PROMOTIONAL VIDEO IN ENGLISH
#1 - Risk Overview
#2 - General Information
#3 - Business Personal Property
VIDEO PROMOCIONAL EN ESPAÑOL
Tutorial en español
Additional Information Means Better Coverage.
One major reason to seek full prospect or client information is to, when necessary, secure proper premium for additional parties. This is typically achieved by adding endorsements. Endorsements allow coverage to be modified to fit situations that deviate from what is covered under a base policy form. Naturally, separate endorsements and, when applicable, additional premium allows for more precise coverage and pricing.
Click here for an example of an additional insured endorsement’s wording under one commercial general liability’s endorsements section in PF&M.
There Must Be Tangible Damage
A restaurant ran into a serious loss under the worst set of circumstance. Berries restaurant had the poor luck of having a long-term, roadway construction project located near their location. While the project did not physically block customers from coming, the restaurant owners argued that it did cause serious loss to their property and on their bottom line. Berries claimed that the construction created a high volume of dust and debris. It filed a claim asking for reimbursement for the cost of extensive cleaning expense. The claim also included substantial loss caused by having to repair its moveable wall, roof, and awning system. Its insurer did not accept Berries’ claim. It denied the loss, based on a bedrock element of its policy. In its view, there was no evidence of actual damage taking place at the restaurant. Absent tangible damage, its position was that Berries’ loss did not qualify for insurance protection. Berries sued.
Click here for details on the manner in which a court viewed Berries’ painful business loss.
Protection Has Its Limits
In this restaurant’s situation, the considerable cost caused by the roadwork project was like a special bomb, causing devastation to the business but having no impact on its insurance policy. Certainly, we wish to look for opportunities to serve existing and potential clients, often by expanding or adding to their coverage. However, service does have a broader meaning that includes making sure that insureds have a strong understanding of what they have purchased.
In a world of dynamic change and emerging exposures, gaps do exist and, while often new products are created to fill them, even the best insurance situations include exposures for which no coverage exists. It is important to advise those you serve of limitations too.
Click here for an example of a letter that may be modified to reach out and educate clients found under Business Building Letters found in Advantage Plus.
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Don't forget to download & complete both sections of the Affidavit.
Then email it to eddie@FYIExpress.com