What should businesses consider when purchasing marine liability insurance?

Businesses should assess risk exposure, policy limits, exclusions, insurer reputation, claims handling process, and any industry-specific requirements. Consulting an experienced marine insurance broker can help in selecting the right coverage.

Does Medicaid cover prescription medications?

Yes, Medicaid covers prescription drugs, but coverage varies by state. Some medications may require prior authorization, and copays may apply, though they are typically low or waived for certain groups.

How do insurers classify perils in an insurance policy?

Insurers classify perils as insured, excluded, or limited, depending on policy terms, and may require additional coverage for specific risks like floods or earthquakes.

What role do consumer advocacy groups play in insurance protection?

Consumer advocacy groups help policyholders understand their rights, file complaints, and fight against unfair practices. They lobby for stronger consumer protection laws, monitor industry trends, and work with regulators to improve insurance policies and claim processes.

What networking opportunities does the SOA provide?

The SOA organizes conferences, webinars, regional events, and online communities, allowing members to network with industry professionals, employers, and experts in actuarial science.

What happens if my insured livestock dies unexpectedly?

You must notify the insurer immediately, provide a veterinary report, and submit proof of death to process the insurance claim.

Are there exclusions in business liability insurance policies?

Yes, business liability insurance policies often have exclusions, such as coverage for intentional acts, criminal activity, employee injuries, or damages to your own property. It's important to carefully review the policy to understand the exclusions and gaps in coverage.

Can a policyholder prevent subrogation?

Some policies include a waiver of subrogation, preventing the insurer from recovering costs. This waiver is often required in contracts for construction projects, leases, and business agreements.