Although no one wishes for a catastrophe, the fact remains that it would require a significant catastrophic event, or two, to shift the deeply entrenched conditions in the property marketplace. In a recently published report, Fitch Ratings predicted it would take storm losses equal to 15 percent or more of the industry’s aggregate surplus of roughly $670 billion to change conditions. Buyers are definitely benefiting from aggressive underwriting appetites in catastrophe-prone regions. In particular, there has been a trend toward lower deductibles in both hurricane and earthquake-prone regions.
With that being said, severe weather can be unpredictable and strike at any time. Help your clients be prepared in the event their property is damaged by a hurricane, tornado, hailstorm or similar disaster. We recommend considering the following tips to achieve fast, efficient handling of your claim.
Unlicensed or unscrupulous persons may pose as adjusters or, being an adjuster, may pose a threat to consumers. Public adjusters, in particular, may pose a problem since they don’t work for any company or company-adjusting firm. Unlicensed public adjusters have not demonstrated their competency to adjust claims nor have they posted the required surety bond. You are encouraged to report any such activity to local authorities. Please caution any clients that, if they contract with a public adjuster, they are authorizing the claim check to be made payable to both themselves or a mortgagee and the adjuster.
Legal Disclaimer. Views expressed here do not constitute legal advice. The information contained herein is for general guidance of matter only and not for the purpose of providing legal advice. Discussion of insurance policy language is descriptive only. Every policy has different policy language. Coverage afforded under any insurance policy issued is subject to individual policy terms and conditions. Please refer to your policy for the actual language.
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Due to the Doctrine of Negligent Entrustment, the consequences of allowing an employee with a poor driving record to operate any motor vehicle for work purposes extend beyond a possible traffic violation or accident. These seven tips will help you to proactively manage your drivers and maintain your CDL files as part of your fleet safety program.
The Commercial General Liability policy (CGL) is an essential factor in the equation that consists of building planning, financing, construction, operation, and protection from risk. Standard ISO form CGL policies contain an insuring clause subject to long-standing exclusions, which have been the subject of interpretation and case law over the years. This article focuses on the operation of the form’s exclusions j, k, and l.
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The Federal Motor Carrier Safety Administration mandate which requires nearly all U.S. truck operators to use electronic logging devices (ELDs) to track duty status has been upheld in court and will take effect December 16, 2017. The mandate will impact not just the trucking industry, but the trucking insurance sector as well.
Liquor liability is a complex coverage that is becoming increasingly difficult to procure, but with a proper understanding of the type of risk, venue and location, you can more effectively position your clients for success with underwriters.