Costly Mistakes and Errors & Omissions Coverage for Architects and Engineers

Architects and engineers shoulder a tremendous amount of responsibility in the planning, designing, and implementation associated with constructing new buildings. One small miscalculation can throw the entire project into a tailspin, resulting in angry clients who may decide their only course of action is to engage those they hold liable for delays, errors, or non-completion of the project with what may ultimately be a costly lawsuit.
Architects and engineers errors and omissions (E&O) insurance will help to cover the company, or the individual, in the event that a client decides to sue, based on their belief that a service that was contractually promised was not delivered, or that it did not have the expected results. For architects or engineers, this is commonly referred to as a “professional liability” policy.


What exactly does E&O insurance cover?


Most E&O policies cover judgments, settlements and defense costs. Even if the allegations are found to be groundless, enormous sums of money may be needed to defend against the lawsuit. This could decidedly bankrupt a smaller company or individual and have a lasting effect on the bottom line of larger companies, not to mention the often-irreversible damage to a firm’s reputation. In short, this coverage provides protection in the event that an error or omission is deemed to have caused a financial loss for a customer or client.


Who needs E&O insurance?

This coverage is not restricted to architects and engineers alone. The range of individuals that may benefit from coverage includes doctors, lawyers, advertising agencies, commercial printers, Web hosting companies, and even wedding planners. Any business that provides a service to clients for a fee risks the likelihood of having some type of E&O exposure.


How serious is the need for coverage?

Because everyone is capable of making mistakes, even with the best, well-trained employees, and the best risk management practices in place, mistakes are still likely to occur. For example, a freight forwarder sends a shipment to the wrong city and it is a time sensitive shipment and their client ends up losing a sale or a customer, they will be expecting that the company they entrusted with this task will pay the loss.


By not purchasing architects and engineers errors and omissions insurance, a company can be taking a serious financial risk. These types of losses are not covered under a general liability policy, and choosing the right policy may require the help of an experienced insurance agent.

Forming a Captive and Utilizing Captive Consulting

There are many reasons for forming a captive insurance company, but in most instances they are formed by a company or business entity as a way to insure the risks of its parent corporation. There are circumstances when insurance cannot be purchased from commercial insurance companies for a particular business risk. When these situations exist, companies within an industry will decide to form a joint captive insurance company for this exact reason. But it can be tricky, and without knowledge of how to properly form a captive it is suggested to hire someone knowledgeable in captive consulting.

For example, premiums paid to a captive insurance company are deductible as a business expense for tax purposes, according to the Internal Revenue Service. However, sums set aside in a self-insurance program are not deductible as a business expense. This could be a costly error on the part of the business partners not engaging in a captive.

Failure to implement a sound business plan could result in a catastrophic occurrence, or series of occurrences, which could bankrupt the company, which further illustrates why forming a captive may be the feasible alternative.


Reasons for forming a captive insurance company


  1. Mitigating risk reduces exposure

Captives allow the business partners to structure the type and amount of risk they wish to retain. This may include risks that are currently uninsurable or insurable only at prohibitive costs.

  1. Improving cash flow is a vital resource

Maintaining control of premium payments and directing the management of those funds according to the investment strategy accomplishes this. This will maximize the yield on the portfolio commensurate with risk and allows the company to structure the maturities to meet their cash flow requirements.

  1. Stabilizing price fluctuations

Captive insurance may also stabilize risk management costs. By insuring through a captive, premiums are determined by the loss experience of the company, rather than the experience of a peer group, whose loss ratios may be much higher.

Captive consulting is an essential way to correctly form a captive in order to minimize costs, bypassing commercial brokers and retaining underwriting profits and investment income. This allows those within the captive to share costs within a group fund of industry associations or captive subsidiaries without multi-corporate structures, and consolidate coverage and centralize administrative support.

Helping an Auto Keep Its Cool in the Summer

Drivers must realize that beyond purchasing Killingly CT car insurance, there are other things to consider that keep the car and its occupants safe. For example, when the mercury rises near or into the triple digits as it tends to do on hot summer days, radiators work overtime to keep automobiles literally from blowing their top. Those who want to keep their wheels on the road are wise to keep an eye on the temperature gauge on the dashboard and check the fluid levels frequently, including the coolant level—topping things off whenever they are low. One thing that people often do is top off the radiator fluid with plain water. However, by doing this they could be setting themselves up for a problem down the road.

Plain water boils at a temperature of 212 degrees Fahrenheit. By contrast, automotive coolant is designed to raise the fluid’s boiling point to a higher temperature; the cooling system in the auto, which operates under pressure, means that the boiling point is raised even higher. Thus, a vehicle with only water in its radiator will overheat faster than one with a mixture of automotive coolant and water. In the event of overheating it’s necessary to stop driving as soon as possible—pull over carefully and park where it is safe, and let the engine cool off. By continuing to drive, the engine block could actually crack—a fatal blow.

Before getting on the road, look to a professional agency to purchase Killingly CT car insurance. An agent can provide a comprehensive program that is tailored to one’s individual needs. Then take the additional step to go over the car from bumper to bumper, checking all fluids—and in the summertime, that especially means the coolant level. Then go ahead—crank down the windows, open up the sunroof, turn on the tunes and let the good times roll!

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Schools and the Need for Higher Education Insurance

Higher Education Insurance

Higher education insurance can provide a multitude of coverage options designed to help reduce the risks associated with these valuable centers for learning.

Colleges and universities face unique challenges when it comes to risk management. They have to consider faculty, students, staff members and workers among the slew of everyday exposures they face regarding everything from liability issues to property damage, just for starters. Higher education insurance can provide a multitude of coverage options designed to help reduce the risks associated with these valuable centers for learning.


Few other entities have as many considerations when it comes to needing insurance protection. Their concerns are far-reaching, and as broad as everything from employment practices, student safety and vehicle usage on school property issues, to studying abroad with terrorist threat concerns, environmental hazards and also intellectual property issues.Coverage issues consist of property and general liability coverage to employment practices liability and security and privacy coverage, and that’s just the tip of the iceberg.


Being part of a college or university means being part of a dynamic system where the impetus must be to guard and protect the safety and reputations of students and faculty alike, first and foremost. After all, this is where new ideas are born and where we as a community must adapt to evolving technological risks.


Understanding the risks and implementing safety procedures


Institutions of higher learning have to balance these complex exposures with the day-to-day business of educating students. Classrooms represent perhaps the lowest example of where concerns may exist. The focus should be on areas where behavior and attitudes can lead to greater possibilities of injuries or accidents, including:


  • Residential life


  • Fraternities and sororities


  • Students in experiential programs, and


  • Laboratory environments


These represent a small sample of some of the unique risks associated with campuses on a daily basis. Visitors, or outsiders who often target these facilities, can burgle residents knowing that students spend a great deal of time in class and study halls. Fraternities are where the students cut loose and this can be a breeding ground for all types of serious accidents. Labs often contain chemicals and other solvents that can be a hazard for fire, or personal injury concerns. Security measures can go a long way to preventing many unfortunate incidents from occurring.


Institutions also have exposures related to endowments, research grants, behavioral assessment teams and continuity of operations, as a prime example of the variety of challenges that must be considered. Higher Education insurance represents a solution to the issues surrounding these learning facilities and agents are ready and willing to answer any questions or concerns pertaining to coverage options.


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Dentists Med Mal and Implied Standards of Care

Professionals in the medical field are held to certain standards of care, and practitioners of dentistry are held to this same standard. Patients may visit a dentist for something as simple as a cleaning and a check up, or they may need extensive dental surgery, or the amount and type of care may lie somewhere in between. Regardless, they expect that their dentist is a trained and experienced individual who understands the intricacies of the types of procedures they perform and trust that they will provide a safe and productive session. But unforeseen problems can arise, and accidents can occur as well.


What constitutes malpractice?


Malpractice occurs when the dentist’s conduct does not meet the standard care required, thereby leading to personal injuries or, in extreme cases, death. Dentist med mal insurance will protect the dentist in the event that a lawsuit is filed and when a judgment is declared against the dentist or someone working in his or her office.


Contrary to popular belief about malpractice cases, it is not always a botched procedure that leads to litigation. Dental malpractice may also result from the dentist failing to do due diligence, or a lack of attention to other related health problems. Dental negligence and/or malpractice can include any of the following:


  • Insufficient diagnosis or non-treatment of a disease


  • Insufficient treatment of a disease


  • Jaw fracture or other injuries resulting from extractions


  • Infections resulting from treatment or unsanitary tools


  • Improper usage of dental equipment, such as implants, drills and dental lasers


  • Permanent or temporary lingual nerve injury, including tongue and inferior alveolar nerve damage


  • Numbness that becomes permanent


  • Neglecting to inform or update patient on treatment procedure and related risks


  • Marred root canals, implants or dental bridges, and infection resulting from those procedures


  • Osteoradionecrosis following dental extractions in an irradiated jaw


  • Faulty restorations leading to tooth loss, and


  • Improper use of anesthesia causing complications or death


The list of potential concerns for a dental practitioner is extremely long. This merely illustrates the scope of problems that exist for anyone working in the field of dentistry. Any treatment exceeding the scope of consent, or treatment by unlicensed dentists is also grounds for a lawsuit. Negligence on the part of dental professionals, including nurses and assisting attendants can create temporary or sometimes permanent injuries.


With so much inherent risk involved in the daily procedures of dental professionals, comprehensive dentist med mal coverage is certainly something that no dentist should be without.


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Remember Jamzilla? Avoid the Century Crunch!

A lot of the staff at Joomla3 Template work around the globe, but there’s one constant: We’re all tied to California in some way.

I personally remember landing in Los Angeles just in time for something the locals called ‘Jamzilla’. It was horrible. I mean even the ‘regular’ traffic was already horrible. It’s then that I realized why Californians call freeways by “the”. If I was on a road for 1/4 of my day, I’d start revering the stuffing out of my roads too. They deserve to be called “the”.

But I digress.

My colleague is headed out to LA tonight just in time for a horrible construction-related traffic jam called the “Century Crunch” and worst of all: It’s right next to the LAX Airport. Why would anyone be so cruel?

Apparently its for some light rail. Public transportation is sorely needed so it’s a good step for a city that barely considers anything outside of getting into the car as transportation.

Make sure your taxi’s avoid the 405 freeway. Don’t let the meter blow all your night-out money.


The Federation of Insured Dog Owners Provides a Great Coverage Option

Federation of Insured Dog Owners in Florida

By properly training your dog to obey your commands you will lessen the possibility of it attacking or biting someone. Making the animal feel comfortable around family, friends and strangers will also make the dog less apt to suddenly feel the need lash out, unprovoked. Also, instructing children, as well as adults, not to disturb the animal when it is eating or sleeping is another step in prevention. The Florida Federation of Insured Dog Owners is a great choice when insuring against unwarranted attacks by your beloved pet.

The Florida Federation of Insured Dog Owners (F.I.D.O.) is an organization that was created to offer liability insurance coverage for all types and breeds of dog. It became the focus of commercial lines insurance agent (and dog owner) Debbie Turner when she began her search for a policy for her dog back in 2000. Through her frustration with the process she came up with the idea for a new personal lines insurance option specifically for dog owners.


F.I.D.O. was born


Ms. Turner named the company F.I.D.O. and her unique policy provided a much-needed niche market for a product that provides valuable liability coverage for pet owners at an affordable price. While most homeowners and renters insurance will cover liability for dog bite, if you are insured under your home insurance policy you may find that your policy may provide inadequate limits in the event that someone is actually bitten and injured by your pet.


F.I.D.O.’s Covered Canine Liability insurance policy will protect pet owners should their dog’s bite cause bodily injury. Policies start as low as $75 per year, per dog (plus an annual membership fee to F.I.D.O.) making it somewhat unique, as it is an affordable stand-alone policy that provides sufficient protection. F.I.D.O.’s value extends beyond the affordable price because it provides coverage for many breeds like Pit Bulls, Rottweilers, German Shepherds and Doberman Pinschers; dogs often deemed to be difficult or menacing.


Both training and familiarity can reduce dog attacks


By properly training your dog to obey your commands you will lessen the possibility of it attacking or biting someone. Making the animal feel comfortable around family, friends and strangers will also make the dog less apt to suddenly feel the need lash out, unprovoked. Also, instructing children, as well as adults, not to disturb the animal when it is eating or sleeping is another step in prevention. The Florida Federation of Insured Dog Owners is a great choice when insuring against unwarranted attacks by your beloved pet.


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Work Injuries and Nursing Homes Workers Compensation

Nursing Homes Workers Compensation

Nursing homes can be found in every state across the US. Because many of the jobs that are associated with the nursing home industry require the ability to lift patients in and out of bed, this is a cause of concern when it comes to the likelihood that caregivers may experience back injuries do to the nature of the work required.

Nursing homes can be found in every state across the US. Because many of the jobs that are associated with the nursing home industry require the ability to lift patients in and out of bed, this is a cause of concern when it comes to the likelihood that caregivers may experience back injuries do to the nature of the work required.


Unfortunately, some patients lack the necessary mobility to even get from their bed to the restroom, and in the case of those that are overweight, the strain of heavy lifting can lead to anything from a minor back strain to an injury serious enough to require surgery.


Workers are often required to wear back braces in the course of duty, but while this may help, in extreme cases it just isn’t enough. Equipment, such as mechanical lifts and friction reducing devices, decrease both the frequency and severity of injuries, lowering the amounts of claims for nursing homes workers compensation.


Safety must be emphasized in nursing homes to protect staff


Safety must always be a priority. This is accomplished with regular safety training meetings and reviews of problem areas. Physical hazards and causes of injury to nursing home employees include:


  • Lifting and moving of patients


  • Musculoskeletal injuries


  • Slips, trips and falls, and


  • Being accidentally stuck with a needle


Medical care for these types of work injuries is readily available due to the fact that most states require all businesses to carry workers comp insurance. While minor work-related injuries, including cuts, bruises and abrasions can be treated by the on-staff nurse or by other nurses on duty, for more severe injuries, treatment should be immediately sought at local medical facilities.


The cost of indemnity benefits for nursing homes workers compensation injuries average approximately the same as workers comp benefits for all industries. Don’t be caught without adequate amounts of coverage. Speak to a reputable agent about any concerns or questions.


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Commercial Autos, Trucks and Business Auto Rating

Most business administrators understand how a commercial auto insurer calculates the premiums it charges for auto liability and physical damage coverages, noting that there are certain variables in determining the rates charged for automobiles used for commercial business purposes. Most insurers follow the commercial business auto rating procedures established by the Insurance Services Office (ISO). The following is a summary of just what factors come into play when deciding what rates to apply.


Ratings by territory


Rating territories reflect differences in risk, which is why the rates in one territory may be higher or lower than those charged in another. Insurers, or rating agencies, will most likely divide states into subdivisions, which are called rating territories. These rating territories differ from each other based on particular characteristics. For example, one territory may be in large part rural, while another is considered metropolitan. Similarly, rates will also differ for a territory that is located near a coastline, as opposed to another territory that is located inland.


Fleet versus non-fleet rates


Under most commercial auto policies, vehicles rates are subject to either fleet or non-fleet status. In most scenarios, the fleet rates will be typically lower than non-fleet rates. A fleet normally consists of five or more “self-propelled” autos. Because a trailer is not self-propelled they are not a determining factor.


Size class another determining factor


The two basic types of vehicles used for business are private passenger cars and trucks, which includes tractors and trailers. Vehicles in the latter category are subdivided into size classes based on gross vehicle weight (GVW), which is simply the weight of the truck when loaded to its capacity with both, people and cargo.


Depending on its GVW or gross combination weight (GCW), a truck might be classed as light, medium, heavy or extra-heavy. For example, a small pick-up truck is generally classified as a light truck, while a large moving or freight truck, will be classified as an extra-heavy truck. The table below shows how the trucks weight determines its class:


Size Class Gross Vehicle Weight (GVW)
Light Truck Up to 10,000 lbs
Medium Truck 10,001 to 20,000
Heavy Truck 20,001 to 45,000
Extra Heavy Truck Over 45,000
Heavy Truck-Tractor Up to 45,000 (GCW)
Extra Heavy Truck-Tractor Over 45,000 (GCW)


The uses of the vehicles, as well as the radius (miles traveled on a daily basis), are two more factors ratings agencies use for deciding what rates may apply. Business auto rating is a very complex process, but it is perhaps the best way to decide on the proper rates to charge based on vehicle class and usage.


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Choosing a Commercial Package Policy in Maryland

As a business owner who owns a mid to large-sized business operating in the great state of Maryland, you have enough to worry about with operations, deadlines, customer satisfaction, and employee retention, without adding insurance to the list. While you can buy several different, essential policies that no smart businessman would go without, a commercial package policy in Maryland can be issued to include almost any type of coverage offered, from property and liability to auto, crime, inland marine and professional liability.


Packaging coverages not only allows for great flexibility to determine which policy to choose, and one specifically designed for the needs of your organization, it also enables you to have almost all of your coverage in one convenient package. That means you only have to deal with one insurer when a claim for any of those issues occurs.


Partnering with the right insurer is important. Someone who can analyze the amount of risk you might typically face in order to determine what type of liability coverages you need, as well as the amount of coverage (any current coverage amount you have may be inadequate for the types of risks your business faces), which is tantamount to your remaining successful.


Look at coverage for additional exposures


You may also need to have adequate protection from other exposures you may face, and depending on the particular type of business, you should probably include additional types of liability coverage protection. You may benefit by including:


  • Pollution Liability


  • Directors & Officers


  • Professional Liability


  • Employment Practices Liability


  • Umbrella/Excess Liability, to name a few


You need to consider the possibility that there may be gaps in coverage that you are unaware of. It may be determined that increased policy limits, broader coverage, or other additions are appropriate to ensure you have a truly comprehensive Maryland commercial package policy.


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