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Can my insurer make me use their repair shop after a California car accident?
No. California prohibits an insurer from requiring that an automobile be repaired at a specific automotive repair dealer. It may not even suggest or recommend one unless you expressly asked for a refe
Does a California guarantee fund cover my surplus lines policy if the insurer fails?
No. California requires the surplus line broker and the nonadmitted insurer to tell you in writing, in boldface 16-point type on a freestanding document you sign, that the insurer does not participate
Does homeowners insurance cover earthquake damage in California?
Generally no, and California law says so in the statute itself: section 10083(a) prescribes the wording insurers must use for the mandatory earthquake offer, in at least 10-point boldface type, and th
How do workers compensation class codes affect a quote?
Start with which system applies, because that is a question of state. NCCI states that its Experience Rating Plan does not apply in California, Delaware, Michigan, New Jersey, New York or Pennsylvania
How many insurers have to decline before a broker can place my risk in the non-admitted market?
Three, but the number is evidence rather than the rule. California requires the broker to make a diligent search among admitted insurers that actually write the type of insurance in the state, and tre
What does a lender insurance requirement actually prove?
A lender insurance requirement proves the loan condition is satisfied. It is written around the loan and the collateral, not around whether a household could recover. For flood, 42 U.S.C. 4012a sets t
What does a surety bond guarantee, and how is it different from insurance?
A surety bond guarantees that the bonded party will perform an obligation, and it is written for the party that required the bond rather than the party that pays for it. NASBP describes a surety bond
What information does a commercial property underwriter usually request?
A commercial property underwriter is generally looking at four categories of information the industry calls COPE: construction, occupancy, protection, and exposures. One wholesale insurance brokerage'
What is a claims-made retroactive date?
On a claims-made liability policy written with a retroactive date, that date is the earliest point at which the injury, damage, or wrongful act can have happened and still fall inside what the policy
What is inland marine insurance used for?
Inland marine is the classification used for movable property, property in transit, and a set of transportation and communication structures such as bridges, tunnels, pipelines and outdoor cranes. The
What is the difference between general liability and professional liability?
They respond to different kinds of harm: in the standard advisory commercial general liability coverage form CG 00 01 04 13, Coverage A pays sums the insured becomes legally obligated to pay as damage
What is the difference between replacement cost and market value?
Replacement cost is the cost to repair or replace damaged property using materials of a like kind and quality; market value is a different number, because it includes the price of land and depends on
When can a contract require additional insured status?
A contract can ask for additional insured status, but only a change to the insurance policy can grant it. On the standard ISO forms, that change is an additional insured endorsement, which states that
When does a landlord need a landlord policy instead of homeowners coverage?
In the forms read here, the dividing line is whether you still reside at the property, not whether someone else also lives there. The ISO HO 00 03 05 11 special form defines "residence premises" as th
Why can two insurance policies with the same limit protect differently?
The limit is a ceiling on payment, not a description of what is covered, so two policies printing the same number can behave very differently. The number itself can mean different things: the Californ
Why did my California underinsured motorist coverage pay nothing?
Most often because the at-fault driver carried liability limits equal to or above your own uninsured motorist limit, which in California leaves nothing for the coverage to pay. California defines an u
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