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Insurance-Related Terms Explained (In Plain English)

Here we will focus on simplifying terminology specific to professional and management liability. No insurance jargon here, just plain English that we can all wrap our heads around.
Pay on behalf
In this video, we explain what it means when a policy is on a "pay on behalf of" or a "reimbursement" basis. ‘Pay on behalf of’ and ‘Reimbursement’ are two different approaches to paying the bills associated with a claim. Whichever way your insurance policy works, it helps to know and understand it before a claim happens.
Do you need tech E&O?
Read this article before buying Technology Errors & Omissions Insurance. Taking time to understand Tech E&O insurance before buying can make a big difference to the bottom-line of a Technology Start-up should the company get sued. Read this article to understand:   the legal liabilities addressed by Tech E&O insurance examples of claims covered by a...
Financial statement notes
Look to the financial statement notes for 8 indicators of risk Underwriters glean valuable information from reviewing the financial statement notes that helps them to assess an organization’s overall risk profile.  When you analyze a set of financial statements you learn a lot about the organization and its financial situation as of the date of...
Excel shortcuts, save time, insurance renewal lists
Learn these MS Excel shortcuts and save time gleaning actionable insights from data like insurance renewal lists and new business reports. This video shows how they work.
Extended Reporting Period
An Extended Reporting Period, or ERP, is a finite window of time beyond the end of a claims-made policy during which the insured organization may report claims to the insurer. The ERP extension only provides coverage for claims arising from wrongful acts that occurred prior to the inception of the ERP.

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