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Real Injuries, Real Expense… But Who is Liable??

March 4, 2015 by John Varner · Leave a Comment

Unfortunately accidents happen and people and property get injured or damaged, but, who is ultimately responsible is many times left up to the judicial system to determine when the parties cannot sort it out on their own. As anyone in business knows, the future cost of your commercial insurance is largely predicated upon your past claims history. Therefore, it’s hugely important to do all that you can to mitigate risk exposures where possible and actively involve yourself in the ongoing settlement of claims in conjunction with your broker and adjuster. The following case highlights just how emblazoned the plaintiff bar becomes when they think a large verdict is possible. While our client and contracted insurance company consider this a “win”, it still cost lots of money to defend and settle.

Van PhotoThe following details a 3-day jury trial we finished last week for a non-emergency provider in rural America. It was an admitted liability case and plaintiff obtained a verdict for $150,000. The week before trial, we offered $150,000 in response to plaintiff’s last demand of $850,000. At trial, plaintiff asked for $1,850,000 based on $650,000 of medical specials.

The case was filed on behalf of an injured transport, a 70+ year-old mentally and physically disabled man with a very nice, affable disposition. He could communicate his needs but is essentially non-verbal. His younger sister filed the action as his conservator. [Read more…]

Filed Under: Commercial Insurance, General, News, Transportation · Tagged: Business Insurance, Claim Scenario, Commercial Insurance, Medical Transportation Insurance, NEMT Insurance, Non Emergency Medical Transportation Insurance, Paratransit Insurance, Sovereign Risk Solutions

CAUTION: If you are an UBER driver, you may NOT be protected!

September 16, 2014 by John Varner · Leave a Comment

Uber, Technology, Insurance`UBER has taken America by storm!

At a time when technology is advancing our lives in every imaginable way, UBER has single handedly transformed passenger transportation unlike any other single entity since Ford Motor Company!  UBER’s software application allows a person desiring transportation to almost immediately electronically hail a vehicle from many locations in North America, and countries around the world.  The primary reasons for UBER’s success is SIMPLICITY and CONVENIENCE, especially as compared to the old school methodology of calling a taxi dispatch company, waiting from someone to answer, waiting an unknown period of time for the car to arrive, and facing an unknown fare for the trip.  UBER solves these inconveniences by communicating immediately with the passenger relative to the transport vehicle’s arrival time, trip cost, which is electronically billed to the passenger’s credit card, and in some cases including a photo of the driver.  What could possibly be better?

For all the conveniences UBER has presented, there is a wake of destruction being created when something goes wrong for both the UBER driver AND passenger.   [Read more…]

Filed Under: Commercial Insurance, General, News, Personal Insurance, Transportation · Tagged: Business Insurance, Commercial Insurance, Passenger Transportation, Technology, UBER

Give Your Employees a Good Reason to Drive Safely

April 25, 2014 by Taylor Westbrook · 1 Comment

NEMT Driver Incentive ProgramI have worked with hundreds of Non-Emergency Medical Transportation companies over the years and have come to find that only a handful are offering driver incentive (recognition) programs as part of their overall loss control management plan.

Some companies might feel as if these programs are too much of a hassle or expense, but in the long run, a driver incentive program could help the transportation company develop a favorable loss history with little or no claim activity, which ultimately [Read more…]

Filed Under: Commercial Insurance, General, News, Transportation · Tagged: Business Insurance, Commercial Insurance, Driver Incentive Program, Insurance Premiums, Medical Transportation Insurance, NEMT Insurance, Non Emergency Medical Transportation Insurance, Paratransit Insurance

Cyber Risks: Identify, Prevent, and Manage

April 23, 2014 by Sovereign Risk Solutions · Leave a Comment

Many business owners do not believe they are at risk for cyber liability, however, the statistics suggest otherwise…

Data breaches were up 62% in 2013 alone according to Symantec, a key organization that keeps track of global data breaches. 

There are many areas where cyber exposures exist: Data Security, Cyber Attack, Security Breach, Hacker

  • Hackers
  • Rogue employees
  • Company laptop stolen or lost by traveling associates
  • Employee(s) mistakenly post sensitive information online
  • Untrained employees opening malicious information their work computers
  • IT personnel not trained to respond to security breaches appropriately
  • Security procedures are not instituted
  • Apathy towards where and how sensitive information is collected and stored
  • Inadvertent vendor/supplier access   [Read more…]

Filed Under: Commercial Insurance, General, News, Transportation · Tagged: Business Insurance, Commercial Insurance, Cyber Attack, Cyber Liability Insurance, Data Breach, Privacy Liability, PROTECTION

What does a vendors endorsement accomplish and how is it used?

March 17, 2014 by Sovereign Risk Solutions · 1 Comment

Gray CatKatie Reid owns Hair Begone, LLC, a small company that manufactures one product, a lightweight, solar powered, pet hair removal device. Katie is excited that she has a long-term patent for the key component in the machine, which creates a powerful magnetic like field that instantly lifts all pet hair from any surface.

Katie understands that she must assemble a distribution network to stock and sell her product to her customers, and sets up a meeting with Kathryn, the owner of The Cat House, Inc., a pet company with twelve retail outlets. Katie demonstrates the product to Kathryn who is impressed, and willing to stock the devices and see how they sell.   [Read more…]

Filed Under: Commercial Insurance, News · Tagged: Additional Insured, Business Insurance, Commercial Insurance, General Liability Insurance Policy, PROTECTION, Vendors Endorsement

Think of Property Insurance in a Different Way: Functional Building Valuation

February 26, 2014 by Sovereign Risk Solutions · Leave a Comment

Graham‘s Sprout GourmetGraham‘s Sprout Gourmet, LLC (GSG), a fine dining health food restaurant, is in trouble. The area economy has tanked with the closing of a nearby Solar Panel Manufacturing plant, resulting in the loss of 5,000 jobs. Many of the plant workers were also regular customers of GSG, and their departure from the area has resulted in a serious downturn in business, not only for GSG, but for many other area businesses.

Fortunately, the local government is quite resourceful and is actively seeking ways to lure new business into the area, and is confident that all the lost jobs will be replaced within a year. However, in the meantime, GSG will have to cut expenses to ride out the storm until the economy improves. [Read more…]

Filed Under: Commercial Insurance, News · Tagged: Commercial Insurance, Functional Building Valuation, Insurance Premiums, Property Insurance, Sovereign Risk Solutions

January 2014 Paratransit Steering Committee Meeting

February 3, 2014 by Amanda Crews · Leave a Comment

TLPA Logo

It’s that time of year again and the TLPA is gearing up for their spring convention during May 8-11 in sunny Ft. Lauderdale, Florida (our Fall conference recap).  It was my honor earlier this month to sit on the Paratransit Steering Committee meeting for the first time.  If you are not actively involved in the TLPA, or perhaps you are not even familiar with it, I highly recommend that you check into the organization.  The TLPA originally started as the National Association of Taxicab Owners (NATO) in 1917 and has transformed over the years [Read more…]

Filed Under: News, Transportation · Tagged: Commercial Insurance, Medical Transportation Insurance, NEMT Insurance, Non Emergency Medical Transportation Insurance, Paratransit Insurance, Sovereign Risk Solutions, TLPA

Sovereign Attends TLPA’s 95th Annual Convention

January 15, 2014 by Taylor Westbrook · Leave a Comment

TLPA 2013 Conference PhotoWhile attending the Taxicab, Limousine & Paratransit Association‘s Fall Convention and Trade Show October 27-31, I have to say that I, as well as our other Transportation Team members that attended, came to find the round-table meetings to be very informative and beneficial.  Some of the round-table topics that were discussed were: Fluctuations in the Insurance Market from Soft to Hard, App Technology, Driver Hiring and Customer Service Standards, Rising Use in Hybrid Vehicles, and Broker Trends, all of which our team [Read more…]

Filed Under: News, Transportation · Tagged: Commercial Insurance, Medical Transportation Insurance, NEMT Insurance, Non Emergency Medical Transportation Insurance, Paratransit Insurance, Sovereign Risk Solutions, TLPA

Understanding Policy Cancellations and Return Premiums

October 1, 2013 by John Varner · Leave a Comment

There are a myriad of reasons an Insured may elect to cancel their insurance coverage which range from the sale of an asset (i.e. – automobile or building), to a child becoming an independent adult, to simply closing a business.  Regardless of the reason, there is a methodical process upon which the cancellation is documented, and unearned premiums returned to the Insured, all of which are closely governed by State insurance law.

To begin, every insurance policy has its own insuring agreements, exclusions, terms and  conditions, wherein the specific cancellation process and methodology will be confirmed.  [Read more…]

Filed Under: News, Transportation · Tagged: Commercial Insurance, Insurance Cancellation, Insurance Non Renew, Insurance Premiums, Sovereign Risk Solutions

An Accident Happened! Now what?

April 3, 2013 by John Varner · Leave a Comment

We receive calls on a daily basis from our clients who say “We had an accident! Now what?”.  This is generally a HIGHLY stressful time, and an incredibly important time in which you can take steps to protect or further expose yourself. 

2-car collision

Our first recommendation is to take a deep breath, try to relax, and focus on the task at hand.  You cannot “turn back time” and prevent this particular accident from happening.  You cannot wish it away.  You cannot sleep it away.  You cannot hope that it’ll simply go away, it won’t.  So, what do you need to do to protect yourself from this point forward?

To begin, you need to take immediate steps to care for persons (your employees, clients, members of the public) and property that has been impacted.  Use common sense, initiate first aid, call the fire department, call the police, call an ambulance, remove undamaged property from a building in jeopardy of becoming damaged, etc.  The next step is to gather all available information on the accident, who/what was involved, what allegedly occurred, who was allegedly at fault, were there corroborating witnesses, police reports, etc.  Your ability to IMMEDIATELY gather this information is one of the most critical aspects of building a successful defense.  We have accident investigation worksheets for a variety of incidents that will help direct your assessment and data gathering during this critical time.  Please reach out to us promptly and begin the accident/incident investigation and documentation.

Vehicle Being Towed

The next step is to work with us to evaluate the applicable commercial insurance policies that may respond to your accident, and for us to coordinate a timely report to the applicable insurance company(ies).  All insurance contracts have a Conditions Section, whereby your (the Insured’s) activities are specifically spelled out, including the notification requirements when an accident or incident that has occurred and/or is likely to give rise to a claim.  While each individual contract and insurance company will differ slightly, most require notification “promptly” or “as soon as practicable” or “upon written notice of demand”.  The challenge is defining these timelines, as “promptly” to one person may be within 12 hours and “promptly” to the next person may be within 10 business days; dramatically differing timeline interpretations of the same word.   When in doubt, simply reach out to your Sovereign representative and seek clarification.  We will review the applicable circumstance in conjunction with your commercial insurance program and coordinate accordingly.

You spend a lot of hard earned monies on your commercial insurance program.  It’s there to protect you, but, there are critical post-accident steps you must take to protect yourself AND be compliant with the terms and conditions of the applicable commercial insurance policy(ies).

We look forward to helping you navigate these important steps!  Please reach out to your Sovereign representative for more details and/or specific preparedness planning that can be put into place now.  As always, thank you for entrusting your business and insurance needs to Sovereign Risk Solutions!

Author:  John Varner

 

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Filed Under: News · Tagged: Accidents, Commercial Insurance, Non Emergency Medical Transportation Insurance

Foreign Liability Insurance

March 27, 2013 by Sovereign Risk Solutions · Leave a Comment

International FlagsWhen should my company purchase Foreign Liability Insurance? This question is asked more each year as companies expand their operations into foreign countries. The majority of insurance policies issued in the United States provide little, if any, protection for losses occurring abroad, creating the need for coverage for these uninsured exposures.  Foreign Liability Insurance is the first line of defense against costly litigation arising from actions arising outside the United States.

Following are some situations where Foreign Liability Coverage should be considered:

  • When your company expands operations to manufacture and distribute its products outside of the United States
  • When your employees travel overseas and rent automobiles
  • When traveling overseas your employees need emergency travel services
  • When there is Kidnap/Ransom/Extortion potential for employees on out of country business trips
  • When renting office space overseas for product demonstrations, or attending tradeshows and exhibitions
  • When temporarily working in a foreign country, your employee requires immediate medical attention, or requests emergency evacuation

Many insurance carriers offer “package” policies that include a broad array of coverage options for the company with small to moderate foreign liability exposures. The most common coverage sections chosen by employers are:

  • Foreign Commercial General Liability – Coverage is similar to domestic liability coverage with the primary difference that suits must be brought outside the United States or Canada, whereas domestic policies only covers lawsuits that are filed in the U.S. or Canada
  • Foreign Business Auto – Provides coverage for hired and non-owned liability as well as physical damage protection for vehicles operated overseas.  Coverage is typically excess over the local minimum limits required to be purchased  from the rental company in the foreign countryWorld Map
  • Foreign Workers Compensation/ Employers Liability – Extends coverage for employees working overseas. Coverage often includes repatriation expenses, worldwide employer liability protection, and 24-hr endemic disease protection
  • Foreign Travel Assist – Provides emergency travel assistance services
  • Accident, Sickness, Health – 24-hr coverage for employee and family members when traveling abroad
  • Kidnap, Ransom & Extortion

The above list is not exhaustive, as there are other coverage options available for your international exposures. Premiums start at approximately $2,500, and increase depending upon coverage options chosen and the level of exposure. We are available to advise you not only on Foreign Liability coverage but on any of your commercial insurance needs. Please do not hesitate to contact us.

 

Filed Under: News · Tagged: Commercial Insurance, Foreign Exposure, Foreign Liability

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