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Identity Theft Risks After an Auto Accident

Each year, millions of Americans become victims of a car crash that causes mess on their day (and often their body and vehicle.) Auto accidents are stressful situations that can lead us to reveal more of our personal information to strangers than necessary. Even small fender benders can cause long-term pain if a friendly exchange of info leads to a compromise of one’s most sensitive personally-identifying data. A recent survey taken by the National Association of Insurance Commissioners (NAIC) revealed that many of us don’t know the proper steps to take after an accident, and most of us share too… Read More »Identity Theft Risks After an Auto Accident

Rising Cost of Homeowners Insurance

The cost of homeowners insurance claims has been rising rapidly because of the combined effects of rising claim severity and increases in claim frequency, according to an insurance industry report. A new Insurance Research Council (IRC) study of homeowners insurance claim trends found that from 1997 to 2011, the average claim payment per insured home countrywide rose 173%. In the study, “Trends in Homeowners Insurance Claims,” the IRC examined separately claim trends for claims that were not related to catastrophic events and those that were related to catastrophic events. Trends in average claim severity (the average claim payment per paid… Read More »Rising Cost of Homeowners Insurance

Avoiding Liability on Your Website

The Internet provides a rich environment for creative communication. Used with care, it can assist in increasing product safety. But in their enthusiasm to capitalize on its power, some companies are increasing their liability potential. • A company president was not aware of a product on his company’s website. The marketing department put it there because it was a product they were thinking about developing. • A Vice President of Administration was unaware they even had a website. • Operator instructions normally in the manual provided with the product were posted on the website, but warning labels were left out.… Read More »Avoiding Liability on Your Website

Vote for Pet Insurance Claims of the Year

Here are the 12 unusual claims nominated for the 2012 Hambone Award: July 2011 – Ginger the golden retriever (Rocky Hill, Conn.). Sniffing turned snippy when a feisty snapping turtle chomped down on Ginger’s nose, causing quite a scare and lacerations to her muzzle. August 2011 – Havee the Havanese (Pompton Plains, N.J.). A cleaning spree resulted in a trip to the local animal hospital when Havee’s tail was run over by the vacuum after he fell asleep under the dining room table. September 2011 – Kei the shiba inu (Wadswoth, Ill.). An escalator excursion landed Kei in the animal… Read More »Vote for Pet Insurance Claims of the Year

Common Cause of Fire – Laundry

An estimated 2,900 clothes dryer fires in residential buildings are reported to U.S. fire departments each year and cause an estimated $35 million in property losses, according to a new government report. The report by the U.S. Fire Administration said that 84% of clothes dryer fires took place in residential buildings. Also, according to the report:   Clothes dryer fire incidence in residential buildings was higher in the fall and winter months, peaking in January at 11 percent.   Failure to clean (34 percent) was the leading factor contributing to the ignition of clothes dryer fires in residential buildings.  … Read More »Common Cause of Fire – Laundry

What is “Manifestation Provision” in Insurance Policy Means

The “first manifestation” provision may significantly modify or deviate from the most recent ISO Commercial General Liability policy form, CG 00 01 12/07, commonly referred to as an “occurrence” form. The principle difference between the ISO “occurrence” form and a manifestation form is what is being referred to as “trigger of coverage.” The trigger of coverage is the event or circumstances that activate the insurer’s defense and indemnity obligations under the policy. According to ISO rules the standard ISO form is intended to provide coverage for an injury that occurs during the policy period, regardless of when the injury becomes… Read More »What is “Manifestation Provision” in Insurance Policy Means

Risk Control: Fire Safety Plan

Introduction

The development of a Fire Safety Plan (hereinafter referred to as the “Plan”) will help ensure the optimum use fire prevention and life safety features installed in a building. The complete plan will reflect all the resources available to the building occupants and identify the basic measures that will aid in an orderly and safe evacuation all occupants in an emergency. An effective Plan that enhances the life safety of staff and building occupants requires:
• a commitment by building management and staff to the safety of occupants;
• knowledge of the building and its fire safety protection equipment by supervisory staff;
• a clear understanding by supervisory staff of the fire safety procedures in the Plan and how to implement properly; and
• the cooperation and education of building occupants.

The following information discusses the preparation and implementation of a Fire Safety Plan.Read More »Risk Control: Fire Safety Plan

Public Servant Wins Compensation Over Work Trip Sex Injury

An Australian public worker has won the workers comp. claim hearing, for the injury she got having sex in a motel during the business trip, according to ABC News. Now the federal government should pay not only the money spent on her treatment, but also cover the legal costs. The woman, whose name was not released, sued her employer back in 2007,  for the denied workers compensation claim for the injury done by a glass light fixture that fell off the wall above a bed as she was having sex. In addition, as she said later, after the injury she… Read More »Public Servant Wins Compensation Over Work Trip Sex Injury

Risk Transfer: Managing 3rd Party Relationships

Introduction: Case Scenarios – A painter’s scaffold collapses resulting in severe injury to the painter and a pedestrian. The painter had no insurance. The building owner is held liable for all losses. – A cabinet installer puts a long screw into a wall. It punctures a water pipe causing water damage. The installer’s insurance policy was not renewed. The homeowner’s insurance company sues and recovers the damages from the cabinet retailer who recommended the installer. – A small motor manufacturer, to get the business of a big new customer, agrees to sign a contract which the customer requires of all… Read More »Risk Transfer: Managing 3rd Party Relationships

Purchase Order is Not Formal Contract

How many times, we as insurance agents, process requests to add additional insured to the policy of our client? At least several times a day. Some insurance agencies have dedicated staff that is primarily working on underwriting those requests. It is not complicated, but could a time consuming function, specifically, when such request must be processed by the insurance carrier, to properly endorse it on the policy. In the same time, many insurance companies have a policy form, that describes who is an insured, and extends the coverage automatically when it is required by a formal contract between insured and another party. Sometimes,… Read More »Purchase Order is Not Formal Contract