• Many people rent boats; even with a watercraft policy, there may be no coverage for rentals.
• Never use a boat that is not equipped with fully operational safety equipment onboard. At a minimum, any boat should contain life preservers for all occupants, a well-stocked first aid kit, powerful flashlight, two-way VHF radio, fire extinguisher, flare kit, and a local area water chart. Large boats should also contain additional lines of varied size and an inflatable lifeboat.
• Never exceed the passenger capacity recommended by the manufacturer.
• Always keep all owners manuals onboard.
• Take a boat safety and operations course, sponsored in many communities by the U.S. Power Squadron or the U.S. Coast Guard.
• Jet skis and other similar recreational water vehicles can be very dangerous and they can require separate insurance policies. Owners should also consult their insurance agent to make sure they have adequate liability coverage to protect them, especially if they regularly ride tandem or if they injure others in an accident.
• Children should never ride a jet ski.
• Never use a jet ski in foul weather.
• Strictly follow all safety guidelines and make sure anyone driving the vehicle knows exactly how to operate it and shut it off.
• Take care and understand the risks in storing and transporting jet skis. Standard homeowners and auto policies will not cover theft of the water vehicle from a trailer.
• Operators should use caution when
renting a jet ski and know their re-
sponsibilities. Always consult an
agent to fully understand liability ex-
posure and coverage in this situation.
• Summer sun glare is an issue for all drivers of any kind of vehicle, and particularly for senior citizens whose eyes and/or prescription glasses can’t easily accommodate changes in light. Unexpected glare can cause serious accidents. Drivers should be prepared by always keeping glasses, visors, or other sun shields in their vehicle, especially if traveling near or on the water.
• Never operate any vehicle under the influence of alcohol, certain prescription drugs, or fatigue. Obey all traffic laws and maintain safe driving habits.
• Hosts should make sure they and party guests follow all parking rules and ordinances, especially in residential neighborhoods.
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and your agency’s future, at risk by skimping on CSR education.
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Vol. 20 No. 8
Many of your insureds, if they think about personal umbrella policies at all, probably think of them as something that only rich people buy, particularly in the current economy. After all, umbrella policy limits typically run in the $1 million to $10 million range. Most people can’t imagine needing that level of coverage. But realistically, it’s not that difficult to do a million dollars worth of damage. For example, in an auto accident, the insured could seriously injure a family of seven riding in their van or hit a commuter train – making the insured responsible for some pretty hefty medical bills. One unextinguished campfire or cigarette casually tossed into the underbrush can lead to a disastrous wildfire that damages property and injures many people.
The CSR Advisor
• Intentional acts • Vendorsendorsements
A CONTINUING EDUCATION SERVICE FOR INSURANCE PROFESSIONALS
I
• Number of uninsured motorists may climb
NDUSTRYINSIGHT
February 2009
• Whopayslegalcosts?
P A T M
• Sleep and job performance
Who needs a personal umbrella?
Umbrella policies vary from insurer to insurer, but most share common elements with Insurance Services Office’s (ISO) umbrella, which our discussion focuses on.
ROFESSIONAL GRO W TH LOOK AT THE LAW ES T YOUR KNO WLEDGE ON THL Y QUIZ
• Is allowing minors to drink an occurrence?
In This Issue:
OVERAGENOTES
If a court orders the insured to pay damages, the insured has to pay, even if the amount exceeds his or her homeowners or auto policy limits. That could leave the insured in a huge financial mess. Personal umbrella policies are designed to protect the insured against catastrophic losses by providing additional limits for occurrences covered by an underlying primary policy, such as the homeowners, personal auto, or watercraft policy.
C
• Personal umbrellas
• Theimpaired
property exclusion
• Commercial inland
marine
In some cases, the umbrella policy provides broader coverage
than that offered in underlying policies. The policy pays damages
for bodily injury, property damage, or personal injury for which an
insured becomes legally liable due to a covered occurrence. There
are a number of exclusions that apply – expected or intended injury,
except the use of reasonable force to protect people or property;
injury arising out of the insured’s business; war; communicable
diseases; bodily injury that should be covered by workers compen-
sation; and others. Still, there are typically fewer or less restrictive
Excess and drop-down coverage
S P TANDARD UBLISHING
© 2009 by Standard Publishing Corporation. The CSR Advisor (ISSN #1044- 9884) is published monthly by the John Liner Organization, a division of Standard Publishing Corp., 155 Federal Street, Boston, MA 02110. Subscriptions: $197/year plus S&H United States and U.S. possessions; $256.10 plus S&H in Canada and elsewhere. Periodicals postage paid at Boston , MA, and additional mailing offices. POS TMAS TER: Send address changes to The CSR Advisor, 155 Federal Street, Boston, MA 02110.
Continued on page 2
Board of Editorial Advisors: Virginia M. Bates, Co-founder, VMB Associates, Melrose, MA; Elise Farnham, ARM, AIM, CPCU, CPIW, RPA, President, Illumine Consulting, Atlanta, GA; Jill H. Gidge, CPCU, CIC, AAI, CPIW, President, Insure-Ed., Nashua, NH; Russell Granger, President, Insurance Learning Systems, Easton, MD; Jean Lucey, Librarian, Insurance Library Association of Boston; Irene Mor-rill, CPCU, CIC, CRM, ARM, LIA, CPIW, Director of Technical Affairs, Massachusetts Association of Independent Agents, Framingham, MA; Mark J. Rolland, President, Society of Certified Insurance Service Representatives, Austin, TX; Cynthia Ziegler, CPCU, ARM, AAI, CPIW, Executive Director, Casualty Actuarial Society, Arlington, VA.
16 JULY 29, 2010 • THE INSURANCE RECORD
In this ever-changing insurance marketplace, your CSRs are required to know more than ever before… respond to greater demands from clients… and to do it all while providing superior customer service.
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