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.
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 […]
Does Actual Cash Value equal replacement cost less depreciation? Don’t be so sure. A recent NY court case held that the insurer could not deduct depreciation when calculating the actual cash value of a partial loss1. The valuation provision in the policy read as follows: 9. Valuation We will determine the value of Covered Property […]
Dog bites have become a major insurance issue. The American Association of Insurance Services (AAIS) has just announced that it will be filing an exclusion for use with its homeowners and personal umbrella forms that will eliminate BI and PD liability coverage for claims arising from direct physical contact with any (emphasis added) canine. According […]
Allegany Co-op Insurance sent its insured, Michael Stoppani, a letter demanding a proof of loss in connection with fire damage he had reported. The letter was sent by both regular and certified mail. Michael received the certified mail letter on March 9th, 2009. He submitted the proof of loss on May 8th, 2009, which is […]
What Happens When Plaintiff Sues Your Insured By Serving the NY Secretary of State And the Summons Never Reaches Your Insured? When your insured incorporated or formed an LLC, it agreed to permit claimants to serve notice of suit on the Secretary of State instead of serving the insured. Upon receiving service, the Secretary of […]
In 1976, thieves stole Helen Thompson’s portrait of her Colonial ancestors, John Apthorp and his two daughters, painted by Angelica Kauffmann, a founding member of the British Royal Academy. In March 2007, the painting was recovered when an art dealer saw it listed in the Art Loss Register.1 The total value of the property stolen […]
ERISA fidelity bonds and fiduciary liability coverage for the fiduciaries of an ERISA plans are often confused. Both are important, but they serve different purposes. A quick take on the difference: the ERISA fidelity bond covers embezzlement from an employee benefit plan; fiduciary liability protects the fiduciaries for claims alleging mismanagement of the plan, but […]
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