A manufacturer had multiple experiences of missing inventory and suspects an employee may be involved. Which coverage would a broker recommend for future occurrences?
A group of stockholders is bringing a class action lawsuit, stating that the finances of the corporation in which they hold stock are being mismanaged. Which policy would likely respond to such a lawsuit?
Helen, an agent for a marine insurer, is reviewing the renewal policy of her freight forwarding account. The firm has just expanded its operations to include United States exposure. Helen advises that a modification will be needed on both the current policy term and the renewal policy term. What is her reasoning to perform changes on both terms?
What is governed by the Personal Information Protection and Electronic Documents Act (PIPEDA)?
How is a party treated when added to a liability policy as an additional named insured?
A broker is using their prior market knowledge to place a risk with an insurer who accepts luxury log cabins. Which insurer aspect is the broker considering?
An insured who owns a factory had a major loss. A pressure vessel ruptured due to a faulty safety valve, causing water escape, that resulted in significant water damage. The insured is covered by two insurance policies. Which policy will cover this loss?
A real estate investment trust is a long-term client of Best Brokerage. The REIT intends to tear down one unused warehouse and build an apartment in its place. The risk manager requests insurance coverage for the project, wants to avoid a significant increase in premium, and does not want to include cost overruns.
a) Briefly discuss how the limits of insurance of this project will be determined, and what type of costs are included in the limit.
b) Should the risk manager exclude cost overruns from the limit of insurance? Explain your answer.
Graham works at a brokerage where responsibilities are divided among the staff. His daily work consists of analyzing quotations and creating client proposals. What is his role?
Peter, a broker, has been approached by a new client, Western Grocers Inc., an import-export company that distributes wholesale meats and seafood. The company has a main operating warehouse where a wide variety of products are stored. The company’s president is concerned that the property insurance premiums are too high. She wants to remove the equipment breakdown coverage from the policy to save money. Discuss the information Peter would provide to the president regarding the need for an equipment breakdown insurance policy.
After examining an organization's financial statements and accounting records, a broker decides that they would like to take the company on as a client. What did the broker determine during their examination that helped make this decision?
A broker is emailed by a prospect looking to cover his three stores that do not hold title to any goods, and can never be held contractually responsible for those goods. What type of stores are these?
What type of property would be covered by mercantile stock burglary coverage under a crime insurance policy?
A broker is reviewing a client's risk profile. The client commonly sends their employees on international trips to source rare goods, which are often found in unstable parts of the world. The broker recommends a kidnap, ransom and extortion policy. Which type of client is this?
Which exclusion on the contractors' equipment floater applies to loss or damage caused by breaking through ice or sinking in soft ground?
Angie is frustrated with her insurer as she recently had a mysterious disappearance claim that was denied under her commercial property policy. Why was Angie likely denied her claim?
A company that owns several large coal mines is sent a letter of notification from its insurer, stating that policy coverage will be more restrictive going forward, particularly regarding pollution. Why would the coverage become more restrictive?