Business Insurance

A product recall is a request from a manufacturer to a customer to return a product. The product may be defective or has an unidentified risk of harm that was not initially recognized by the maker. A recall allows the maker to make changes to the product(s) to ensure maximum safety and efficacy. Product recalls…

Subrogation is when an insurance company steps in your shoes to recover damages. Under subrogation, the insurance company can pursue a third party who is responsible for your loss. To settle the claim, the insurance company pays you for the loss you incurred, then goes after the person who caused it. Subrogation: An Overview Subrogation…

A claims adjuster reviews insurance claims and establishes whether or not – and how much – an insurance company will pay an insured. Each case is reviewed by a claims adjuster who speaks with the claimant, interviews any witnesses, researches records (such as police or medical records), and inspects any connected property. What does an…

Setting a limit on your insurance coverage is simple, but choosing between actual cash value and replacement cost reimbursement is not always as straightforward. If you have insurance, replacement cost coverage is the best option if you need to file a significant claim. This coverage, however, comes at a cost — one that may not…

Primary insurance kicks in immediately when you suffer a loss, and excess handles any extra loss when primary coverage is used up. The insurance carrier holding the “primary” policy normally has the first and main duty to defend any claims made against the insured (person or entity for whom the policy is written). An excess…

An insurance claim is a formal request for coverage under an insurance policy. When you file an insurance claim, you are informing the insurance company of a loss and requesting them to cover you. Filing an insurance claim is the start of a process for making you whole under the insurance policy. Its is why…