PIA Search

Results 1391 - 1400 of 3226

  1. Renters with no auto policy | Ask PIA

    I recently read about a Florida law (Section 627.7263), that allows the rental company to make a renter’s personal auto policy primary with respect to liability coverage for accidents involving vehicles rented in Florida. What about the renter who does not have a personal auto policy? Many people who live...

    People who do not even drive can still be held liable for an auto accident (e.g., a passenger who distracts the driver). Persons who drive, but do not own an auto, clearly have exposures to insure. The rental of a car in Florida is one example. These exposures can...

  2. Guaranteed replacement cost | Ask PIA

    My homeowners client, with a home that was built in 1893, is on a guaranteed replacement cost policy. Over the past four years, the company has re-appraised the home and endorsed the policy twice to show a total increase in the value from $1.5 million to $2.78 million—that’s an increase...

    Probably not much, unless the underwriter would reconsider based upon the opinion of an independent appraiser. Most guaranteed replacement-cost endorsements or policy provisions allow the insurer to determine the valuation of the home for rating purposes. The insurer reserves this right in order to be assured of adequate premium, since...

  3. Business interruption—’leader’ location | Ask PIA

    Have you ever heard of a coverage called “leader”? An adjuster suggested that our insured should have this.

    Most likely the adjuster was referring to contingent business income coverage for a so-called "leader" location, which is one type of dependent location covered by Business Income From Dependent Property forms. If a covered cause of loss occurs at a location that the insured depends upon for its operations, this...

  4. Insuring time shares | Ask PIA

    My insured has purchased a time share in a condominium and wants to add this premise to his homeowners policy. The underwriter says no. Could you explain the coverage issues involved in light of this refusal?

    First, ask your insured whether or not this is a “deeded” time share. If it is, your insured has actually purchased a fraction of the condominium real estate and acquired title to the property as an owner in common with other time-share purchasers. In this case, Exclusion 4 applies...

  5. Damage by rodent | Ask PIA

    The lights went out on my client’s Thunderbird. The mechanic found a mouse that had been chewing on the wires. Can a claim be made under the comprehensive coverage?

    Yes. Part B—Physical Damage is an “open” peril coverage, limited only by applicable exclusions. In this case the proximate cause of loss is not excluded.

  6. Canadian I.D. cards | Ask PIA

    How do we get Canadian insurance identification cards?

    From your companies. Only companies are permitted to obtain these cards from Canada, but they can supply you with the cards your clients need before they head across the border. PIA obtained the following information from the Insurance Bureau of Canada: To best serve your clients, we recommend they obtain...

  7. Floor plan coverage | Ask PIA

    What can you tell me about “floor plan” insurance?

    Floor plan coverage protects merchants of high-valued articles such as automobiles or large appliances. Such merchants often finance their stock while it is “on the floor” awaiting sale. The stock is the collateral for the loan. Insurance taken out to protect the merchant and/or the finance company from loss to...

  8. Total loss—insurer’s option | Ask PIA

    Following a coastal storm, we had a loss involving a vehicle which had been subjected to immersion in salt water. The client had a $2,000 repair estimate. The company insisted on totaling the vehicle, at about $12,000. The company took the position that, if salt water had come up to...

    Yes. It is the company’s option to require salvage in lieu of repair. According to the Payment Of Loss provision of Part D coverage in the policy, it states: “We may pay for loss in money or repair or replace the damaged or stolen property.”

  9. C.L.U.E. reports | Ask PIA

    Does a company using Comprehensive Loss Underwriting Exchange, a data bank maintained by LexisNexis, have to release a copy of the C.L.U.E. report to the agent of the client?

    No, but a client can contact LexisNexis Risk Solutions Consumer Center, PO Box 105108, Altanta, GA 30348-5108, if the client disputes the information which the company cites in the report. A consumer is entitled to one free C.L.U.E. report every 12 months. Call (866) 897-8126 or click here to...

  10. Bogus workers' compensation plans | Ask PIA

    One of my commercial insureds has entered into an unconventional arrangement that purports to provide workers' compensation insurance. Its rates are much lower than the insured's classification would warrant. Is this legal?

    Some plans constituted under ERISA are now purporting to offer employers low-cost, “substitute” coverage for state workers' compensation insurance. These plans raise serious legal and public policy concerns.Although federal law pre-empts most state regulation of ERISA benefit plans, ERISA preserves state regulation of workers' compensation insurance. Consequently, state law governs...

Search
Filter Clear