Admitted Insurance Companies vs. Non-admitted Insurance Companies
Insurance for restoration contractors is very specialized. As such we often work with both admitted insurance companies and non-admitted insurance companies. In this post we want to talk about the difference between the two types and why this is so important to your restoration company. Admitted Insurance Carriers An insurance company that is “admitted” has been approved by a state’s insurance department. Being “admitted” by the state’s insurance department means: The insu
Who is an insured?
This week we want to focus on the various types of individuals names as insureds on your policies as well: 1. Your “volunteer workers” only while performing duties related to the conduct of your business, or your “employees.” However, there are some exceptions. None of these “employees” or “volunteer workers” are insureds for: Bodily injury or personal and advertising injury: (a) To you, to your partners or members to a co-“employee” while in the course of his or her employm
Occurrence vs. Claims-Made Insurance Part 2
Last week we started our discussion on the two types of insurance coverage forms that affect restoration contractors: Occurrence and Claim Made. This week we want to focus on the differences in the claims-made policy and how it can affect you. “Claims Made” Differences Unlike an occurrence-based policy, where only the date of occurrence must be determined (or occurrences – based on the legal theory applied), three dates must be known and/or determined to trigger coverage in
Occurrence Form vs. Claims-made Form
For most commercial insurance policies for restoration contractors there are two coverage forms that determine how your insurance policy will respond to a claim: occurrence form and claims-made form. We want to spend the next two posts talking about these two forms and how it can affect your restoration company in the event of a claim. Occurrence Form Occurrence form is the most common type of coverage form for commercial insurance. In fact, aside from professional and execu
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