One of the most well known insurance concepts is the deductible. They’re easy to understand. Insurance pays above and beyond the deductible. Anything that would be otherwise insured that falls below the deductible is our responsibility to pay. The deductible is the most common way to (attempt to) save money on an insurance policy. Policy seems too expensive? Raise the deductible! Yes, deductibles seem pretty easy to understand, but did you know that there are a couple types of deductibles, and one of them can be devastating in the event of a claim, and a total surprise? I’ll explain….
I’ve written about the Prior Works Exclusion and how it can be a black hole of non-coverage for a contractor. Yes, it’s pretty bad. What I want to write about today is a few more of the nasty endorsements that can eliminate coverage from your Commercial General Liability policy. These endorsements typically – if not exclusively – apply to contractors’ policies.
Recently I wrote this blog about the Primary & Non-Contributory Wording Endorsement. It was a nice article, and all true. What I want to tell you today is that the Primary & Non-Contributory Wording endorsement is worthless. It doesn’t mean you won’t ever have to have one, but rest assured, it is worthless.
If you’ve ever purchased a policy through a Non-Admitted insurance company, you might remember having to sign that two page form written in ALL CAPS. Of all the insurance forms it’s easily the scariest. Why? Because of the font, of course.
Most businesses have people that help move their enterprise forward. They’re called employees. Many businesses have a few other people that are kind of like employees, but aren’t. They’re called independent contractors or subcontractors.
Have you – a business owner – ever had to get a Primary and Non-Contributory Wording endorsement on your general liability policy? Have you – a business owner – ever wondered what Primary and Non-Contributory Wording actually means?
Waiver of Subrogation Endorsements are confusing. According to the spell check application editing this content, the word “subrogation” doesn’t even exist. If you have ever come across one when dealing with your commercial insurance, you know it most certainly does exist, although you may not know what it is. Is it possible to unlock this mystery?
What is an Additional Insured Endorsement? And why do I need it on my business insurance policy? These are very common questions. So common in fact, that if I got a burrito every time I was asked these questions… let’s just say I would be wearing much bigger pants.
You’re a farmer and you store your stuff (tractors, machinery, equipment, supplies, etc.) in your barn. Because your stuff is so vital to your operations, you’ve taken many steps to protect it. You lock your barn every night. You also have it alarmed. And in case something does happen, you have it insured. But one night at 3am….