Coinsurance – What You Don’t Know Can Hurt You

The word "coinsurance" may be the most misunderstood and confusing term in the world of insurance. One definition of "coinsurance" is used interchangeably with the word "co-pay" - the amount the insurance company pays in a claim. An eighty- percent co-pay (or coinsurance) clause in health insurance means the insurance company pays 80% of the … [Read more...]

Builders’ Risk Insurance, An Introduction

Builders’ risk insurance policies cover buildings during construction, renovation, or repair. Insurance coverage is provided on the structure and materials used in construction. In most cases, materials are covered while in transit, at temporary storage locations, and while stored at the job site. Here are some of the issues to … [Read more...]

ERISA and Personal Liability

A client asked me a few questions today about ERISA. I knew the answer but wanted to provide sources. I came across an article I had written for a Maine business publication in 2006. They gave me reprint rights. Here it is: HR Managers May Be Personally Liable For Benefit Plan Mistakes By Scott Simmonds, CPCU, ARM Mainebiz 8/7/06 Reprinted … [Read more...]

Just Published, 20 Biggest Business Insurance Mistakes – 4th Edition

The fourth edition of my most popular white paper is now available. Thousands of copies have been downloaded and shared. I receive comments from all over the world on my ideas included here. Some of the info is similar to past editions. Some stuff is new. I have also added an insurance glossary and my article on how to read an insurance … [Read more...]

Work Comp Experience Modification

I got a call yesterday from a construction company in NY having trouble with their experience modification. The experience modification can have a dramatic affect on an employer's workers' compensation premium. Here are some resources for you... -My work comp book covers the mod calculation extensively. See the online version. -I offer … [Read more...]

Thoughts on Insurance Claims

I got a call the other day from a business owner who was going through a bad claim - a fire destroyed his business. He was not a happy guy. Insurance will not pay half of his total costs. He will probably never open his doors again. The best loss is one that never happens. The second best loss is one that you took action to mitigate. The least … [Read more...]

Insurance For Consultants

Several months ago I was asked to contribute an article to the Management Consulting News on the insurance issues faced by consultants. See the article at It was announced that the piece is one of the top ten read on their website. Insurance issues must be interesting! … [Read more...]