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This term is also now commonly used in commercial general liability (CGL) policies or so called "casualty" business. In these instances, the liability policies are written with a large (in excess of $50,000) self-insured retention (SIR) that operates somewhat like a deductible, but rather than being paid at the end of a claim (when a loss payment is made to a claimant), the money is paid up ...
An insurance broker is an intermediary who sells, solicits, or negotiates insurance on behalf of a client for compensation. An insurance broker is distinct from an insurance agent in that a broker typically acts on behalf of a client by negotiating with multiple insurers, while an agent represents one or more specific insurers under a contract.
The company's first adjuster and full-time claims manager, Sam P. Black Jr., had a phone extension installed in his room at the local YMCA, offering 24-hour service to policyholders. [ 5 ] Erie Insurance created a type of auto policy in 1934 named the "Super Standard Auto Policy," that was used as a model for other insurance companies across ...
The average annual cost of car insurance in Delaware is $993 for minimum coverage and $2,613 for full coverage. The minimum coverage statistic includes the cost of PIP coverage.
For example, with an effective date of 06/01/2010 and coverage expiring on 06/01/2011 and the insured does not renew the coverage on or before 06/01/2011 then the insured may have to enroll with a gap in coverage, resulting in a loss of prior acts coverage such that there is no coverage for any business placed prior to their new effective date.
Heavy straight-line winds destroyed a grain elevator in Luther, Iowa. The storm, a derecho, ripped through central Iowa mid-morning on Aug. 10, 2020, taking down trees and leaving at least 480,000 ...
State Farm, the state's largest home insurer, announced in March it would not renew 72,000 property insurance policies, while Chubb and its subsidiaries stopped writing new high-value homes with ...
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management , primarily used to protect against the risk of a contingent or uncertain loss.