest (GLI)
Gross Leasehold Interest (GLI) is the difference between the...
Commercial property vacancies remain high across the country. Economists and commercial real estate professionals paints a less-than-pretty picture for commercial property owners and landlords in the near future.
Empty or partially empty buildings produce no income...
