Serenity is a good topic when it comes to condominiums. Condominium living can often bring out the worst in people. There are others, too many to mention here, where dysfunctional trustees have brought condominiums to financial ruin and chaos. Despite this discordance, condominium conversions of two and three multifamily homes in and around Boston, Cambridge and Somerville continue to be a popular way to cash in on the hot real estate market.
Monday, August 25, The difference between occurrence-based policies and claims-based policies Liability insurance policies are either "occurrence-based" or "claims-based.
A claims-based policy provides coverage for a claim that is brought within the policy period, no matter when the loss occurred.
Generally speaking, auto policies, homeowners policies, and commercial general liability policies are occurrence-based. Many professional liability policies are claims-based. Let's say you had a policy that provides coverage for injury or damage caused by an apple tree you own.
The policy was in effect from June 30, to June 30, A plaintiff claims that as a result of your negligence, a branch of the apple tree broke and hit her on the head, injuring her. If you had an occurrence-based policy, your insurance will cover you if the accident happened between June 30, and June 30, It doesn't matter if you were not notified of the accident until January, ; the insurance will still cover you.
If you had a claims-based policy, your insurance will cover you if you are notified, and notify your insurance company, of the accident between June 30, and June 30, If the accident happened between those dates but you don't receive notice of it until January,your policy will not cover you.
If future posts I will discuss the various issues that arise with respect to what "occurrence" means in an occurrence-policy, and the precautions you should take if you have a claims-based policy to make sure you do not have any gaps in coverage.The Fair Access to Insurance Requirements (FAIR) Plan is a state-mandated program that provides fair access to insurance for individuals who are having trouble insuring their property due to the fact that insurers consider them high risk.
The FAIR plan is a "shared market plan.".
Who we are. DCU Insurance, an affiliate of DCU, is a licensed property and casualty insurance agency formed to serve the personal insurance needs of our members.
DCU Insurance helps you achieve financial well-being by protecting your most valuable personal assets – home, car, and earnings – from the ever-present, serious threat of property and liability losses. AFIB Mission Statement.
The purposes for which this Corporation is formed are: To organize an association of Insurance Agents and/or Brokers whose business is primarily related to marketing various insurance products and services to financial institutions and their customers.
The Property Insurance Plans Service Office, Inc. is a national organization supported by the FAIR and Beach plans.
By working closely with their member companies, the plans help ensure property insurance is available to those who need it. Plan member companies can use this pull- down menu to find the latest download files for all the FAIR and Beach plans contributing data to PIPSO.
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Policyholders with questions regarding their coverage for damage caused by a disaster should call the number provided on their policies or contact their insurance agent.
Ruling Enables Foreclosed Owner to Live in Premises For Over 6 Years, Leaving New Owner with Defective Title. In a decision which could affect how title examiners and title insurance companies underwrite title to foreclosed properties, the Supreme Judicial Court has ruled that a lender’s defective notice of default is grounds to void and nullify a foreclosure sale — even after the property.