Good To Know

Do You Know Your Retro Date?

The retroactive date on your policy specifies the earliest point in time that your insurance policy will provide coverage. This is also known as your prior acts coverage. Your professional liability policy is written on a claims made basis including

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

The Value of an Independent Insurance Agent

There are several different types of insurance agents, divided between independent agents and captive agents, and divided into groups based on the type of insurance being sold. There is tremendous value brought to the consumer in the relationship with an independent insurance agent. Independent agents, like ourselves, represent a large group of companies. This allows us to provide the best rates and coverage available to all our clients. Upon reviewing

Employment Practices Liability Insurance

What It Is Employment Practices Liability Insurance, also known as EPLI, provides protection to employers against claims made by employees for allegations such as discrimination, wrongful termination, harassment, and negligent violation of federal and state employment laws. Why You Need It
 The Equal Employment Opportunity Commission (EEOC) handles complaints and enforces the protections provided under Title VII of the Civil Rights Act of 1964.

Time Keeps Ticking

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. The sale was completed, a title policy was issued, and everyone went on their merry way. Unknown to everyone, except the seller

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

Poor Quality vs. Low Price

As consumers in a distressed economy, we have all found, and continue to search for, ways to cut costs and save money. Prior to spending a hard earned dollar, we take a closer look at the value of what it is we are purchasing. When it comes to your insurance needs, determining the value of the product and service you are receiving versus the cost can be difficult. A couple examples to consider: • Over the past several years, as E&O premiums have continued to increase,

Defining Your “Professional Services”

Your Errors and Omissions policy contains specific language defining what is covered as professional services under your policy. Most of our title agent clients have a professional services definition of “title agent services,” leaving the definition broad enough to cover many of the miscellaneous related services they provide. In recent years, there has been an increase in professionals providing services in multiple related roles within the real estate industry. This is outside of what an insurance company

Fidelity (Crime) Insurance

Fidelity Insurance, often referred to as “crime” insurance, protects your company from loss of money, securities or other property resulting from employee dishonesty, embezzlement, forgery, burglary, robbery, computer fraud, counterfeiting, wire transfer fraud, and various other criminal acts. You may ask, “Does my Errors and Omissions Policy provide any protection for me for any of the acts listed above? “ The Answer is “NO!” All the acts listed above are deliberate.