Supplement to Circular Letter No 11 1993: Revised Guidelines for New York Coastal Area Homeowners Insurance and Special Report Pursuant to Section 308 of the Insurance Law Department of Financial Services

These bonds can also be structured to provide indemnity guarantees to third parties who sustain injury or damage as a result of the obligor’s activities as described in the license or permit when such a guarantee is required. For example, businesses that hang signs over public sidewalks may be required to provide indemnity guarantees for injuries to pedestrians. Liability for bodily injury or property damage arising out of the serving or distribution of alcoholic beverages by a party not engaged in this activity as a business enterprise. Host liquor liability exposures are insurable under standard general liability policies. A term used to describe the liability exposures encountered when communicating or conducting business online. Online communication tools could result in claims alleging breaches of privacy rights, infringement or misappropriation of intellectual property, employment discrimination, violations of obscenity laws, the spreading of computer viruses, and defamation.

To avoid potential problems of unlicensed people conducting Defining Indemnity In The Context Of Actual Cash Value Calculations business, if there is any question as to whether a license is needed, it may be wise to err on the side of caution and license the person. [“Telemarketers” is from a mailing dated June 2, 1998 by George M. Reider, Jr., Insurance Commissioner, to all Connecticut insurers]. RENTER’S POLICY – A package type of insurance that includes coverage similar to a homeowners policy to cover the personal property of a renter or tenant in a building.REPLACEMENT – The substitution of Health Insurance coverage from one policy contract to another.

Vehicle insurance

In the context of employment practices liability insurance, a so-called third-party liability coverage option is sometimes available to address claims made by nonemployees (e.g., customers, vendors, clients) against the insured company that arise from acts committed by employees. Most often, third-party claims allege some form of either discrimination or harassment. The majority of EPL policies do not explicitly cover third-party claims, although most insurers will provide such coverage by endorsement. A dollar amount specified in an insurance policy that must be paid by the insured before the insurance policy will respond to a loss. SIRs typically apply to both the amount of the loss and related costs (e.g., defense costs), but some apply only to amounts payable in damages (e.g., settlements, awards, and judgments). An SIR differs from a true deductible in at least two important ways.

• This exclusion does not apply to liability that the insured would have had without a contract or agreement.
• DEPENDENT BENEFITS – Social Security benefits available to the spouse or children of a Social Security beneficiary.
• Sometimes called Personal Insurance as distinct from Group and Blanket Insurance.
• “Functional replacement cost” means the cost to repair or replace the damaged dwelling or other structures with less costly common construction materials and methods that are functionally equivalent to materials and methods used in the original construction.

A life insurance policy dividend option whereby dividends are used to purchase additional, fully paid-up life insurance within a policy. This increases the face amount and the potential for increases in cash value in the policy. The individual or entity designated to receive a life insurance or annuity death benefit upon the death of the insured or the annuitant. This document, when completed, requests coverage from the insurance company. The insurer reviews the application and, along with other information, determines whether or not to accept the application and issue a policy. Life insurance premiums, in addition to those planned or scheduled, that can be applied directly toward the purchase of additional coverage and/or to increase cash values.

The Current Assault: Depreciation of Labor

The first https://quick-bookkeeping.net/ to offer accident insurance was the Railway Passengers Assurance Company, formed in 1848 in England to insure against the rising number of fatalities on the nascent railway system. Lloyd’s Coffee House was the first organized market for marine insurance. Methods for transferring or distributing risk were practiced by Babylonian, Chinese and Indian traders as long ago as the 3rd and 2nd millennia BC, respectively. Chinese merchants travelling treacherous river rapids would redistribute their wares across many vessels to limit the loss due to any single vessel capsizing.

It is generally equal to the Accumulation Valueless any surrender charges or Market Value Adjustment. A beneficiary whose interest cannot be revoked without that individual’s written consent, usually because the policy owner has made the beneficiary designation without retaining the right to revoke or change the designation. An annuity that is payable only during the annuitant’s lifetime, regardless of how long the annuitant lives.

Liability

Submit a sworn proof of loss within 60 days after an occurrence unless extended by the insurer. Vicarious liability for the actions of a minor using any excluded aircraft, motor vehicle, recreational motor vehicle, hovercraft, or watercraft. Entrustment or supervision by an insured of any excluded aircraft, motor vehicle, recreational motor vehicle, hovercraft, or watercraft. Manufacture, delivery, use, sale, transfer, or possession of property that is unlawful.

AUTOMOBILE LIABILITY INSURANCE – Coverage designed to provide protection for the Insured against financial loss because of legal liability for car-related injuries to others or damage to their property. That said, the ruling is somewhat narrower than the certified question presented and the Court’s answer to it make it appear. It applies only to homeowners insurance policies, and arguably not even to personal property claims under those policies. The states have never devised a uniform valuation method to be applied for all losses regardless of jurisdiction, and in their attempts to clarify the principle of indemnity, insurers have sought to clarify ACV in their policies.

The coverage includes protection for loss of money, securities, and other property of the Insured. Some scheduled policies are still available, but the majority are written on a blanket basis. This provides coverage for all employees, subject to the policy definitions. The limit of liability is “per loss” and is applied on an occurrence basis. All acts involving the same employee or group of employees is considered one occurrence. The case also arguably leaves open the question of whether labor can be depreciated if an insurance policy specifically defines depreciation as including the depreciation of labor.

• Ultimately, it is not necessary for this Court to reach the decision of whether labor can logically depreciate or whether indemnity is accomplished.
• Annexed to Circular Letter No. 11 are detailed criteria for windstorm deductibles, as developed by the Insurance Department.
• Long-Term Care Insurancepolicies with the CPI-U Automatic Annual Increase option provide a variable rate of annual benefit growth, on the policy anniversary date, based on the Consumer Price Index for Urban Measures.
• With variable policies, periodic charges assessed against accounts to cover costs.