Insurance Issues Facing Land Banks 800-229-5266 www.ip-sk.com
Presenters Parker Berry, II, CIC Executive Vice President Office: 330.867.3140 Email: pberry@seibertkeck.com Zach Army, AINS Doug Sawyer Commercial Underwriter Assistant General Counsel Office: 855.877.1813 Office: 216.698.3543 Email: zarmy@central-insurance.com Email: dsawyer@cuyahogalandbank.gov Hard Work Is Worth Protecting 2
Understanding Insurance Industry Experience General Liability Provides coverage for Property Damage and Bodily Injury Claims • Premises Liability- for the lots and buildings that you own • Contractual Liability- for the contracts you enter with subcontractors • Hired & Non-Owned Auto Hard Work Is Worth Protecting 3
Understanding Insurance Industry Experience How to read a Certificate of Insurance Hard Work Is Worth Protecting 4
Understanding Insurance Industry Experience Recommended Certificate of Insurance Language • Additional Insured • Waiver of Subrogation • Primary and Non-Contributory Hard Work Is Worth Protecting 6
Understanding Insurance Industry Experience Directors and Officers Covers you for the decisions made by you and the board of directors • General Liability nor Homeowners Insurance covers these lawsuits Hard Work Is Worth Protecting 7
Understanding Insurance Strategic Process Renovate or Remodel Houses Property Coverage Covers the parts of the house that are not under construction Builders Risk Coverage Covers the parts of the house that are under construction Hard Work Is Worth Protecting 8
Understanding Insurance Strategic Process Hire Employees Employment Practices Liability Employers Liability (Stop Gap) Employee Benefits Liability ERISA Coverage Hard Work Is Worth Protecting 9
Understanding Insurance Strategic Process Recommended Coverage Employment Practices Liability Cyber Liability Excess/Umbrella Liability Assault & Battery Liability Hard Work Is Worth Protecting 10
Understanding Insurance Industry Experience Special Covers everything unless specifically excluded Basic Covers only what is listed on the policy, and excludes everything else Fire & Lighting Windstorms Water Explosion Smoke Strikes & Hail Damage Damage from Vandalism & Falling Weight of ice, vehicles, cars Theft malicious Objects snow or sleet & aircrafts mischief Hard Work Is Worth Protecting 11
Understanding Insurance Insurance Carrier Differences Standard/Admitted Carriers Protected by the Ohio Guarantee Act Agents work with the underwriters and claims department Non-Standard/ Non-Admitted Carriers Not protected by the Ohio Guarantee Act Agents work with a broker Excess & Surplus Lines Tax Hard Work Is Worth Protecting 12
Understanding Insurance Industry Experience Not all polices are created equal The majority of insurance companies use ISO forms for their policies Exclusions Added at carrier discretion Removes coverage Endorsements Added at carrier discretion Broaden or reduces coverage Hard Work Is Worth Protecting 13
Understanding Insurance Industry Experience Reporting Forms Policies that have a reporting form endorsement specify a date that reports are to be submitted to the carrier. Automatic coverage Reporting late to the insurance company Hard Work Is Worth Protecting 14
Understanding Insurance Strategic Process Occurrence Claims-Made Policy in effect Policy in effect The time of the loss When the claim is reported Policy periods First year of policy 2017-2018 - $1,000,000 2018-2019 - $1,000,000 Liability limits Which policy responds at the Policy renewal time of a claim? The policy that was in effect Extended Reporting Period at the time of the loss Hard Work Is Worth Protecting 15
Understanding Insurance Strategic Process Claims Process 1. Notify agent/carrier 2. Provide details of event/loss 3. Contact from claim adjuster 4. Reservation of Rights Letter 5. Communication & additional information 6. Claim resolution Hard Work Is Worth Protecting 16
Understanding Insurance Strategic Process Questions and Answers Hard Work Is Worth Protecting 17
Presenters Parker Berry, II, CIC Executive Vice President Office: 330.867.3140 Email: pberry@seibertkeck.com Zach Army, AINS Doug Sawyer Commercial Underwriter Assistant General Counsel Office: 855.877.1813 Office: 216.698.3543 Email: zarmy@central-insurance.com Email: dsawyer@cuyahogalandbank.gov Hard Work Is Worth Protecting 18
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