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Perils that trigger Rent Loss Coverage Assuming an office building had a fire, repairing the damage requires all tenants to vacate the premises, thus no rental income for the owner of the building during the time of repairs. The owner had previously taken out an insurance policy that protects against perils such as fire, lightning, …
Insuring Against Loss of Rents for Commercial PropertiesRead More
Imagine after dutifully paying E&O, D&O insurance premiums for years, only to be denied coverage because the claim’s notice was filed after the deadline. It is a nightmare for insured as well as for the broker/agent who can be liable for errors and omissions if they had not advised their clients of their duties or …
How To Avoid Denial Of Insurance Coverage Due To Late Claim NoticeRead More
One of the nightmares for a commercial property owner or manager is sewer backup. It is hazardous and expensive since it often requires professionals to clean up. Does your standard commercial insurance policy cover this peril and other types of water damage? Endorsement and Limits Most standard commercial property policies exclude sewer backup. A separate …
200% Increase in Wage-violation Lawsuits Wage-violation lawsuits have doubled nationally in the last 10 years, with various claims such as under compensation for overtime, mixing “independent contractors” with “employees”, not withholding taxes with cash payments, etc. Restaurants’ Violations of Minimum Wage and Overtime Law Restaurant of all types of eateries are no exception. …
Wage-and-hour Violations by Restaurants and Insurance CoverageRead More
Insurable Interest is not just an ownership interest: A commercial insurance policy is tested when a loss occurs: whether a claim is rife with problems, or is verified as having an insurable interest, depends in large part on if the policy was done right in the beginning before a peril takes place, since what was …
Insurable Interest, Named Insured, Additional Insured, What, Whom, WhereRead More
Over the last 20 years, employee lawsuits have increased about 400%. Wrongful termination suits have risen about 260%. An employer has a higher chance to be sued by an employee than having a fire at a workplace, and this applies to companies of all sizes. More than 40% of employee lawsuits are brought against private …
Why Employers Need the Protection of EPLI (Employment Practice Liability Insurance)Read More
I’m Rick Callaway. I have been a commercial insurance broker for almost 30 years. I am one of the principals at Pacific Diversified. Pacific Diversified has been in commercial insurance services since 1906. Our team is headquartered in California, we are proud partners of local businesses. We are known as the “extra-milers”: No under coverage. …
Customized Commercial Insurance: No Under Coverage, No Overpricing.Read More
In Part 1 of this series (published two months ago), we started with passwords and multi-factor authentication (MFA), personnel management precautions and processes for protecting an organization’s cybersecurity. In Part 2 (published last month), we recommended some internal procedures an organization can adopt to preventively mitigate cybersecurity risks. Today, in Part 3, we suggest …
