What is Directors & Officers Insurance?

Directors and officers (D&O) liability insurance covers directors and officers if they are sued while running a business or a charitable group. The insurance covers the costs and damages (awards and settlements) resulting from legal action, accusations and complaints brought against members of an organization’s board of directors or officers. Anyone who serves as a…

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What is an Insurance Binder?

An insurance binder is a written confirmation that a policy will be provided between you and the insurance provider. The insurance binder is evidence of insurance that you can use until your actual policy arrives. An insurance binder may be issued for a limited period of time and have an expiration date. Definition of an…

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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…

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Loss payee vs. Lender’s Loss Payable: A Guide for your Business

A loss payee designate is an amendment to a property insurance measure to protect a lender whenever the property is used as collateral on a commercial loan. Sometimes this is known as a common loss payable clause. This classification gives a lender added protection through your insurance policy, because the lender now has the same…

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What business owners should know about commercial umbrella insurance

Commercial umbrella insurance fills in the gaps between your other business policies – and extends their coverage. Your business insurance policies have the same purpose: they compensate you in the event of a financial loss. As a business owner, you should not overlook the importance of insurance coverage. Accidents happen no matter how carefully you…

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What Are Loss Run Reports, and Why Do They Matter?

Loss run reports are the insurance industry’s equivalent of credit scores. In the same way that a bank would want to examine your company’s credit score before lending you money, insurers want to see a loss history before granting coverage. A Loss Run Report will assess how well the company is managed and operated. In…

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What is a Certificate of Insurance?

If you own a company, you have probably had to provide a certificate of insurance (COI) at some point. A certificate of insurance is a document that proves you have insurance coverage. Here is an example of a Certificate of Insurance. A certificate of insurance is usually required when a prospective business partner, vendor, or…

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Representation and Warranty Insurance

Warranty and Representation Insurance is used during mergers and acquisitions to cover against damages and injuries caused by the seller’s breach of warranty or misleading representation.  In almost every contract, each side makes a series of representations and warrantees to the other side. These are the basis for the transaction, and when one side finds…

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The Importance of Product Liability Insurance for Your Business

Product liability insurance protects a company if a product causes injury to a customer. If the company is held liable, the policy will usually pay for lawyer fees, court damages, and even the injured party’s medical bills. The cost of product liability insurance varies, but premiums typically range between 15 cents to $1.50 per $100…

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What is an Insurance Carrier?

When searching for insurance, it is important to understand the terminology. In this article, we will break down one of the most basic insurance terms: “insurance carrier.” For those who work in or around insurance, the distinction between an insurance broker and an insurance carrier is quite clear. However, for those who are not exactly…

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