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Top 5 Holiday Insurance Claims

According to Rocky Mountain Insurance Information Association among the top holiday mishaps are: – Stolen holiday decorations from the front yard. Under a standard homeowners insurance policy, decorations are generally covered, but subject to the out-of-pocket deductible and policy limits. Holiday trappings are also generally covered under a standard renter’s or condo policy. – Gifts stolen from the car while it’s parked at the mall. Coverage to replace these items falls under a homeowners or renter’s insurance policy. But, that’s minus the deductible and up to policy limits, so it’s a good idea to keep gifts and valuables hidden. This… Read More »Top 5 Holiday Insurance Claims

Invest in Security Cameras

Authorities say a central New York convenience store’s surveillance cameras caught a man purposely pouring soda on the floor and then faking a fall so he could file an insurance claim against the business. Insurance fraud investigators say the store’s security videotape shows Barnes pouring soda on the floor. Officials say “injured” filed a claim with the stores insurer and later withdrew the claim. Paperless Comment: all business owners, are encouraged to install security cameras, and it doesn’t cost much these days. Those cameras can be setup to record only when there is movement detected. With development of technology, 24/7 access via internet… Read More »Invest in Security Cameras

Insurance Goes Green

Insurers have new incentives to go green, thanks to a new law signed by California Governor. AB 1011 requires the state Department of Insurance to collect data from insurers on their greenhouse gas reductions and green investments as part of their community development investments. The information will be shared on the DOI Web site. Insurance companies that go green also may be eligible for a tax credit for qualified investments in low- and moderate-income urban and rural communities “It is the intent of the Legislature to provide an incentive in the form of California tax credits to attract much needed additional… Read More »Insurance Goes Green

California Worker’s Compensation Medical Provider Network (MPN) New Requirements Effective October, 2010

In an effort to streamline the notification process and reduce the burden on employers, the Administrative Director of the California Division of Worker’s Compensation (DWC) recently amended regulation relating to MPN’s. The DWC regulates how an employer implements a MPN, requiring them to provide specific notification to their California employees. The purpose of this letter is to alert you to the new requirements and advise you of the steps being taken to inform our customers. The amended regulation becomes effective on October 8, 2010. By that date employers must: Post the updated form DWC-7, Notice to Employees –Injuries Caused by Work… Read More »California Worker’s Compensation Medical Provider Network (MPN) New Requirements Effective October, 2010

Mitigating Sexual Misconduct & Molestation Exposures

In today’s increasingly litigious environment, entities are being contractually required to carry limits of sexual misconduct and molestation insurance never before carried. These companies need an innovative insurance product that provides the required coverage for their exposure as a contracted employee. Sexual Misconduct Liability Insurance is designed to assist these entities fulfill their insurance needs. POLICY HIGHLIGHTS Coverage includes negligent hiring, employment, training, investigation and retention or failure to report employees who commit acts of sexual misconduct or molestation. Worldwide Coverage – Claims can be brought outside the U.S. Broad definition of Insured Persons includes executive officers, directors, trustees, employees,… Read More »Mitigating Sexual Misconduct & Molestation Exposures

Product Liability Insurance Exposures – Check you Operating and Assembly Manual

Even if you’re importing sourced or someone’s else product, as soon as you attach your label on the product, you become responsible for claims associated with the use of the product. Some of the claims can be avoided if operating manual is well written and easy to follow. How much, do you think, IKEA incurred in losses, because people assembling its products couldn’t figure out how to build that piece of furniture. Although, I have to admit, IKEA has made a great progress in writing its manuals. And their manuals are written without using any single word in any language. Simple. Easy to follow.… Read More »Product Liability Insurance Exposures – Check you Operating and Assembly Manual

Small Business Large Expense – US Tort Claims

A new study from the U.S. Chamber of Commerce shows that small businesses paid $105.4B in 2008 for tort costs, with a third of it ( more than $33 BILLION, that is $33,000,000,000 !) out of their own pockets. According to the report, small businesses paid 81% of business tort liability costs but took in only 22% of revenue. The study, Tort Liability Costs for Small Businesses, also found that small businesses ($10M or less in annual revenue) paid, collectively, $35.6B of these costs out-of-pocket rather than through insurance. The study was conducted for the Chamber’s Institute for Legal Reform… Read More »Small Business Large Expense – US Tort Claims

“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

The Cure for Malingering Injuries

The Hartford Works Hard to Spot “Malingerers” and Employers Can Too Content to Collect You might assume that an injured worker wants to recover and get back to work as quickly as possible, but that’s not always the case, according to Hartford Special Investigations Manager Odie Waters. Some people, as it turns out, are content to stay home and collect workers’ compensation benefits — long after their injury has healed. This type of fraud, known in the industry as “malingering,” can be difficult to identify and equally difficult to prove. The Hartford devotes considerable resources to stopping malingerers — and… Read More »The Cure for Malingering Injuries

Small Businesses Lose $200K to Fraud

U.S. organizations lose an estimated 7% of their annual revenues to fraud – but damages are more common among small businesses, according to a new study. The median loss suffered by organizations with fewer than 100 employees was $200,000, higher than the median loss for any other category among fraud cases detailed in the survey, according to a report by the Association of Certified Fraud Examiners (ACFE). The study also found that check tampering and fraudulent billing were the most common of all small business fraud schemes. In fact, more than one-fourth of all small business frauds in the survey… Read More »Small Businesses Lose $200K to Fraud