Additional Insured – A Look at ISO CG2010

01.15.14 Posted in Articles by

Introduction – Download PDF The Insurance Services Office (ISO) provides standard insurance policy language for the insurance industry’s use, including additional insured endorsements.  We are going to focus today on the industry standard additional insured endorsement ISO CG 2010. Specifically, we will be looking at the current ISO CG 2010 7/04 edition and contrasting that […]

Lenders – How Effective is Your Insurance Tracking for Loans?

01.14.14 Posted in Articles by

Download PDF In general, Lenders collect insurance information from borrowers to confirm that the borrower is meeting the insurance requirements in the loan to protect the lenders interest in the collateral securing the loan.  This is typically done through the collection of certificates of insurance during the loan closing process and annually thereafter. The effectiveness […]

Third-Party-Over Action CGL Exclusions

01.14.14 Posted in Articles by

Introduction – Download PDF The International Risk Management Institute (IRMI) defines third-party-over action as: “A type of action in which an injured employee, after collecting workers’ compensation benefits from the employer, sues a third party for contributing to the employee’s injury. Then, because of some type of contractual relationship between the third party and the […]

Tenant Discrimination Coverage

01.14.14 Posted in Articles by

Introduction Property Owners and Managers have an exposure to claims where a tenant, former tenant or applicant for tenancy alleges discrimination on the basis of race, age, sex, nationality or religion.  This exposure is heightened for residential owners and managers and can extend to individuals who own and lease rental properties.  This “tenant discrimination” exposure […]

Contractual Liability Insurance and Your Vendors

01.14.14 Posted in Articles by

Introduction – Download PDF Contractual liability insurance coverage is insurance which covers the liability assumed by an insured (one party) in a contract with another party to pay for damages to a third party. Consider this claim scenario: an electrician signs a contract with a building owner to perform maintenance work in the building lobby […]

What Is Allowed On Certificates of Insurance

01.14.14 Posted in Articles by

Introduction – Download PDF Almost every week I read something new in an insurance publication, industry group newsletter, insurer email, State Insurance Department bulletin and so on pertaining to what “is” and “is not” allowed on certificates of insurance. With all of this information (and some misinformation) in the insurance marketplace; it is easy to […]

Crime Insurance – Discovery Form vs. Loss Sustained Form

01.14.14 Posted in Articles by

Introduction – Download PDF A crime insurance policy typically provides several different types of crime coverage, such as: employee dishonesty coverage; forgery or alteration coverage; computer fraud coverage; funds transfer fraud coverage; money and securities coverage; and money orders and counterfeit money coverage. The Surety Association and Insurance Services Office (ISO) provide standard insurance policy […]

Certificates of Insurance – Collection versus Compliance

01.14.14 Posted in Articles by

Introduction – Download PDF The collection of certificates of insurance from third party’s does not mean you have coverage under their insurance, even if in the “Description of Operations” section it identifies coverage extensions to you.  You need to take the next step and review the third party’s key insurance policy language and/or endorsements, to […]