I Bet the Named Insured Doesn't Own the Building! Have You Asked?
Never assume the named insured owns the building. You need to ask what seems like a ridiculous question because ownership of the building may be held by another "person" related to the operation. The president of the corporation may own the building personally, but in his mind there is no difference. Not protecting the actual owner can create a huge gap in coverage.
Is Policy Language Always Sufficient?
Insurance policies are simply contracts and, when disputes arise, policy language is often relied upon to support arguments for or against coverage. This is a major reason why clear wording is very important. Court cases are a significant source that triggers changes in policy language. They may occur either through the impact of actual cases or indirectly through changes in law that have their origins in addressing wider spread situations on how insurance responds to certain types of losses. Examples involve confusion over water-related losses, concurrent causes of loss and confusion over how the word “insured.”
With regard to more parties being granted insured status, insurers recognize that coverage obligations should be extended under certain circumstances. However, carriers want to have sufficient knowledge of parties that they may be obligated to reimburse or defend against claims.
Click here for an excerpt of wording on “Who Is An Insured” found in the ISO Commercial General Liability’s coverage analysis in PF&M.
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Ethics in the Insurance Industry
If you appreciate the kindness shown you by others, say it with actions as well as words.
The people who enjoy the greatest financial and personal success in life are those who build lasting relationships — with business associates, friends, co-workers, and others. They take the time and trouble to stay in touch, and they make sure that when someone does a good deed for them, they respond in kind. Build your network of personal and professional friends by taking the initiative and being a friend.
Smile A While
A retired insurance agent, now in his mid-70's and about to receive anesthesia, is on the operating table awaiting surgery. He insisted that his son, a renowned surgeon, should perform the operation.
The old man signaled to speak to his son.
"Yes, Dad, what is it?" asked the son. "Don't be jittery son, perform your best, and never forget that if it fails, if something should happen to me, your mother will live with you and your wife the rest of her days."
Insurance Coverage en Español
Have you noticed that the most effective worker is generally the busiest?
Successful people are busy people. They despise idleness and constantly search for new challenges and better ways to do things. When others discover that you are a thoughtful, helpful, enthusiastic worker, you will soon have more business than you can manage, and you will greatly increase the number of people who have a stake in your success. The most mundane tasks become much more bearable when you compete with yourself to improve at doing them. When you find faster and better ways to do your job, you also free up time that can be spent in more creative pursuits.