March 6, 2014 / by KMRD Partners / Insurance Coverage, One Minute From Normal Series / 0 comments
As this video shows, many workers’ comp fraudsters deceive their employers and the US taxpayer in a blatant, purposeful manner. Some individuals file false or inflated claims out of ignorance, however, due to a lack of information and knowledge regarding insurance fraud. They simply do not realize the seriousness of their offenses. To help clear […]
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Hall of Shame – No Products Liability Coverage For No Reason
August 4, 2014 / by KMRD Partners / Coverage Hall of Shame, Insurance Coverage / 0 comments
This scenario represents an actual coverage flaw in an insurance program of a well run, profitable business. The General Liability program of a manufacturer included the following endorsement: The company’s website defined their target market to include the Medical, Satellite, and Aerospace Industries! It was later discovered that client was aware of this gap in their […]
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Hall of Shame – Sprinkler Warranty on the Policy of an Insurance Agent’s Tenant?
August 4, 2014 / by KMRD Partners / Coverage Hall of Shame, Insurance Coverage / 0 comments
This scenario represents an actual coverage flaw in an insurance program of a well run, profitable business. A tenant occupying a 5,000 square foot office suite in a 100,000 square foot 3-story building purchased an insurance policy including the following requirement: What did the “Schedule above” obligate this small tenant to maintain?… The sprinkler system was […]
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Hall of Shame – No Information Risk / Cyber Liability Coverage – No Insurance Coverage Quality Control Process
August 4, 2014 / by KMRD Partners / Coverage Hall of Shame, Insurance Coverage, Risk Control / 0 comments
This scenario represents an actual coverage flaw in an insurance program of a well run, profitable business. The following endorsement appeared on a policy designed to protect a company from cyber and information related risks. This endorsement clearly indicated there was insurance coverage for technology services. However there was no coverage for their Telecommunications Services. The client’s […]
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No Coverage for Work in Excess of 35 feet – Insurance Coverage Quality Control HALL OF SHAME
August 4, 2014 / by KMRD Partners / Coverage Hall of Shame, Insurance Coverage / 0 comments
This scenario represents an actual coverage flaw in an insurance program of a well run, profitable business. General liability and umbrella policies for contractors included endorsements removing coverage for work on buildings in excess of 3-stories or 35 feet. The client just finished explaining they were working on the top floor of a building similar to the […]
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Hall of Shame – Home Run Gone Wrong / No Auto Liability Coverage / No Insurance Coverage Quality Control
August 4, 2014 / by KMRD Partners / Coverage Hall of Shame, Insurance Coverage / 0 comments
This scenario represents an actual coverage flaw in an insurance program of a well run, profitable business. A mobile allied health firm in the business of retrieving blood and urine samples from patients at their homes reimbursed their nurses for the use of their personally owned vehicles throughout the business day. An unfortunate catastrophic accident […]
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Hall of Shame – No Coverage for Waterborne Equipment
July 27, 2014 / by KMRD Partners / Coverage Hall of Shame, Insurance Coverage / 0 comments
This scenario represents an actual coverage flaw in an insurance program of a well run, profitable business. An agent sold the standard form to a company using their equipment on, around and even within bodies of water. Here is an excerpt from the policy removing coverage: The agent and the underwriter intended to cover the […]
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Hall of Shame – Injury to Independent Contractors Exclusion Creates Severe Coverage Gap
July 27, 2014 / by KMRD Partners / Coverage Hall of Shame, Insurance Coverage / 0 comments
This exclusion removes coverage for any work done by an independent contractor: Here is an outline of an everyday exposure for a typical (ABC) company that utilizes subcontractors (as you know, there are not many companies who do not use a subcontractor in some capacity): This exclusion removes coverage for any claims arising out of […]
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The Importance of Drug Testing
March 19, 2014 / by KMRD Partners / Insurance Coverage, One Minute From Normal Series / 0 comments
From 2010 to 2012, after several years of decline, heroin-related overdose deaths increased 84% in New York City, according to NYC Health Department statistics. The federal Drug Enforcement Administration reports heroin seizures in New York State have increased 67% since 2010. While New York City has long been the hub of the US heroin […]
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Workers Compensation Insurance Fraud is Real
March 13, 2014 / by KMRD Partners / Insurance Coverage, One Minute From Normal Series / 0 comments
At our website www.oneminutefromnormal.com we ask visitors the question: What if an unscheduled event suddenly seizes control of your business? Are you ready? For businesses, workers’ comp insurance fraud can be the most common type of insurance fraud. Like all insurance fraud, it results in increased premiums for all companies. It also undermines employee morale, […]
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Ignorance and Workers’ Comp Fraud
March 6, 2014 / by KMRD Partners / Insurance Coverage, One Minute From Normal Series / 0 comments
As this video shows, many workers’ comp fraudsters deceive their employers and the US taxpayer in a blatant, purposeful manner. Some individuals file false or inflated claims out of ignorance, however, due to a lack of information and knowledge regarding insurance fraud. They simply do not realize the seriousness of their offenses. To help clear […]
Read more