Comment on Be wary of insurance renewal form / 2 days to RSVP to K&K Holiday Party November 29, 2024

KEN KIRSCHENBAUM, ESQ
ALARM - SECURITY INDUSTRY LEGAL EMAIL NEWSLETTER / THE ALARM EXCHANGE
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Comment on Be wary of insurance renewal form / 2 days to RSVP to K&K Holiday Party
November 29, 2024
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Holiday Party 2024 – this is your invitation - please rsvp if attending no later than 12/1

          The K&K Holiday Party will be on December 12, 2024 in Old Westbury, NY from 6:30 to 9:30 PM.  You’re invited, but you do need to RSVP before December 1, 2024 so we can properly plan.  Format is casual dress, cocktails and plenty of pass-around hors d'oeuvres; you won’t leave hungry.  Please send your RSVP to Kathleen Lampert at 516 747 6700 x 319 or KLampert@Kirschenbaumesq.com or Amy Laveglia at 516 747 6700 x 313 or ALaveglia@Kirschenbaumesq.com.
          Come see old and meet new friends at this social event.  Looking forward to seeing you at the party.

Comment on Be wary of insurance renewal form from article on November 18, 2024
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Ken,
The lengthy renewal applications are becoming more and more popular with the insurance carriers.  You shouldn’t be alarmed about the renewal applications, but more importantly the policy renewal forms associated with the lengthy legalities of the policy.  Look for new exclusions on the policy renewal.
Changes in risks are occurring more rapidly with alarm dealers. Dealers are adding new services, devices, etc.  It is important the insurance carriers understand all the risks. They do this by asking questions on applications.  Don’t be afraid to answer them honestly.
All alarm dealers should answer the questions truthfully and correctly.  “The whole truth and nothing but the truth!”  With that said, it is important to utilize your broker. They (we) should be assisting the dealers when the questions become “tricky”.  We should know the dealer and the carrier well enough to know how to answer the questions.
It is best to find out an insurance carrier won’t take you at time of application rather than at time of claim.  There is nothing worse to find out that proper coverage you thought you had isn’t offered only because the application wasn’t completed correctly.
Your insurance broker and attorney play an important part in the dealer’s risk management program.  Utilize their services!!
  Shawn Iverson
The Insurance Center
801-622-2626
Www.AlarmInsuranceCenter.com
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Response
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          I’m not sure Shawn intended to say, or that I would agree, that you “shouldn’t be alarmed about the renewal applications …”
          I think you need to be “alarmed” and you need to fill out the application very carefully.  Those of you doing diverse things in your business need to be extra careful to describe all segments of your operation.  It’s not likely that you can get a policy covering “any and all security and security alarm operations” and if you could, I am not so sure I’d be comfortable that it would cover cameras, video or audio monitoring, service, fire alarm design, installation, inspection and service, remote video gate access control administration, temporary site electronic monitoring for security or fire, access control and access control administration, environmental alarm monitoring and everything else you might do.
          Finding and understanding the exclusions in the policy will be a lot harder than the coverage provision.
          Being honest is a given; you shouldn’t conceal or omit any services you provide.  Intentionally omitting or denying that you provide a service just because you only have “one or a few” or “haven’t done it yet” is a very bad idea; the claim can come from that “one” and it could be catastrophic and just the incentive the carrier [though it’s coverage and claim’s department] needs to figure out why the claim isn’t covered and how the carrier is going to get out of covering the claim, leaving you to your own devices.
          I suggest you stick with E&O carriers that promote an alarm program; who paint in broad strokes its coverage of electronic burglar, fire, medical alert, pers and environmental alarm services, from design, install, inspection, service and monitoring.  At least these carriers should have an understanding of what they are selling.  Not all of them do, but carriers without the alarm program are even less likely to understand the intended underwriting risks.  Claims you are likely to see will not be the run of the mill personal injury or property damage caused by your employee, but a burglary or fire loss.  If the carrier starts looking for the personal injury and property damage the claims rep won’t find it and will decline coverage; that’s the beginning of the nightmare.  It just took one of my clients hundreds of dollars in legal fees until the claims rep finally had a “duh” moment and accepted the coverage, and even then cutting through his mumbo jumbo wasn’t easy.  It’s nonsense you, and I, don’t need.
          Be honest and be careful.
          I’ve asked Shawn to do a webinar on this topic – maybe display one of the applications and go over it line by line.  If anyone else [broker or insurance rep] would like to participate let me know.
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Ken Kirschenbaum,Esq
Kirschenbaum & Kirschenbaum PC
Attorneys at Law
200 Garden City Plaza
Garden City, NY 11530
516 747 6700 x 301
ken@kirschenbaumesq.com
www.KirschenbaumEsq.com