What Are Insurance Premiums, Policy Limits, and Deductibles?
Every insurance policy uses the terms premiums, policy limits, and deductibles. These key components help you understand what you are paying, how much the insurance company will pay for a loss, and what your portion of the expenses will be. What are Premiums? A premium is the fee you pay for your insurance policy. Just…Read More
What Is Product Recall 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…Read More
What Insurance Brokers Do
Insurance brokers assist you in finding the best coverage for your needs, but they are not required for everyone. When shopping for insurance, it’s a good idea to seek quotes from several companies to discover the best deal. While practically anybody can compare prices online, in some circumstances, having someone walk you through your options…Read More
What Is Subrogation?
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…Read More
Edison and Swan: Patents in the Real World
There are countless papers written about Thomas Edison and his lightbulb invention. Edison is hailed as a prodigious inventor, with over 1000 US patents. However, the story of the lightbulb has several interesting lessons to teach. Having a Patent Does *NOT* Mean You Have a Monopoly. It Means You Have a Trading Card. Contrary to…Read More
What does an insurance claims adjuster do?
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…Read More
The difference between the actual cash value and replacement cost
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…Read More
Primary vs Excess Insurance Coverage
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…Read More
What is an Insurance Claim?
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…Read More
What is a Freedom to Operate Search?
A “freedom to operate search” is a specialized patent search that identifies your vulnerability to patent lawsuits. An FTO search will compare your product to all the patents that can be asserted against you. The search will highlight the differences between your product and those patents, and give you a legal opinion that you do…Read More