SC DOI issues data call on liability market issues in the state #southcarolina #insurance #departmentofinsurance #DOI #data #datacall #liability https://ow.ly/s7af50SfiQs
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Director & Principal Officer at Aum Insurance Brokers Pvt Ltd responsible for driving Strategy, Marketing, and Underwriting & Claims Excellence.
Occurrence-based term under liability covers. For a thorough understanding of claims-made policies, it's essential to delve into the Occurrence-Based Policy. In my previous post, I aimed to simplify the intricacies of claims-made policies. Now, let's explore an alternative available in the market within certain types of liability insurance and examine how it differs from claims-made policies. This comparative analysis will provide a comprehensive view of both claims made and occurrence-based covers available and their respective implications. An occurrence-based policy is a type of insurance policy that provides coverage for losses that occur during the policy period, regardless of when the claim is reported. This means that as long as the incident occurred while the policy was active, you can file a claim with your insurer at any point in the future. Key features of an occurrence-based policy include: 1. Policy Timeframe: Each policy has a start and end date, typically spanning 12 months. The incident should occur during this policy period. 2. Claim Reporting: The reporting or discovery of the incident can take place either during the policy period or at any time in the future. For example, a claim reported in the year 2024-25 that occurred during the period 2000-2001 will be registered under the policy of 2000-2001. 3. No Need for Retroactive Dates or Tail Cover: Unlike claims-made policies, occurrence-based policies do not require retroactive dates or tail cover, even if the policy is not renewed. 4. Indemnity Limit: In an occurrence-based policy, the policy’s indemnity limit is entirely accessible for any incident that transpires during the policy period. This applies even if the incident is reported after the policy has expired. Essentially, the indemnity limit for each year is available independently and does not impact the indemnity limit of the current year’s policy. In contrast, with a claims-made policy, the current year's indemnity limit can be exhausted by any incident from the past. If more claims from the past and present are reported under the current policy, the indemnity limit can be completely exhausted before the expiry of the policy, leaving no coverage during the unexpired period of the current policy. Therefore, the choice between an occurrence-based policy and a claims-made policy will depend on your specific needs and the nature of your business. #AUM Insurance # Liability insurance # Occurrence based
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Report potential insurance claims as soon as possible https://lnkd.in/d7y9WTCa Mthokozisi Maphumulo | Senior Associate | Litigation Attorney | Adams and Adams | Insurance claims can be repudiated for many varying reasons – from the most obvious to the least expected reasons. One of the best ways of trying to avoid an insurance repudiation is to understand your contractual duties stemming from... #bbrief #insurance #insuranceclaims #insurancepolicy #insurancelaw Mtho Maphumulo Adams & Adams
Report potential insurance claims as soon as possible - bbrief
https://www.bbrief.co.za
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Despite the good intentions of #business owners, almost any #product has the potential to cause physical harm or damage once products leave #production and enter the public sphere. See how product #liability insurance can offer protection in the face of these liabilities. Doeren.In/ProductLiability #products #protection #insurance #smallbusiness
5 Reasons to Invest in Product Liability Insurance as Inventory Expands - Doeren Mayh...
https://doereninsurance.com
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📊 Dive into the latest trends and analysis of the Liability Insurance Market report! With a $338.2 billion written premium in 2022, this sector is set for substantial growth, projected at over 7% CAGR from 2023 to 2027. Our latest report offers key insights into market dynamics, trends, and challenges, along with a comparative analysis of leading providers and regional markets. Don't miss out on understanding the future growth trajectory and market outlook! https://lnkd.in/gdMr7i95 #liability #insurance #cagr #insuranceindustry #marketanalysis
Liability Insurance Market Trends and Analysis by Region, Line of Business, Competitive Landscape and Forecast to 2027
globaldata.com
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Auto, general liability drive insurance rate hikes in Q1 #autoliability #generalliability #Q1 #cyberrisks #emergingrisks #riskmanagement #insurtech #workerscomp #propertyinsurance https://bit.ly/4bFWd2Z
Auto, general liability drive insurance rate hikes in Q1 - Business Insurance
businessinsurance.com
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#Update Supreme Court rules on scope of insurance exclusion clause https://lnkd.in/gPeF7Cp9 The Supreme Court this week delivered a judgment on the scope of an exclusion clause in a liability insurance policy. While the particular exclusion clause at issue concerned liability for weathertightness issues, the case raised broader issues as to the proper interpretation of exclusion clauses. Bell Gully partner, David Friar Bell Gully special counsel, Katie Dow Bell Gully senior associate, Sam Hiebendaal #Insurance | #Litigation | #DisputeResolution | #Construction | #Infrastrutuce | #NewZealand | #BellGully
Supreme Court rules on scope of insurance exclusion clause
bellgully.com
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Attorney at Law Representing Insurance Policyholders in Fire, Property Damage, and Insurance-Coverage Disputes
Occurrence-Based and Claims-Made Insurance Policies. Generally, there are two types of liability insurance policies: occurrence-based and claims-made policies. Occurrence-based are the more common type of liability policies. Auto, homeowners, and commercial general liability policies are occurrence-based. Professional and pollution liability policies are generally claims-made policies. Although the distinction between the two may appear simple at first, successive policy periods, including renewals with different insurers, and changing retroactive dates, may complicate the ultimate question: Which insurer owes the duty to defend and indemnify? Read more: https://lnkd.in/g4uhmm9i #lawofficeofrabihhamawi #attorneyrabihhamawi #fireinsurancelawyer #occurrencebased #dutytoindemnify #occurrencebasedpolicies #healthinsurance #liabilityinsurance #policyentitlement #commericalpropertyclaim #insurancelifetips #insurancelawyer #claimmanagement #legalcounsel #claimsmadepolicies #propertyinsurance #insurancelifeagent #coveragedisputes #insuranceguidance #المحامي_ربيع_الحموي #دعاوى_ضد_شركات_التأمين #مقاضاة_شركات_التأمين #محامي_متخصص_في_قوانين_التأمين
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Discover the exciting changes happening in the #GeneralLiability insurance market in 2024. Stay ahead of the game by learning about the latest trends and overcoming 💪new challenges. Protect your business with valuable insights. 💡 #propertyandcasualtyinsurance
Outlook into the 2024 General Liability Insurance Market
cbiz.com
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Report potential insurance claims as soon as possible https://lnkd.in/dR9av98S Mthokozisi Maphumulo | Senior Associate | Litigation Attorney | Adams and Adams | Insurance claims can be repudiated for many varying reasons – from the most obvious to the least expected reasons. One of the best ways of trying to avoid an insurance repudiation is to understand your contractual duties stemming from... #bbrief #insurance #insuranceclaims #insurancepolicy #insurancelaw Mtho Maphumulo Adams & Adams
Report potential insurance claims as soon as possible - bbrief
https://www.bbrief.co.za
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Quite pleased to see my article dealing with insurance "notification clauses" being published on BusinessBrief & bbrief. Thanks James Scott CA(SA) for bringing the feature to my attention. #insurancebroker #insuranceindustry #insuranceagent
Report potential insurance claims as soon as possible https://lnkd.in/dR9av98S Mthokozisi Maphumulo | Senior Associate | Litigation Attorney | Adams and Adams | Insurance claims can be repudiated for many varying reasons – from the most obvious to the least expected reasons. One of the best ways of trying to avoid an insurance repudiation is to understand your contractual duties stemming from... #bbrief #insurance #insuranceclaims #insurancepolicy #insurancelaw Mtho Maphumulo Adams & Adams
Report potential insurance claims as soon as possible - bbrief
https://www.bbrief.co.za
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