Insurance Journal

AUGUST 25, 2024

Simply mailing a cancellation notice to a policyholder, when viewed in the context of other indicators, was enough to comply with state law and void a homeowner’s insurance policy shortly just weeks before a fire destroyed a home, the North …

Policyholder 285

Policyholder Insurance Policy Policy Insured 285

Insurance Journal

SEPTEMBER 11, 2024

The Louisiana Department of Insurance issued guidance for residents who have a homeowners policy with Additional Living Expenses (ALE) coverage ahead of Hurricane Francine. ALE coverage pays for additional living expenses like hotel stays and food while a policyholder’s home …

Policyholder 249

Policyholder Policy Insured Insurance 249

The Property Insurance Law Observer

MARCH 12, 2024

The Court considered whether the Plaintiffs’ loss was caused by theft or vandalism, as neither term was defined in the policy. In Cheung, the Plaintiffs, who resided in California, purchased property in scenic Mount Vernon, Washington, in July 2021, and insured the property through a policy of insurance issued by Allstate.

Theft 130

Theft Insurance Policy Policy Personal Property 130

Property Insurance Coverage Law

AUGUST 16, 2024

At least until recently, when a California appellate court thrust it front and center and applied it to a … The post Can policy limitations or exclusions be disregarded as illusory? The doctrine of “illusory” coverage comes up from time to time in discussions but rarely, if ever, in case law.

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Policy Property Insurance Insured Insurance 152

American Agents Alliance

SEPTEMBER 30, 2024

Learn more about how to help policyholders prepare for the unexpected with helpful tips. How to Help Policyholders With Proactive Disaster Planning An important start to disaster planning is considering whether or not a potential loss would be covered by insurance. Provide expert educational services for policyholders.

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Policyholder Broker-Agent Personal Property Agents 52

Insurance Journal

OCTOBER 15, 2024

They make insureds less likely to file smaller claims because either damage falls within the deductible, or is so close to it that the policyholder would rather not … They provide some premium relief for the insured.

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Deductible Policyholder Premium Damage 264

Property Insurance Coverage Law

OCTOBER 6, 2024

I have received numerous calls from furious Hurricane Helene policyholders after learning how little coverage is afforded for the non-elevated floor of a multi-story building under their flood insurance policies. National flood insurance is unlike any other insurance.

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Building Insurance Claim Claim Policyholder 130

Insurance Journal

SEPTEMBER 11, 2024

Mississippi’s insurance commissioner is reminding policyholders that once Hurricane Francine moves across Louisiana, it will likely bring strong winds and heavy rains to the western part of the Magnolia State. And residents should be prepared by reading their insurance policies, …

Policyholder 147

Policyholder Insurance Policy Policy Insured 147

Insurance Journal

SEPTEMBER 6, 2024

The owners of London’s ExCel conference center on Friday won an appeal brought by insurers, including Allianz, over pandemic-related losses, which its lawyers said could help thousands of other policyholders. London International Exhibition Centre Plc took legal action at London’s …

Policyholder 260

Policyholder Insurance Insurer Insured 260

P&L Financial Services

AUGUST 29, 2024

Myth 1: Senior Benefits Agents Are Just Salespeople One of the biggest misconceptions about senior benefits agents is that their job is solely about selling insurance policies. This training covers everything from the basics of Medicare to the nuances of various plans and policies. This variety keeps the work interesting and dynamic.

Policyholder 52

Policyholder Risk Agents Insurance 52

The Property Insurance Law Observer

JULY 29, 2024

Ending a putative class action, the United States Court of Appeals for the Fifth Circuit examined policy language and two statutes to hold that an insurer does not owe sales tax on top of an actual cash value payment. The policyholder’s contract provided: Limit of liability A. The address shown in this policy. July 24, 2024).

Policyholder 130

Policyholder Damage Deductible Liability 130

The Property Insurance Law Observer

JULY 25, 2024

June 24, 2024) offers valuable lessons for policyholders regarding the importance of cooperation in the insurance claims process. Policyholders play a crucial role in this process, and failing to cooperate can lead to disputes or a denial of the claim. LEXIS 111077 (W.D.

Damage 130

Damage Policyholder Personal Property Claim 130

LexisNexis

AUGUST 14, 2024

CA Insurance Commissioner Orders Moratorium on Cancellations for Fire-Impacted Homeowners California Insurance Commissioner Ricardo Lara issued a one-year moratorium on the cancellation or non-renewal of residential insurance coverage for more than 185,000 policyholders impacted by recent major fires in the state.

Insurance Policy 70

Insurance Policy Policy Insurance Insurer 70

Triple-I: Business Insurance

JUNE 8, 2022

With this in mind, 73 percent of policyholders said they consider climate change one of their primary concerns, compared with 40 percent of insurers. ” The report emphasizes the economic losses associated with climate, which it says have grown by 250 percent in the last 30 years.

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Policyholder Risk Underwriting Underwriter 40

Property Insurance Centre

MARCH 19, 2024

It empowers individuals to make informed decisions about insurance coverage and understand their policy rights. By being knowledgeable about insurance products, policy terms, and coverage options, consumers can choose policies that best suit their unique needs. This guide draws on some information from America as well as the UK.

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Property Insurance Policyholder Insurance Insurer 52

American Agents Alliance

JULY 12, 2024

How to Maximize Customer Retention Through Exceptional Service Earn your policyholders’ loyalty by focusing on providing great service. Excellent customer service can be a cornerstone of your agency, allowing you to exceed the needs of your policyholders with every interaction. Become difficult to replace for your policyholders.

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Broker-Agent Policyholder Agents Broker 52

Bankers Insurance

MAY 16, 2024

These policies can provide critical financial security as homeowners seek to protect their fiscal stability and property. The homeowners insurance market is complicated and dynamic, and many policyholders have experienced increased rates in recent years despite no changes to their coverage or claims filed. Reduce liability risks.

Home Insurance 52

Home Insurance Policyholder Out-Of-Pocket Property Damage 52

Smart Insurance Agents

SEPTEMBER 7, 2024

Dependent Definition For Health Insurance Terms In health insurance, a dependent is a person who follows certain rules set by the insurance policy. They can get health coverage under the plan of the policyholder. Dependents get the same or similar health benefits as the main policyholder.

Policyholder 52

Policyholder Insurance Insurer Insured 52

American Agents Alliance

OCTOBER 4, 2024

Today’s policyholders have higher expectations than ever before and they are familiar with using intuitive, advanced tech in their personal lives. Read on to learn more about how to create a hybrid insurance experience for your policyholders. Offer policyholders the option between a live consultation and a virtual one.

Broker-Agent 52

Broker-Agent Policyholder Agents Insurance 52

QuickQuote

JULY 23, 2023

If your loved one didn’t leave a clear record of a life insurance policy, it can be difficult to know how to find an old life insurance policy. The post How to Find an Old Life Insurance Policy first appeared on QuickQuote.com.

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Life Insurance Insurance Policy Policy Insurance 40

American Agents Alliance

JULY 17, 2024

Agents and brokers play important roles in the digital claims management process, from educating policyholders on loss mitigation to helping insureds file claims and work with their insurers. Data shows about 6% of homeowners filed a claim under their homeowners insurance policies during the five years ranging from 2018 to 2022.

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Broker-Agent Broker Agents Claim 52

The Property Insurance Law Observer

MARCH 4, 2024

At issue in the case was the application of the policy’s wear and tear exclusion and its exceptions. The insurance policy covered direct physical loss but contained an exclusion for physical damage caused by wear and tear, marring or deterioration.

Damage 130

Damage Policy Claim Property Damage 130

American Agents Alliance

JUNE 24, 2024

With innovations changing the way policyholders buy insurance, interact with their agents, and file a claim, the entire ecosystem looks and feels different than in the past. They can help manage policyholder interactions, track policy changes and renewals, and automate certain activities, like customer communications.

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Insurance Agency Broker-Agent Policyholder Agents 52

InsuredMine

JULY 19, 2024

Insurance agencies once focused primarily on assessing risks, underwriting policies, and managing claims. This innovative approach combines big data, machine learning, and advanced statistical techniques to forecast which policyholders are likely to discontinue their coverage. However, the landscape has shifted dramatically.

Risk 52

Risk Policyholder Insurance Insurer 52

Paragon Independent Insurance Agencies

JUNE 14, 2024

Filing a commercial claim is a complex and daunting process, especially for business owners unfamiliar with the ins and outs of insurance policies. If the policyholder makes mistakes during the claims process, it can lead to delays, denials, or underpayment of claims, which can significantly impact a business’s financial stability.

Commercial Insurance 40

Commercial Insurance Commercial Insurance Claim Claim 40

Property Insurance Centre

MAY 17, 2024

The Insurance Act 2015 IMPORTANT INFORMATION – PLEASE READ Duty of Fair Presentation The Insurance Act 2015 imposes an obligation on all policyholders to “make a fair presentation of the risk” prior to the policy commencing. What is reasonable will depend upon the nature of your business and the policy you are purchasing.

Premium 52

Premium Insurance Insurer Insured 52

Agency Intelligence

SEPTEMBER 23, 2022

Or are you simply looking for ways to bind policies, get paid, and/or move funds across the industry faster? A key consideration is how your policies are billed. Let’s quickly review the basics: Direct bill means the insurance carrier bills the policyholder […] Are you a brokerage expanding into new lines?

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Insurance Carrier Policyholder Policy Insured 52

American Agents Alliance

OCTOBER 14, 2024

Agents can tailor their marketing approach by highlighting products and features of policies that make sense for the individual, along with aligning their service with value-forward companies. They can explain how premiums are determined, how policyholders can mitigate their risk, and why certain coverages are important.

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Agents Broker-Agent Policyholder Broker 52

Protect Commercial Insurance

OCTOBER 4, 2024

They can be set by central banks and are influenced by several factors, including inflation, economic growth, and monetary policy decisions. Sometimes, changes in global financial markets or government policies can also be catalysts for rate hikes. Definition and Causes Interest rates are, essentially, the cost of borrowing money.

Property Insurance 52

Property Insurance Out-Of-Pocket Premium Insurance 52

American Agents Alliance

OCTOBER 8, 2024

These technologies have changed how agents and brokers manage risk and advise policyholders, introducing the potential for new E&O claims. However, technology can now enable agents and brokers to monitor activities and policies more easily, identify potential risks before they can escalate, and ensure compliance.

Claim 52

Claim Broker-Agent Agents Broker 52

American Agents Alliance

JUNE 10, 2024

Policies have to change to keep up with technology and other risks and opportunities. Here are some trends likely to affect E&O policies: More cyber coverage will be integrated into E&O policies. Increased customizations will be available with E&O policies.

Broker-Agent 40

Broker-Agent Cyber Agents Policyholder 40

Scott Insurance

JANUARY 31, 2024

According to Money.com , an independent publisher, recent year-over-year premium increases have averaged 20%, and policyholders should expect to see at least a 10-15% increase in 2024. Increased Replacement costs Most homeowners policies are designed to completely pay for replacing a home in the event of a total loss.

Premium 52

Premium Deductible Insurance Carrier Insurance 52

Hunton Andrews Kurth

MARCH 3, 2023

A comprehensive cyber policy covers attorneys’ fees and costs associated with formal regulatory or administrative investigations, including any resulting in penalties or fines. However, policyholders should be aware of the terms of their policies.

Cyber 52

Cyber Policyholder Insurance Insurer 52

Property Insurance Coverage Law

SEPTEMBER 23, 2024

Key Takeaways: Hazard insurance refers to the part of a homeowners policy that covers damage to the structure. Knowing exactly what hazard insurance is (and isn’t) can help protect you financially during a crisis. So, how does hazard insurance work exactly? Let’s break it down.

Damage 131

Damage Property Insurance Insurance Insurer 131

Property Insurance Coverage Law

AUGUST 4, 2024

Insurance policies protect you from the cost of replacing lost, damaged, or stolen items: or at least, that’s how they’re supposed to work. But what happens if your insurance company refuses to pay what you are owed?

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Property Insurance Damage Insurance Policy Insurance Companies 151

Property Insurance Coverage Law

OCTOBER 7, 2024

Homeowners insurance typically covers natural disasters, theft, vandalism, and liability — but specific policies vary in terms of coverage. Homeowners insurance provides financial protection for your home and its contents. If you have a mortgage, you definitely need homeowners insurance.

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Theft Liability Property Insurance Insurance 100

American Agents Alliance

JULY 5, 2024

This can help agents make better recommendations for policies and coverage since they have analyzed the data to find gaps in the current plan. Having better data means better coverage recommendations, which leaves fewer policyholders uninsured or underinsured — lowering E&O risk. Analyze performance data of the agency frequently.

Risk 52

Risk Broker-Agent Agents Policyholder 52