I spoke to several classes yesterday at Elon University in North Carolina. My topic was insurance. I included some ideas I've been working on the involve building a life that is able to withstand "hits." I mentioned that I had given each of my kids a one-hundred dollar bill when they were 16 years old. They were to carry that with them all … [Read more...]
Hawk v Sparrow (or some other little bird)
April 26, 2013
I just got in from a walk with my dog. Hawk flying over my house. Lands in tree. I watch it fly and snatch a sparrow in flight. Might be the most awesome thing I have ever seen in nature. The power was majestic. I stood with my mouth open. Then I realized my small dog had watched the same thing. We went inside. … [Read more...]
What Is An Earthquake?
April 23, 2013
In property insurance we define and earthquake as an earthquake. Plus... Volcanic eruption. A tidal wave caused by an earthquake is not covered by many earthquake insurance policies. Many policies exclude damage by earthquake to exterior masonry veneer. Sinkhole collapse may be covered by earthquake insurance - or by your property … [Read more...]
When An Independent Agent Is Not Independent
April 22, 2013
First time I have heard this in 30+ years. Bank hires me to review their coverage and help with their renewal. I think we need to see other insurance companies as it has been a few years since there was any competition on the account. The bank tells me of an agent who is a depositor and seems to be good. I call the agent. I'm told that … [Read more...]
Are the Bombings In Boston Terrorism?
April 18, 2013
Horrific. I have been at the site of the bombings many times in my life. My daughter went to college near there. I have been a spectator at the Boston Marathon many many times. I have friends who have run it. Horrific. The bombing may have been an act of terrorism. Your insurance policies may not consider the events to be terrorism … [Read more...]
Bank Insurance – Directors’ and Officers’ Insurance
April 15, 2013
There are no standard D&O insurance policies. Coverage provided varies widely by insurer. Each policy and proposal of coverage must be reviewed and analyzed carefully to determine the best offering based upon the needs of the financial institution. Summary of Coverage Bank directors' and officers' have a fiduciary responsibility to … [Read more...]
Bank Insurance – Mortgage Impairment Insurance
April 15, 2013
Mortgage impairment insurance protects the bank from errors made in the management of collateral or government guarantees that support a mortgage. There are three parts to most policies: Mortgage Impairment This section protects your interest in a mortgage from a physical damage loss (fire, lightning, wind, etc.) as a result of … [Read more...]
Commercial Auto Insurance Coverage Symbols
April 10, 2013
Commercial auto policies specify the extent of coverage provided by using symbols to indicate the breadth of the protection. The declarations page of your auto policy outlines coverage areas (liability, uninsured motorist, medical payments, etc.) with coverage symbols that apply to the type of insurance. The applicable symbols are numbers 1 … [Read more...]
Business Use Of Employee’s Autos – An Insurance Perspective
April 8, 2013
Introduction I get asked certain insurance questions regularly. One such involves employee use of personal vehicles on company time. It's a confusing topic filled with opportunities for misunderstanding. Most personal vehicles are insured using a "personal auto policy". Most businesses that own vehicles utilize a "business auto policy". The … [Read more...]
The Business Insurance Pollution Exclusion
April 8, 2013
A long time ago, on a Boy Scout campout, the older kids prepared a meal for us younger scouts. Everything was fine until they told us about the worms they had added to the stew. Your insurance can be like that — it may seem fine, until you learn what’s in there. Let’s talk about one of the surprises: the pollution exclusion that exists in … [Read more...]
