Volume 64, April 2013
Sporting activities and venues
It's time to have fun! Have you ever considered helping your client with its upcoming marketing campaign by offering an insurance covered-game that involves sinking three 25-foot putts in a row? Have you ever discussed possible insurance needs with your child's sport league? How about making an intentional visit to the local golf club to talk about their rather unique insurance needs?
Insurance and sporting activities are a perfect match. As this month's articles point out, the commission from writing a sporting activity or venue may not be substantial but the contacts you gain could prove priceless…and don't forget the value of having a little fun!
Volume 63, March 2013
Boats, Manufactured Homes and Workers Compensation
What makes a home a home? This month's cybercast looks at two unique types of homes. The first article examines the market for boat and yacht owners, especially after the severe damage that Superstorm Sandy caused. The second looks at owners of manufactured housing and mobile homes. This type of housing has experienced decreased demand over the past five years but is beginning to stabilize. The article explains that the decrease may have less to do with consumer demand and more to do with purchasers' inability to receive the financial benefits and incentives available to other types of homeownership.
Hear from the market experts who explain that insurance markets are extremely interested in both of types of properties. Those markets and their clients want to work with agents who understand the unique features of these exposures and appreciate their long term stability.
Volume 62, February 2013
Foreclosures are down, the inventory of existing homes is the lowest it's been since January 2001, and new housing starts are at their highest in four years. Recent reports also suggest an increase in the number of new households as children, who had returned home because of the economy, are beginning to venture out again. The construction industry led the way as the economy turned down, so these "green shoots" in housing are encouraging signs to everyone.
February's cybercast explores the increased activity in the construction industry. It also examines the surety bond market, its importance to the industry, and the direction it is taking.
Volume 61, January 2013
Our economy is not monolithic. It really is a loosely connected set of transactions that work together to produce success or failure. When any one part of the economy slows, other parts also slow. If one part speeds up, others also speed up. Transportation, as discussed in this month's cybercast, is one industry that impacts (and is also highly impacted by) other parts of the economy. When the economy booms, the transportation industry also booms. If the transportation industry cannot keep up with the boom, the economy's growth is negatively affected. Read how specialists in the transportation industry help keep the trucks moving.
Superstorm Sandy significantly disrupted the economy. One problem it exposed is that environmental issues are quite close to the surface. The storm coming through exposed problems that were underground or covered up. These issues must now be handled in a timely way. January's second article explains that when environmental insurance is not provided, the expense to correct these issues may prevent re-opening businesses and rebuilding residences.
Volume 60, December 2012
December is a month of preparation. Each of us prepares personally for Christmas, Hanukkah, family home for the holidays, and the coming New Year. In our business lives, we also prepare as we search for opportunities for success in 2013. This month we feature two articles from the Rough Notes magazine to assist you in that effort. The first focuses on the recent Target Markets Program Administrators Association (TMPAA) survey that explains the success of program administrators and the continued interest and profit in niche specialization. The second addresses emerging insurance products available to fill coverage gaps your clients may not even know exist.
Volume 59, September 2012
Excess Flood Coverage
“It was not the weather event we expected.”
Isaac was only a Category 1 hurricane, but because of its slow movement, the water it produced caused much more damage than expected. The wind damage was minor, but there was major flood damage. The storm’s path moved through areas in the South where the ground was already so saturated that it could not hold any additional water. It then moved into the Midwest, which welcomed a possible drought-busting rainfall. However, the parched condition of the soil suggested that it might not be able to absorb the rain. This could lead to significant surface water flooding and flash flooding.
Flood claims from Isaac will be paid only if flood insurance is in place. The coverage available through the National Flood Insurance Program (NFIP) may be sufficient for some homeowners and businesses, but many others need protection beyond the program’s $250,000/$100,000 building/contents limits for residences and $500,000/$500,000 limits for commercial risks.
The private insurance market offers limits in excess of the maximum NFIP limits. It also offers coverage in excess of primary limits available in the private market. Many homeowners and business owners in Isaac’s path knew they might sustain flood damage. Those who had purchased excess flood coverage also knew they would have the funds to clean up, repair, or rebuild.
Volume 58, August 2012
Asbestos Abatement Contractors
In large part because of strict federal regulations and guidelines for asbestos abatement, insurance for this class has become significantly more affordable and available than it was in the past. Insurance carriers, intermediaries, and retail agents and brokers are more knowledgeable about asbestos abatement exposures, so this once difficult exposure has become almost commonplace.
Volume 57, July 2012
Children's Day Care Centers
The day care industry offers parents many choices. Some centers accept babies, and some care for children with special needs. Some facilities provide care before and after school. Many are open only during standard business hours, and some have expanded to 24-hour facilities to accommodate third-shift workers.
The insurance industry knows that “one size fits all” programs don’t work for day care centers because this is not a “one size fits all” industry. There are many carriers and many options available. In underwriting this class, every carrier pays strict attention to detail because what the day care center does and how well it does it determines its acceptability and pricing.
Volume 56, June 2012
Large, medium, and small banks are vital to almost every aspect of our personal and business lives. Every community knows that a thriving bank enhances its economic security.
The insurance industry plays an important role in keeping banks healthy. They have many exposures that can and should be insured. However, like many insureds, they need help to effectively identify hazards and manage risk appropriately.
Volume 55, May 2012
Insurance Agents Errors and Omissions
Insurance agents are not computers, order takers or golfing/fishing/shopping buddies. They are highly trained professionals who are responsible for working with a client in developing a comprehensive plan to protect vital assets.
There are many types of insurance products. There are many professional designations. There are many specialties and specialists. However, in the end all agents have one thing in common. When a loss occurs, the client is depending on them to have placed the promised coverage.
Volume 54, March 2012
Physicians Professional Liability
When your physician makes a mistake, you may sustain serious bodily injury as the result of receiving the wrong diagnosis, being prescribed the wrong drug, or having the doctor tell you there's really nothing the matter with you when in fact there is. Misdiagnosed and untreated illnesses are not the only concern. Overtreatment likewise can cause serious harm, along with the inconveniences and costs. Every day a physician must, in very short intervals, make life-altering decisions.
Bold action based on solid reasoning is required of the physician, and similar bold action is required of the insurance professional who provides the physician's professional liability coverage.
Volume 53, February 2012
Who will be waiting for you when you walk through your door tonight? For many of us, the most excited family member will be a pet. While our pets provide companionship, it has been determined that they also reduce our stress levels and increase our ability to tolerate pain. They can provide security and a sense of peace during chaotic situations. Is it any wonder that the pet-related services industry continues to show positive growth even during the current economic downturn?
Pet-related services discussed in this Cybercast are pet walking, pet sitting, kennels, pet day care facilities, trainers, and groomers. Although some veterinarians and veterinary clinics have pet boarding facilities, they will not be addressed here, nor will animal shelters and pet rescue operations.
Volume 52, January 2012
Calm in the Midst of Chaos
In the insurance industry, the months of December and January make these words particularly apropos. It is especially true this year as market hardening has begun and clients are being surprised by (and upset with) unaccustomed premium increases. This will be a difficult renewal year for many, and that means that some files will not be closed until well after the renewal date.
Consider the following information as you move forward into the new year.
Volume 51, December 2011
A comic strip from many years ago shows a family attempting to raise nonviolent children. They refuse to buy them weapons of any kind. However, the last frame shows their son aiming his smiling clown (like a handgun) at the playmate nearest to him. Many parents can relate as they watch their young children transform simple objects such as sticks, stuffed animals, and cars into weapons, as they use their fertile imaginations to play their own fantasy war games.
Firearms also fascinate adults. For some, firearms provide a sense of security. For others, they provide hours of recreation through target shooting or game hunting. Some families use rifles or shotguns to put food on the table. Unfortunately, these same firearms can also cause mayhem.
Volume 50, November 2011
Adult Day Care
Well-run adult day care centers attempt to differentiate the needs of their clients. They work with the individual and provide the services needed at that particular point in his or her life, understanding that a time will come when additional services will be needed.
Similarly, insurance for adult day care centers must be flexible. Services may be changed, added, or removed, so the insurance program must respond to the center's needs just as the center responds to its clients' needs.
Volume 49, October 2011
We want a taxi NOW! Taxi drivers are in a "hurry-up-and-wait" business. The "hurry-up" part is where he or she makes money. The "wait" part is dead time (unless the meter continues to run). Once the meter is off, drivers must scramble to get the next fare.
Getting the right coverage with the right carrier for the right price may require that all parties just slow down a bit!
Volume 48, September 2011
You've had your condominium on the market for two years. You've negotiated and finally reached an agreement with a well-qualified buyer and the deal will close in a few days. It is then that you receive a telephone call informing you that your condominium association does not meet the new Fannie Mae condominium requirements. As a result, the deal will fall through unless the condominium association purchases a $500,000 fiduciary bond, transfers additional funds into the reserve account, and additional condominium unit owners purchase HO-6 insurance coverage.
What are your options? Here are a few to consider:
• Call your board of directors and demand that it take immediate action. When you do, the president agrees to add your request to the list of agenda items for the next board meeting that will take place in 20 days.
• Call your buyer and ask that he use a local community bank instead of depending on a Fannie Mae-backed mortgage.
• If the sale falls through, file a lawsuit against your condominium association for failing to meet its fiduciary requirements.
Volume 47, August 2011
Bed and Breakfasts
Bed and breakfasts can be the solution for many lodging needs, but finding the right B&B can take a little more time and effort than calling a large hotel chain. Similarly, arranging insurance coverage for bed and breakfasts may take a little more time and effort, but several carriers are ready and willing to provide the unique coverage your bed and breakfast customer needs.
Volume 46, July 2011
There are two types of off-campus student housing. One is the housing parents lived in during their college days and recall fondly. The other is the type where they want their children to live. While large dwellings converted for occupancy by multiple tenants still exist in many college towns, new multi-floor apartment buildings designed specifically to house students are increasingly being built.
The insurance marketplace is open to both types. However, pricing and the number of markets vary significantly.
Volume 45, June 2011
Health and Fitness
Health and fitness operators must find new ways to entice current members to remain and encourage new members to join. It also forces them to use more independent contractors and fewer employees in order to minimize overhead costs. The agent who writes this class of business must understand the constant change within this industry in order to address each club individually.
Volume 44, May 2011
Many people are knocking on your client’s computer doorway. Most are only interested in positive and profitable interactions. However, others are opportunists in disguise looking for a chance to steal and destroy. They may extract information to sell to others for any number of reasons. They may linger briefly before launching similar attacks against others.
These unwelcome guests may even plant a virus or malware on your client’s computer. Most insurance companies exclude such damage from their standard coverage forms and policies. However, the good news is that the marketplace is responding to this cyber reality.
Volume 43, April 2011
Do you have the key?
A surety bonding facility is often the key a contractor needs in order to open the door of new opportunities. The agent who can provide that key can open a new relationship or strengthen an existing one.
Surety bonds are not insurance. They are guarantees that a contract obligation will be performed. They are most often used in government-related contracts. With a surety facility the contractor can bid on public projects but without it the customer base is limited to only the private sector
Volume 42, March 2011
Cranes are present at nearly every bridge and road project. They spring up in downtown areas where older buildings must be demolished to make way for new ones that take their place. They also appear in suburban areas across the country where increasingly tall buildings are the order of the day in office parks.
Cranes are part of our landscape—but who operates them and who insures them?
Volume 41, February 2011
Golf and Country Clubs
Golf courses are not just large landmasses where participants hit a ball with a stick. They are expensive manicured real estate properties that can easily be damaged by weather and vehicles. That serene looking landscape also harbors significant property, liability, workers compensation, and inland marine exposures.
Before saying “fore,” consider the exposures that might be on the other side of that dog leg.
Volume 40, December 2010
For many families, historic houses are not merely nostalgic looks at the past but are the homes they live in and enjoy each day. Some have been saved and restored, while others have been carefully maintained through many generations. Unfortunately, many are insured in ways that, should a loss occur, the current owner will face the difficult decision to either abandon the home or bear a substantial part of the loss in order to restore it properly.
Historic homes policies provide a much more attractive option.
Volume 39, November 2010
Earthquake capacity is at an all-time high. The marketplace has returned to its pre-9/11 capacity and, as it increases, premiums are decreasing. Paradoxically, earthquake coverage is most available where the chance of loss is least. However, earthquakes can and do occur virtually anywhere and earthquake loss potential exists in almost every part of the United States. In many cases, the losses will be minor but they could still be significant if the earthquake strikes at a particular time and in a particular place. Isn't the best time to purchase the coverage when the premium is low and loss potential is real?
Volume 38, October 2010
Follow the green! Green building is becoming increasingly mainstream as businesses consider options to sustain their operations in the long term. Currently depressed energy prices will rise again as the international economy recovers. Every building owner must seriously consider how to make energy costs more of a fixed cost rather than a variable expense. Green building provides such an alternative.
Green building is also being fueled by tax incentives and stimulus spending at the present time. These governmental incentives will eventually end but, based on current polls, the interest in green building and long-term sustainability activities will not.
Volume 37, September 2010
September is the month that the school year traditionally starts, but that is no longer the case everywhere. Many schools, colleges and universities now begin classes in August. Some schools now conduct classes year round without the traditional long summer break, having several shorter breaks throughout the year instead.
Even when there is the traditional long summer break, it is not necessarily for all students. Some may take remedial courses while others may take courses not offered during the regular year or that conflicted with other required courses. Some schools offer enhanced learning classes that include outdoor activities, foreign travel opportunities, and/or research projects.
It might get to the point where there aren't “traditional schools” anymore. This means that today’s insurance marketplace must be just as flexible as the school calendar in order to meet the varied needs of today’s educational institutions.
Volume 36, August 2010
The fire and liability exposures for nightclubs are significant, but they can be controlled. The right combination of broker and insurance carrier can provide the needed coverage along with the necessary risk management to protect both the nightclub's assets and the public's safety.
Volume 35, July 2010
Environmental Impairment Coverage
Oil gushing from a blown-out rig is an obvious environmental impairment liability loss. Other types of environmental contamination take place throughout this country that are much less obvious but just as real. Some contamination may occur because of long forgotten disposed-of waste while other cases involve natural water runoff.
Water is not the only source of contamination. Air pollution can occur from the expected exhaust of chemical fumes or from unexpected releases from a fire or other type of accident. Soil contamination takes place when items are disposed of in the ground. Waste items containing heavy metals, fuel spills, and soil treatments all add to ground contamination.
Volume 34, May 2010
Contractors’ Equipment Coverage
Contractors’ equipment coverage is pure inland marine. It must be underwritten one risk at a time and one piece of equipment at a time in some cases. The marketplace shrinkage due to the slowdown in the construction industry combined with soft market pricing is causing standard markets to venture further into this marketplace. The question is whether their products will provide the needed coverage and what impact their participation may have on the loss ratio.
Volume 33, April 2010
Mobile Home Parks
There are many parts of the country where the terms upscale and mobile home may not seem to go together. However, in California, Florida, Texas, and other areas that attract retirees and snowbirds, the lower cost of manufactured housing has created a demand for upscale communities where manufactured home buyers can park and enjoy the good life.
Volume 32, March 2010
The diverse forestry industry has one common element but many differences. The common element is the tree! Every forestry product comes from timber. However, those products can be as thin as a piece of paper or as massive as a building. Some products become treasured pieces of furniture passed down from one generation to another. Others may be used and disposed of within minutes.
Trees serve many masters, but loggers have the closest relationship of all.
Volume 31, February 2010
Nurse practitioners can practice without physician oversight in most states. A nurse practitioner must be a registered nurse with an advanced degree in a particular specialty and must be accredited. Each state establishes the rules under which the nurse practitioner functions.
Nurse practitioners may be staff members in a physician’s office, stand-alone midwife OB/GYNs, or even part of a specialty oncology team or trauma unit. Expect to see an increasing number of nurse practitioners as health care needs expand and physician availability decreases.
Volume 30, December 2009 / January 2010
Does every child really want a pony for Christmas? Maybe, and maybe not, but horses are a valuable and necessary part of the lives of many people. Horses are work animals as well as sources of much of our recreation and leisure time enjoyment, whether we are participating or spectating. The Kentucky Derby would be just a day of mint juleps and oversized hats if not for the magnificent Thoroughbreds that race the 1 1/4 mile track. City carriage rides would not be the same without the decked-out filly and her handler. Western dude ranch activities could not take place without the trusty ranch or quarter horse. There are also numerous serious equestrian competitions that require well-trained horses and skilled riders.
Volume 29, November 2009
Amateur Athletics Accident, Disability and Health Coverages
To participate or to spectate: that is the question! More and more frequently, individuals decide that watching a game is not enough and that they would rather play it. Many are members of teams or clubs that meet on a regular basis to enjoy their chosen sport.
The potential for injury exists with any sporting event or competition. Many simply occur based on the nature of the activity, not due to negligence. However, injured persons may miss time at work and medical bills must be paid. The question is: who will pay?
Volume 28, October 2009
Architects Professional Liability
Architects have suffered with the downturn in the construction market but still remain very upbeat. The new green emphasis and environmental regulations are changing how buildings are being built as well as encouraging retrofitting of existing buildings for energy savings. And these design professionals are ready to meet the challenges!
Volume 27, September 2009
The pirates of Somalia, Nigeria and Bangladesh show us how very vulnerable our major method of international trade is. Using primitive techniques, they have been able to capture huge cargo-carrying vessels. The vessel and its crew are held until their release can be negotiated. These aren’t cartoon characters. They are desperate people, committing desperate crimes, and they are not going away.
Volume 26, August 2009
The Lodging Industry
When times are tough, Americans… stay home. While staycations, webinars and teleconferencing may be popular ways to save money, they all negatively affect lodging industry revenue. In addition to reductions in revenue for overnight stays, revenues for all services provided, such as meetings, restaurants and other catered events, have declined.
Volume 25, July 2009
New and Used Automobile Dealerships
What does the owner of a new car dealership do when its franchise agreement is cancelled?. Although they might prefer to remain franchised dealers, many are exploring becoming used-car dealers in addition to continuing their automotive service departments. Committed automobile entrepreneurs will not want to wait in the wings, so expect to see these “un” franchised dealers find a way to stay in the market…and expect the insurance marketplace to find solutions to any coverage problems they encounter.
Volume 24, June 2009
Medical and Radiology Diagnostic Laboratories
Diagnostic laboratories are a vital part of the diagnosis process. They receive the samples, run the appropriate tests, and present the results to the physician. If any step is omitted, the diagnosis will be incorrect and treatments provided in vain or perhaps to the patient’s detriment.
Volume 23, May 2009
Prize Indemnification Coverage
Win-win-win insurance coverages are hard to find but prize indemnification or hole-in-one coverage may be it. Experts are shouting from the rafters about how now is the time for companies to increase advertising activity, even though many are reducing such expenditures. Wouldn’t this be the perfect time for one of your insureds to sponsor a unique contest that could create interest throughout the community and bring more attention to its product or service? On the other hand, how could it possibly afford the amount of payout needed to generate the greatest attention? The answer is prize indemnification coverage! A win for your customer, a win for your community, and a win for you!!
Volume 22, April 2009
The Alternative Fuel Industry
The alternative fuel industry's history has been heavily influenced by global oil and gas prices and availability. At the present time, the price of a barrel of oil has retreated to the $40s range. Corn farmers are suffering and ethanol plants are closing. However, in the midst of this, the stimulus package is providing incentives for alternative fuel providers to persevere. Wind and solar power and fuel cell technologies for cars are moving forward based on hopes that having multiple sources of energy will result in stable pricing levels and that the United States industry will control its own energy destiny.
Volume 21, March 2009
Employment-Related Practices Liability
According to recent commission reports, over 100,000 EEOC actions were reported to the federal government each year between 2003 and 2007. Each is a potential lawsuit. In addition, numerous state actions are filed which may be distinct from and in addition to the federal actions. If there were this many claims prior to Lilly Ledbetter, how many might be expected in the coming years?
Volume 20, February 2009
Real Estate Agents and Brokers Errors and Omissions
Real estate agents and brokers are friends, confidants and trusted allies used when arranging to purchase a home or business. As intermediaries, they have the knowledge the buyer and seller need to finalize an equitable purchase. In a best case scenario, both parties are satisfied at the time of closing. Unfortunately, that is not always the case. Either party may later regret its actions and, after reflecting on them, may decide that they actually received bad advice.
Volume 19, January 2009
Business is booming! Pawnbrokers are unique financial institutions. That's right, financial institutions! They provide small, secured loans to their clients, with the security or collateral kept on site in a secured area. As long as the borrower meets the terms of the loan, the collateral in the secured backroom area is protected. However, the collateral becomes the pawnbroker's property and moves from the back room to the retail area to be sold as used merchandise if the loan terms are not met. The borrower cannot lose more than the value of the collateral. The advantage of this type of arrangement to the borrower is that there is no concern over a damaged credit report, garnishing of wages, or cascading credit card interest increases.
Volume 18, December 2008
According to some, rule FAS 157, implemented by Financial Accounting Standards Board (FASB) on November 15, 2007 caused our current cascading financial crisis. As financial stocks started to tumble, companies were forced to restate their net worth every day. Some financial assets became so toxic that there was no market for them at all. This caused the net worth of a number of financial companies to tumble. Whether the theory is accurate or not, it is important to remember that accountants do not make the rules. They simply follow them. The public expects the accounting profession to apply a consistent, professional approach to the preparation of financial statements that fully complies with all FASB standards.
Volume 17, November 2008
Social Service Providers
What is a social service provider? It may be defined as an organization that sees its revenue decrease as its client base increases. These agencies provide both temporary and permanent shelter and supply food through daily meals or groceries for a family to take home. They provide day care for children, as well as for adults, and provide a degree of protection for those least able to protect themselves.
Volume 16, October 2008
Beauty and Barber Shops
How much would you pay for the perfect haircut? Barbers, beauticians and their customers deal with this question constantly. What is the price of perfection? Beauticians and barbers no longer simply cut hair. This industry is constantly changing as the owners work to meet the needs of their clients. However, this creates problems. How can the insurance industry properly address and respond to the exposures of an industry constantly in a state of flux?
Volume 15, September 2008
Security Guards and Investigative Agencies
Security guards and investigative agencies offer services ranging from the extremely broad to the quite limited. They are recipients of the client's trust. If that trust is violated, the client suffers. However, in the same manner that an insurance company can never insure every potential cause of loss for its policyholders, no security operation can protect every potential threat to its clients. In both cases, carefully worded contracts are needed to explain what is expected of each party.
Volume 14, August 2008
Toy Manufacturers and Wholesalers
Americans are enthralled with toys and games. While we still love and cling to the dolls and action figures of the past we, along with our children, grandchildren, nieces and nephews, also seek out the new and innovative ones of the present. Each year the New York Toy Fair issues reports about the new “hot toys” and we know that by the time Christmas rolls around, they will be sold out in stores but still available for outrageous prices on eBay. While Mattel, Hasbro and Fisher-Price invent many of the more exciting toys and games, many individuals create toys or games at home and need products liability insurance.
Volume 13, June/July 2008
The August 2007 collapse of the I-35W St. Anthony Falls Bridge in Minneapolis was a wakeup call to the nation. Although engineers and other experts had talked about the crumbling infrastructure for many years, it took an actual collapse to focus political attention on the problem. Bridge construction is expensive and requires many experts familiar with the construction process. Appropriations bills have recently passed to increase the funding for bridge inspection and repair. Political candidates are using this bridge collapse incident and the general need for infrastructure repair as campaign issues. The result is an expectation of more funding for bridge inspections, construction and repairs in the future.
Volume 12, May 2008
Oil and Gas Operations
Even though the price of oil is dancing around well above $100 per barrel these days, our oil and gasoline consumption is unchanged. Although “where there's a will there's a way” may be true, a better maxim may be "where a profit can be made, an entrepreneur is researching a way to do so." As the price per barrel of oil increases, the potential profit from tapping domestic oil and gas reserves also increases. Oil and gas wells are being drilled deeper and farther away from shore. Drilling horizontally instead of vertically is another technique used to extract oil and gas reserves inaccessible by vertical drilling.
Volume 11, April 2008
Outfitters and Guides
Adventure is truly a rush! Kayaking, hunting, fishing, birding and mountain climbing are activities that can bring families and groups together in ways that build lasting bonds. The challenges in these activities encourage individuals to perform in ways they may have considered beyond their capabilities and create an awareness in them of nature and of themselves that exceeds the activity at hand. However, these adventures are not for inexperienced novices. That is why outfitters and guides are vital to the success of these types of adventures.
Volume 10, March 2008
Location, location, location! That's the mantra of the real estate agent. But what happens when the location is perfect, the price is right, the seller has moved out but the credit market is so tight that no purchaser can afford to buy it? In many cases, another building winds up in the growing pool of vacant properties. Some of these properties are owned by individuals, others by businesses and some now belong to banks through foreclosure proceedings.
Volume 9, February 2008
Boats and Yachts
Like automobiles, boats and yachts are modes of transportation but the coverage required is quite different and more than just an auto policy on water. Boats and yachts can also substitute as residences but the coverage provided is different and does not match that provided by a homeowners policy. Instead of simply being an extension of standard personal lines coverages, boat and yacht coverages are extensions of ocean marine coverage forms.
Volume 8, January 2008
Medical Equipment Products
Medical equipment designed for use by professionals in the treatment of patients is now expected to be operated by ordinary people. This means the assumptions made by the equipment designers must be changed. Instruction books, labeling, training and warranties must consider these new customers.
Volume 7, December 2007
A nutraceutical is much more than just a dietary supplement because it is designed to treat specific disorders in addition to supplementing a diet. Since there are no Food and Drug Administration (FDA) clinical trials, their effectiveness is unknown so the standard insurance market approaches these products with a degree of skepticism.
Volume 6, November 2007
Exterior Insulation and Finish Systems
The excitement about Exterior Insulation and Finish Systems (EIFS) has turned to gloom because of the numerous individual and class action lawsuits filed that claim toxic mold due to moisture retention.
Volume 5, October 2007
Private Corrections Industry
The privatization of the prison correctional system in the United States is moving forward at a rapid pace. In order to meet the needs brought about by the explosive growth in the prison population, local, state and federal authorities are turning to private industry at an increasing rate.
Volume 4, September 2007
Adjusters Errors and Omissions
Independent adjusters represent the insurance company, while public adjusters represent the claimant. They are charged to fairly represent their clients by adjusting losses based on the facts of the insurance policy and the loss that occurs. The problem is determining what is fair.
Volume 3, August 2007
Motor Truck Cargo
This edition of the Insurance Marketplace Cybercast reviews the motor truck cargo marketplace as a whole and addresses current problems in the NAFTA commercial zones and problems that may occur when NAFTA is fully implemented.
Volume 2, July 2007
While traditional spas provide a variety of treatments, most are nothing more than expanded beauty shops. However, the Medi spa is an entirely new and different concept. It offers medically supervised Botox treatments, dermal fillers such as Restylane and Juvederm, laser hair removal, microdermabrasion, skin corrections and a number of other minor surgical treatments in addition to the comfort and services of a traditional spa.
Volume 1, June 2007
A major coverage problem in the residential construction marketplace is being solved on the west coast with a general liability only wrap-up sometimes called a mini wrap. Since the problem is becoming more national in scope, will the mini wrap also become the national solution?