Ask Tim

Ask Tim, Episode #27 -- 5 Things You Didn't Know About Homeowners Insurance

The new episode of the Ask Tim podcast discusses five coverage wrinkles in the ISO Homeowners policy (year 2000 edition) that you might not be aware of. The highlights:

• I've got a trivial mind
• The Homeowners policy will pay to remove fallen trees that are blocking a driveway or handicapped-access ramp.
• The policy covers, without a specific dollar limitation, personal property at home that the insured uses occasionally for business.
• The policy does not cover the cost of refilling a swimming pool that had to be drained for repairs.
• Without the Special Coverage endorsement, the policy does not cover a TV damaged by someone throwing a Nintendo Wii game controller into the screen.
• The policy provides up to $200 coverage for gift cards.
• For more information, visit the Big "I" Virtual University Research Library section on Homeowners insurance.
• I hint at a potential career change.

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Ask Tim, Episode #26 -- Cyber Liability Insurance

The latest episode of the Ask Tim podcast looks at cyber liability insurance. Highlights of the episode:

• The Sony Playstation Network got seriously hacked last spring
• Someday, my kids will write nasty things about me because of the Christmas gifts I got them
• Standard Commercial General Liability and Commercial Crime insurance policies do not cover loss of data
• The cost of data breaches can vary from $750,000 to $31 million
• Cyber liability insurance is taking off, to the tune of $800 million in annual gross written premium in 2010
• The key areas to focus on when reviewing a cyber liability insurance policy are:
  • Types of Coverage and Limits Available
  • Coverage Provided
  • Coverage Triggers
  • Types of Data Covered
  • Remediation Costs Covered
  • Remediation Coverage Services
• IIABNY members who are interested in buying this coverage for their own agencies should contact Brian Bixby.
• I recommend The Betterley Report as a good source of information on this line of coverage

Download Ask Tim Episode #26 -- Cyber Liability Insurance

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2 Minutes With Tim: Decals

Does the Physical Damage Coverage under a Business Auto Policy cover the cost of replacing a damaged vehicle's decals?

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Ask Tim, Episode #25 -- Employers' Liability

In the long list of commercial insurance coverages, Employers' Liability doesn't get a whole lot of attention. Part One of the Workers' Compensation and Employers' Liability Insurance Policy gets the spotlight because most of the losses the policy covers are payments due under the relevant Workers' Compensation law. However, most employers have at least some exposure to employee injury and disease losses that Workers' Compensation doesn't address. This episode of Ask Tim takes a look at this neglected coverage and the New York-specific wrinkles that producers need to be aware of.

The highlights:

• Employers' Liability covers the insured's legal liability for bodily injury to employees, other than injuries or diseases that are compensable under the Workers' Compensation law
• Coverage applies only if:
  • The injury arises out of and in the course of the injured worker's employment
  • The employment is necessary or incidental to the insured's work
  • The bodily injury by accident occurs during the policy term
  • The bodily injury by disease must be caused by or aggravated by conditions of employment
  • The employee's last day of last exposure to the conditions causing or aggravating the disease occurs during the policy term
  • The worker brings the lawsuit in the U.S.A., its territories or possessions, or Canada
• E.L. Coverage is unlimited for losses resulting from employments covered by the New York Workers' Compensation Law.
• The limits shown in the policy declarations apply to losses resulting from employments not covered by the New York Workers' Compensation Law.

 

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Ask Tim, Episode #24 -- Flood Exclusion/Flood Insurance

Water, water everywhere...or at least, that's what it's felt like in New York State for the last month or so. Hurricane/Tropical Storm Irene put a hurt on New York City, Long Island, the Hudson Valley and the area around Schoharie, New York. Not to be outdone, Tropical Storm Lee dumped excessive rainfuall on the Southern Tier, leaving parts of Binghamton and the rural counties around it flooded. Unfortunately, a lot of businesses in these areas have found out that their insurance policies will not reimburse them for flood damage.

This episode of the Ask Tim podcast looks at the water exclusion in the ISO Causes of Loss — Special Form, the coverage that the National Flood Insurance Program's General Property Policy provides, some potential remaining coverage gaps, and an option for clients who need to close the gaps.

If you need help from IIABNY because of the flooding, email or call 1-800-851-8853 extension 212.

Web sites I mention in the show:

• FloodSmart.gov, the official site of the NFIP
• Federal Emergency Management Agency: NFIP Information for Insurance Professionals

 

 

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2 Minutes With Tim: Hurricane Irene

This is a video version of the blog post I made earlier today about how to prepare for Hurricane Irene.

 

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Ask Tim, Episode #23 -- Commercial Lines Modernization

The latest episode of Ask Tim looks at the new almost-law that allows insurance carriers to write more policies in the so-called Free Trade Zone. I say "almost-law" because, while it has passed both chambers of the New York State Legislature, Gov. Cuomo has not yet signed it, though all indications are that he will.

Summary:

• Carriers can write policies free from rate and form filing approval requirements for "large commercial insureds".
• A large commercial insured generates at least $25,000 in annual commercial insurance premium, employs or retains a "special risk manager," and meets at least one of the following criteria:
  • Net worth of $7.5 million or more
  • Net worth of $1.5 million or more and gross assets of more than $10 million
  • For-profit business with net worth of at least $1.5 million and annual gross revenues of more than $15 million
  • For-profit business with annual gross revenues of more than $15 million and gross assets of more than $10 million
  • Not-for-profit or public entity with an annual budget of more than $20 million
  • Municipality with a population of at least 50,000
  • Has at least 50 employees or 100 employees within the corporate structure
• The special risk manager must be a licensed producer who meets specfic educational and experience criteria.
• Carriers must make informational filings, and the law contains other consumer protections.
• The law expires on June 30, 2013.

More information:

• The complete text of the bill
• Capitol Report, June 30, 2011

 

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Two Minutes With Tim: Canadian Auto I.D. Cards

This is the debut episode of a new project, Two Minutes With Tim. These will be mini-podcast episodes where I'll quickly cover questions that come in over the phone and through email. Call it a less formal version of my "Question from an IIABNY member" blog posts. I'm recording and producing these myself with no assistance from my regular producer, J.B. McCampbell, so please bear with me as I polish production skills.

We ran an item in last week's IIABNY Insider advertising a brochure for agents to give their clients about driving in Canada, and the questions have been coming in ever since. This made Canadian auto insurance I.D. cards the natural topic for the first two-minute episode. I hope it answers your questions. As always, thank you for watching.

 

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Ask Tim, Episode #22 -- NY No-Fault and Intoxicated Drivers

Now that I have episode #21 posted, it's time to turn to episode #22 of Ask Tim. This time, I give an in-depth discussion of a topic that I previously covered in a blog post. Effective last January, insurance carriers must provide no-fault insurance benefits for emergency health services when the injured person was operating a vehicle while intoxicated or while impaired by a drug.

• Previously, no-fault did not cover these services, which resulted in health care providers giving treatment for free
• Coverage is for services provided under the direction of a physician or emergency medical technician, including ambulance services, provided at the scene of the accident and at the hospital.
• Coverage ceases when the patient is stabilized
• The carrier may have the right to recover its payments from the injured person
• For more information, read the New York Insurance Department's Circular Letter No. 4 of January 12, 2011

 

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Ask Tim, Episode #21 -- Where You Reside

Somehow or other, I never posted episode #21 of Ask Tim, which hit the streets almost four months ago. I think I was traveling that week. No matter, here I am in an out-of-this-world setting discussing a very earthly problem: The fate of an insured's homeowners insurance coverage when he owns the home but no longer resides there.

• The ISO Homeowners policy covers the dwelling and other structures at the "residence premises" -- the dwelling where the named insured and spouse reside
• Some carriers have interpreted this to mean that, once the named insured leaves the dwelling with no intent to return, coverage for the dwelling, other structures and additional living expenses ceases immediately
• Court decisions across the country are divided on this
• Clients in this situation need dwelling policies
• More information on the Big I Virtual University Web site

 

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