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CTRP http://www.ctrp.org Trauma Care Thu, 02 Oct 2014 14:32:49 +0000 en-US hourly 1 Significant Coverage Characteristics of Attorneys Malpractice Insurance http://www.ctrp.org/2014/09/26/significant-coverage-characteristics-attorneys-malpractice-insurance/ http://www.ctrp.org/2014/09/26/significant-coverage-characteristics-attorneys-malpractice-insurance/#comments Fri, 26 Sep 2014 11:00:40 +0000 http://www.ctrp.org/?p=227 Various foundations for malpractice actions against lawyers are offered including:
  • neglect or legal malpractice
  • violation of fiduciary duty
  • breaches of state or national statutes
  • common law fraud
  • breach of contract

Suits by customers and non-customers might be permissible.

Attorneys’ Legal Malpractice Insurance policies (also known as attorneys’ professional liability coverages) aren’t all made equal. Thus, significant coverage provisions may differ greatly from one insurance provider to another. When comparing the policies provided by various insurance companies, you need to pay particular focus on the next policy provisions:

  • Electronic Media Coverage

Most law firms use electronic media to run business. This coverage can respond for misdirection of email or alternative media for example intranet, extranet or internet connection, or loss of customer information transmitted via electronic media, or unintentional spread of a computer virus into or empowering a denial of service attack on a third party computer or network, or unintentional unauthorized access, or personal injury arising from the utilization of electronic media for example a website or social media.

  • First Party Cyber Liability Coverage

Some insurance companies will pay back up to $25,000 for hiring a third party to mitigate the potential of legal liability claims coming from any security breach that results in client information being stolen or lost.

  • Deceptive Trade Practices Acts (DTPA) Coverage

In certain authorities DTPA coverage is essential. Attorneys may continue to be responsible for specific activities under DTPA kind statutes. Misrepresentations by an lawyer continue to be actionable under some DTPA legislative acts. Note some legal malpractice policies don’t cover all DTPA damages including the multiplied part of treble damages.

  • Punitive and Exemplary Damages Coverages

Many legal malpractice insurance coverages expressly exclude punitive and exemplary damages. It might be preferable to really have a policy that will provide coverage where allowed by law.

  • Innocent Associate Protection

Criminal, dishonest or deceitful acts with a attorney are excluded from coverage by all coverages.

  • Deductibles: Per Claim vs. Aggregate and First Dollar Defense or Loss Only

Using a “per claim” deductible, each claim against you during a coverage year issues you to some other deductible. Some coverages have “aggregate” deductibles so an insured wouldn’t be billed more than one deductible per policy year. Another feature available is first dollar shield inside the deductible.

Some insurance companies will waive a percentage of the deductible or may even waive the whole deductible if ADR can be used to settle a claim.

  • Hammer Clause

A “hammer clause” provides in the event the insurance carrier would like to settle a claim but the insured doesn’t accept to the resolution, then the coverage will simply pay the sum that the insurance provider may have settled the claim. It might be preferable to get more favorable approval to settle provision.

  • Loss of Gains

Time spent defending a malpractice claim means a loss in revenue for you. Some legal malpractice policies may give you expense compensation/trial presence coverage in the $500-$750 variety for each day you’re from the office for trial, mediation, arbitration or your personal deposition in defending a claim below the policy.

  • Disciplinary Proceedings

Some legal malpractice policies will permit coverage for as much as $25,000 or $50,000 for defense costs incurred to react to disciplinary proceedings. This might be yet another limitation rather than subject to the deductible.

More Coverage Options:

1. Forerunner company coverage

2. Profession coverage

3. Sidelong hire coverage

4. Extended reporting periods (ERPs) for non-practicing, retirement, or disability

It is necessary to be well-informed and have an insurance agent to assist you to get the best rates since all legal malpractice insurance policies are different. The vast options of coverage, premium price, fiscal solvency and service amounts needs to function as the primary criteria for the decision making.


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The Need for Construction Insurance http://www.ctrp.org/2014/08/30/need-construction-insurance/ http://www.ctrp.org/2014/08/30/need-construction-insurance/#comments Sat, 30 Aug 2014 15:00:26 +0000 http://www.ctrp.org/?p=252 Contractors and those in the construction business require construction insurance, as so many things can go wrong. In many cases, the contractor may not be at fault for the incident, but may nonetheless have to defend themselves in a court of law should there be no other way to resolve the issue.


When being considered for a project it’s important to realize that many competitors have been in business for a while and have built a reputation, due to their experience, and have the results to back up their claims. Having the necessary special certifications or trade skills can help give one contractor a leg up, and stellar references can be the thing that secures the project.


Selecting the right customer


Realize that many a contractor has run into that difficult client who is impossible to please. It’s important to know as much about the client as possible, for instance, have others done work and been subjected to difficulties, or even lawsuits? This can be more trouble than it is worth, so choosing whom to perform work for should always outweigh whatever monetary benefits may be derived from undertaking certain projects. Learn everything possible about the client in order to determine if there are red flags that suggest this is a job to pass on.


Covered claims versus non-covered claims


Many people might prefer to have the opportunity to realize the dream of having their “perfect” home, because they figure that everything is new and they won’t have to worry about maintenance or repairs for quite some time.Building a new home is exciting for individuals who can’t find exactly what they’re looking for on the pre-owned market, but the potential for problems, including costly delays and other issues (such as the inability to secure materials at the estimated price), can turn the entire process into a nightmare.


Also, problems may arise long after the job has been completed. For example, if the new roof that was installed leaks due to poor installation, and it rains, and that leak creates damage to furniture, electronic equipment or rugs, due to the leaky roof, this could easily be considered grounds for a lawsuit due to the contractor’s negligence. This is an example of where construction insurance will protect the contractor from paying a costly settlement out-of-pocket.


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Responsibilities Surrounding Customs Bonds http://www.ctrp.org/2014/08/26/responsibilities-surrounding-customs-bonds/ http://www.ctrp.org/2014/08/26/responsibilities-surrounding-customs-bonds/#comments Tue, 26 Aug 2014 11:45:08 +0000 http://www.ctrp.org/?p=249 A customs bond is “a contract which is given to ensure the performance of an obligation imposed by a law or regulation.” The parties involved in the bond contract are the principal (importer), Surety Company and obligee. The primary purpose of customs bonds is to guarantee the payment of import duties and taxes, as well as to assure compliance with all laws and regulations governing the entry of merchandise from foreign shipping points into the United States.


The principal’s responsibilities include making a timely respond to claims as well as attending to any protest, petition, or demands for payment that may occur. The principal should also track the goods in transit and have knowledge of the whereabouts of any goods in their care and to maintain informed compliance, which is the understanding of the methods for classifying and assigning a value to their merchandise and to ensure familiarity with laws and regulations of the customs agency.

Obtaining a customs bond


Contacting a licensed surety agent or customs broker is the surest way to obtain customs bonds. Many agents use existing trade relationships, or a referral from within the trade community. They can also be obtained by a simple Internet search. Agents may inquire about value added services, including:


  • Claims notifications


  • Entry monitoring


  • Renewal process


  • Timing concerns (bond placement, bond changes, etc.), and


  • Application process and pricing


It is always a good idea to ask what will be needed for underwriting of customs bonds and if pricing is inclusive of all fees.


Merchandise in transit


Importer Bond Activity Code 1 assures Customs that the importer will follow the rules and pay all duties, taxes, fines and penalties. Custodian of Bonded Merchandise Activity Code 2 assures Customs that carriers transporting “in bond” merchandise will not be compromised prior to being cleared at destination port, and International Carrier Activity Code 3 assures Customs that the operators of vessels conveying merchandise (ships, aircraft, etc.) properly manifest cargo and comply with all regulations related to operating the vessel. This is vital in order to prevent delays and other issues that can affect timely delivery of goods.


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Privately Owned Companies & Directors and Officers Insurance http://www.ctrp.org/2014/08/22/privately-owned-companies-directors-officers-insurance/ http://www.ctrp.org/2014/08/22/privately-owned-companies-directors-officers-insurance/#comments Fri, 22 Aug 2014 14:30:32 +0000 http://www.ctrp.org/?p=246 Most public companies understand the need for directors and officers (D&O) insurance. However, managers of some private companies, particularly those at very closely held companies, often falsely believe they are unlikely to ever face a lawsuit. The truth of the matter is that private companies are sued quite often, sometimes for those events that are outside the scope of coverage of the general liability, employment-related practices liability, or any fiduciary liability policies on hand.


Many executives having survived a claim know far too well the risks involved, but unfortunately many company officials learn the hard way when they finally recognize their need for coverage of this type when it’s already too late.


Those that resist the need for D&O insurance are affiliated with companies that have few shareholders; hence they look at their ownership and conclude their company is not likely to have a D&O claim. This, despite the fact that the array of prospective D&O claimants is broad and includes many people the company comes into contact with daily, including customers, vendors, competitors, suppliers, regulators, creditors and others.


The cost of defending a claim can be extremely high


When a company has a claim, expenses can mount quickly. Even a frivolous lawsuit can be expensive to defend, while the cost of private company D&O insurance is generally quite low by comparison.


D&O policy written on a “duty to defend” basis


This is much broader than the duty to indemnify because, under the duty to defend coverage, the carrier appoints defense counsel and takes care of managing the claim. The policyholder doesn’t have to deal with legal bills and so on. Another advantage of duty to defend coverage is that, in most cases, if any part of the claim is covered, the insurer must defend the entire claim, even those parts that are not covered.


Without the valuable coverage of directors and officers insurance, many companies would actually go bankrupt just from the associated legal costs, even if the suit were groundless. Also, the time that is consumed in preparation and defense of a D&O lawsuit can be quite costly, in terms of lost production, lost opportunity costs and dissatisfied customers.


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Common Mistakes Made When Workers Compensation Rates Fall http://www.ctrp.org/2014/08/20/common-mistakes-made-workers-compensation-rates-fall/ http://www.ctrp.org/2014/08/20/common-mistakes-made-workers-compensation-rates-fall/#comments Wed, 20 Aug 2014 14:30:00 +0000 http://www.ctrp.org/?p=224 Employers love it when workers compensation rates drop, especially since it is not a big issue but a hefty cost to the company. Rather than changing financing and their focus to precedence or other business opportunities, a drop in workers compensation rates should be correlated with measures to ensure ensured long term economies. Avoid these errors so you could reach long-term work comp economies:

1. Don’t mistake premium rates that are lower with price decreases

Don’t be surprised if there isn’t any associated decrease in prices while there may be a decrease in rates. Since workers compensation is a “credit line” to fund any costs of harms, rates alone cannot establish the total price of this insurance. The Experience Modification Factor which credits the individual loss operation of a company also affects the price of insurance. Although this computation is complicated, an employer is compared with business counterparts and if previous losses are lower than typical, the premium can be brought down by a credit rating. But if previous losses are higher, a debit standing can spike up prices even if rates are not high.

2. Don’t become complacent

A lot of problems play a part in the workers’ compensation insurance and medical costs that are associated. Companies need to recall that if claims remain harm and open prices require a rise, reservations will up and really have a negative effect on the Experience Modification variable of the company; prices will raise. Companies need a deeper understand of what’s changing other key metrics and medical prices.

3. Total focus on direct costs just

You’ll promptly be replied with the cost of the premium when a businessperson is asked about their spending associated with workers compensation. While rate declines cannot have an important effect on companies’ total costs, both direct and indirect harm prices are going to have serious impact on the total prices of the company.

4. Never presume the rates will remain low

The rates of Workers Compensation constantly moves in a predictable pattern when insurance is bought at an affordable cost consisting of of decrease of rates. Subsequently their focus go away from Workers Compensation rates causing a deficiency of drop in claim costs in connection to the reduced rates.

Claims don’t come down and unless companies handle harms powerful, the company’ Mod will go up. When workers compensation rates heighten, the increased Mod will really totally remove any economies which had been collected during the drop in rates.

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Worker Safety and Used Car Dealership Insurance http://www.ctrp.org/2014/08/18/worker-safety-used-car-dealership-insurance/ http://www.ctrp.org/2014/08/18/worker-safety-used-car-dealership-insurance/#comments Mon, 18 Aug 2014 10:15:15 +0000 http://www.ctrp.org/?p=243 Used car dealership insurance helps to protect employees should they become injured while on the job, but sound risk management planning can be extremely helpful in various ways. Employers can help reduce the likelihood of accidents by coordinating safety training programs, and having rigorous safety inspections on a constant basis.


Insurers can be an important tool for helping to create various aspects of loss control, including return-to-work programs, strategic loss prevention plans, claims management practices, and other risk management services.


Providing first aid for minor injuries


Having a first aid station on hand to provide treatment for minor injuries can help to reduce the severity of injuries on the job. All workplaces, including used car dealerships must meet the requirements of OSHA in maintaining proper safety measures. Employers and supervisors should inform workers of when and where to report injuries, fill out any necessary forms, investigate accidents, both major and minor, and inform workers of where the first aid facility or treatment center is located as well as provide immediate aid as needed.


On the job injuries


By law, workers are required to report any injury that takes place at work, to a supervisor and/or first aid attendant as soon as possible. Supervisors are required to report the incident to the proper authorities as soon as they have knowledge of the occurrence, as well as pay and arrange for transportation to a hospital or medical facility when required.


Workers at a used car dealership may have some of the following health and safety concerns, which includes:


  • Exposure to airborne material (dust or fumes)


  • Eye injuries


  • Exposure to noise


  • Musculoskeletal injuries


  • Handling and lifting injuries


  • Slips, trips and falls


  • Exposure to hazardous materials


  • Tool, grinding and welding injuries


  • Auto lift (hoist) injuries, and


  • Vehicular incidents



Safe work procedures


For any task that is hazardous, complicated, frequently performed or less routine, an employer should provide written work procedures. These procedures should be posted where they are easily accessible. Workers should report any health or safety concerns to their supervisor before beginning any job.


Dealerships generally have a large population of people moving about their lots and facilities each and every day. Customer safety is equally important and insurance is available to handle any resulting incidents, but used car dealership insurance for workers is a separate policy that all businesses with employees must carry.


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Staffing Insurance and the Interviewing Process http://www.ctrp.org/2014/08/14/staffing-insurance-interviewing-process/ http://www.ctrp.org/2014/08/14/staffing-insurance-interviewing-process/#comments Thu, 14 Aug 2014 13:45:09 +0000 http://www.ctrp.org/?p=239 Hiring competent temp workers for clients is essential, since many employers plan to transition temporary workers into full-time employees. Therefore, those talented individuals may have a real possibility of gaining a permanent position. The interview process can help determine whether people with top-notch credentials and the correct company culture fit are being hired.


Below are a few questions to ask candidates in the interview, to ensure that the temp candidate has the right stuff to become a member of the team. Staffing insurance, in particular employment practices liability insurance (EPLI), can be helpful should accusations of wrongful acts be made as a result of negligent practices by the interviewer, whether real or perceived.


  1. Ask each candidate why he or she is interested in this temporary opportunity.


It’s important to find out why a candidate is interested in the opportunity and what their career ambitions are. Do they see the job as a “stepping stone”, or is this just for a paycheck? Pay attention to any nonverbal gestures during the interview, as this may be a negative indication of their intent.


  1. What do they hope to learn in this position?


Just because a person comes from a different industry or background doesn’t necessarily mean they’ll be a bad fit for a client’s temporary position. The most important aspect of using temporary labor is to recruit candidates who want to use the job as an opportunity to learn. Even if his or her skills aren’t a perfect fit, hiring a motivated candidate can help clients jump the skills gap by taking a risk on an outside-the-box candidate.


  1. Ask him or her what their ideal work environment looks like.


Some candidates desire a corporate hierarchy; others are looking for an opportunity with a startup. It’s important to know their ideal fit, which may help the candidate to adapt more easily to the client’s culture.


  1. What do they know about the company?


It’s always important for a candidate to do their homework. Find out what they know about the company and ask them to envision what they can add to the mix.


These are just a few examples of the types of questions that can be a helpful insight into candidates’ strengths and ideologies, while avoiding the trappings associated with EPLI issues. Speak to an agent familiar with staffing companies about staffing insurance for all types of business-related concerns.


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Evaluating Rating Systems for MGAs and Program Administrators http://www.ctrp.org/2014/08/10/evaluating-rating-systems-mgas-program-administrators/ http://www.ctrp.org/2014/08/10/evaluating-rating-systems-mgas-program-administrators/#comments Sun, 10 Aug 2014 14:00:00 +0000 http://www.ctrp.org/?p=236 As any Managing General Agency (MGA) or Program Administrator knows, they serve the agency and broker distribution system by providing them with programs for niche markets and also specific product lines that they often do not have direct access to. This is because MGAs have specialized products with rating systems developed primarily for their use and the programs they have created.


In fact, an off-the-shelf commercial lines insurance rating systems designed for a retail agency doesn’t work for MGAs and the specialty niches they serve. They need a solution designed for them that is easy to customize in order to address their particular needs. They require software that can be integrated with their administration systems, a platform that is easily updated with carrier and ISO rating changes, thus allowing insurance products to be brought to market fairly quickly.


Customizing a system requires time and effort


MGAs often have to either work with a package that is not designed for them and customize it (which takes a lot of resources in both in time and money), or they may choose to develop a rating system from the ground up, which may also be rather costly. Unfortunately, many of the existing insurance rating systems are not compatible with an established MGA system, so there is double entry involved, which means extra work is involved.


There is a solution with insurance rating software that has been developed specifically for MGAs and is integrated with existing policy administration systems. These systems for MGAs are designed to facilitate the rating and submission process and allow them to get a quote online quickly and easily.


Once the information is obtained, rated, quoted and bound, an MGA doesn’t want to spend the time duplicating the data into an admin system. That’s why integration is so critical, streamlining the process and offering staff and financial efficiencies resulting in less time spent. When changes have to be made due to updates by ISO or the carrier itself, an agile rating system will allow for this to occur automatically.


Researching what is available in the insurance market when it comes to rating is vital in order to implement a package that is designed for MGAs and Program Administrators and that can be further adapted for their specific needs.


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Suggestions for a Successful Insurance Internet Marketing Strategy http://www.ctrp.org/2014/08/06/suggestions-successful-insurance-internet-marketing-strategy/ http://www.ctrp.org/2014/08/06/suggestions-successful-insurance-internet-marketing-strategy/#comments Wed, 06 Aug 2014 14:45:05 +0000 http://www.ctrp.org/?p=233 Due largely to the fact that they don’t have much patience people have turned to the Internet as a primary way to do research and also a good portion of their shopping. This is primarily because they want to find what they’re looking for fast. The problem is, due to a lack of desire, or knowledge for many in the insurance industry most websites fail to give prospects exactly what they’re looking for.


The offshoot is that, when making plans to engage in insurance Internet marketing, many agencies end up giving visitors and prospective customers too much to look at. Leading marketing experts say that’s because they tend to crowd pages and jam them with every thing that they think might appeal to a visitor- they’re actually driving people away.


Here are a few suggestions to try to keep an insurance website design simple, and get more people to want to hang around long enough to convert them into leads.


Make sure that each page has one objective


Keep visitors interested in learning more about the company by making what they want the main focus. If what they’ve visited the website for is hidden or difficult to locate, they’re more likely leave. That’s why it’s important to strip away all the clutter that may be a cause for concern.


Assign the proper offer to each particular audience


If the purpose is to get visitors to the homepage to submit their information for online health quotes, then make sure there are no huge offers for life and travel insurance competing for their attention. Decide the type of visitors to market the page toward then make the big offer the one they’re most likely to want.


Make the one call to action obvious


Call attention to an offer with a related image that draws the visitor in. While this can be accomplished using Flash animations, don’t go overboard! There’s a big difference between calling attention to an offer and looking cheesy and unprofessional.


Write action-oriented copy


Another important aspect of good insurance Internet marketing is copy. Copy should convey the benefit the visitor will get by taking action. For example: “Comparing Quotes Should Help To Find Just The Right Plan”. A good marketing plan will obtain the desired results.


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The Importance of Flood Insurance http://www.ctrp.org/2014/08/02/importance-flood-insurance/ http://www.ctrp.org/2014/08/02/importance-flood-insurance/#comments Sat, 02 Aug 2014 14:15:34 +0000 http://www.ctrp.org/?p=230 Many people think that simply having homeowners insurance is enough to cover them in all situations. For this reason, many homeowners, especially in areas such as New Jersey that often see severe storms or even hurricanes, don’t have flood insurance to supplement their NJ homeowners insurance policies.


Because many homeowners have to have insurance as a stipulation of their mortgage, many people don’t fully understand what their policies cover and what areas are left vulnerable. While NJ homeowners insurance policies do cover most incidents, there are some, such as natural disasters that are left off the typical coverage list.


In the U.S., flood insurance is offered through the National Flood Insurance Program, which offers policies that are provided by private NJ homeowners insurance companies and managed by the Federal Emergency Management Agency. This agency determines and regulates the cost of flood protection and the extent of coverage.


In 2012, flood damage in New York caused more than $3.4 billion in insured losses. In addition to this, flood damages accounted for approximately $3.2 billion in losses in New Jersey. The significant losses in these two states prove that the need for flood insurance throughout these states, especially for homeowners in coastal areas, is high. Without flood insurance, in the event of a natural disaster and subsequent flooding of a house, the homeowner would be held accountable for all of the damages, whereas with flood insurance, a lot of that cost would actually be covered.


While determining whether flood insurance is necessary for a particular homeowner in a particular reason, it is always better to have more coverage than less. At the current rate of $650 annually, the cost of the premium is not so high as to make a large dent in a homeowner’s budget and can only succeed in protecting that homeowner in case of a disaster. Hopefully, a homeowner never has to make a claim as a result of disasters such as floods, but, in the event that it becomes necessary, at least the financial blow won’t be quite as large.


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