https://completemarkets.com/Article/article-post/2085/HIDDEN-LIABILITIES-IN-MERGERS-AND-ACQUISITIONS/
...hases and subsequently sells a construction company which has been involved in...carefully examine the potential for liability and weigh the possible risks tha...
https://completemarkets.com/Article/article-post/793/Understanding-And-Using-The-Services-Of-Program-Administrators/
...staurants, taverns, or certain construction trades, but I don't consider these...effort. And, unlike the wholesale or Excess & Surplus Lines facilities, PA...
https://completemarkets.com/company/CompleteMarkets/Articles/content-package/IMMS-Library/TabCategory/article-post/657/Reading-Contracts-For-Insureds-Guidelines-And-Sample-Disclaimer/
... by reading or reviewing a contract can quickly bring an agent to the verge of litigation, consider this incident: The agent insures several large contractors, and reviews contracts for them on a regular basis. In an unfortunate oversight, the agent failed to notice that one construction contract his insured had signed required limits of $20 million. The insured carried $10 million limits. Two weeks after the job began, the risk manager for the building owner called the contractor to notify him that the Certificate of Insurance the agent had sent ... inadequate limits, and that work must stop immediately until adequate limits could be obtained and verified. The contractor immediately called the agent, who was totally embarrassed by the oversight. Later that same day, the agent was able to obtain the additional $10 million excess quote for approximately $8 ,000 premium. The contractor was then angry that the additional premium was essentially going to have to come out of his profit on the job, since he hadn't figured this additional cost into his bid. He told his agent that he ... to discuss any insurance requirements of the contract with your attorney, if desired. In performing this review, our Agency is not providing legal advice or a legal opinion concerning any portion of the contract. In addition, our Agency is not undertaking to identify all potential liabilities that may arise under this contract. This review is provided for your information, and should not be relied upon by third parties. Any descriptions of the insurance coverages are subject to the terms, conditions, exclusions, and other provisions of the policies and any ...
https://completemarkets.com/Article/article-post/657/Reading-Contracts-For-Insureds-Guidelines-And-Sample-Disclaimer/
...gent failed to notice that one construction contract his insured had signed re...o any of the following:
1. Admit liability;
2. Participate in any settleme...
https://completemarkets.com/Article/article-post/971/AVOIDING-ADVERSE-LEGAL-DECISIONS/
...settlement. If these payments are excessive, they can seriously hamper agency ... financial assets of the agency from excessive valuation demands and/or attorn...
https://completemarkets.com/Article/article-post/2800/Best-Insurance-Plans-That-Protect-Large-Scale-Contractor-Operations/
...Scale Contractor Operations
Construction firms managing multi-million dolla...iscovered when a claim is filed and liability is contested between parties.
Fi...
https://completemarkets.com/company/CompleteMarkets/Articles/content-package/IMMS-Library/TabCategory/article-post/2085/HIDDEN-LIABILITIES-IN-MERGERS-AND-ACQUISITIONS/
... benefits areas the merging of workers compensation programs. The historical liability exposures, attitudes, and protections available will not be equivalent or applicable to new situations. The following situations should illustrate the potential complexity of this area. Situation 1 A conglomerate purchases and subsequently sells a construction company which has been involved in building municipal stadiums and arenas. After the sale by the conglomerate, a defect is discovered at a prior location-the construction of which occurred before the purchase of the company by the conglomerate. The replacement costs resulting from necessary repairs as ... legal action. Contractual And Joint Venture Undertakings All corporations need to recognize that hold harmless agreements or joint venture agreements may involve potential loss (not normally assumed to exit) for the following reasons: 1) Joint venture liability is not automatically protected under a primary or excess liability policy. 2) Hold harmless and indemnification agreements are only as good as a) enforceability permitted in the jurisdiction of a suit, and b) the financial guarantees of the indemnitor. 3) Contracts are written from different points of view and with varying ... have thousands of articles, checklists, tip sheets, sales letters, and more! Communications Marketing Customer Service Planning Finance/Accounting Risk Management Human Resources Selling Legal and E&O Technology Life/Financial Services Glossaries Management Resources & Links Categories Popular Recent All Back Hidden Liabilities In Mergers And Acquisitions 4/30/2013 10:43:49 PM by CompleteMarkets Editor , Arthur Parry This content has not been rated yet. &# 160 HIDDEN LIABILITIES IN MERGERS AND ACQUISITIONS by Arthur Parry Increased financial benefits coupled with regulatory restrictions have ...
https://completemarkets.com/company/CompleteMarkets/Articles/content-package/IMMS-Library/TabCategory/article-post/793/Understanding-And-Using-The-Services-Of-Program-Administrators/
... insurance submission-say, the underwriting of a specialty class of business requiring expertise in exposure analysis, or rates and forms that deviate from normal terms and conditions to satisfy the customer's insurance needs. One often hears of a specialty program formed for restaurants, taverns, or certain construction trades, but I don't consider these specialty programs because an abundance of standard and nonstandard insurance companies will compete for this business with standard forms and rating criteria. In a genuine specialty program, only a limited number of insurance companies have: The understanding or desire ... specialty applications) to underwrite and compete for the business properly. PAs will attend conventions and generally ask their agents to man the booths with them. Sharing association endorsements with the producer is another way to share in a marketing effort. And, unlike the wholesale or Excess & Surplus Lines facilities, PAs pay more commission to the producer. Before devoting time and energy to a program, the producer should ask the PA what his or her renewal retention has been for the past three years. A stable and profitable program will have ... renewal ratio of around 90% . There are many ways of finding a PA. Most programs are listed in periodicals such as Rough Notes and the Crittendon Report, and most advertise in trade journals. Talk to the marketing representatives of your standard insurance companies. In our program, Travelers marketing and underwriting personnel are familiar with the specialty products offered by the Gulf Insurance Group. The use of PAs will add to the profits and retention of your business. Thomas S. Gillingham is president of Gillingham & Associates, Inc., ...
https://completemarkets.com/Article/article-post/986/Preserving-Agency-Value/
...t of business in non-admitted and excess markets or through the pool. Agencies...