Insurance Issues Facing Land Banks 800-229-5266 www.ip-sk.com - - PowerPoint PPT Presentation

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Insurance Issues Facing Land Banks 800-229-5266 www.ip-sk.com - - PowerPoint PPT Presentation

Oct 26, 2022 15 likes •197 views

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

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Insurance Issues Facing Land Banks

800-229-5266 www.ip-sk.com

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Hard Work Is Worth Protecting 2

Presenters

Parker Berry, II, CIC Executive Vice President Office: 330.867.3140 Email: pberry@seibertkeck.com Zach Army, AINS Commercial Underwriter Office: 855.877.1813 Email: zarmy@central-insurance.com Doug Sawyer Assistant General Counsel Office: 216.698.3543 Email: dsawyer@cuyahogalandbank.gov

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Hard Work Is Worth Protecting Industry Experience 3

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

Understanding Insurance

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Hard Work Is Worth Protecting Industry Experience 4

Understanding Insurance

How to read a Certificate of Insurance

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Hard Work Is Worth Protecting Industry Experience 6

Recommended Certificate of Insurance Language

  • Additional Insured
  • Waiver of Subrogation
  • Primary and Non-Contributory

Understanding Insurance

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Hard Work Is Worth Protecting Industry Experience 7

Directors and Officers

Covers you for the decisions made by you and the board of directors

  • General Liability nor Homeowners Insurance covers these lawsuits

Understanding Insurance

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Hard Work Is Worth Protecting Strategic Process 8

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

Understanding Insurance

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Hard Work Is Worth Protecting Strategic Process 9

Hire Employees

  • Employment Practices Liability
  • Employers Liability (Stop Gap)
  • Employee Benefits Liability
  • ERISA Coverage

Understanding Insurance

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Hard Work Is Worth Protecting Strategic Process 10

Recommended Coverage

  • Employment Practices Liability
  • Cyber Liability
  • Excess/Umbrella Liability
  • Assault & Battery Liability

Understanding Insurance

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Hard Work Is Worth Protecting Industry Experience 11

Special Basic

Covers everything unless specifically excluded Fire & Smoke Lighting Strikes Windstorms & Hail Explosion Water Damage Covers only what is listed on the policy, and excludes everything else Damage from vehicles, cars & aircrafts Falling Objects Weight of ice, snow or sleet Theft Vandalism & malicious mischief

Understanding Insurance

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Hard Work Is Worth Protecting 12

Standard/Admitted Carriers Non-Standard/ Non-Admitted Carriers

  • Protected by the Ohio Guarantee Act
  • Agents work with the underwriters and claims department
  • Not protected by the Ohio Guarantee Act
  • Agents work with a broker
  • Excess & Surplus Lines Tax

Understanding Insurance

Insurance Carrier Differences

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Hard Work Is Worth Protecting Industry Experience 13

Understanding Insurance

Exclusions

  • Added at carrier discretion
  • Removes coverage

Endorsements

  • Added at carrier discretion
  • Broaden or reduces

coverage The majority of insurance companies use ISO forms for their policies

Not all polices are created equal

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Hard Work Is Worth Protecting Industry Experience 14

  • 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

Reporting Forms

Understanding Insurance

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Hard Work Is Worth Protecting Strategic Process 15

Occurrence

Policy in effect

  • The time of the loss

Policy periods

  • 2017-2018 - $1,000,000
  • 2018-2019 - $1,000,000

Which policy responds at the time of a claim?

  • The policy that was in effect

at the time of the loss

Claims-Made

Policy in effect

  • When the claim is reported

First year of policy Liability limits Policy renewal Extended Reporting Period

Understanding Insurance

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Hard Work Is Worth Protecting Strategic Process 16

  • 6. Claim resolution
  • 5. Communication & additional information
  • 4. Reservation of Rights Letter
  • 3. Contact from claim adjuster
  • 2. Provide details of event/loss
  • 1. Notify agent/carrier

Understanding Insurance

Claims Process

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Hard Work Is Worth Protecting Strategic Process 17

Questions and Answers

Understanding Insurance

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Presenters

Parker Berry, II, CIC Executive Vice President Office: 330.867.3140 Email: pberry@seibertkeck.com Zach Army, AINS Commercial Underwriter Office: 855.877.1813 Email: zarmy@central-insurance.com Doug Sawyer Assistant General Counsel Office: 216.698.3543 Email: dsawyer@cuyahogalandbank.gov