What is a Broker of Record Letter? In the insurance business, a broker of record letter or agent of record letter is basically a letter of authorization that you, as the insured can use to fire your existing agent and hire a new agent to handle your business insurance with the insurance company you currently … Read More
I’ve produced a few videos that talk about the worker’s compensation experience rating modifier . In a nutshell, it is a rating factor in your worker’s comp policy that is specific to your firm’s claim experience compared to your peer group. But, what is a minimum modifier? Have more claims than your peer group – … Read More
You may have heard of a clause in an insurance policy known as a hammer clause. It’s found in management and professional liability policies such as D&O, E&O / Professional Liability, Employment Practices Liability, Cyber, and similar coverages. The intent of the hammer clause is to give the insurance company the power to compel the … Read More
Today I answer the question: what is the workers comp experience mod? The workers compensation experience modifier goes by different names or phrases depending on who you’re speaking to. I call it the mod, but others may call it your x-mod, the experience mod, the modifier, etc. Regardless of what you call it, the mod … Read More
Hedge Fund D&O and E&O Insurance. Do you really need it? I’m often asked by hedge fund managers about the need for D&O and E&O Insurance? I’m just a startup, what’s the risk? I’m a very low-risk fund, who’s going to sue me? I get it. Fund managers are risk-takers. It’s what makes you successful. … Read More
Shopping, Bidding, Quoting, Introducing Competition. These are all phrases to describe the same thing. The introduction of multiple brokers to go out into the insurance marketplace to get quotes for you and see if competitive pressure in the market can lower your costs and get better business insurance. In this post, I challenge this traditional … Read More
In this article, we discuss the importance of a workers comp communication plan which is initiated following a worker injury. I’ve witnessed it too many times. An employee gets injured on the job and they get the cold shoulder from their employer. No communications, no instructions, no empathy. And then the employer wonders why morale … Read More
So we’ve discussed in the past couple of posts how to reduce your workers comp mod that the only two variables in your mod are payroll and claims. We’ve discussed claims and in another post, we’ll talk about safety, safety culture, and best practices, so in this post, we’re going to talk about payroll. Now … Read More
Handling your D&O policy in an M&A Transaction – Addressing Change in Control Provisions Executive Summary: In this article, we explore the insurance issues a company’s decision-makers face when it comes to mergers and acquisitions with specific conversations around the D&O policy’s change in control provision. What it is, how to handle it, and how … Read More
In my last video, I introduced this multi-part video series focused on the common errors, mistakes, and failures I have documented in the coverage programs we have reviewed in the past for prospective clients. Last time we discussed missing named insureds and today we’re going to talk about missing locations. Having all your locations properly … Read More
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