Sometimes property insurance are sold to provide blanket coverage over multiple locations. Blanket insurance is ideal for businesses that have moving inventory between several locations. Instead of taking out several policies at different locations, a business owner can purchase one Continue reading Blanket Policy and Pro Rata Distribution Clause
Insurance companies require commercial property owners to adequately insure their properties by way of imposing “coinsurance clause”. While it is relatively easy to assess a building’s worth at any given time, which has a stable value, it is not as Continue reading Risk Value Reporting Compliance
Coinsurance clause is used in many forms of insurance for two main reasons; to discourage insureds from using benefits unnecessarily, and to ensure property owners purchase sufficient amount of insurance. In health insurance, coinsurance is presented either as a fixed Continue reading Co-insurance Clause
Most states have similar statutes regulating insurance companies’ power to cancel or “non-renew” insurance policies. Under the New York State Insurance Law, for most types of insurance policies, insurance companies may cancel a policy for underwriting reasons within the first Continue reading New York Restrictions on Insurance Cancellations