Dec 06
Two Minutes With Tim: Additional Insured vs. Additional Interest

​My last video was about renters insurance and the additional interest endorsement. A few Big I New York members asked for a discussion of the difference between an additional interest and an additional insured. This video explains that difference.

Additional Interest vs. Additional Insured from Big I New York on Vimeo.

Nov 30
Two Minutes With Tim: Renters Insurance & Additional Interests

​Your insured's landlord wants to be listed as an "additional interest" on the renters insurance policy. What does that mean and can it be done? Watch the video for the answer.

Two Minutes with Tim: Renters Insurance & Additional Interests from Big I New York on Vimeo.

Nov 29
Two Minutes With Tim: National Flood Program To Expire

​Here we go again. The National Flood Insurance Program is going to expire on Sept. 30, 2017 Dec. 22, 2017 Jan. 19, 2018 Feb. 8, 2018 March 23, 2018 July 31, 2018 Nov. 30, 2018.

Two Minutes With Tim: Expiration of the National Flood Insurance Program from Big I New York on Vimeo.

Nov 19
Two Minutes With Tim: Measles Outbreak

​The measles virus is on the loose in Brooklyn and Rockland County, not to mention at least one county in our neighboring state of New Jersey. Suppose 20 people in your area get the measles and they're able to trace the source back to your family. Got liability insurance for that? Watch the video to find out ...

Two Minutes With Tim: Measles Outbreak from Big I New York on Vimeo.

Oct 29
We Interrupt This Blog For An Important Announcement

Red Sox World Series Champions 

THE BOSTON RED SOX ARE THE
2018 WORLD SERIES CHAMPIONS!!!

We now return you to your regularly scheduled blog.


 

Oct 18
Facebook Live Video on Sexual Harassment Prevention

​This is a recording of a 16-minute Facebook Live video I did on October 15 about New York's sexual harassment prevention law.

 

Oct 12
Two Minutes With Tim: Sexual Harassment Compliance Web Page

​New York's new sexual harassment prevention law is the hot topic with Big I New York members these days. We're averaging several phone calls and emails a day on the topic over the last couple of weeks. To help our members comply, we've created a new page on our website with links to the resources the state Department of Labor has created. Watch the video (I really did keep it to two minutes this time) and check out the page. We think you'll find it useful.

2-Minutes-With-Tim-Sexual-Harassment-Web-Page from Big I New York on Vimeo.

Oct 10
Two Minutes With Tim: Sexual Discrimination

​So you're a private school or college, and you find it necessary to expel a male student for unacceptable behavior. The student disagrees with your decision and sues, claiming his punishment would have been less if he was female. Will your liability insurance provide you with defense and indemnity? Watch the video to find out, and click the link below to read all about the case.

John Doe v. Syracuse University court opinion

2 Minutes With Tim: Sex Discrimination from Big I New York on Vimeo.

Oct 08
A Horrible Reminder of Why Insurance Matters

Schoharie limo crash

This is horrible. Twenty people enjoying an autumn Saturday afternoon. Two of them who just happened to be in the wrong parking lot at the wrong time. Seventeen others being responsible by hiring a driver so that they could celebrate a birthday with some adult beverages and without endangering anyone else. One person doing his job.

All of them gone in an instant. The pain their loved ones are enduring today is unimaginable.

It feels crass to even raise this subject, but eventually the survivors will seek restitution. I know nothing about the limousine company that provided the vehicle and the driver, but the reports indicate the limo was the only vehicle in motion at the time of the accident. It seems logical to assume that the inevitable lawsuits will be filed against the limo company.

Here are the questions:

  • How much Automobile Bodily Injury Liability insurance does the company carry?
  • Will the limits be sufficient to settle the claims arising out of twenty fatal injuries?
  • Did the company's insurance agent (or the carrier, for that matter) ever quote higher limits to the company's owners?
  • If higher limits were quoted and offered, how did the owners respond?

The New York City Taxi and Limousine Commission requires a limo capable of carrying 16 to 20 passengers to carry BI limits of at least $5,000,000 per occurrence and $200,000 Personal Injury Protection coverage. However, this accident occurred in Schoharie County, which is a rural part of upstate. I searched the New York State Department of Motor Vehicles website and did not find a similar minimum limits requirement for the areas of the state outside New York City.

It's possible for a limousine service to operate in upstate with relatively low BI liability limits. A company that experiences an event like the one that occurred last Saturday may be put out of business without sufficient insurance limits.

This is a horrific lesson in why insurance matters. No amount of money will ever replace the precious lives that were lost on October 6, but it is unfortunately the only means we as a society have to compensate those left behind. When something like this happens, the quantity and quality of liability insurance coverage becomes extremely important. It seems likely that the limo service will have legal liability for this accident, and the owners will probably owe damages to the families whether or not there is enough insurance to pay for them.

Insurance agents, please let this remind you to always offer as much liability coverage, including umbrella coverage, as your underwriting authority permits. The cost of each additional $1 million in coverage gets progressively smaller because catastrophic events like this are fortunately rare.

I know that your clients ask you, "How much liability insurance do I need?"

When you get that question, slide a print out of a news account of the Schoharie limo crash across the table and answer, "A little more than enough to cover this."

Oct 03
2 Minutes With Tim: Ordinance or Law

​All right, by now you should know that the whole "Two Minutes" label is metaphorical. But hey - at least it's not two hours, even if it may feel that way.

At any rate, the state building code may soon require certain buildings to have diaper changing stations installed. This is yet another reason to discuss Ordinance or Law Coverage with your insureds who own commercial properties. Which of these alternatives would you prefer?

  • Be a hero in your client's eyes after a covered loss because you suggested this coverage
  • Have your name be synonymous with the contents of a diaper because you didn't

Your choice. I explain it all in the video.

2 Minutes with Tim: Ordinance or Law from Big I New York on Vimeo.

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