... as identification and quantification of risks; procurement, analysis, and forwarding of risk inf...
Frequently, many individuals and entities turn to insurance as the first course of action when implementing risk management alternatives in handling risks. In actuality, insurance should be the last recourse and not a substitute for implementing measures to reduce, control or otherwise deal with risks. The reason insurance is often the initial (and sometimes sole) source of handling risks is that risk managers or agents/brokers can eliminate the time-consuming, but all-important, process of identifying risks, analyzing the loss-producing capabilities of risks and then pondering how to best deal with the loss exposures. Purchasing insurance, therefore, usually is a lot easier than having to spend time and money figuring out how to handle risks through the use of other measures, such as a...
Three wholesalers/program administrators specializing in boat, yacht and marina insurance shared their views on what they're seeing in the current market and how retail agents and brokers can "shore up" this specialty business until the seas turn calm again. Atlass Insurance chairman and CEO Frank Atlass said that although they provide a variety of products, including marine hull and liabilities, commercial marine, personal lines, aviation, employers' liability and commercial property-casualty, most of their $7 million annual revenue is generated by their marine book, including yachts. Randy Troutman, owner of United Marine, said that in the past 5 years they have seen more changes in the boat insurance arena than the previous 15 years. Bunker Hill Insurance Agency director of marketing...
...A lower valuation of risks and a softening in rates has effectively reduced o...
...All insurers, insurance agents, and brokers must meet the following requirements:. (1) Be lice... also include borrower exposure to certain risks such as errors and omissions, environmental damage...
When home healthcare workers enter clients' homes, they bring more than medical care and help with daily living. They also bring the risk of liability. Whether clients slip out of their grasps in the showers or they administer the wrong medicines, home health care workers and their employers confront potential claims and lawsuits everyday. Right now, agents and brokers have an opportunity to educate home healthcare agencies of all sizes about insurance coverage that is relevant to them. To be effective insurance coverage must be comprehensive, including professional liability and general liability coverage. While these policies can be purchased separately, it's generally a good idea to work with a single insurance provider to try and avoid gaps in coverage. Agents and brokers should be ...
... professional caregivers face a myriad of risks, which can lead to potential costs for a home heal...
Insuring information assets and covering risks from doing business online has never been more challenging. Over the last 10 years, so-called "cyber" risks were covered under a policyholder's existing insurance program. Some insurance companies added cyber coverage into their existing product line. Policyholders and their brokers have to be vigilant and persistent in getting the best forms available in the market. All terms are not alike. There are brokers who are knowledgeable about the positives and negatives associated with each specialty form. These same brokers are also aware of the modifications that can be made on policy terms to get back that which the fine print robs.
Producers who do more than simply dabble in contracting risks know that while the market for many risks goes with the flow of insurance cycles, contracting risks, for the most part, are an exception. To find anything noteworthy about the construction industry's insurance coverage opportunities, therefore, is relatively uncommon. At least one piece of good news, however, was announced before 2,000 project owners, general contractors, subcontractors, agents, brokers and others who attended the 27th annual Construction Risk Conference of the International Risk Management Institute in Orlando, FL, in November 2007. The new standard form of tri-party agreement for collaborative delivery, ConsensusDOCS 300, specifically states under Section 24.1.1 Property Insurance that the owner, constructo...
... borrowers covered for each of the four main risks - death, permanent disability, temporary incapacit... channels, such as financial advisers and brokers, direct sales by the insurer and affinity channels...
... as well as associated benefits and risks, all of which depend on the marketplace. A seconda... need to be aware that agents and brokers may have a financial interest in both selling a po...
Today, the risk of piracy on the open seas is greater than ever. It's not only shipping crews that are kidnapped, according to Yan Bui, commercial insurance account executive at Clements International. Expatriates working overseas also face increasing risks as international trade expands. All of which brings them to kidnap, ransom and extortion insurance (KRE). This insurance provides coverages for individuals and organizations, including non-governmental organizations, corporations and other multinational organizations in high-risk areas worldwide, offering protection in the event of kidnapping for ransom, wrongful detention and/or extortion. In the event of a kidnapping, a ransom demand must be made in order to trigger the policy, says Bui. Some brokers offer KRE as part of an overall...
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