Providing these facts will help educate the lender on a suitable loss limit, but be cautious not to recommend a reduced limit and always provide higher limit options in writing.
It is no secret that providing creative solutions in these unique situations solidify your relationship with your client as trusted partner. Remember, the most important step is to pre-emptively request lender requirements before any closings or renewal date to avoid delays. Often there is an opportunity for a borrower to negotiate insurance requirements if it is addressed early in the borrowing negotiations. This also allows your team to pinpoint what coverages and limits are needed, and to expedite your client’s closing.
AmWINS’ Property Practice is specialized in placing complex property risks, with in-house CAT modeling and actuarial resources. Our brokers are ready to help you advocate for your clients when it comes to requests by lending institutions that impact their coverage.
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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The Thomas Fire, the largest fire in California's history, subsequently led to a mudslide on January 9, 2018, which caused a massive amount of damage in Santa Barbara and Ventura counties. The California Insurance Commissioner has issued a formal notice reminding carriers to pay for damage, citing the "efficient proximate cause doctrine." This article takes a closer look at the doctrine and how it has been challenged in court over the years.
Ordinance or Law insurance coverage provides limited protection for costs associated with repairing, rebuilding, or constructing a structure when physical damage to the structure by a covered cause of loss triggers an ordinance or law. Compliance with ordinances and laws after a loss can add 50% or more to the cost of a claim. This article will help you educate your insureds on exclusions and limitations and help them take a proactive approach to their insurance program.
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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 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.