Get the Insurance Made for the Insurance Profession

Error & obligation coverage is basic for just about every kind of business, but the specific incidents covered can vary a lot from industry to industry. That’s why it’s best to advise clients to work with an agent who understands their field. E&O insurance for insurance agents is no different, it’s best when it’s designed by people who really understand the industry, the commitments we make to our clients, and the exposure agents and brokers face as they help connect individuals and businesses to the carriers that work best for their needs.

Claims and New Coverage

It’s not exactly a secret that E&O coverage can be hard to find if you’ve filed a claim with a previous insurer, but there are changes coming. According to Axis Insurance, there are programs like theirs built just for companies who have claims on their records. Insurance is meant to be there for you when the unexpected happens, so you’re not short on resources while you recover. No one should be punished for having to use a product after buying it, especially not the people whose job it is to act as ambassadors for the profession. If you’re looking for new coverage and you’re having trouble finding competitive rates, look for an insurer whose commitment is to providing coverage to agents like yourself, and see what’s out there to help keep you moving forward.

Winter’s Negative Effects on Fuel Efficiency for Truckers

Working to improve semi-truck fuel efficiency can save your business money at the pump. However, it may be even more necessary to have better fuel efficiency in the winter. The last thing you want is to have your truck stranded for running out of fuel.

Cold Weather

The cold weather negatively affects fuel economy for all vehicles. To compensate for the lower temperatures affects on diesel gelling, many fuel companies add additives to allow the diesel to work better in the cold which decreases fuel efficiency. As referenced on www.truckinsure.com/, properly inflated tires, clean filters, and limited idling can help improve fuel efficiency.

Wind Effects

Cold fronts, winter storms, and blizzards tend to bring an increase in wind speed. The fuel efficiency of a vehicle especially a semi decreases when the winds are strong because of the aerodynamic drag of a headwind. Truckers can expect as much as a 13% decrease in fuel efficiency for every 10mph of a headwind or crosswind.

Idle Time

The cold weather outside can seep into the cab when at a stop. Truckers are more likely to increase the amount of time idling when making any stop in order to keep the cab warm. Idling decreases fuel economy.

With all the ways the cold weather can affect fuel economy, using a few tips to improve semi-truck fuel efficiency can help combat those effects. Save fuel and money this winter.

Finding Protection for Corporate Fiduciaries

Officers and directors of corporate entities are often left with potential liability exposure unique to their position. When those risks crop up, the issue is a gray area of the law around indemnification, one that can undermine a policy and leave companies and their officers exposed in the event of a major incident. Owens Group provides protection for these individuals, with plans that are built to provide robust coverage and an approach to insurance that involves educating clients and helping them make better decisions about how to protect themselves and their companies.

Issues With Indemnification

The issue at hand is that of presumptive indemnification, which can expose directors and officers to personal liability if they are not indemnified by the company to the fullest extent provided for by law. The presumption in most policies covering key operators is that the company will indemnify the people in these roles, and if it does not fully do so, there’s a retention clause that forces the policyholder to pay up a larger retainer, which functions essentially like a deductible. This helps ensure they will indemnify those operators by making the policy less valuable if they do not. It can be a powerful tool to keep companies from scapegoating a member of the board when something goes wrong, but it does need to be handled correctly to work as intended, which is why it matters who you choose when setting up a policy.

Customization Is the Way To Go

In the past, consumers were only offered pre-packaged insurance policies that provided standardized coverage. However, consumers are demanding customizable policies that are designed specifically for them, such as homeowners and auto policies. Before you begin searching for your personalized auto insurance policy, you should understand how plans are customized and what insurance agents need to know to create your policy.

How Your Policy Is Personalized

The nature of a customized policy is that it is created for your specific needs, which means the policy doesn’t necessarily follow any set cookie-cutter formula that everyone else has. The main goal is to create a plan that offers protection based on your needs and coverage for what matters most. To do that, an agent looks at a few deciding factors. According to Transparity Insurance Services, the personalization of your policy is based on the following aspects:

  • How many drivers are included
  • How often you drive
  • How far you drive
  • Where you drive
  • What personal assets are in the vehicle
  • What your driving record looks like

Create Your Unique Policy

Who wouldn’t want a personalized auto insurance policy that caters to their needs? In today’s world, most people do and it’s important to understand what factors determine the level of protection your unique plan can offer.

Examining Group Policies for Self-Insurance

In the world of business, there are times when working with others can prove far more beneficial than going it alone. This is also true when you are exploring your insurance needs. Risk-retention groups offer you the chance to share the costs with others involved in similar industries as your own. These organizations operate under the 1986 Risk Retention Act and offer self-insurance to groups.

The Benefits

As reported by the experts at www.caitlin-morgan.com, this type of insurance applies to business owners who face the same liabilities with their companies. Though the groups need to be headquartered in one specific state, the members of the group are free to engage in the business of insurance in all states. Additional benefits that come along with this type of plan include:
Stable market coverage and rates
No expenses related to fronting fees
No market residuals
Considerations
There are a number of considerations to take before you determine whether or not this kind of program is the right fit for your needs. Only liability insurance can be written in this type of group, which may not be ideal for all.
Give yourself plenty of time to research the details of this option. The more you know, the easier it will be for you to decide if it is a good fit for your future.

Common Pollutants of Ocean-Going Vessels

Environmental disasters can cause a company a small fortune to clean-up. Vessel pollution is a common environmental hazard facing marine companies throughout the world. Here are a few of the most common pollutants of ocean-going vessels.

Cargo

With the vast majority of the world’s trade happens by sea, hazardous cargo can be a real problem should the ship leak or collide with something during the travel. Metals, chemicals, oil, gas, barrels of crude and material goods can release pollution into the ocean, sea and even affect land.

Air

Because a ship requires lots of fuel to make it across the seas, those pollutants enter the air similar to a vehicle but on a larger scale. Common air pollutants include particulate matter, Sulphur dioxide, and nitrogen oxides. Not to mention the infamous carbon dioxide that contributes to the rising temperatures across the globe.

Spills

The Exxon-Valdez Oil Spill still affects Prince William Sound three decades later. According to https://www.wqis.com/, whoever owns the vessel that caused the spill must pay for the cleanup costs according to the Water Quality Improvement Act of 1970. Companies are now responsible for potentially millions of dollars in cleanup costs.
Protecting your maritime business against the effects of vessel pollution can keep your business running smoothly. Working to decrease pollution and covering your liabilities with the right insurance should be part of your risk management plan.