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Please note over the next several months Paul Hanson Partners will be concentrating our efforts on new ways to improve our communication through improved marketing materials, short informational videos, and an improved website resource center.
In today’s newsletter you will find articles on:
- Broker Resource Weblink with new certificate samples reflecting endorsement changes
effective June 1, 2011. Please share these important changes with your staff
- The Difference Between a Hold Harmless Agreement and Waiver of Subrogation
- Understanding the Different Valuation Options for Real Property Coverage
- Official Announcement on our Underwriting Authority During Hurricane Season
Our company’s mission is to continue to dedicate ourselves to providing the best insurance products and services to the moving and storage industry while supporting your efforts to service our joint customers. We simply would not be here without you so please do not hesitate to contact me with any questions or concerns at lisapaul@paulhanson.com.
Sincerely,
Lisa R. Paul, CPCU
President, CEO
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There are different types of valuation for Real Property coverage: Replacement Cost, Actual Cash Value, Functional valuation, and Agreed Amount. In this article you will learn the definitions of these coverage types and evaluating the best coverage to place on your property. read more
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| "Hold harmless" is a legal term sometimes inserted into an agreement which asserts that one party will not try to sue or blame the other for liability rising from a third party. The purpose of a "hold harmless" agreement is not to shield a party from all liability, especially not from its own actions in claims brought by the other party. Instead, the hold-harmless provision prevents one party from suing the other in response to a claim by an outside party. read more
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We are approaching Hurricane Season and at times our Program Underwriting Partners may suspend binding authority on new and renewal business due to hurricanes or tropical storms for a specific area or state. Typically, hurricane season starts June 1 and is in effect until November 30. It is important you are aware of this potential authority suspension on new business or increasing existing coverage when a possible tropical depression, tropical storm, or hurricane exists. Suspension on renewal business only applies to increasing additional coverage and limits to the existing policy or renewal. This notice is to make you aware of the upcoming hurricane season and a possible temporary suspension of authority during this time period if a public advisory is issued. |
| If and/or when a temporary suspension of binding authority occurs you will be notified via email to the same email address receiving this email notice. Should you require notice be delivered to other members of your staff please notify Jessicam@paulhanson.com. Kindly provide her with the email addresses of those you wish to receive notifications regarding suspension of authority during hurricane season. If you have any questions on temporary suspension of binding authority please contact Jessica McBroom at 707-261-2707or 800-852-1968, extension 107. |
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In effort to provide up to date information on the specific certificates that are available we have created a resource page on our website. As new insurance requirements are issued this webpage will be updated. For more information go to: moverschoiceinfo.com/UnderwritingForms.aspx.
UNIGROUP – New Insurance Requirements
Unigroup Inc., adopted new insurance requirements resulting in a change to what endorsement is acceptable for adding them as an additional insured for auto liability. The CA2312 is replaced with the CA2048. Please refer to our certificate resource page for samples and a glossary of approved wording when issuing certificates.
To assure that we don’t miss any United/Mayflower agents that require this change please submit a change request to add the CA2048 in favor of Unigroup Inc., to your customers’ policy. We are making this change to comply with Unigroup’s newly adopted requirements but will continue to endorse the policy with the CA2312 along with the CA2048 as the CA2312 clearly indicates it is our intention to provide primary coverage under Unigroup authority. Carefully review these new insurance requirements from Unigroup as they have changed the minimum limits for liability, cargo and warehouse legal coverage. This change affects both Chartis and Zurich policies.
ZURICH – Endorsement change from CA2001 to CA2048
Zurich has advised that we are to use the CA2048 in lieu of the CA2001for adding additional insured’s to the auto policy. Please refer to the attached sample certificates and updated glossary of approved wording. CHARTIS continues to use the CA2001. Please pay close attention to which carrier you are issuing a certificate for and use the appropriate approved wording and endorsements accordingly. Be sure to submit a change request adding the additional insured via the CA2048.
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