Insurance Limits
Most insurance contracts in our industry specify coverage limits to $1 million each to $2 million aggregate per claims paid. More frequently government entities are requiring a "per occurrence" definition over claims paid and are now moving to requiring $2 million each claim to $4 million aggregate.
Our basic policy issued by a major carrier is like most in our industry covering the basic $1 mill/$2 mill per claims, NOT per occurence. To obtain a COI for the additional insured we have been submitting a request to our agent who then issues, by request, a COI for "per occurrence".
One of our government customers risk management department insists that the COI is not sufficient since the master policy specifies coverage for "per claims made".
Agents weigh in please; does the "per occurence COI" preclude the master policy "per claims" coverage definition?
Obviously, a master policy covering ALL customers, many of whom do NOT require this government requirement, would drive already exhorbitant insurance premiums still higher, and add the doubling of the coverage limits to 2 and 4 would drive most of us out of this business.
The same question
I'm not sure you'll get an answer here for insurance. I haven't experienced the 2/4 requirement and only one time have I experienced the occurrence vs claim. The only quote I got for occurrence-based insurance did not include an accident policy but was similar in price to the claim-based.
All in, I don't have an answer and I'm guessing you won't get one here either. It would be awesome though if you do. I'm here to find out.
I'm not sure you'll get an answer here for insurance. I haven't experienced the 2/4 requirement and only one time have I experienced the occurrence vs claim. The only quote I got for occurrence-based insurance did not include an accident policy but was similar in price to the claim-based.
All in, I don't have an answer and I'm guessing you won't get one here either. It would be awesome though if you do. I'm here to find out.
Chad, this question is best answered by an agent, but I believe we can all benefit from hearing if other operators are beginning to experience this.
If no one else is, I think my risk managment department is in danger of exposing themselves to arbitrary, capricious and descriminatory practice charges if no one else in the country is experiencing these new requirements.
It does enforce that perception. If others are beginning to experience this, we all should become aware.
Chad, this question is best answered by an agent, but I believe we can all benefit from hearing if other operators are beginning to experience this.
If no one else is, I think my risk managment department is in danger of exposing themselves to arbitrary, capricious and descriminatory practice charges if no one else in the country is experiencing these new requirements.
It does enforce that perception. If others are beginning to experience this, we all should become aware.
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