Few insurance coverages illicit such fear or visceral reactions as does business income coverage (aka time element coverage). Without being too glib, business income concepts are actually simple to understand and explain to the client; the problem is that the coverage has been historically: 1) shrouded in undue mystery; and 2) taught incorrectly by those that don’t completely understand the coverage themselves.

Whether you are a business owner or an insurance agent, insurance carrier loss runs are often difficult to interpret. It’s like looking at a doctor’s medical chart- all the information is right there allowing the doctor to diagnosis you and develop a plan of action to make you well; but without the necessary training, the chart, which seems simple to the doctor, is hard for most of us to understand. The same difficulty applies to workers’ compensation loss runs.

Contracts common to the construction industry often require a lower tier contractor’s policy (the transferee or subcontractor) to extend insurance protection to the upper tier contractor (the transferor or general contractor) on a “primary and noncontributory” basis. According to lawyers and risk managers, this is done to protect the upper tier contractor from vicarious liability for the actions of the lower tier contractor and joint liability when both the lower tier and the upper tier contractors are liable for the injury or damage.

The Property Risk Insurance Specialist (PRIS) designation is an intensive, three-day program covering all areas of commercial property insurance. Completion of this program positions you to be the property insurance expert for your clients; gives you the confidence to go after more complex accounts; and the PRIS indicates a commitment to excellence lacking among your competition.

Why is the Property Risk Insurance Specialist (PRIS) designation worth the time, money and effort? For one, it's the most comprehensive property-insurance-focused course of study available. Another reason is that its content is desired and used by more than just insurance professionals. Risk managers, property managers, and insurance professionals ALL benefit from this program of study.