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Educational Track - University CE Webinar Information

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  Upcoming University Webinar - Qualifies For CE in States Listed Below
   

CE Webinar Instructor Bio Description

Date: May 28, 2015
Topic: MVR Maintenance and Privacy Laws
Instructor:

Marjorie Segale AFIS, ACSR, CISC, RPLU, CIC, CRIS, ACSR, CISR

Time: 9:00am-10:00am PT /10am-11am MT/11am-12pm CT/12pm - 1pm ET
States Approved in:

CE Approved States CA, CO, FL, ID, LA, NY, NV, TX, UT, WY
  ALL Webinars can be attended for educational purposes in all states

Contact: Barbara@InsuranceCommunityCenter.com

   

CE Webinar Instructor Bio Description

Date: June 2, 2015
Topic: Common Mistakes and Exposures in Commercial Lines
Instructor:

Marjorie Segale AFIS, ACSR, CISC, RPLU, CIC, CRIS, ACSR, CISR

Time: 9:00am-11:00am PT /10am-12pm MT/11am-1pm CT/12pm - 2pm ET
States Approved in:

CE Approved States CA, SD
ALL Webinars can be attended for educational purposes in all states

Contact: Barbara@InsuranceCommunityCenter.com
ALL WEBINARS ARE FREE TO UNIVERSITY MEMBERS! Non-Members of the University can Register for CE for $60 for classes with 2CE.

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Questions & Answers

 
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Question 1 -  One of our producers is looking at a prospect which has no Commercial General Liability coverage but does have a $10,000,000 Excess Liability policy with a $3,000,000 retention.  Their current broker is actually showing Commercial General Liability coverage as $1,000,000 per occurrence and $2,000,000 both aggregates with no insurance company listed.  We are aware this is not correct and would like a recommendation as to how the limits of insurance should be evidenced.

 

Answer by Laurie Infantino AFIS, CISC, CIC, CRIS, ACSR, CISR
President of Insurance Community Center

You are right – this is not correct but the current broker has likely done this to avoid having to show nothing under CGL and a $3 MM retention under the Excess, which would be the correct method of providing the evidence of coverage.  Isn’t it interesting that the current broker has also checked the “per project” box?  Let’s see – no limits applies per project.  This entire COI is a misrepresentation and can certainly be very problematic for the broker.

Not knowing the client’s industry or profession, I would just ask that the broker have a discussion with them regarding their contract or agreement obligations.  If not showing any primary liability coverage is a problem for them, I would recommend also that you look into a fronting arrangement, which for a fee, would allow an insurance company to be shown under the CGL line and make the entire issue moot.  Then a normal COI would be issued.

If the insured is using a captive, then the fronting company should already be in place to do this as an alternative.

Question 2 - Majority of the markets in the Virgin Islands don’t like to write on a agreed value basis. Valuations are very costly and clients don’t what to go through the expense.  How can we address this? We do explain in our quote letters the coinsurance clause, but they don’t seem to want to increase the values. 

Answer by Laurie Infantino AFIS, CISC, CIC, CRIS, ACSR, CISR
President of Insurance Community Center

Needless to say this is a problem because when the claim happens your insured will say they did not understand. My suggestion would be that you consider writing them on a program that has no coinsurance requirement such as a BOP if they are available in the Virgin Islands.   There are other company programs that may not have that requirement, as well.  I think I might suggest you make a very strong statement in your letter such as:  “Be Advised:  If you do NOT insurance your property for full replacement cost you WILL incur a penalty on any losses you submit.”  That is a broad reaching statement but better to be too broad then leave any room for discussion.

 
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Laurie Zangwill Infantino
AFIS, CISC, CIC,
CRIS, ACSR, CISR

BIO - WEBSITE

Marjorie Segale
AFIS, CISC, RPLU,
CIC, CRIS, ACSR, CISR


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