Posted by: bryan in Untagged on
Nov 23, 2009
Many of you may have asked yourself this question when considering purchasing Homeowner's insurance. The difference between the two types of policies are that a Homeowner's policy is a package that covers loss not only to the dwelling structure, but other structures on the land, personal property contained in the dwelling, and liability to third parties who come onto the dwelling and surrounding land. A Dwelling policy covers only the dwelling structure itself.
Posted by: bryan in Untagged on
Nov 20, 2009
There are many risks associated with operating a business. A few potential risks are as follows:
1. Risk of property damage
2. Risk of inventory loss or damage
3. Risk of loss from employee theft
4. Risk from various liabilities
5. Risk from error and omissions liabilities
6. Business interruption risks
It is important as a business owner to do an analysis of your business environment and assess factors that have a bearing on the risk environment for the company.
Posted by: bryan in Untagged on
Nov 17, 2009
Usually a business owner's policy includes the following:
1. Property insurance - covers buildings, equipment and inventory.
2. Business interruption insurance- covers losses that cause you to shut operations or reduce production for a period of time.
3. Casualty or liability protection- covers harm done by employees or products to other people or their property.
4. Crime insurance- covers the loss of money resulting from burglaries, robberies, or destruction. Also covers losses from employee theft or embezzlement.
5. Liability insurance- covers lawsuits arising from accidents, or when a product is sold that damages the customers property. Also covers you if you are accused of slander, copyright or invasion of privacy.
6. Vehicle coverage- covers vehicles that are rented or borrowed.
Posted by: bryan in Untagged on
Nov 16, 2009
Often compared to a homeowner's policy, a business owner's policy is a very popular form of insurance for small and medium sized businesses. This type of policy combines basic coverages into a standard package at a premium that is usually less than if the coverages were purchased seperately.
Posted by: bryan in Untagged on
Nov 13, 2009
In today's insurance marketplace almost anything can be insured. The following are some unusual policies that are available today:
- Accident Insurance: this insurance policy will pay you if you are injured in an accident.
- Cancer Insurance: this insurance will pay you if you are diagnosed with cancer. This policy will pay different amounts depending on the type and duration of treatment received.
- Pet Insurance: provides money to pay for veterinarian bills for your pets.
- Antiques Insurance: protects your heirlooms and valuables. Payments are given as a lump sum based on the item's appraisal value (in the case they are stolen, damaged, or made worthless)
- Body Part Insurance: will pay you if the covered body part is damaged or made unusable.
- Event/Wedding Insurance: will reimburse you for expenses if your event does not proceed as planned or does not take place at all.
Posted by: bryan in Untagged on
Nov 12, 2009
The following are some insurance terms you should familiarize yourself with before looking for insurance.
1. Appraisal- the evaluation of a claims adjustor or appraiser that tells the damage done to your car, house, or other item of value, and the estimated cost for repairs.
2. Actual Cash Value- the value of your lost or damaged property at the time of loss. This is based on the "current market value". In the case of a home, it is based on the cost of all properties, minus its depreciation.
3. Declarations- the part of your policy providing details about the policyholder (you), the insurer (your insurance company), and details on the limits of coverage you had selected to be included in your policy.
4. Hazard- Any situation or condition that would increase the possibility of some sort of loss, or add to the possibility of an even greater loss than if the condition had not existed.
5. Endorsement- an attachment, usually added later, to your original insurance policy that modifies the terms of your contract.
6. Limit of Liability- the most amount you will ever expect to get under your insurance policy.
7. Peril- the cause of your accident or loss
8. Subrogation- an attempt at recovery from the responsible party.
Posted by: bryan in Untagged on
Nov 11, 2009
During the current economic crisis it is only natural to wonder what the consequences are for insurance. There is no need to worry about insurance for a few good reasons.
- An insurer's activity is strictly regulated, and in most cases, is not involved in the same risks that unregulated industries are. Because of the recent banking crisis, there is also tighter control within the industry.
- If an insurer is in a bad financial situation, it will get aid from state regulators, preventing bankruptcy, and taking measures to save the company.
- Insurance companies are required to pay into guaranty funds. If the insurer becomes insolvent the policyholder is guaranteed to get the money.
Consult with your insurance agent and ask questions if you still aren't feeling confident with your insurance or insurance company.
Posted by: bryan in Untagged on
Nov 10, 2009
The following are benefits of having a surety bond:
- the obligee gets a guaranteed performance of the contract from the principal and the surety.
- the bonds enforce that the contractor completes the contract within the stipulated time & contract money.
- guarantees payment from the obligee to the contractor and from the principal to the subcontractor.
- ensures the supplier will furnish the material & labor to the principal as signed in the contract.
- in default of the contract, the obligee can sue the principal and also the surety.
- the obligee can enforce the surety to complete the contract within the stipulated time and contract money when the principal fails to complete the contract.
- the underwriter of the surety company can provide financial and technical assistance to the contractor.
Posted by: bryan in Untagged on
Nov 9, 2009
If you rent a house, apartment, car or some type of machinery, you may want to consider purchasing renter's insurance to protect you from being liable for replacement costs and any extra damages done to property.
The following are several tips when considering purchasing renters insurance:
1. A landlord's policy does not cover your personal belongings when they are damaged or stolen. Could you replace your belongings if something were to happen right away, out of pocket? If not, then you might want to consider purchasing renters insurance.
2. If the house your renting has any damage done to it due to your negligence, such as a fire, you may be liable.
3. If someone is hurt on the property you are renting, you may have a legal responsibility to pay for that persons medical expenses and attorney fees if there is a dispute.
4. Before renting a car check to see if your insurance policy covers rental car insurance.
5. Check your credit cards. Quite often your credit card will pay for damages to a rental car in the event of a wreck. Find out the specific details of how to do this from your credit card company.
6. Check to see if you need to purchase a"Collision Damage Waiver" for your rental car. This is done if your not covered under your own insurance or credit card.
7. Don't hesitate to buy renters insurance if you think you might need the coverage. It is much wiser to spend the small daily amount for it than pay a hefty price to replace the rental car.
Posted by: bryan in Untagged on
Nov 6, 2009
Many problems can be avoided if steps are taken by the landlord in maintaining his/her property and keeping it in excellent condition. Here is a checklist of how:
1. Inspect premises and fix any problems before new tenants move in.
2. Landlords should encourage tenants to report problems immediately to the landlord.
3. Landlords should keep a written log of all complaints and requests by the tenants, and when and how the problem was resolved.
4. Take care of ugent and safety issues within 24 hours. Inform tenants at all times as to how repair will be made.
5. Give tenants a checklist 2 times a year to report issues that might have been overlooked.
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