Tag: Insurance
-
When Do You Need A Contractor General Liability?
A contractor general liability is useful for different construction businesses. But have you ever wondered when you should get this liability? This article explains it all. Contractors in various specialties, such as masonry, carpentry, fencing, concrete, landscaping, flooring, HVAC, and electrical, are exposed to numerous general liability issues when they’re working on-site. If employees and…
-
Everything You Need to Know About Insurance Filing As A Motor Carrier
Have you wanted to file your insurance as a motor carrier, as a freight forwarder, or a broker but couldn’t understand how? Then this article is what you need. Apart from applying operating authority, applicants for freight forwarder, motor carrier, and broker authorities must have specific legal processes and insurance agent documents on their files…
-
What is A Performance Bond?
This article explains in detail about what is a performance bond and what are the roles of all three major parties in it. A construction job of any kind requires a performance bond. In essence, they provide an assurance that the contractor carrying out the work will honour their contractual duties to the project’s owner…
-
Liability insurance for contractors is an essential coverage, but what does it cover?
However cautious you may be when carrying out your projects, mishaps and accidents can still occur. This is an indeterminate situation that is beyond your control. You can’t always rely on your people and equipment to perform perfectly. If you are legally obligated to cover accident and machine expenses, it will cause delays and income…
-
What Is Completed Operations Insurance?
Your business’ product or completed operations away from the location of your business are covered under the Products-Completed Operations coverage. Your business can be covered if it causes property damage or bodily injury. General liability policies usually include coverage for completed products operations. Once operations are completed or abandoned, it covers liabilities arising from the…
-
OSHA will monitor the whistleblower cases under Antitrust and Money laundering Act: DoL
(Washington, DC, Economic & Insurance News by Insurance Market 360) – Department of Labour (DoL), recently notified that, OSHA, shall investigate whistleblower complaints logged under the new Antitrust and Money Laundering provided by the legislation. This decision was taken keeping in view of increase in cases especially in professional safety and health administration in the…
-
Research reveals 22% growth in Global commercial segment of Q4, 2020 FY
(Economic & Insurance News by Insurance Market 360) – Investigation done in commercial insurance sector across various regions and the globe in both private and public domains for the fourth quarter of 2020 with the support of Marsh, the lion share holder, indicate an aggregate of 22% increase which is 3% more than Q3, 2020.Global market…
-
VERMONT is now a licensing authority to state based systems: NAIC
(Washington, Economic & Insurance News by Insurance Market 360) – National Association of Insurance Commissioners, NAIC, on 29 January 2021 announced the inclusion of Vermont department of financial regulation to license state based systems, SBS a 33rd in its latest count. Michael Pieciak, Vermont Department of Financial Regulation Commissioner, expressed that, “SBS provides us with…
-
Private Insurance organizations to face EPLI Challenges: RPS
(Rolling Meadows, IL, Economic & Insurance News by Insurance Market 360) – Covid_19 affected Employment Practices Liability Insurance (EPLI) pricing and it is expected to continue in 2021 according to a report by Risk Placement Services. Manny Cho RPS EVP, Executive Lines, opined that, “in order to obtain and maintain profitability, carriers are not only looking…
-
US Insurers need to be extra cautious in administering fraud payments: OFAC
(Economic & Insurance News by Insurance Market 360) -The US Treasury Department’s Office of Foreign Assets Control (OFAC) on 1 October 2020 released an official reminder reminding about the fraud payments and reimbursement and their consequences to the economy and the insurance organizations. Though, the statutory body did not make any alterations in the existing…