November, 2015

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Owners, Contractors, and Construction Projects Wrap Up Policies

Owners, Contractors, and Construction Projects Wrap Up Policies

When your clients take on huge, multi-million dollar construction jobs the last thing they need to find out is that they have serious coverage gaps to contend with. They’re going to need a liability policy that serves as all-encompassing insurance and will protect all of the contractors and subcontractors working on this large project.

You can inform them that Construction Projects Wrap Up insurance is purchased for larger construction project costing over $10 million dollars. Wrap-up insurance is available both, as an owner-controlled and a contractor-controlled policy.

Owner-controlled versus contractor-controlled

The owner-controlled insurance program, (OCIP), is purchased by the owner on behalf of the builder or contractor. The owner assumes responsibility for the various risks and exposures associated with the project. Included in this insurance program are workers compensation insurance, general liability, excess liability, pollution liability, professional liability, a builder’s risk policy, and railroad protective liability.

On the other hand, contractor-controlled insurance programs (CCIPs) indicate a consolidated insurance program that is provided by the contractors and sub-contractors overseeing the project. This typically provides worker’s compensation and general liability coverage to all enrolled contractors and subcontractors for operations occurring at a specific project site. While the cost of Construction Projects Wrap Up insurance can be expensive, it can also be divided among general contractors and sub-contractors, which in turn spreads out the cost.

Why purchase wrap up insurance?

Jobs of this scope often requires hundreds of contractors that work in tandem, and relying on the individual policies of all of these people that are on site injects an enormous amount of risk into the project. Investing in a wrap up program merely fends off gaps in coverage, such as lapsed policies and inadequate limits.

The use of a singular insurance carrier streamlines the claims process allowing injured workers to get the help they need in a much more efficient manner. Furthermore, Construction Projects Wrap Ups typically include site safety programs that strive to avoid those accidents from happening in the first place.

As a broker, it is in your best interest to speak with clients embarking on these large projects and suggest ways to better protect their investment.

The Principles Behind Marine Freight Insurance

The Principles Behind Marine Freight Insurance

Cargo insurance, or marine freight insurance, is essential for businesses engaging in international trade, especially those shipping large quantities of goods by ship or boat. Be aware of the fact that specific terms and benefits vary widely across the world and many cargo policies are custom tailored for shipments of a specific nature, but all in all, a few general principles apply when talking about the industry as a whole. Doing international shipping can be quite an adventure, but it can also come with some difficulties.

The players involved

The process of international shipping usually involves many people and companies, and it helps if you understand how they work together. You are, of course, the “shipper” or “exporter,” responsible for providing the proper paperwork, the import duties, and the goods themselves. The shipping company you choose will be your “move manager”. They will oversee your shipment, it’s the company you’ve contracted to do so, and will be sending you your bill upon completion. They’re the ones to turn to in the event of any claims for damages, updates on your shipment, and general questions about the process. All of the other entities involved with your shipment will be either be “employees” or “subcontractors” of the international shipping company.

There are different policies that are available to protect those valuable goods you’re having transported from port to port on a shipping vessel, because loss or damage can occur while the ship is in port, while the goods are in transit to the warehouse, or even while sitting in the warehouse.

Buying certain marine freight insurance policies, which can be endorsed to cover all these instances, is often the right decision, since you likely stand to take a significant loss without coverage for every scenario, or a policy can be purchased individually to provide cumulative coverage for all locations of your goods.

Protecting the value of your goods is the primary benefit of marine freight insurance. While you have the option of sending your freight without any insurance, by doing so, you would have to bear the entire financial cost in the event of damage or loss of your shipment. While you do have legal recourse against the carrier, this can result in a lengthy and complicated process, and in some cases international law can strictly limit carrier liability.

Convenience Stores Insurance Options for Owners

Convenience Stores Insurance Options for Owners

Convenience stores have sprung up in cities and towns all over the US. This is because so many people like to grab a few necessary items without all the fuss involved in visiting a big market or grocery store. A lot of gas stations have opened convenience stores as a way of providing some additional services to their customers on the go.

Having a constant stream of traffic supplies these businesses with a great source of ongoing income, but there are the usual liabilities involved, which can also put an owner at risk of financial ruin. Convenience stores insurance is the perfect way to protect the business because by having the appropriate types of business insurance coverage, an owner can rest assured that they’ll be ready for the many risks and exposures related to running an operation of this kind.

Premises liability

Premises liability covers accidents that occur on the premises. If, for example, someone gets hurt inside of a convenience store, they could then possibly sue the company in order to cover the cost of their medical bills. If a customer’s property is damaged while inside the store, they may sue you for those damages as well. Premises liability coverage protects owners by paying these expenses as opposed to the owner having to pay out-of-pocket due to a lack of having an insurance policy.

Products liability

There is always the risk that a product sold in a convenience store may somehow cause harm to the person buying it in some way. This is despite the utmost diligence an owner may use in selecting products, manufacturers, distributers and suppliers. Simply by selling products, a company can be sued when the product sold causes an injury or makes the consumer ill. Products liability coverage pays for the cost of medical care where applicable, and also pays for legal defenses if necessary, as well as paying for settlements and related costs that could arise.

There are additional coverages available for everything from “completed operations”, to property, business auto, workers comp, commercial umbrella, and more. If you own or operate a convenience store you should speak to a qualified agent about all of your Convenience stores insurance needs and options.

Machine Shops Insurance for Equipment Breakdown

Machine Shops Insurance for Equipment Breakdown

Machine shops and other metalwork manufacturers have some rather unique insurance exposures due to the nature of the products sold and the manufacturing process involved in the type of work performed. The equipment and machinery involved in everyday production is vital to getting jobs done on time and delivered to customers.

Should just one piece of equipment break down and require maintenance it can have an adverse affect on the entire process. This is where machine shops insurance comes in handy. It handles issues associated with equipment breakdown and other exposures, including damage to heavy equipment and all other machinery used in the manufacturing process.

Paying for repairs out of pocket could be costly

These days, with advanced technology, machinery has become more sophisticated and often the time required to obtain replacement parts can make the process much more difficult. These delays may not only be costly, but can also pose the potential for some serious loss of income exposures in the event that a key piece of equipment is shut down for extended periods and production is halted for any length of time.

This expensive equipment is unfortunately exposed to unique risks, such as electrical short circuits and mechanical forces that could render it unusable. Any unbudgeted losses from a breakdown of your equipment can be extremely costly and, in many cases, greatly impact your bottom line.

In addition, your business probably also depends on computers and communications, air conditioning and heating, refrigeration systems, hot water heaters and boilers, perhaps renewable/alternative energy, as well as production and electrical distribution systems. An accidental and sudden breakdown would cause business interruption and lost customers.

Fortunately equipment breakdown insurance covers all of this equipment along with anything electrical that is a vital part of your day-to-day operations. Remember that standard property insurance policies typically exclude losses that equipment breakdown insurance is designed to cover. Specific warranties on equipment are restrictive and typically cover new equipment for a determined period of time and also for specific product failures.

This further demonstrates the value, and the need for, machine shops insurance for the protection you need for the business equipment that routinely serves both you and your customers. Speak to a qualified agent about any questions or concerns that you may have.

Consultants and the Need for NY Errors Omissions Insurance

Consultants and the Need for NY Errors Omissions Insurance

Businesses of every type and size require insurance to protect assets and help pay for any damages incurred during their operations. For example, if you’re in the consulting sector, or are a provider of expert advice, you likely are going to need to purchase NY errors omissions insurance (E&O) in the event you are sued for a negligent act.

Why E&O insurance?

This is professional liability insurance that covers anyone who considers themselves an expert in any of several fields, and as an expert provides advice or consulting services. If a client sues for financial damages due to having their project fall far below expectations, based on advice or recommendations they received, your E&O policy covers you for any legal fees and defense costs incurred. For a reasonable price (around $1,200.00 per year), depending on your profession and the scope of the plan, you could have up to $1,000,000 worth of professional liability coverage or more.

The challenge when working as a consultant is that your client may seem perfectly happy with the work you submit, but six months later, that same customer may not be happy with the performance of a service, program or project you provided or implemented. He or she may even specifically allege a functionality failure that has caused financial damage or loss of income. If you can’t come to some sort of an agreement with a satisfactory resolution, the customer may not only terminate the contract due to negligence, but sue for damages as well.

Look, mistakes happen, and unfortunately we live in a highly litigious environment. As it happens, sometimes things slip through the cracks and you can’t personally attend to every single detail of every job. You don’t want your business to suffer simply because of an erroneous assumption that was made.

Dealing with the stress of litigation can be mentally exhausting and financially damaging as well. These are the types of situations that can distract you from doing your best work. With NY errors omissions insurance you can actually relax, knowing full well that any potential liabilities will be covered in the event of a claim.

RMS Hospitality and Liquor Liability Concerns

RMS Hospitality and Liquor Liability Concerns

Liquor liability is a very serious issue for your clients in the hospitality industry. Serving alcohol often leads to major consequences, including fights on premises, fights off premises, and driving a car inebriated after leaving a nightclub, sports bars, live music club, or even a restaurant.

Any person or business entity that sells or furnishes liquor to a guest has a civil and legal duty to do so responsibly. Lawsuits are often brought about because of allegations of the wrongful serving of alcohol that in turn leads to injury. That legal duty is spelled out in various “dram shop” laws passed in 43 states.

A “dram shop” is traditionally a business that serves alcoholic beverages by the “dram,” (which is a British unit of measure). These laws are in place in order to protect the public from proprietors who may be found at fault for the irresponsible sale of alcohol to underage or intoxicated people.

Why RMS?

RMS Hospitality insurance covers, among other things, liquor liability. RMS partners with brokers who know the hospitality business top to bottom, and can offer their clients extensive coverage to help defend against claims related to injuries or accidents stemming from their sale of alcohol to their patrons.

The reason hospitality locales exist is as a way for people to socialize and have a fun evening out. Whether it’s a local bar, a restaurant with a full bar, a comedy club that serves alcohol, or any venue that owns a liquor license and has the right to sell and serve alcoholic beverages, there are risks and exposures that should be addressed.

Even when their patrons have had their last drink and are heading home, that establishment still has a liability concern if their customer has an accident on the way home and is deemed too intoxicated to operate a motor vehicle. Fault can be found with the establishment where they were served their last drink whenever they are over the legal limit.

The consequences are dire, and could even wind up costing your client their business. This is why RMS Hospitality insurance coverage is the best possible recourse for any liquor related issues that your client may face. Do your part and provide them with the protection they surely need.