Category «Insurance Requirements Language»

Myth #5: Certificates Of Insurance Add Additional Insureds

There has been so much going on lately that I have not had a chance to get back to my installment series, “Top 10 Commercial Insurance Myths & Misconceptions”.  To recap, we have covered #1-4: 1.  Your Business Is “Fully Covered”. 2.  Policy Forms Are “Standard” And Cannot Be Negotiated. 3.  Fraud Claims Are Not …

Myth #4: Deductibles And Self-Insured Retentions Are The Same Thing

Lawyers and business people often use the terms self-insured retention (“SIR”) and deductible interchangeably, but there are important differences. When a policy has a deductible, the insurer is obligated to defend and indemnify on a first-dollar basis. The amount of the deductible is then reimbursed by the policyholder at the end of the claim. In contrast, …