First Party Property losses such as stolen construction tools and equipment, should be a straight forward claim. You send in documents to support the value of your claim, and then you expect to be paid by your property insurer. Typically, the claim is paid but sometimes things get derailed. Your property insurer may dispute the …
Proof of Loss as a Tool to Resolve Disputed Property Claims Read More »
A safe job is a profitable job—especially when you add up the direct and indirect costs of an accident! For example, a $25,000 sprain/lost time injury might take between $500,000 and $2,500,000 of additional company sales to pay for the cost of the injury. Download the Article
California auto insurance rates are going up due to the escalating cost of claims. On average, insurers are paying out $1.14 for every $1.00 of premium they collect. Increased traffic on roadways, distracted drivers, escalating medical costs, rising repair costs, and finally, economic damages from severe auto injuries, are the reasons for these increased claim …
Increasing Cost of Automobile Claims – Automobile Black Boxes and Economic Damages Read More »
Insurance Commissioner, Dave Jones, has requested additional rate decreases for new and renewal policies starting January 1, 2017. The schedule in this article shows the requested pure premium rate changes to be effective January 1, 2017. We expect slightly lower rates to be approved in early December 2016. Download the Article
1. Capital City Real Estate LLC v. Certain Underwriters at Lloyd’s, London – U.S. Court of Appeals for Fourth Circuit, June 10, 2015 788 F.3d 375 (4th Cir. 2015) Importance of Case: The case addresses a common issue presented by additional insured claims – whether extrinsic evidence can be utilized to determine an insurer’s duty …
There are hundreds of thousands of active workers’ compensation claims in California. During the fiscal year 2013-2014, the California Fraud Division identified 5,729 suspected fraud cases. Of those, only 248 cases were sent to prosecuting authorities (County District Attorneys). For those convicted at trial or who entered a plea bargain, what were the penalties? Not …
Pollution liability insurance has been available for more than 15 years, so why aren’t more subcontractors purchasing this coverage? Do they realize that pollution claims are excluded from general liability policies? Are they aware of how reasonable premiums are, starting at less than $5,000 a year for $1,000,000 of coverage? Download the Article
Claim reserving is an art form coupled with an educated guess of the most probable outcome for any given claim. Reserves are set by insurance adjusters. For large and more complex claims, a claims manager or vice president will approve the final reserve. Download the Article
Highlights: Construction rates are going down on average 13% in 2016 Wage threshold changes California loss ratios improving Top 10 workers’ compensation insurers EMR average for northern CA is 90% Download the Article
Owners have been prequalifying general contractors and, in turn, general contractors have been prequalifying subcontractors for expertise, performance, safety, and innovative ideas for years. You should do the same with your insurance and surety broker. Download the Article