Ask Tim

​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…

​As I write this, Tropical Storm Henri​ is aiming at Long Island. With more than three months left in the traditional hurricane season, this seems like a good time to bring up the subject of flood insurance.The Insurance Information Institute has two good pieces that you can use to educate your clients (and yourselves, if you don't feel like you're up to speed on flood coverage):In case of a flood​Facts about flood insuranceThese can be useful for raising your clients' awareness of the threat posed by flood waters and the lack of coverage under personal and commercial property policies.We also have links to a number…