Waiver of Subrogation and Primary/Non-Contributory endorsements
At SIA, we know insurance requirements in contracts can feel overwhelming and confusing. That's why we're here! To explain what they mean, help you meet venue requirements, and make sure you're covered when it matters the most. Many of you have probably seen the terms "Waiver of Subrogation" or "Primary/Non-Contributory" when reading insurance requirements. Both are endorsements that some venues may require on their certificates of additional insured, but what are they? Let's break it down.
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Audience vs. athletic participation
SIA's policies can include coverage for audience participation, but not athletic participation. But what's the difference between the two? Let's break it down.
What is audience participation?
Audience participation is when spectators get involved in a fun, light, and non-physical way during a show or event. They're not performing; they're just adding to the experience. Think of it as interactive moments that make the show more memorable without putting anyone at risk.
Examples of audience p
Understanding admitted vs. non-admitted carriers
Insurance carriers fall into two regulatory categories: admitted carriers and non-admitted carriers (also known as surplus lines carriers). So, what's the difference? Admitted carriers are approved and regulated by the state's Department of Insurance. Non-admitted carriers, on the other hand, are overseen by the Surplus Lines Office. While the term "non-admitted" might sound like these carriers are less legitimate, that's not the case. Both types are regulated, just through different offices
Common misconceptions
Insurance can be confusing, and there's a lot of inaccurate information online, but that's where Specialty Insurance Agency (SIA) can help. In this blog, we'll be diving into common misconceptions not only about our business but also insurance in general. The good, the bad, and the ugly.
SIA is a large insurance company: FALSE.
You can think of SIA as more of a retail shop on Main Street than a big insurance conglomerate. We're a Minnesota-based small business that's also family-, woman-
Why are my rates increasing?
Each year, SIA's policies get renewed by the carrier. And each year, we hold our breath, hoping there isn't an increase in premiums. (Please note, SIA is not the carrier but instead the retail shop servicing your policies. Check out this blog for more info.) However, increases keep happening. This brings up the age-old question of "Why are my rates increasing when I personally haven't filed a claim?" Let's talk about it!
One major impact on premiums increasing comes from outside our market