From the experts re: Bond & Liability Insurance for nail salons

According to the team from the International Underwriting Agency (http://www.iua.bz/), it takes a minimum of one year to create an insurance product model as it requires feasible study, actuarial study, and creation of guideline and contractual terms. Due to the absence of market data and information of this newly proposed insurance product, it is impossible for insurance carriers to create any type of marketable insurance products for back wages and wage thefts before July 1st. Regardless of these conditions, none of the insurance carriers were willing to create and offer a bond for back wages and wage thefts in nail salon businesses since the new legislation was introduced. It is very difficult to create a sound insurance product model for nail salon businesses because of certain contingencies, such as: o Whether the state would offer asylum period to the nail salon businesses (if not, the insurance products’ premium cost will significantly increase) o The new legislation’s obscure scope of required insurance coverage o Whether the state would require undocumented immigrants to be licensed and the owners to report insurance companies the actual number of employees regardless of the workers’ immigration status (number of employees is a key factor in insurance risk and premium assessment)


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  • published this page in nailsalon 2015-06-10 15:28:56 -0700

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