Category: Business Insurance

LA Flooding: Low-Risk Flood Zone + No Flood Insurance = Ruin

As insurance brokers, the focus of August 2016 is the flooding in Louisiana, due to heavy rains.  Once the final drop fell and damage was assessed, insurance companies found that many of the flooded homes were rated as a “low-risk” flood zone.    The Advocate reported that  “of an estimated 54,611 residential structures damaged in the storms, 27,494 were not in what the federal  government deems...

Three Important Aspects of Cyber Liability Coverage

For many businesses, cyber liability is a new area of coverage and learning about the ins and outs can take some time.  Below, find several aspects of cyber coverage that deserve your attention when you endeavor to purchase coverage. 1.       Prior Acts -  The trend with many companies who have suffered a cyber-attack or loss is  that they don’t know that they have been a...

What is My Client Requesting on this Certificate of Insurance?

Sometimes, in the excitement of closing a deal, business owners may agree to insurance requirements that their current policy cannot honor.  In cases like this, it is during the issuance of the required certificate of insurance (COI) that this discovery is made. This could lead to a delay in issuing the certificate as the two companies iron out the insurance requirement details. In an effort...

Social Engineering: The New Frontier in Crime Coverage

  Social Engineering, by and large not an entirely new scheme, has taken on a technological edge.  As such, it had been lumped into the category of “cyber fraud” because of this new delivery method. Previously this created a gap in coverage and insurance coverage was slim to non-existent for socially engineered crime (explained below). All of this, however, has changed.  Read below to find...

Surviving the Property Claims Process

The entire purpose of purchasing an insurance policy is to be protected in the event of a loss.  However, risk management does not end with purchasing a policy.  The next step is to become acquainted with the claims process and prepare in the event of a substantial loss. From documenting belongings to communicating with the carrier and understanding the time frame of the process, there are...