Does your organization have a Board of Directors or Senior Executives that help provide direction, influence decision making and help craft policy? Are you on such a board? By participating in such a capacity, somebody becomes personally liable for decisions that they make in that role. In light of the...
Professional Perspective
Are my Independent Contractors covered?
This is one of the most common questions I am asked when preparing quotes for E&O insurance. My answer is always the same: “we must look at the policy form to see how your carrier covers Independent Contractors.” More often than not, E&O insurance coverage is usually extended to the...
Land Title Association: Get Involved!
Recently, we had the opportunity to attend two of the New York State Land Title Association (NYSLTA) Town Hall meetings. One was held in was held in Tarrytown, New York and the other in Carle Place, New York. I firmly believe that you cannot help your clients unless you understand...
Introducing the Title Industry Protector
Over the last twenty years we have seen many changes in the title E&O marketplace. As an independent insurance broker, we have worked with many different carriers to find the best product for our clients. As companies entered and exited the market, we found different nuances in policy forms that...
Is Your E&O Policy Canceling for Non-Payment?
We frequently see policies going into cancellation for failure to make the scheduled payments. For those of you who have a professional liability policy, this is a serious issue, and it is critical that you understand the impact it may have on you and your business.
Attention Business Owners!
It is difficult to do much business in the current environment without taking advantage of some of the conveniences afforded by technology. As businesses expand the use of time saving and efficiency-improving devices, those involved in organized crime are doing the same.
Claims-Made Policies
Some recent inquiries have made us aware that it may be time to review the nuances of claims-made policy forms once again. Here is how Occurrence Policies respond to claims, as opposed to how claims-made policies respond. It is important to understand the differences. Occurrence Policies This is the insurance coverage form with which most people are familiar. Most Homeowner, Auto and Commercial General Liability policies are written on an “occurrence” basis. Coverage is triggered
Time Keeps Ticking
Could this happen to you? Most would say, no, but it happened to one of our more experienced clients, and it wasn’t discovered until years had passed. A closing took place in upstate NY in 1999. During the transaction it was noted that in addition to a mortgage, there was a home equity loan that had been taken out on the home being sold. At the closing it was shown that the home equity loan had been paid off, and a zero balance was due to this secondary lender.
Admitted v NonAdmitted
When receiving a carrier’s quote, inevitably the question is asked “is it admitted or non-admitted?” We always ask it, but do we really understand what the differences are between admitted and non-admitted carriers? And do we know what happens when admitted v. non-admitted carriers go into liquidation? And most importantly, what should the client know? The designation of an insurance company by a state’s Insurance Commissioner as “admitted” may seem to give the company a stamp of authority, however, this designation is