October 2018

DMV Reporting – what’s new

As of September 2018, 37 states require carriers to report coverage on vehicles they cover to departments of motor vehicles. Many states require data for commercial vehicles and have rigid timelines for reporting based on the coverage effective date. Some states are considering fines for continually exceeding their timelines. Police patrol cars now scan vehicle license plates for up-to-date insurance coverage and are more likely to rely on DMV supplied information rather than an insurance ID card. It has never been more important to provide timely and accurate information for DMV reporting.

The information below is to inform you of how DMV accomplishes reporting, what is reported when the reports are submitted, and what can happen if there is no report.

Read More »DMV Reporting – what’s new

Claims Reporting: Better Late than Never?

A common in the claim process is the late reporting of claims.
There are many reasons for missing a reporting deadline; however, in most cases, they will not matter. We have seen the courts stand behind the strict reporting requirements of the insurance policy. The policy is a binding contract between the two parties, and the provisions are usually very clear. We have yet to see a “sympathy clause” in an insurance policy.

Claim Reporting Requirements

An insurance policy is not tested until there is a claim made against it. Most policies are straightforward regarding the acts or events that are covered. Insurance policies also spell out the proper way to submit a claim to the insurer. Within the reporting requirements, you’ll often see time requirements, as well as a list of the information that must be included, that establish sufficient notice of claim or loss.Read More »Claims Reporting: Better Late than Never?

Tax Recapture Insurance Policy

Each calendar year, the Internal Revenue Service (IRS) makes modifications and amendments to the tax code, but through each iteration, the Low-Income Housing Tax Credit (LIHTC), Solar Investment Tax Credit (ITC) and Historic Tax Credit (HTC) have remained intact. These credits were created to encourage the flow of private funds into specific solar, low-income housing and historic preservation projects. When a guideline-compliant project is completed and tax credits are generated, taxpayers (e.g. public and private entities, as well as high net worth individuals in certain instances) can apply the credits on their federal and state tax returns.
Read More »Tax Recapture Insurance Policy