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Loss limit policies insure property on an occurrence basis to a limit of the probable maximum loss rather than an actual total property value. If a manufacturer has ten locations in ten states each valued at three million dollars including contents, the probable maximum loss might be three million dollars. No one storm, earthquake, or fire will destroy any two in one occurrence. If all ten locations are within a mile of the east coastline, a hurricane might destroy several plants, for a probable maximum loss of, say for example, nine million dollars. In the first case, the policy limit might be four million, in the second, maybe ten rather than thirty million. This method of valuation provides insurance for very high value risks or when some portion of the risk is hard to reinsure. Reinsurance is a spread of risk system for all insurance companies. For very high value risks, sometimes it is not possible to reinsure the total value of property. Insurers and reinsurers each have a maximum limit per loss. Windstorm, flood and earthquake hazards can be difficult to insure. Insuring all locations with a single maximum loss is a way to get some insurance for all locations. Loss limit policies tend to be more expensive because total losses are theoretically many more times as likely. Co-insurance became popular with insurance companies because insureds only wanted to buy enough insurance for the probable maximum loss on a single property. Loss limit policies can be viewed as total protection without a coinsurance clause. The insurance underwriter goes into the process with eyes wide open about pricing each occurrence for ten potential first dollar losses or one catastrophic loss. The principles of spread of risk and actuarial loss prediction remain constant but apply differently. If you have a portfolio of properties spread geographically, with perhaps a few in hurricane or earthquake zones, review your loss limit options.

Although you have insured the business property on your premises, this protection does not extend off site - unless you carry Inland Marine insurance. This type of policy goes back as far as the 17th century when Lloyd's of London extended coverage on ship cargos beyond ocean voyages to their final destination "inland." Today, Inland Marine covers the property of a business when it's in transit - or stored at a location away from the premises - as well as the property of third parties that's held on the premises. Because this property is essentially "floating," these policies are also known as Floaters. Inland Marine coverage would apply in such scenarios as: A truck carrying designer handbags for an upscale department store is hijacked at a rest stop. A hailstorm damages bulldozers on a machinery dealer's lot. A fire at a dry cleaners scorches customers' clothing. A defective sprinkler system in a "big box" store warehouse soaks dozens of TVs. You can buy Inland Marine insurance on either a "named peril" basis (which lists the specific risks covered) or as an "all risk" policy (which covers losses from all causes not specifically listed). This coverage can provide valuable protection for the mobile or moveable property of almost any business, large or small: everything from camera shops and computer manufacturers through building contractors and jewelry stores to museums/art galleries and trucking companies. As Business Insurance professionals, we can tailor a comprehensive Inland Marine policy to the needs of your company. Feel free to get in touch with us at any time.

Many companies do not know exactly what intellectual property (IP) they may own, while others are uncertain how to protect and maximize these valuable assets. When someone infringes on your IP, it may dilute the ability of consumers to associate your company as the source of your goods and services. To protect your company, it is important to first understand what is typically included as intellectual property. Generally, it involves a creation of the human mind, such as an invention, literary work or musical composition. The different areas of IP law include trademark (such as service mark, trade dress and trade name), as well as copyright, patent and trade secret. Why it is Important to Register Your IP While some intellectual property, such as a trademark or copyright, can be valid and protectable even if it is unregistered, registration offers important and key benefits. Registering a trademark or service mark with the United States Patent and Trade Office (USPTO) serves as constructive notice to the public of your claim of ownership of the mark. An owner who has successfully registered his mark with the USPTO also receives the following: An incontestable right to use the mark under certain conditions. A rebuttable presumption of the validity of the mark, the registrant’s ownership of the mark, and exclusive right to use the mark in commerce. The ability to seek costs, attorney’s fees, and treble damages (or three times the actual amount of financial losses) in infringement lawsuits. The destruction of the infringing articles. The ability to litigate in federal court. How to Register Your Trademark and Service Mark You can file an electronic application to register your company’s intellectual property. The Lanham Act governs federal trademark registration and allows trademark and service mark owners to pay a fee (typically $325) and file an application and verified statement to the USPTO. Applicants must state when they first used the mark in commerce and include a description of the goods that the mark is connected to, along with a drawing of the mark. In the verified statement, applicants must also state that they believe they are the owner of the mark, that the mark is used in commerce and that no other person has the right to use the mark. How to Register Your Copyright Copyright owners who register their work with the United States Copyright Office also receive significant benefit in any subsequent judicial proceeding. A certificate of copyright registration constitutes prima facie evidence of the validity of the copyright and of the facts stated in the certificate. Copyright owners who register their works can also potentially receive statutory damages from an infringer. Copyright owners can apply online to the United States Copyright Office to register a copyright. The application requires a $35 filing fee and the applicant to provide: name and address, title of the work, the year in which it was created and other preparation and identification information. [According to the USCO website, processing time for an e-filing is generally eight months.¹] How to Register Your Patent Patent applications are more complicated than trademark or copyright applications and are often filed by registered patent attorneys experienced in the patent drafting and filing process. A patent applicant must pay a fee (these fees range in amount) and produce an oath, a drawing of the invention and a “specification.” Applicants must state in the oath their country of citizenship and that they believe they are the first inventor of the process, machine, manufacture or improvement. The specification must contain a written description of the invention and the manner and process of making and using it in a full and clear manner. The specification also must contain one or more “claims” that point out the specific subject matter that the applicants regard as their invention. Using Written Agreements to Your Advantage Using, adhering to and enforcing various written agreements can help your company protect and profit from its Intellectual Property (IP). No agreement can accomplish everything but here are some to consider for advancing your IP portfolio. Non-Disclosure Agreements (NDA): An NDA, or confidentiality agreement, can help keep proprietary or trade secret information private. Among other details, it should plainly state who owns the IP rights associated with the product or service, and who has the right to enforce those IP rights. Non-Competition Agreements: A non-competition agreement can help lessen the risk that a vital employee will take critical information, such as processes, customer lists or formulas, to a competitor or a start-up company. Employment Contracts: When an author, artist or designer is an independent contractor or creates work outside the scope of his or her employment, a carefully drafted contract can eliminate potential conflicts by clearly, and broadly, defining the person’s scope of employment and assigning all IP rights generated from his or her work to the employer or hirer. Licensing Agreements: In a license, one entity grants another permission to use IP rights(s) within a defined time, market or territory. Typically complex, these agreements may contain provisions related to exclusivity, transferability, revocability and warranties. Download the White Paper on How to Protect and Maximize Your Company's Intellectual Property > Get Technology Resources that Can Help You Turn Risk into a Business Advantage > Source: ¹ http://copyright.gov/eco/