To calculate workers compensation experience rating modifications, an insured’s incurred losses are split into a primary loss portion and an excess loss portion. The amount of the incurred loss equal or less than the “split point” is the primary loss and the portion in excess of the split point is the excess loss. Effective January […]
Bea and Ben Aden purchased a vacation condo in western New Jersey and were looking forward to some peace and quiet in the country. When their unit was devastated by fire, what they got was exasperation and expense. First they were faced with the ordeal that any homeowner must deal with following a fire, but […]
What’s Your Problem?With this column I’m starting an occasional discussion of problems sent by readers and friends. If you have a problem you’d like my thoughts on, send it to me at cpcuwest@aol.com. Here’s the first one: An agent in Rockland County, NY asks: I have a contract metal/plastic fabrication firm as a client. They […]
Not Every House is a Home In 1992 Robert Zises bought a home in Lake Katrine, NY and purchased homeowners insurance. In 1998 he rented the house to two tenants and moved to another home in Tivoli, NY. In 2006 the homeowners policy covering the Lake Katrine house was placed with New York Central Mutual. […]
Am I the only one providing expert witness assistance for fidelity claimants? Fidelity coverage (also known as “employee theft” or “employee dishonesty” coverage) is just a small part of the insurance universe, generating many fewer claims than property and liability coverage and of those, even fewer end up as lawsuits. Nevertheless, my expert witness activity […]
We Are the Greatest (WAG), a talent agency, is sued by a competitor for slander. The competitor claims that the WAG made derogatory and demeaning statements about it when soliciting clients. Seems like a good example of the need for personal injury coverage provided by Coverage B Personal and Advertising Injury Liability of the CGL […]
ACORD has substantially altered form 25, Certificate of Liability Insurance, the most widely used and contentious ACORD certificate form. The new version, ACORD 25 (2010/05), removes some of the unrealistic statements contained in the older forms and prominently emphasizes the limited value of the certificate, but it is still a long way from meeting a […]
Complying with the additional insured requirements imposed on their insureds and reading the hold harmless agreements those insureds have signed increases the agita of insurance agents and brokers. But, as we reach for the antacid, we want to remember that achieving additional insured status and being indemnified by contractors are vital risk management techniques for […]
ISO defines bodily injury in the CGL form as follows: “Bodily injury” means bodily injury, sickness, or disease sustained by a person, including death resulting from any of these at any time. In response to a posting on RiskList1 questioning the application of the definition, Bill Wilson, insurance maven and Dean of IIABA’s Virtual University, […]
There’s a big change coming in how workers’ compensation experience modifications are calculated. NCCI (National Council on Compensation Insurance) actuaries have recommended increasing the $5,000 primary/excess split point to $15,000. For example, at present a $50,000 claim would be result in a $5,000 primary loss and a $45,000 excess loss. Under the proposed change, $15,000 […]
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