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August 19, 2018
Subrogation Manager
Individual responsible for the management and oversite of an insurance companies subrogation department.
Related Terms and Phrases              
Insurance Blog
Subrogation Manager
Related Terms and Phrases             Â
Subrogation Release
August 18, 2018
Subrogation Release
A subrogation release by the insured specifies that the insurer is entitled to the right the insured has to collect from any person or entity deemed responsible for a specific loss.
The release effectively reimburses the insurance company for any expenses paid in a settlement prior to a subrogation claim or settlement. Additional in assures that the client is not able to double dip or collect twice from the same incident.
Related Terms and Phrases             Â
Car Insurance Quotes are not a Commodity
I’ve heard it said the car insurance quotes are the same, the only thing different is the price. I don’t think that is true but my thoughts are not important. You alone should be the one to decide how to insure the risk that is created by owning an automobile.
Consider the following questions:
- Do you know how much liability coverage your current auto insurance policy provides?
- Do you think having Kentucky car insurance that includes coverage for uninsured or underinsured motorist is important?
- Is your car insured?
The third question is easy. If you answered anything other than Yes, then I certainly hope that it is parked. Unfortunately, there are lots of individuals in Kentucky that are driving cars that do not have insurance coverage in place. The number is alarming; it is estimated that over 15% of Kentucky cars on the road have no insurance.Â
This is a good segway into question two. If you think that the number of uninsured drivers is alarming, how many underinsured vehicles are on the road. The answer to that is, potentially everyone. The state minimum requirements for bodily injury are $25,000 per individual capped at $50,000 if multiple
I’ve heard it said the car insurance quotes are the same, the only thing different is the price. I don’t think that is true but my thoughts are not important. You alone should be the one to decide how to insure the risk that is created by owning an automobile.
Before moving consider the following questions:
- Do you know how much liability coverage your current auto insurance policy provides?
- Do you think having Kentucky car insurance that includes coverage for uninsured or underinsured motorist is import?
- Is your car insured?
The third question is easy. If you answered anything other than Yes, then I certainly hope that it is parked. Unfortunately, there are lots of individuals in Kentucky that are driving cars that do not have insurance coverage in place. The number is alarming; it is estimated that over 15% of Kentucky cars on the road have no insurance.Â
This is a good segway into question two. If you think that number of uninsured drivers is alarming, how many underinsured vehicles are on the road. The answer to that is, potentially everyone. The state minimum requirements for bodily injury are $25,000 per individual capped at $50,000 if multiple
individuals are injured. Amounts that will not go very far in today’s health care system.
If you answered NO to the second question, I would suggest you reconsider. With over 15% of Kentucky drivers not insured and even more underinsured, your current car insuance is just that. It’s wrong or at least missing a critical component, like the r in insurance.
With that said, I think we have enough information already to say that you the answer to the first question should be YES. I will close with this, If you don’t know how your auto liability insurance limits or if and to what level your covered in the event your hit by an uninsured or underinsured driver, then you’re not making your own risk management decisions, and it’s most likely because you’re not being given the opportunity. The risk associated with your home, auto, business or anything else is yours. Click the link below to learn more about TruePoint’s client-focused approach. You deserve an agency that values educating as opposed to selling.
Give us a call at (502) 410-5089
www.insuringky.com to learn how you can take control of your personal risk management Today!
Kentucky High School Football Scores
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For more Kentucky High School Football
 Follow this link for Scores from across the State
Certificate of Property Insurance
August 15, 2018
Certificate of Property Insurance
Is one of the two forms in which certificates of insurance are issued. The primary purpose of the certificate of property insurance is to provide proof that is in place and being maintained on buildings, business personal property, equipment and/or other property that may be covered. This certificate, Acord Form 124 can be presented by the broker or insurance company as proof of insurance.
Related Term:
Certificate of Liability Insurance
August 14, 2018
Certificate of Liability Insurance
Is one of the two forms in which certificates of insurance are issued. The primary purpose of the certificate of liability insurance is to provide proof that an individual or entity has insurance coverage in place prior to entering a business relationship with another. The business relationship between a general contractor and a subcontract is a good example. The general contractor can possibly be held responsible for some actions of subcontractors working under him. If the subcontractor doesn’t have insurance, or if their policy limits are inadequate, the general contractor and/or their insurance company may be held accountable.
Related Term:
Commercial Insurance-Vacant Buildings
Vacancy Provision
In some ways, personal insurance and commercial insurance have common threads. But don’t kid yourself, getting your arms around commercial insurance is a considerable challenge.
Under a commercial property policy, coverage is significantly different for buildings that are vacant for extended periods. Usually, certain types of coverage are completely eliminated during the vacancy. Insurance companies are interested in protecting ongoing businesses and premiums are based upon active occupancy. Continued, full coverage may be provided, but that is only at the insurance company’s discretion. If a vacant risk is accepted, it usually means paying more premium.
Definitions
Before any coverage restrictions can be imposed, the insurance company must define exactly what they mean by vacancy and the definition is affected by the type of occupancy:
Tenant – When the insured is a tenant and the policy covers that insured’s property interest, the definition of building is the unit or suite 
that has been rented or leased to the tenant. That building is considered vacant when it no longer contains enough business personal property to conduct the customary operations of the insured tenant.
Building Owner Or General Lessee – When the insured is a building owner or general lessee, building is defined as the entire building. The building is considered vacant UNLESS a specified percentage of the total square footage is rented to a lessee or sub-lessee and used by the lessee or sub-lessee to conduct its customary operations OR is used by the building owner to conduct customary operations.
Buildings Under Construction – Buildings that are under construction or renovation are not considered to be vacant.
Vacancy Provisions
Now that vacancy has been defined, the vacancy condition can be stated. If the building where loss or damage occurs has been vacant (see definition above) for more than 60 consecutive days before the loss:
- the insurance company will pay NOTHING if the loss was caused by vandalism, sprinkler leakage, glass breakage, water damage, or theft (including damage from attempted theft).
- the insurance company will reduce any loss amount by 15% if the claim is due to any Covered Cause of Loss not listed above.
Vacancy Permit
When vacancy does occur, many companies, for an additional premium, will add a provision (sometimes called a Vacancy Permit). This form changes the policy wording so that it provides coverage for the property during specific time periods when the applicable premises are vacant.
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Certificate of Insurance
August 12, 2018
Certificate of Insurance
Document issued by an insurance company or broker. The primary purpose of the certificate of insurance (COI) is to provide proof of coverage to interested third parties. Upon request by the insured, a valid certificate is sent by the broker or the insurer directly to the interested third party. In most cases, the certificate comes in one of two industry standard forms:
- Acord Form 125 or the Certificate of Liability Insurance
- Acord Form 124 or the Certificate of Property Insurance
