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...ufacturing plant. The insured, a swimming pool subcontractor, did not have coverage f...loss, and then subrogated against the pool contractor. Finding for the plainti...

... higher than $1 ,000 are common today, ISO has removed the special limit of $1 ,000. • &# 160HO 04 43 Replacement Cost Loss settlement For Certain Non-Building Structures On The Residence Premises Endorsement This optional endorsement will now provide replacement cost for swimming pools, therapeutic baths and hot tubs that are "inground" or "semi-inground,: with walls and floors made of reinforced masonry, cement, metal or fiberglass. • &# 160HO 04 95 Water Back-Up And Sump Discharge Or Overflow ISO has removed the ... 5 ,000 limit, replacing it with a schedule to provide selected limits of $10,000, $15,000, $20,000 or $25,000. • &# 160HO 05 43 Residence Held in Trust This endorsement is being replaced by HO 06 15 Trust Endorsement, allowing the policy to be issued in the name of the grantor (in most cases, the owner and resident of the home before the trust was established), rather than the name of the trust. • &# 160HO ... use by small children. The policy now states that the motor vehicle exclusion does not apply off premises for a vehicle "designed as a toy vehicle for use by children under seven years of age, powered by one or more batteries and not built or modified after manufacture to exceed a speed of five miles per hour on level ground" . So, thankfully, now extends coverage to these toys - unless Dad "soups it up" to go more than five miles per hour! • &# 160Expected or Intended Injury The ...

... proper coverages to meet the standards of contracts required by the client. The client, a general contractor, reported a loss arising from the work of the insured. The loss resulted in discontinuation of underground utility service to a major manufacturing plant. The insured, a swimming pool subcontractor, did not have coverage for the underground property damage. The insurance carrier for the general contractor responded to the loss, and then subrogated against the pool contractor. Finding for the plaintiff-who subsequently found another insurance-related resource: his agent's E&O policy ... These cases continue to occur, and the failure to obtain the proper coverage represents over 50% of the losses reported to our E&O carriers. They even exceed the secondary category of claims source: Failure to obtain any coverage. Case No.1: Failure to Obtain Any Coverage The insured instructed the agent to review his coverages and determine if he was adequately protected from loss arising from having to move his premises after a loss. Sounds a bit like a piece of coverage called Time Element, doesn't it? The loss occurred ... indicating that the insured had all the proper coverages to meet the standards of contracts required by the client. The client, a general contractor, reported a loss arising from the work of the insured. The loss resulted in discontinuation of underground utility service to a major manufacturing plant. The insured, a swimming pool subcontractor, did not have coverage for the underground property damage. The insurance carrier for the general contractor responded to the loss, and then subrogated against the pool contractor. Finding for the plaintiff-who subsequently found another insurance-related resource ...

... agent to find appropriate coverage for his fur-cleaning firm. Unfortunately, the agent did not obtain insurance covering the bailee exposure that comes with cleaning and storing valuable fur items. Result: Finding for the plaintiff (the insured) . Case 2: The insured, a swimming pool subcontractor, required General Liability and other coverages to maintain his business relationships with his clients (general contractors) . A Certificate of Insurance was issued to a general contractor indicating that the insured had all the coverages required by the general contractor's contract. The general ... reported a loss arising from the insured's work. The loss resulted in discontinuation of underground utility service to a major manufacturing plant. The insured did not have appropriate coverage for the underground property damages. The general contractor's insurance carrier responded to the loss, and then subrogated against the insured. The insured then sued the agent. Result: Finding for the plaintiff (the insured) . Failure to obtain proper coverage accounts for more than 50% of all losses reported to E&O carriers. A similar, but slightly different, ... is the failure to obtain requested coverage, which accounts for 20% of such claims. Here are a couple of examples: Case 3: The insured instructed his agent to review his insurance and determine whether he was adequately covered for the consequences of having to move his premises after a property-insurance loss. (Doesn't this sound a bit like Time-Element coverage?) A loss occurred, but Time-Element coverage had not been purchased, so extra-expense monies were not in place to hire the mover, lease the new location, put in the ...

...sured). Case 2: The insured, a swimming pool subcontractor, required General Liabi...