Capstone Insights
In 2020, the United States Small Business Administration (SBA) recognizes Capstone Brokerage as a National … Continue reading →
Now that the yearly task of filing personal taxes has passed, this is an opportunity to discuss another type of filing for businesses that occurs every year – the workers’ compensation and general liability audits. In comparison, insurance audits and filing taxes are similar in that both are mandatory, annually. The workers’ compensation and general liability audits are conducted at the end of each policy period to verify that the premium is correct for the exposure during the policy period. In the event there is a claim, the claim might be denied because the premium exposure for the policy term within the policy period where the claim occurred was underinsured. Continue reading →
It’s that time of the year again when OSHA regulations are added, and
compliance dates will go into effect in 2018. This newsletter will address the important changes chosen by the effective dates for compliance in 2018. Continue reading →
A construction business can end up facing considerable consequences if it finds itself in a situation where the insurance program is insufficient in respects to coverage and defense. Sometimes the price of a project at the time of bid, will end up having a considerable upswing, due to many inherent costs that can be added on due to litigation that surfaces years after the job is done. Continue reading →
Terrorist attacks, large cyber attacks, and misuse of technology are the top risks facing businesses in the United States, according the World Economic Forum survey released Wednesday. Continue reading →
With so many eyes on claims files, it’s no wonder documentation is a touchy subject for adjusters. Claims files are reviewed by auditors, supervisors, bad faith attorneys and others passing judgment often months or years after the fact, according to Kevin Quinley, founder and principal of Quinley Risk Associates. Continue reading →
Subrogation is the legal doctrine which allows one party, usually an insurance company, that pays a loss by its insured which was caused by a third party, to take over the rights of its insured against the third party and recover its claim payments. It wouldn’t make much sense if, after paying a first-party insurance claim that its insured was partly responsible for, an insurance company could sue its insured to get their money back. It would defeat the purpose of insurance. Preventing precisely that sort of inequitable scenario is the purpose of the anti-subrogation rule (ASR). Sometimes known as the “suing your own insured” defense, the ASR was originally developed based on the logical premise that because the carrier stands in the shoes of it’s insured, it would essentially be suing itself. Therefore, no right of subrogation can arise in favor of an insurance company against its own insured. Wager v. Providence Ins. Co., 150 U.S. 99 (1893); The John Russell, 68 F.2d 901 (2nd Cir. 1934); Sherwood Trucking, Inc. v. Carolina Cas. Ins. Co., 552 F.2d 568 (4th Cir. 1977); Peavey Co. v. M/V ANPA, 971 F.2d 1168 (5th Cir. 1992) (insured or additional assured); Prestige Cas. Co. v. Michigan Mut. Ins. Co., 99 F.3d 1340 (6th Cir. 1996). Continue reading →
Construction Wrap-Up Insurance is a liability policy that serves as all-encompassing insurance which protects all contractors and subcontractors working on a construction project. It is intended for large projects that will be over $10 million in cost. There are different options the main two are owner Controlled insurance programs (OCIP) or contractor controlled insurance programs (CCIP), both have their own benefits and essentially will cover the same things. Lets explore the differences and reasons why some projects choose to have one or the other in place. Continue reading →
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