Negligence is defined as an agent "failing to do something that a reasonable and prudent person would do, or doing something which a reasonable or prudent person would not do.".
Contact an Insurance Agent Licensed In Your State To Learn More
Insurance is a highly regulated US industry within Financial Services. The below activities always require an appropriate license. These activities include:
· comparing insurance products
· advising customers about their insurance needs or other insurance matters
· interpreting policies or coverages
· binding new, additional, or replacement coverage for new or existing customers
· binding coverage on or recording additional property under existing policies
· soliciting the sale of insurance by telephone, in person, or by other communication methods
The degree of Felony and penalty varies by the State in which the above happens. Consumers should report violations to their State Dept. of Finance Services.
https://www.insurancejournal.com/magazines/mag-features/2024/02/19/761025.htm
- An unlicensed person cannot “solicit” or “negotiate” insurance, which, according to the PLMA, equates to attempting to sell insurance or urging a person to apply for a particular kind of coverage from a particular carrier; and cannot conferring directly with or offering advice directly to a purchaser or prospective purchaser.
Contact an Insurance Agent Licensed In Your State To Learn More
Approved Brokers are required to present quotes and certain comparisons in a manner dictated by NOIT or Corporate Agreements. Other items (like Property/General Liability) are allowed to be presented in a way that brokers feel is best, and it is often difficult to determine which is which. It is suggested that you work with your broker to truly compare options, differences, etc. It is understood that using the required/dictated quote or comparison sheets might not truly represent coverage differences. Terms can be interpreted differently hence why in insurance ISO Form references are used. Each insurance policy has a custom coverage solution that does not fit into the required formats.
Familiarity with Local Laws and Regulations: An attorney licensed to practice in your state is likely to be well-versed with the state’s statutes, case law, and the rules and regulations that apply to your case and can provide you with legal advice that is based upon the specific laws and procedures of your state.
Representation in Local Courts: A lawyer licensed to practice in your state will likely have experience with the local court and judges. This is especially important if your case must be litigated in a specific court or jurisdiction.
Compliance with State Ethical Rules: An attorney not licensed to practice in your state may not be familiar with the specific ethical rules and regulations that apply to your case in your state. This can result in conduct, legal advice, or representation that does not comply with your state’s ethical rules for lawyers, which could be damaging to your case or your interests.
Source/Learn More: https://menzerlawfirm.com/blog/2023/05/can-an-attorney-from-another-state-represent-me/
Some Related Links Below
https://www.iii.org/article/what-employment-practices-liability-insurance-epli
The rise of sexual misconduct claims and potential coverage implications | Markel
Top EPLI Claims Trends, Stats & Examples | AmTrust Insurance (amtrustfinancial.com)
https://www.gbainsurance.com/EPLI-Insurance
Claims Examples: https://www.embroker.com/blog/epli-claims-examples/
Video by Embroker:
https://www.embroker.com/blog/epli-claims-examples/?wvideo=asdmlioduz
Contact an Insurance Agent Licensed In Your State To Learn More
Besides your claims/losses and the systems, premium are also driven by your Property Values and Sales. Even if rates were flat/same in a given year, if your Restaurants Building/Contents are worth more vs. last year and/or your Sales have risen, then you should expect that minimum % increase in your premium.
For example, lets' use your homeowners insurance as many understand this best. If
your homes value goes up 10% in a given year and thus you increased the value of
your home with your insurance company by 10%, your homeowners premium would
rise at least 10%.
Longevity of the broker and their respective insurance companies/markets is important. Leaving a long-term partner has left many over the years in tough positions. How long a Property insurance company has been supporting Owner/Operators is a great indicator of a programs abilities within the insurance marketplace and their long-term value to Owner/Operators. Remember, more than half of the brokers in early 2023 presented a new insurance company/market to Owner/Operators.
These are often confused and much different. Ask your licensed insurance agent which they offer and for the differences.
NOIT Glossary:
Click Here or visit https://noit.com/resources/glossary/
Other Terms:
ALS: Actual Loss Sustained
BI: Bodily Injury Read More
BI Coverage: Business Interruption Coverage Read More
BINDER: A legal agreement issued by either an agent or an insurer to provide temporary evidence of insurance until a policy can be issued. Read Full Definition
CAPACITY (insurance): The largest amount of insurance/reinsurance available from a given insurance company/market. Learn More
D&O: Directors and Officers
EPLI: Employment Practices Liability Insurance
EPRMA: Employment Practices Risk Management Association
EXCESS INSURANCE: Excess insurance covers a claim after the primary insurance limit has been exhausted or used up
FIP: Florida Insurance Program
GL: General Liability
LLOYD'S OF LONDON: Is a marketplace for insurance, not an insurance company per se. More than 80 “syndicates” and 50 managing agents underwrite at Lloyd’s. The primary competitive advantage over its closest competitors that Lloyd’s has had over the years has been its ability to pool capacity to insure large exposures. Lloyd’s has also traditionally been more innovative with respect to contract wording and has exhibited greater flexibility in insuring “problem” risks. Lloyd’s has benefited from the existence of a large and sophisticated brokerage community in London. It is also perceived by many in the business, as well as insureds, to be “user friendly”
MONOPOLY: A monopoly is a market structure that consists of only one seller or producer. A monopoly limits available substitutes for its product and creates barriers for competitors to enter the marketplace. Monopolies can lead to unfair consumer practices.
NOIT: National Operators Insurance Team (see NOIT for roles/responsibilities). Voting body appointed by NFLA with representatives from diversity groups, regions, and more.
ORMA: Owners Risk Management Association (see NOIT for roles/responsibilities)
PML: Probable Maximum Loss Read Full Definition
PUBLIC ADJUSTER: https://noit.com/resources/report-a-claim/#PublicAdjustersFAQ
RISK MANAGER: Roles and Responsibilities. Many O/O's have these on their team.
SHERMAN ANTITRUST ACT: https://www.law.cornell.edu/wex/sherman_antitrust_act
TIV: Total Insured Value (which usually includes Building, Contents, and Business Interruption)
TLPG: Tort Litigation Practice Group
UNAUTHORIZED INSURER: A fraudulent business that is posing as a legitimate insurance company. As the name suggests, unauthorized issuers are not registered with their state's insurance regulator, and as such are not permitted to legally sell insurance products.
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