Jerry Trupin’s Exposures and Coverages brings us the most accurate, interesting observations anywhere about the insurance policy itself and how it affects the business of the agent and the ultimate client, the consumer.
“There are only two types of companies: those that have been hacked, and those that will be. Even that is merging into one category: those that have been hacked and will be again.” Robert Mueller, former director of the FBI.1 Cyber/data breaches2 are big news. And it’s not just the Targets and Home Depots of […]
My “possible topics” basket is still overflowing and new items come in all the time, so here’s another round of Short Takes. The $750 Million Comma BP is claiming that an exclusion in a contractor’s policy is ambiguous because a comma is missing in its agreement with the contractor. The missing comma may cost insurers […]
[EXPOSURES AND COVERAGES] By Jerome Trupin, CPCU Short Takes on Sundry Topics: Sandy Claims Deadline, Sewer Backup, Continuing Ed Problems, Security Breach Law, and Hail & Ice It’s Almost Midnight for Sandy Claims Most states mandate that insurance policies provide at least two years from the date of a property loss for an insured to […]
Certificates of Insurance Yet Again Want Expanded Coverage via Certificate in CT? FUHGEDDABOUDIT! Two months ago I wrote about Delaware’s new law that not only bars insurers and producers from issuing false or misleading certificates, but also bars anyone from requesting such a certificate.1 Connecticut has just passed a similar law to be […]
Certificates of insurance are a sore point with both those who ask for them and those who have to provide them. On the one hand, the requests sometimes ask for the impossible and the other, the certificates often don’t enable the certificate-holder to detect serious gaps in coverage. … Agent associations and others have been fighting the first part of the problem by pushing for state administrative or legislative action to make it illegal to ask for expansion of coverage via a certificate of insurance. Risk managers have been pushing for more information on what coverage is provided by the policies underlying the certificate of insurance. There are new developments on both fronts.
Another Hole in the Dike: Court of Appeals Allows Errors & Omissions Claim Business Income Coverage for Employees’ Payroll and Commissions The Mudslide Tragedy— Insurance Aspects Another Hole in the Dike: Court of Appeals Allows Errors & Omissions Claim The New York Court of Appeals has again denied an insurance broker’s motion for summary […]
A Collapse is a Collapse is a Collapse?; What’s your Problem? More on Improvements & Betterments; ISO’s New CGL Data Breach Exclusions; Labor Law Claims Continue to Keep New York’s Courts Busy A Collapse is a Collapse is a Collapse? “Is a Collapse a Collapse if nothing actually Collapses?”1 If we could channel Gertrude Stein, […]
Workers’ Compensation Opt-Out; Court of Appeals Reverses Ruling on Failure to Defend; Two-Year Time Limit to Start Suit Tested; Carbon Monoxide is a Killer— Literally and Financially; Update on Improvements & Betterments Workers Compensation Opt-Out Prior to 1954, Maine elected its governor in September. From 1896 through 1932 whichever party won the gubernatorial race invariably […]
Improve and Better Improvements & Betterments Coverage Improvements and Betterments (I&B) coverage in commercial property insurance policies is something you studied when preparing for the broker’s exam and probably haven’t paid much attention to since. That can be a big mistake. I&B can involve millions of dollars. In one high profile loss, a restaurant’s I&B […]
Leasehold Interest Insurance Court of Appeals: VMM& Sec 240 Decisions Super Bowl & the Weather Outside is Frightful This month, I want to expand my previous discussion of two problems: leasehold interest insurance and the definition of vandalism and malicious mischief, plus take a look at another NY Court of Appeals case. I’ll wind up […]
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