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  1. DOL overtime—bonuses | Ask PIA

    I have an employee who makes $22,000 a year, but he receives a $3,000 bonus every year in December. Would this employee meet the overtime salary threshold?

    No. Under the Fair Labor Standards Act employees must usually be paid on a salary basis and make over $23,660. Being paid on a “salary basis” means an employee regularly receives a predetermined amount of compensation each pay period on a weekly, or less frequent, basis. The predetermined amount cannot...

  2. Condominium instruments | Ask PIA

    Why do I need to know the statutory requirements for condominiums?

    You don’t really need them to write the policy. It’s not your job to police the associations. However, knowing them helps you to understand the context in which the condominium instruments were written and it projects a professional image to your client and representatives of the association.

  3. Condominium unit | Ask PIA

    If a condo unit owner owns what is described as a “box of air,” why is Coverage A needed for a “box of air”?

    While the legal description is akin to a “box of air,” the responsibility for maintaining and insuring the property is independently determined by the condominium instruments.

  4. Condominium fences | Ask PIA

    Are fences owned and installed by the unit owner insured on a replacement-cost basis? What will be the Coverage A limit if none is specified on the application?

    Yes. Unlike the HO-3, the HO-6 settles claims on ALL structures, even if they are not buildings, on a replacement-cost basis. The default amount, according to ISO rules, is $5,000.

  5. Cut-throughs | Ask PIA

    What is a “cut through”? If an insurance company becomes insolvent, are the company’s reinsurers responsible to pay claims against it, whether or not a cut through is in place?

    According to information from the Reinsurance Association of America, a cut through is a clause added to an insurance policy to provide that, in the event of the insolvency of that company, the amount of any loss which would have been recovered from the reinsurer by the insurance company will...

  6. Lost policy | Ask PIA

    We have a client who is involved in a dispute with an insurance company over pollution coverage. The issue involves an old policy; our client no longer has the contract. The company long ago destroyed its records and is denying any coverage. The company is putting the burden of proof...

    Courts dealing with the issue of a lost policy generally require the policyholder to prove by a preponderance of the evidence that the policy was issued and the material terms of the policy. This standard requires the policyholder to prove that it was more probable than not the policy was...

  7. OSHA log form sources | Ask PIA

    How do we get OSHA log forms? What forms are needed?

    Go to http://www.osha.gov/recordkeeping/ for the logs, as well as information on your recordkeeping requirements.

  8. Background—RRGs | Ask PIA

    I have a client with some unique liability exposures, and I am doing some research on risk retention groups. Could you describe the regulatory climate and background for these groups?

    The Liability Risk Retention Act of 1986 created two alternative-market entities—risk retention groups and purchasing groups—to provide insurance for liability risks. A risk retention group is a member-owned business association that is formed specifically for the purpose of pooling and sharing similar business risks. RRGs typically arise from a lack...

  9. Tax consequences—covered theft loss | Ask PIA

    What are the tax consequences of a covered theft loss?

    People who suffer a casualty or theft loss may be able to deduct on their tax return the amount of the casualty or theft loss, reduced by any insurance recovery, salvage or other reimbursement, when they itemize tax deductions on their tax return.For more information on how to calculate values,...

  10. First-named insured pays | Ask PIA

    Suppose that more than one company under common ownership was insured under a commercial package policy and the company that was listed as the first-named insured was to go bankrupt. If there are any premiums due, can the other company refuse to pay the premiums due on the previous policy?

    I’m afraid so. Under “E. Premiums” of the ISO Common Policy Conditions form (IL 00 17), the first-named insured shown in the declarations is responsible for the payment of all premiums. Prior to the simplification of the ISO package policies in 1986, the obligation to pay premiums was not limited...

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