Certificates of Authority and Insurance Agency Licensing
By Barbara Donnar, CEO of Supportive Insurance Services
You and your agency want to do business in non-resident states. You file the insurance licensing application for an agency and the state sends you a letter asking for verification of your Certificate of Authority. A Certificate of Authority? What is a Certificate of Authority and what does it have to do with applying for an agency license? These are all common questions we hear from prospective clients. We'll address these questions and more in this blog.
Court Rules Insurance Broker Had No Duty To Investigate Coverage Needs
By Marc Zimet, Esq. of Jampol Zimet LLC
On October 4, 2013, the California Court of Appeals for the Fourth District reaffirmed prior rulings regarding the duties of an insurance broker in procuring coverage in San Diego Assemblers, Inc. v. Work Comp for Less Insurance Services, Inc. Assemblers, a remodeling contractor, contacted its broker, Work Comp for Less, to procure a liability policy. It requested only the lowest priced policy available and desired limits, but did not request any specific coverage.
When Does a Professional Liability "Claim" Arise? By Michael P. Luongo, Esq. and Elizabeth M. Cristofaro. Esq. of Goldberg Segalla LLP Professional liability insurance policies cover professionals for claims arising within the agreed upon policy period. At first blush this appears to be a relatively simple concept but there is plenty of room for confusion which can result in a lack of coverage. What is a claim? The fact that a lawsuit was filed within a policy period does not necessarily mean that the "claim" giving rise to the lawsuit is covered under a PL policy.
When Does Good Faith Meet Fair Dealing? By Collins Collins Muir + Stewart LLP The insured driver ran a red light. She hit a vehicle in front of her and seriously injured its driver, sending her to an intensive care unit. That vehicle's passenger was also injured. The impact was so substantial that the car which was initially hit was also pushed into a car in front of it, injuring its two occupants as well. The insured has a $100,000/$300,000 policy. At what point is the obligation of the insurer to extend policy limits triggered and why? Tax Law Changes and Mid-Year Tax Planning for 2013 By John T. Grebe, CPA, CFP of Grebe & Associates, P.C. Midyear tax planning is important to ensure you are not left with a large tax burden when filing your 2013 tax returns. There are significant tax law changes that may affect you as a result of the roll-out of two legislative initiatives: 1)The American Taxpayer Relief Act of 2012 passed on January 2, 2013; and 2)The Patient Protection and Affordable Care Act (PPACA) of 2010 also known as Obamacare. Current Issues with Regard to 831(b) Captives - Part I By Todd Dashoff ACAS, MAAA, ARM,and Ronald T. Kuehn, FCAS, MAAA, CERA, CPCU, ARM, FCA of Huggins Actuarial Services, Inc. (The contents of this article are not to be construed as tax advice. Neither Huggins Actuarial Services, Inc. nor its employees are qualified to provide such advice; interested parties should consult with their tax advisor. The contents of this article represent a summary of current information collected from various sources, designed to inform readers.) Insurance Coverage Tip Matthew Heilmann of Martin & Company Uncovering New Markets Electronic Cigarettes are becoming more popular and companies are growing rapidly in this industry. Reports show companies such as LOGIC, a New Jersey based manufacturer and distributor, have grown as much as 600% in short amounts of time.
Do You Perform An Account Review For Each Of Your Prospects/Clients? Curtis M. Pearsall, CPCU, AIAF, CPIA, Executive Director of the AOA Learning Center Recently, there have been some updates on the insurance numbers from Super Storm Sandy. Numbers like: 258,000 vehicle claims - $2.72B 1,129,000 personal claims - $7.11B 193,000 commercial claims - 8.93B Total 1.58 million claims - $25.85B ($7.1B from NFIP) |