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Insurance Companies

Pinnacol Tax Heaven is not Over

Colorado law makers are thinking to take away some tax exemptions for Pinnacol Assurance. The Budget Committee decided last week to draft the legislation. The decision follows the release of documents showing that the state-chartered workers’ compensation insurance company spent more than $300K on a trip to Pebble Beach, Calif.. Hey, why not, if Pinnacol pays no state or federal taxes. It operates largely like a private insurer but it must provide insurance to any company that can’t get coverage elsewhere. Some of the proposals are to continue to exempt Pinnacol from taxes on those last-resort polices but Pinnacol would have to start… Read More »Pinnacol Tax Heaven is not Over

Zurich Insurance Operations Reorganized

Zurich Financial Services Ltd. is replacing its four general insurance divisions with six “market-facing businesses” and has named the executives who will lead those operations, the Zurich-based insurer said last Thursday. Global Corporate, one of the original divisions, will carry on as one of the new operations, and Mario Vitale will continue in his role as CEO of that unit. Mike Foley will continue to lead the North America Commercial operation, which also existed as a general insurance division. Zurich’s new Europe operation within the general insurance segment will be headed by CEO Patrick Manley, who is CEO of Zurich’s… Read More »Zurich Insurance Operations Reorganized

“Your Work” Exclusion on CGL Policy

Insurance isn’t a warranty. It doesn’t replace faulty work or products, but it does cover the Bodily Injury (BI) and Property Damage (PD) caused by the faulty work or product. The exclusion of faulty work often referred to as “your work”. One of the most contested provisions of the commercial general liability (CGL) policy is the provision excluding coverage for property damage to the insured’s completed work. In 1986 Insurance Services Office, Inc. (ISO), revised the standard CGL policy form to include an exception to this exclusion if a subcontractor performed the work for the insured. This revision has become… Read More »“Your Work” Exclusion on CGL Policy