One of the most overlooked coverages that building owners don’t have is Ordianace and Law Coverage. Building codes are constantly being updated, but many business buildings may not be exempted from the newer codes simply because they were constructed prior to the enactment of the new statutes. The building laws exposure that this endorsement was originally designed to cover was the exposure created by many local building ordinances, requiring any building which is damaged to some specified extent (such as 50 percent) to be demolished and reconstructed in accordance with current building codes. Other ordinances that could affect rebuilding are zoning laws and ADA compliance. Ordinance and law coverage is not included as a standard part of a business policy as it actually improves a business’ pre-loss condition. […]
NCCI has recently announced some news that will have an impact on how your NCCI experience modification factors are calculated. For the first time since 1993 NCCI will be adjusting the Spilt Point. Remember, the experience rating modification is affected by small losses more than by large ones because small losses are more frequent and predictable than large losses. The portions of all losses that are $5,000 (split point) or less, which are termed “primary losses”, have the greatest influence in determining the experience modification. Losses in excess of $5,000 go into the “excess losses”. Every loss is divided into a primary and excess portion. Since small losses – those less than the split point – have NO excess value, primary losses work as an […]
We are pleased to introduce our new website. A lot of time and effort went into our new site and we are pleased with the results. Snitily Carr did a wonderful job with this and we are excited about how this site will benefit our clients. We have added blogs, social media links, video testimonials and more resources for you. We will be expanding our You Tube page as well to feature videos on a wide variety of insurance subjects especially focused on workers’ compensation. We welcome your feedback on the new site and if you would like to see something added let us know.