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"BOP"
When it comes to obtaining or renewing business insurance policies such as general liability, workers’ compensation, commercial automobile coverage, property etc., typically the business, policy coverage and risk associated with the policy will go through what is called underwriting. Each insurance company has it’s own set of underwriting guidelines when determining if they are willing to take the risk of the insured. Continue reading
Not only are liability losses increasing but they are getting more expensive, particularly in relation to global product recalls, corporate liability, cyber and environmental incidents, according to a new report by Allianz Global Corporate & Specialty (AGCS). Global Claims Review: Liability in Focus identifies defective product or work, crash and human error incidents as the largest causes of liability loss for businesses, based on analysis of insurance claims. 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
Chubb is rolling out a new business owner’s policy, Chubb BOP. Crafted for small businesses, Chubb BOP incorporates protection for property and liability exposures, a supporting umbrella liability product, and the option to add workers’ compensation, commercial auto, and management and professional liability insurance protection.
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The property/casualty industry is undergoing significant challenges with increased claim severity in liability and physical damage claims. These increases are outpacing inflation and rate adequacy. According to the Insurance Information Institute, in 2009 the average private passenger auto bodily injury claim was $13,891. In 2014, that average grew to $16,640 – an increase of almost 20 percent. The private passenger auto collision loss ratio has risen from 67.7 percent in 2010 to 78.3 percent in 2015 – a 16 percent increase. The loss ratio can be adversely impacted by claim handling, underwriting and rate inadequacy with claim leakage as a primary cause of loss ratio deterioration. Continue reading
First, let’s be clear – this is only a SMALL sampling of simple questions agents and underwriters fail to ask! There are dozens of simple, common sense questions that are often skipped – why remains a mystery.
Second, this article does not provide every answer or option available for each of these questions. This is not intended as a text book, the point of this short article is to raise your awareness of the need to ask questions, even or especially those that may seem basic. Because if you don’t ask, the lawyers will (and juries will be very interested in the simplicity of the questions). Continue reading
Risk Management is a process that involves identifying a company’s risk by an in-depth analysis. Once the risks are identified a business should then try to reduce, eliminate, or transfer the risk. As a business, simply having insurance is not enough. Risk management is a crucial part of a business’s structure. If you don’t know where you have a risk, then how can you properly be protected? Continue reading
A cancellation is the termination of a policy at a date other than its expiration date. Clients often call our office wondering why they are receiving a cancellation notice from the insurance company. Continue reading
