Commercial Property Insurance Coinsurance Clause

Insurance Commissioner Dave Jones Reflects on First Year in New Post ...

(CDI) major accomplishments during 2011.

"A little over a year ago, I took my oath as Insurance Commissioner and pledged to make my Administration one of action," Commissioner Jones said. "I can confidently and proudly say that the Department has fully lived up to that pledge. We have achieved a number of critical successes on behalf of consumers consistent with our vision to be the most effective consumer protection agency in the nation."

Major Accomplishments of 2011:

Implementing Health Care Reform

The Patient Protection and Affordable Care Act (PPACA) signaled a new day for health care in America. Commissioner Jones has made it a priority of his Administration to implement health care reform.

Literally minutes after being sworn in, Commissioner Jones issued new regulations that require health insurers in the individual market to use a larger percentage of the premiums they collect from Californians to deliver actual medical care, instead of overhead and profit. Then Commissioner Jones successfully sponsored Senate Bill 51 (Alquist), holding health insurers selling to small and large businesses to a similar standard.

Commissioner Jones also issued regulations requiring health insurers to cover children with pre-existing conditions. These regulations will help thousands of children get the care they deserve without sending their families into financial ruin.

Jones issued regulations preventing "medical rescissions" and establishing a notice and hearing process for consumers. He also oversaw CDI's review of health insurance policies for conformance with health care reforms such as the elimination of lifetime limits on benefits and eliminating co-payments and co-insurance requirements for preventative services.

7 critical areas that need review in your commercial property and ...

Congratulations! You just received your new business policy by mail and you are happy that you feel more secured, have peace of mind, and you just saved some money over your prior insurance policy. Please, before you file your policy in the cabinet take a few moments to check the following 7 points. This can save you thousands, perhaps tens of thousands of dollars in losses or attorney fees. The real saving that you get with an insurance policy is not the reduction in the premiums. Actually the real savings come when you make sure that your policy is the ‘right policy’ for you, the one that fits your needs and budget.

Description of Operations: Check if the proper description of operations is listed in your policy. In some situations agents may forget to exactly describe the exact operations of your business, leaving your claims unpaid or delayed for a longer time. Examples of misdescribed operations include (1) failure to include operating a small restaurant with commercial cooking in a supermarket / C store, (2) failure to include live entertainment/ dance floor, if there are any, in a restaurant policy, or (3) failure to include roofing work for a construction contractor, so on.

Limits of Coverage & Deductibles: Examine the amounts of coverages that you have on the policy with regards to the building, business property, liability, and any other coverage that you may have requested to have (professional liability, garage keeper liability, liquor liability, so on.) Also examine your deductibles and see if that is what you really applied for.

Coinsurance Ratio: One of the most misunderstood terminology in the insurance business is the coinsurance clause. Coinsurance clause in property insurance is meant to penalize policyholders who underinsure their property, regardless of why.

Property

What is property?, An inquiry into the principle of right and of government

Why, then, to this other question : What is property? may I not likewise answer, // is robbery, without the certainty of being misunderstood ; the second ...

Insurance for Dummies

Explains how to buy and save on every kind of insurance, including life, health, auto and home insurance, and offers tips on how to get the best coverage for ...

Property

The new life insurance investment advisor

"For anyone who needs to understand different types of life insurance, as well as considerations forpurchasing and managing policies, this book should be on ...