Oregon Workers’ Compensation Study – 2014 Edition

The results of the 2014 Oregon Workers’ Compensation Premium Rate Ranking study are in, and the summary is available. (Download Here) Each year the good people of Oregon fund a study that compares the workers' compensation rates of the states.  It's a good guide to judge the cost of workers' compensation around the US. … [Read more...]

Certificates of Insurance – To Keep & How Long To Keep

Client Question About Certificates of Insurance Hello Scott, We have a practice in place that when a contractor does work for us, we have them provide us with an insurance binder as proof of general liability insurance.  How long after policy expiration date should we keep these items? Thank you, Kim My Reply The easy answer is to … [Read more...]

There Is No Perfect Insurance Program

I review thousands of business insurance policies written by hundreds of business insurance agents. The following is true of insurance written by young agents and old, good and bad. It's true of "easy" insurance and the tough stuff. None are perfect. There is always something to talk about, something to think about, something to tune up. My … [Read more...]

Dangerous Posts For Post-ers

I have been actively writing insurance stuff since the mid 1990's when my then-boss at an insurance agency finally allowed me to write a monthly column for an aquaculture magazine. (The column name was something catchy like, "Aquaculture Insurance.") My website has well over fifteen hundred articles, definitions, white papers, ebooks, … [Read more...]

Employee Volunteer Work Causes Coverage Question

A question from a bank client about employees volunteering. I hope you are well.  I have an interesting question for you. If an employee is off under our volunteer paid time off policy and happens to get injured, what is the Bank’s liability (if any) and what insurance would potentially pay out? This did not happen, we are just curious as to how … [Read more...]

Pollution Liability Coverage

Pollution liability insurance is a constant issue. General liability policies exclude coverage (in most states). Insurers are petrified of pollution and basically write twenty page endorsements that say - if it's pollution, it ain't covered. I am looking at a policy written by ACE that covers pollution liability and cleanup for a two hundred … [Read more...]

Silly Story to Explain Loss of Business Income Insurance

I'm finishing up the final draft for the second edition of Simmonds on Bank Insurance. (I've been saying that now since 2011.) My editor laughed at my story about loss of business income - then admitted it was effective! Pretend you own a goose (a building). Your goose lays golden eggs (cash flow). If your goose is run over by a truck, it’s … [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...]