Ask Tim

​Photo: "new Teen driver girl" by Carissa Rogers. Used under a Creative Commons Attribution 2.0 license.Question from a member: On a personal auto application for one of our carriers requests information on all residents in the household, including young children. This insured was written in November, 2002 in our office listing the husband, wife and two children. In June, 2008, one child became a licensed operator; they did not call to inform our agency. The carrier did not add this child or send out any type of questionnaire, but knew this child's name and date of birth from the original application. The policy renewed in November,…

​Any agency that sells commercial liability insurance (that is, pretty much all of you) gets requests from its clients to name some person or organization as an additional insured. I've said it before and I'll say it again - America used to be a country where everyone dreamed of being rich; now it's a country where everyone dreams of being an additional insured.When someone is an additional insured on a liability insurance policy, the insurance carrier is assuming some of their loss exposures. Consequently, underwriters rightly want to know why they should provide coverage for these parties. To make it easier for you to give them…

​ Photo ​by Staff Sgt. Sharida Jackson, U.S. Air ForceUsed under a Creative Commons Attribution 2.0 license​Ever since Tropical Storm Ida dumped huge amounts of rain on the New York City area earlier this month, we've been receiving questions from members about insurance coverage for water damage losses. Unfortunately, homeowners insurance will not cover most of these losses. This seems like a good time to remind you that New York State law​ requires insurers to inform their homeowners and dwelling policyholders that their policies do not cover flood damage, and that coverage is available from the National Flood Insurance Program. Some of the insurers you represent may…