Can You Save Us Money?

Prospective clients often ask if I can really save them money. This week I got a workers' compensation renewal from an agent. I sent an email back with three ideas. The result was a $22,000 savings to my client.Another client came to me with a quote from their agent for a new building. (A BIG building.) I spent ten minutes on the phone with the … [Read more...]

Earthquake Damage Usually Not Covered

Most property insurance policies exclude damage to buildings and personal property by the peril of earthquake or volcanic eruption. Some policies add limited coverage back.  Even then coverage probably is restricted. For example, most contain the following exclusion, "We will not pay for loss of or damage to exterior masonry veneer (except … [Read more...]

Workers’ Compensation and Employers Liability

A client asked about the difference in workers' compensation and employers' liability.   Workers' Compensation is the state-mandated health insurance, disability insurance, and life insurance coverage employers buy to cover employees in employment-related injuries and sickness.   Employers' liability is for lawsuits arising out of the … [Read more...]

Your Website Must Be ADA Compliant

  There are law firms trolling bank and credit union websites. If they find that the site does not meet Americans With Disability Act (ADA) standards for the visually impaired, they send you a letter demanding you fix your site and pay them not to sue you. I got three calls on this last week from clients. All claimed they had not … [Read more...]

Insurance Mistakes – Improper Named Insured

Your insurance requires that names be listed on the declarations page of the policy.  Those entities or people listed are insured by the policy. Some policies extend protection to subsidiaries and owners. Notice I said, "some." Review the named insureds on your policies. Be sure all entities are listed or that the policy includes language adding … [Read more...]

Building Replacement Cost & Union Wages

As you think about the cost to rebuild your building, consider if your contractors would be union or nonunion workers. If union, inform your agent and insurer that the construction cost estimates you have used are at union wages. Ask that the policy recognize the increased cost that union wages require. This needs to be done before you have a … [Read more...]

What are “Special Perils”

Perils in a property insurance policy are causes of loss—fire, lightning, wind, or hail for instance. Policies that include coverage for “special perils” provide the broadest coverage— protection for any cause of loss not excluded by the policy. Common exclusions are earthquake, flood, nuclear events, damage by insects or animals, and mold. If … [Read more...]

Bank Director in Car Accident on the Way to a Bank Meeting

Email from a client to her agent: Hey (Agent), Can you please call me? One of our directors was in an accident on his way to a Board meeting. Unfortunately the person that was driving the other vehicle is now suing our director. Our director’s attorney is asking for information on the bank’s insurance coverage for him. Never had this happen … [Read more...]

Demand a Great Insurance Agent

If your insurance agent isn't great, dump her. You cannot be world-class working with the less-than-world-class. Fire those who are dragging you down. What makes a bad insurance agent? -They have a focus other than, "What is in the best interest of my client." -They don't understand the importance of responsiveness. -They are … [Read more...]

Everest Financial Rating Increased

Weiss Ratings has increased their rating for Everest, one of the premiere insurers for banks. The change is from a C to a C+. Under the Weiss rating system, I see a C as a solid insurer. Other rating services give out so many ratings of A that the grade is almost meaningless. (One service rates 90% of insurers as A- or better. How is that … [Read more...]