https://completemarkets.com/Article/article-post/227/Emerging-E-O-Loss-Exposures/
...wnership of such property to adult children to reduce estate taxes or qualify ...n using the carrier. If you go ahead, carefully document your file with writte...
https://completemarkets.com/Article/article-post/1324/GENERAL-CUSTOMER-QUESTIONNAIRE/
...t a new business II. We expect a child in _____ (month) We had a child in _____ (month) Name ____________...penalized at time of loss. AUTOMOBILE Expiration Date______ Types o...
https://completemarkets.com/company/CompleteMarkets/Articles/content-package/IMMS-Library/TabCategory/article-post/227/Emerging-E-O-Loss-Exposures/
... aren't amended so both the trust and the individual(s ) who have formed the trust are listed as co-named insureds, there will be a serious problem if there's a property or personal liability loss. This is also true if a parent passes ownership to an adult child. Both people need to tell their insurance professionals about the changes and make sure their own insurance policies recognize both property and liability exposures. If investment or business property is involved, any Business insurance policies should be amended, too. The matter gets complicated because ... (Personal and Business Auto), D&O Liability, Umbrella & Excess Liability, Employment Practices, home-based businesses, intellectual property exposures, and company solvency issues. Everyone at every agency should keep "due diligence" and "awareness" in mind while taking care of clients. Agents, like other professionals, must demonstrate their knowledge and skill. The technical and complex nature of insurance raises the standards they must meet. Breaching their duty in a way that injures a client could make the agency liable for the damages. ... This means that, as they write new and renewal policies, process changes, and interact with clients, insurance professionals must be aware of problems that can arise. OWNERSHIP TRANSFER For example, let's take a look at transferring ownership of homes, personal property, and automobiles to trusts. Many older people cede ownership of such property to adult children to reduce estate taxes or qualify for Medicaid. However, Personal Lines contracts don't include trusts in their definition of "insured," and they don't recognize legal entities. They're written to ...