May 22, 2012
I have just updated the forms in Miller’s Standard Insurance Policies Annotated to include the latest policies in ISO’s Homeowners and Personal Umbrella lines of insurance.
I’ll be hosting three online events over the coming weeks to answer your questions and discuss these changes.
- 2 live online webinars:Hot Topics and Tips to Find Your Insurance Issues Faster
- Tues., May 29, 2012
2:00 p.m. Eastern Time/1:00 pm Central Tine
register now >>
- Thurs., May 31, 2012
12:00 noon Eastern Time/11:00 a.m. Central Time
register now >>
- Live Twitter chat with me @WestlawSmallLaw
Thursday, June 7, 2012
12:30-1:30 p.m. Eastern time/11:30 a.m.-12:30 p.m. Central time
In the meantime, I’d like to share some observations to get us thinking.
While making these revisions, I couldn’t help but notice how much the coverage afforded by these Personal Lines has changed over the last 30 years, as insurers try to address the needs of today’s insurance buying public.
Consider, for example, how many more Americans are working from home and starting their own businesses. The insurance industry is well aware of these trends, as well as the significant risks of liability and property loss they pose to insureds. It has decided to address those risks through recent revisions to the Homeowners and Personal Umbrella Policies.
For example, the Homeowners Policy has always excluded liability coverage for an insured’s “business pursuits” and has afforded only minimal coverage for a loss of business property at home. Now, however, ISO’s new “Home Business Insurance Coverage Endorsement” to the Homeowners Policy provides both liability coverage for a business named and described in the Schedule, and a significant increase in coverage for loss of insured’s business property. Many of the liability coverage provisions found in the “Home Business Insurance Coverage Endorsement” resemble those found in a Commercial General Liability Policy, with similar exclusions for “bodily injury,” “property damage” and “personal and advertising injury” coverage.
Another example is provided by the new “Home Day Care Coverage Endorsement,” which provides both liability and property coverage for an insured homeowner who provides day care services, either in the insured’s own home or in another building on the premises. The “Home Day Care Coverage Endorsement” will provide the coverage homeowners simply must have in order to engage in the home day care business. Miller’s already includes dozens of annotations to Home Day Care coverage provisions and will certainly add more as these coverage provisions are tested in future litigation.
And for insureds who would like to obtain more coverage consistent with these Endorsements to the Homeowners Policy, the Personal Umbrella Policy may now be endorsed with an “Excess Home Business Liability Coverage Endorsement” and/or an “Excess Home Day Care Liability Coverage Endorsement.”
Finally, I have also decided to include ISO’s new “Watercraft Policy” which provides property, liability, medical payments, and even uninsured watercraft coverage. Recent litigation has demonstrated that insureds can incur significant liability in accidents arising out of the use of personal watercraft, including sailboats, motorboats, and jet skis. Miller’s will include nearly 200 annotations to the “Watercraft Policy.”
If you have other related hot topics, please leave a comment. We would love to know.