From time to time, we like to review the exclusions in the general liability policy. Understanding these exclusions and hot to properly cover them on other insurance policies can help avoid potential litigation can claims headaches. Damage to Impaired Property or Property Not Physically Injured This exclusion applies to property damage to property that has not suffered actual physical injury or to property that is considered impaired property. Impaired property is a defined term, and generally means the property of another that cannot be used (or its use is limited) because of a problem with the named insured’s product or work that was made a part of the impaired property or if the named ins
One of the key issues associated with hand tool safety is choosing and using the right tool. Unfortunately, many people use tools improperly, where they improvise with what they have on hand. Also, many people view hand tools as simple to use, so there is little concern for safety. In reality, a person using hand tools, no matter what they are, should always follow safety precautions. Approximately eight percent of industrial incidents result from the improper use of hand tools, according to studies. Injuries range from simple cuts, contusions and abrasions to amputations, fractures and punctures. Below are examples of improper use of hand tools: Pushing rather than pulling a wrench to loo
Many contractors and service people may be missing coverage on their insurance policies. Did you know that materials in transit, at a customer location and at a temporary location are not covered for loss unless you have an “Installation Floater” on your policy? An installation floater is an insurance policy that covers personal property installed, fabricated or erected by a contractor. It covers the property until the installation work is accepted by the purchaser or when the insured’s interest in the property installed ceases. As an example, let’s take a restoration contractor, Bill Sample. Bill is remodeling a kitchen for Mrs. Fussy. Mrs. Fussy wants new cabinets and countertops for her k
A few weeks ago we talked about additional insureds and how they affect your insurance coverage. In this post we want to discuss the Waiver of Subrogation. A Waiver of Subgrogation is another common endorsement required on a large number of certificates of insurance. What it does, though, and why it is being requested is often not very well understood in the restoration industry. What is a Waiver of Subrogation? To understand what a waiver of subrogation is we need to first know what subrogation is. Subrogation is the process when an insurance companies pursues reimbursement from another insurance company for claims they paid. For example, if one your workers is injured on a jobsite and it w
