Author Archive

Ride-Helling… (I’m sorry, I meant Ride-Hailing)

Insurance has traditionally been aggregated into two hemispheres: insurance for personal property and activities, and insurance for commercial property and activities. There has always been some use of commercial property for personal uses, i.e. a business vehicle used personally. However, coverage for the use of personal property or activities in a business or commercial manner

Replacement Cost Issues

In a previous blog, we discussed the concepts of Actual Cash Value (ACV) and Replacement Costs (RC).  While the concepts are somewhat straight forward, their application to actual losses continue to have issues. In an ACV settlement, determining RC is relatively straight forward.  Regardless of the age or condition of the damaged property, find a

An Important Event

I had originally planned to follow up my last blog on valuation with some additional thoughts.  However, on March 5, there was an important event.  IIANC provided another excellent E&O Symposium which addressed several very important subjects, one of which was workers’ compensation. Over the last few years, I have received many phone calls from

Recurring Issues… (Part 2)

In the previous blog, we discussed the values more commonly understood by property owners.  So, now we must discuss the values more commonly used in property insurance policies and why they differ from the values with which property owners are more familiar. So, what values are more relevant for insurance purposes? A fundamental purpose of

Recurring Issues… (Part 1)

I have heard it said that time gives one perspective and I can only hope that is true.  As I look back over the 45 years of my career being an insurance agent and observing insurance agents, several issues seem to be perpetually of concern.  One is valuations of property and how insurance policies handle

Reminder to Insurance Agents: Florida Workers’ Compensation

North Carolina insurance agents may have contracting clients who are planning to go to Florida for cleanup and restoration work.  There are several requirements for out-of-state contractors working in Florida of which you should be aware. Constructing industry employers with one or more full-time or part-time employees must provide coverage for all employees. Construction industry

How Much Insurance is Enough? Insurance Aspects of the Outer Banks Power Outage

On Thursday, July 27, 2017, a construction company working on the new Bonner Bridge over Oregon Inlet drove a metal casing into the ground and cut the three power cables servicing Hatteras Island and Ocracoke Island.  While the loss of power during the height of tourist season is being mitigated by standby generators, upwards of

It’s No Longer JUST the COI that Gets You in Trouble – There’s a New Monster in Town

Without using hyperbole, thousands of certificates of insurance (COIs) are issued every day, and again without hyperbole, most of them are issued improperly. In fact, your agency may have issued an improper certificate as recently as this morning. What is it about certificates of insurance that can get an agency in trouble? If there were

Concurrent Causation Revisited

A recent ruling by the Florida Supreme Courts (FSC) is creating a stir in Florida insurance markets and may have national repercussions.  In December of 2016 the FSC handed down its review of a decision by the Second District Court of Appeals (DCA) in American Home Assurance Co. v. Sebo (141 So. 3d 195 (Fla.

A New Peril in Cyberspace

Have you ever heard of “business email compromise” or “CEO fraud”?  Well read carefully because this is becoming a claim reported with increasing frequency. A CFO or other financial officer in a company receives an email from the CEO indicating that the CFO will receive a call from a specified person giving him instruction to