Don’t Fumble These Coverages
I.
Unauthorized Entity Information
A.
(5 minutes)
Company types
1.
Authorized
2.
Un-authorized
THE STATE OF FLORIDA HAS TAKEN A VERY STRONG POSITION ON THE ISSUE OF
UNAUTHORIZED ENTITIES. AN UNAUTHORIZED ENTITY IS AN INSURANCE COMPANY
THAT IS NOT LICENSED BY THE FLORIDA DEPARTMENT OF FINANCIAL SERVICES. AGENTS
AND BROKERS HAVE RESPONSIBILITY FOR CONDUCTING REASONABLE RESEARCH TO
ENSURE THAT THEY ARE NOT WRITING POLICIES OR PLACING BUSINESS WITH
UNAUTHORIZED ENTITIES. LACK OF CAREFUL SCREENING CAN RESULT IN SIGNIFICANT
FINANCIAL LOSS TO FLORIDA RESIDENTS DUE TO UNPAID CLAIMS AND/OR THEFT OF
PREMIUMS. AGENTS MAY BE HELD LIABLE WHEN REPRESENTING THESE UNAUTHORIZED
ENTITIES. IT IS THE AGENTS AND BROKERS RESPONSIBILITY TO GIVE FAIR AND
ACCURATE INFORMATION REGARDING THE COMPANIES THEY REPRESENT. ANY
QUESTION ABOUT THE AUTHORIZED STATUS OF A COMPANY CAN BE CHECKED BY
CALLING THE FLORIDA DEPARTMENT OF FINANCIAL SERVICES AT 1.877.693.5236 AND
850.413.3089.WE URGE ALL AGENTS AND BROKERS TO ADHERE TO THIS ADMONITION
B.
C.
II.
Penalties
1.
Loss of license
2.
Fines
3.
Payment of non-covered claims
Solutions
1.
DFS Web Page – “Find a Company”
2.
DFS Consumer Help Line
College Kids & Cars
A.
B.
Titling Issues
1.
Parents’ name
2.
Kid’s name
Vicarious liability
(10 Minutes)
C.
D.
E.
II.
1.
Florida Statute 322.09
2.
Age 18 issues
Coverage options
1.
Parents’ policy
2.
Kid’s policy
3.
Analysis of coverage options
Operator issues
1.
Roommates
2.
Regular use
a.
Policy exclusion for furnished/available
b.
Endorsement PP 03 06 as a solution
c.
Analysis of coverage with and without endorsement
Territory issues
1.
Spring break – Mexico/Bahamas
2.
Study abroad situations
College Kids – Homeowners Insurance Issues
A.
B.
Insured status
1.
Policy wording – related and resident
2.
Court cases analyzing resident status
3.
Age 24/full time student issue
4.
HO 05 27 endorsement
Coverage C issues
1.
10 percent limitation
(10 minutes)
2.
C.
a.
Rely on parents’ coverage
b.
HO 04 50 endorsement
3.
Roommate issues
4.
High value items taken to school
a.
Jewelry, laptops, music
b.
Analysis of options – endorsement vs. policy
“Insured location” issues
1.
III.
Analysis of options
Analysis of policy wording
a.
Location not owned, temporarily residing
b.
Dorm, fraternity house, apartment, house
Scooters, Segways, Other Motorized Land Conveyances
A.
Homeowners Policy Coverages
1.
2.
B.
(10 minutes)
Section I – Property
a.
Policy exclusions
b.
Used solely to service a residence
Section II – Liability
a.
Policy exclusion
b.
Comparison of coverage – owned vs. non-owned
c.
HO 24 13 endorsement
Personal Auto Policy Coverages/Issues
1.
Liability
a.
Near total exclusion
2.
Medical Payments & PIP
a.
3.
4.
Near total exclusion
Uninsured motorist
a.
Florida Statute 627.727
b.
Number of wheels not an issue
c.
Analysis of stacked vs. non-stacked coverages
Coverage options
a.
Separate policy
b.
PP 03 23 – Miscellaneous Type Vehicle Endorsement
BREAK
IV.
Spring Break Issues
A.
Homeowners Section II – Liability
a.
Exclusion for damage to premises rented to you
b.
Contractually assumed liability
Jet ski/waverunner issues
1.
C.
(10 minutes)
Rentals of condos, hotel rooms, houses
1.
B.
(10 Minutes)
Analysis of homeowners policy coverage
a.
Section I - Property
b.
Section II – Liability
Motorized land conveyance issues
1.
Four-wheelers
2.
Segways
V.
3.
Mini-bikes & dirt bikes
4.
Homeowners policy analysis
5.
Personal Auto Policy analysis
Host Liquor Liability Issues
A.
College kid hosting party
1.
2.
Homeowners policy
a.
Analysis of HO-91 vs. HO-2000 coverages
b.
Comparison of coverage based on tort alleged
Personal Auto Policy
a.
B.
VI.
(10 minutes)
Liability – “Use of any auto or trailer”
Parents visiting, tailgate party
1.
Analysis of coverage under homeowners and auto policies
2.
Vicarious liability issues – parents/kid
Other Assorted Issues
A.
Rental of motor home to visit kid
1.
2.
B.
C.
(10 minutes)
Personal Auto Policy coverage
a.
Liability compared to physical damage
b.
ISO vs. Non-ISO based policies
Homeowners policy coverage
Rental cars
1.
Loss damage waiver benefits
2.
College kid renting – age restrictions
Kid assuming contractual obligations
(10 minutes)
(10 minutes)
(10 minutes)