Convective Storm and Expanded Weather Deductibles
Drones in the Construction Industry
RISING INTEREST RATES AND YOUR AGENCY VALUE
When an agency is marketed to the right potential buyers, with a strategic fit that maximizes—not just value—but carriers and culture, “value” takes on a whole new meaning.
Read MoreComponents of a Successful Insurance Agency
We’re asked frequently how to form a successful insurance agency. And while the answer seems painfully obvious that the number one thing you need is sales, that’s only part of the overall picture.
Read MoreLiability Policies: Understanding How Abuse and Molestation Exclusions Impact Insurance Coverage
The Conflict and Burden of Insurer Appointments for Brokers and the Need for Regulatory Reform
Brokers are supposed to be independent to represent the insured, rather than the insurer; yet, the law in many states still requires insurers to appoint a broker as an agent actually to transact insurance with the insurer. This dual agency creates well-known conflicts and burdens. We contend that the requirement that insurers appoint agents in…
Read MoreBad Faith in the Absence of Coverage – Recent Trends and Developments
“An insurer’s knee-jerk denial letter cannot be saved from triggering the penalties [of bad faith] merely because the insurer’s lawyer is able to construct a post-hoc justification for denying coverage. “[I]nsurers that unreasonably delay the evaluation of the insureds’ claims [can be found liable for bad faith], even if the insurer’s ultimate assessment of the claim proves to be correct ‘”Holding otherwise could potentially result in insurers taking the gamble that a denial based on a cursory review will be rescued by a clever trial lawyer.”
Read More“Busting the Bad Faith Myth of Adjuster Bonus Plans”
(From the Summer 2022 issue of CPCU INSIGHTS…)
Read More“New Case Intake Form” Template — Feel Free to Use or Adapt….
Social Media as a Factor in Personal Injury Underwriting: Risk, Rate and Regulation
Social media claims against individuals are increasing, yet insurance coverage
for individuals for such claims is rarely available unless the insured has a personal
injury endorsement to the standard homeowners policy or the insured has an
umbrella policy, or the rare company-specific insurer includes such coverage. This
suggests a market opportunity to provide this coverage. Underwriting this exposure
will likely require examining social media as a new rate factor. Obtaining relevant
information on this and showing predictive indicators is one challenge, particularly
where social media use liability might be correlated with other factors, including
other external data. Such factors will have to be approved by state insurance
regulators and shown to be reliable and not unfairly discriminatory. This will likely
open these factors to underwrite other coverages and policies, even if not approved
or reliable. Some social media use might actually be a business pursuit, thus
requiring this added coverage. A media liability policy crafted for the new exposure
might be more effective to provide coverage if underwriting the factors can be
regulated.
