Surety bonds are a form of protection that dates back to Babylonian times. Such bonds are a key piece of many public and private sector transactions. U.S. Customs, for example, requires importers to carry bonds to ensure compliance with rules and regulations. Courts require bail bonds to release criminal case defendants. Property or project owners require contractors to carry performance bonds. The Airline Reporting Corporation requires travel agents to meet certain requirements when carrying airline ticket stock, and an ARC Bond meets those requirements.
Many working parents have had their various issues and complaints with daycare and childcare centers. As an alternative to these forms of childcare, more and more parents are choosing to hire their own nanny or share one with another parent. However, many parents aren’t fully aware of the many financial risks involved with bringing a nanny into their home.
According to a November 2005 article published in the Insurance Journal entitled, “How to Write the Diverse Business of Lawyers Professional Liability,” between $1.5 and $2 billion is spent annually on Professional Liability coverage. With numbers such as these, it is important that any firm in the market for this insurance understand the factors affecting coverage rates.
According to the latest forecast from researchers at Colorado State University, the U.S. coastline has an above-average chance of getting hit by at least one major hurricane this season. Researchers estimated the likelihood of at least one hurricane with a category of 3, 4 or 5 making landfall this season at 63%, above the average for the last century of 52%.
Coinsurance clauses are commonly found in a builder’s risk completed value policy. As one might deduce merely from the name, a coinsurance clause involves the policyholder becoming a co-insurer of the risk of loss with the insurer. In other words, certain conditions would result in the insurance company not paying the total amount of loss, thereby leaving the policyholder to bear the remainder of the loss amount. The insured and the insurer jointly assume the risk.
Most people avoid thinking about scenarios that would cause an insurance claim - our homes damaged by fire or tornado,…
Whenever A.M. Best, Standard & Poor's, Moody's or Fitch drop an insurance company's rating below an A, businesses become worried…
Because workers' compensation pays for medical expenses from on-the-job accidents and work-related injuries, it protects both the employer and the…
If you are like most new car owners, then you probably paid the extra money to include the protection offered…
Are the people you do business with insured? You may want to ask them. If a vendor, contractor, cleaning crew,…