Insurance Rates and Premium

Potential Exposures for Construction Owners ​​​​​​​​​​​​​

Potential Exposures for Construction OwnersAs always with construction projects, it is important that owners of new developments understand insurance coverage to ensure that there is adequate insurance to address any potential risks during and after the construction of the project. While most owners maintain commercial general liability policies or rely on project-specific policies, these policies may not fully protect the owner against any and all risks that they may face during and after construction. This article addresses two unique areas in which owners should take special note to ensure that they are covered for these particular risks: third party action over claims and products-completed operations coverage.

 

Third Party Action Over Claims

Owner contracts with Roofer to assist in the construction of the roof of a commercial building. During construction, Roofer’s employee falls and injures himself on the project site and collects workers’ compensation benefits under Roofer’s workers’ compensation policy. Typically, Owner would not consider any risks with respect to this injury as Owner required Roofer, in the subcontract, to maintain workers’ compensation insurance. However, despite receiving workers’ compensation benefits, Roofer’s employee files an action against Owner alleging negligence for failing to properly maintain a safe work site.The action filed by Roofer’s employee is considered a third party action over claim. The employee is unable to sue Roofer because workers’ compensation is the employee’s exclusive remedy against his or her employer. Thus, the injured employee brings an action against Owner alleging that Owner’s negligence in failing to maintain the project site contributed to the employee’s injuries.
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What is D-1 Disclosure Form in Insurance

What-is-D-1-Disclosure-Form-in-InsuranceSeeing the words “not licensed”, “insolvency” and “payment of claims may not be guaranteed” on an insurance policy can, understandably, cause concern with insureds, especially those with little to no experience with the excess and surplus (E&S) marketplace. Let’s take a closer look at required disclosure wording used on surplus lines policies so when your insureds have questions, you can put them at ease.

What is D-1 Disclosure Form in Insurance

Prior to binding insurance coverage with a non-admitted carrier, you are required to sign the Disclosure Form (D-1 Form), formally making you aware of the insurance policy being issued by the non-admitted insurance company.

1. “The insurance policy that you are applying to purchase is being issued by an insurer that is not licensed by the state of California.”

Wording on a policy that references an unlicensed carrier means that the policy was issued by a non-admitted insurance company. A non-admitted insurance company is not licensed in the state where the risk or insured is domiciled and does not file rates in that state. “Not licensed as an admitted carrier” does not mean unregulated. Each insurer must meet certain criteria to be an eligible non-admitted market, including regulations for solvency. It does mean that the carrier has the ability to set their own rates for the classes of business they write, leading to the flexibility in rate and form that is a key differentiator in the E&S marketplace.Read More »What is D-1 Disclosure Form in Insurance

Museums and Cultural Institutions: Unique exposures

Goudi Building Museum

Your priceless collections and exhibits are what pull visitors through your doors. But keeping those visitors safe – as well as your employees, volunteers, building and reputation – is what keeps those doors open. Travelers has years of experience working with museums and cultural institutions. We understand your industry. We can help you with your insurance needs – from protecting your fine art collections, to covering your property risks to providing general liability coverage to workers compensation.

Fine art expertise

We offer Museums and Cultural Institutions customized product and service offerings. Our Inland Marine division is a Fine Art market leader that provides flexible solutions for your unique needs:

  • Local underwriting presence with fine art expertise
  • Broad, worldwide coverage at current market value
  • Coverage for exhibitions, loans and items while in transit
  • High capacity for high-value collections
  • On-site risk control consultations to help enhance facility and collection management
  • Dedicated fine art claim team committed to proper claim handling for unique valuable objects
  • Access to our Special Investigations Group who focuses on theft prevention and recovery of stolen property
One company for property exposures

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Commercial Kitchen Fire Safety

commercial grade kitchen equipmentOperation of a commercial grade kitchen, many safety considerations should be addressed, including food safety, employee and volunteer safety, and fire safety. This blog post addresses the specific issues associated with providing adequate fire safety for your kitchen.

Commercial cooking operations are defined as kitchens that have cooking equipment that produce grease and grease laden vapors. This includes flat grills, char broilers and deep fat fryers. The typical residential range (electric or gas) would not be considered a grease producing appliance. Other equipment, such as ovens, microwaves and steam kettles also fall into the non-grease producing appliance category. The following is information regarding two of the most common types of equipment that produce grease and/or grease laden vapors.

Deep Fat Fryers

Deep fat fryers are a major cause of kitchen fires. Oil can splash and easily come into contact with an open flame from an adjacent piece of cooking equipment, such as a gas-fired range top. A 18-inch clearance must be maintained between the deep fat fryer and the open flame cooking equipment. If a 18-inch clearance is not possible, a vertical steel barrier extending 12 inches above the top of the deep fat fryer or open flame appliance(s) can be used as an alternative means of protection.Read More »Commercial Kitchen Fire Safety

Soft Insurance Rate Landing

U.S. property/casualty insurers’ and brokers’ operating earnings are expected to modestly improve in 2014, and the overall insurance rate increases will “probably moderate into 2015,” said investment and research firm Keefe, Bruyette & Woods (KBW) in its new report.

According to the report, the returns are no longer either poor enough to sustain the recent pace of insurance pricing improvement or rich enough to stimulate meaningful rate softness outside of a few lines. KBW published its report, titled “2014 Outlook: Prepare for a Soft Insurance Rate Landing,” on Dec. 10.

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Protect your personal information from online risks

Going online has become part of everyday life – whether for shopping, sending email or paying bills and managing accounts. However, many worry that technology-related issues, including unsolicited emails and unsecure websites, can affect information stored online. The 2013 Travelers Consumer Risk Index shows that 41% of Americans worry about computer and technology issues. These were ranked second among the top five risks causing the most concern. Taking precautions when browsing the Web can help reduce your risk of a cyber attack. Read these tips to learn how to help stay safe online.Read More »Protect your personal information from online risks

International Advantage Natural Disaster Enhancement

When working in the real world, businesses can face real world problems.
A U.S.-based church group was stranded in a Haiti crisis zone. Our service provider sent a security detail to escort the group to the Dominican Republic, where they were repatriated safely to the U.S. within 24 hours of the call.

How can we help?
Our international package policy can provide executive assistance services with an optional Natural Disaster Relocation and Repatriation coverage enhancement to assist your employees in their time of need.

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Travel Insurance for Thanksgiving 2013

Have you started planning your Thanksgiving weekend? Can’t wait to finally join your family at the festive dinner table? There are hundreds of circumstances that could cause you to cancel your holiday trip, return home early or force you to seek emergency medical treatment while traveling. Anything could go wrong: It’s 9:30 PM and you and your immediate family arrive… Read More »Travel Insurance for Thanksgiving 2013

Coverage options for your barber and beauty business

Beauty Salon Parlor InsuranceCoverage for barber and beauticians professional liability is automatically included for your “employees” under the commercial general liability coverage form. We have the ability to provide professional liability coverage for barbers and beauticians that are independent contractors – this optional coverage is available for $25 per independent operator under the Additional Insured-Independent Operators form -CG T567 (11-03).

The form does require each operator be scheduled. For additional information, contact us via email or call 877-239-0067

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Travelers Introduces TravPay

TravPay Header BannerTravPay:

  • is a pay-as-you-go solution for your business to link your payroll directly to your workers compensation premiums, eliminating the guesswork of trying to estimate annual payrolls.
  • allows for real-time workers compensation premium calculations based on your reported payrolls.
  • requires no down payment and can help improve cash flow for your business.
  • is a FREE billing option available exclusively for Travelers business customers.

Frequently Asked Questions:
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