Tips for Finding the Right Home Coverage

high value home coverage program

When you own a high end home, there are certain considerations that are unique simply because of the value of your property, and finding the right high value home coverage program is one of those considerations. Because of the higher value of the home itself, regular insurance coverage may not be adequate for you. There are a few tips that can help make sure your get the right coverage to put your mind at ease.

First, make sure the policy will include flood coverage adequate to the value of your home. Most insurance policies won’t include flood insurance but most high value insurance providers will provide this coverage for you. Next, if you have additional properties, covering them through the same high value home coverage program may be a good idea to help save money a keep full coverage over all your properties. Finally, make sure you can add excess liability coverage so you have full coverage to help cover the cost of injury lawsuits if you should ever need it.

With a high value home, there are extra precautions and steps to take to make sure your property has the right coverage, but considering these tips when buying that coverage may help ensure that you have nothing to worry about when it comes to insurance.

Insurance Agents Need the Protection of E&O Insurance

Errors and Omission policy (E&O)

Insurance agents are constantly looking to expand their customer base. One objective is to get clients to purchase several policies for everything from their business insurance to health, auto, and other necessary coverages. But a problem may arise when these same clients find that certain exposures still exist and they may place blame on the agent for not making them aware of certain exposures. It only takes one error to have the whole relationship start to unravel.

Since the industry is constantly changing, it helps to keep up with new laws and regulations as they present themselves. As an agent, you have to have accountability for the services you provide. This is why an Errors and Omission policy (E&O) is such vital coverage for any successful agency. Errors are likely to occur sooner or later, so having insurance that addresses these concerns makes plenty of sense.

Many challenges facing insurance agents

Changing healthcare laws are at or near the top of the list of concerns for many agents. There has been a lot of confusion as to how new healthcare laws will affect insureds. There is a need to sort out all the nuances of coverage options, which includes knowing how to go about securing coverage, with many still hoping to keep their existing coverage and avoid any penalties.

Technology has made it easier to avoid making mistakes, but it hasn’t eliminated the problem completely. Clients often believe they have coverage for risks faced only to find exclusions exist in their contract that they were unaware of. A lot can also go wrong between the time invoices go out and payments are received. Any issues that arise could potentially cause customers to either request revisions to their policy or cancel altogether.

The trick is to be thorough and not have costly errors that could end up ruining a solid relationship, not to mention the likelihood of litigious consequences that could result from mistakes, which should be a primary concern. Your Errors and omission policy can really help when customer satisfaction becomes a serious issue.

 

Real Estate Coverage for Inherent Risks

Orlando commercial rental property insurance

Orlando commercial rental property insurance provides coverage in the event a tenant sues claiming that the building where they work is operating under conditions that aren’t safe. This could be due to conditions that could result in injury or poses serious health risks. When you are managing a property that you own you have a duty to provide good indoor air quality for your tenants. Imagine trying to work in a building where temperatures are abnormally high or low, or nauseous gases are being inhaled.

In situations where there is limited ventilation, good indoor air quality is necessary in order for people to stay healthy and productive, and any oversight of this aspect of the facility carries serious implications for the general health of its occupants. If nothing is done to correct issues of this nature, poor indoor air quality can tend to aggravate allergies in sensitive people, as well as asthma or other respiratory problems, which in turn could lead to legal issues. Tenants deserve to work in an environment where the air they breathe is healthy.

Solutions for reducing contaminants

There are several ways to promote improved indoor air quality. Perhaps the simplest and cost-effective way to achieve this goal is to install floor mats that trap debris securely, which helps to prevent dirt and other allergens from entering the building’s ventilation systems.

A major concern for many commercial real estate investors is dealing with mold, lead poisoning, asbestos, and high levels of electromagnetic radiation, to name a few. Addressing these concerns can lead to fewer health issues, more efficient facilities, and less maintenance of ventilation systems. Taking measures to improve the air saves both time and money.

By focusing on improving indoor air quality, organizations will often reap the benefits of a more efficient workplace. This can be accomplished by simply containing germs before they enter the air conditioning system. Employee health is vital to those businesses operating in your facility, as health is positively correlated with satisfaction, productivity, and overall performance.

The loss of revenues you could experience when problems aren’t addressed could be devastating. Orlando commercial rental property insurance provides coverage when issues arise, but controlling indoor air quality will help you to reduce any risks.

 

Real Estate Agents Require Professional Liability Coverage

Massachusetts Insurance Agents

As a real estate agent, you are on the front lines when it comes to dealing with buyers and sellers. Your primary goal is to satisfy the needs of your client. When it comes to purchasing a home, the buyer has a right to know about any conditions that might need to be addressed. Only then can they make an informed decision as to whether to make the purchase or seek another property.

You, in turn, must provide full disclosure of any relevant facts that you are aware of pertaining to the property. By not doing so, you are opening yourself up to liability claims for misrepresentation, among other possible negligent acts. Massachusetts Insurance Agents can help you obtain real estate professional liability coverage to protect you under these circumstances.

Liability issues can also damage your reputation

A seller of the commercial property is obligated to disclose any material facts or latent defects known to the property in question. Any structural issues or problems, such as infestation, will certainly affect the value of the property. If the buyer can prove that vital information was not disclosed they might decide to litigate and name the real estate agent in their suit. Even if you were unaware of any such discrepancies your business could suffer from the negative effects of the claim.

Such claims are usually the result of a client believing that there was a breach of fiduciary duty and also negligence. The claim could state that the buyer of the property relied on the representations of the agent that the property was in good condition, only this was not the case. As a result, if they incurred repair costs driving up the cost of the house they bought, which may also include future repair costs for issues never made apparently, a judge would probably side with the plaintiff in the case.

Other issues can also sour a deal. For example, a real estate agent may not have known about the need for permits in relation to a property they are representing.
After the close of the sale, if the buyer discovers that an additional room built onto the property didn’t have proper permits required by the county, they’d be legally responsible for the reconstruction of the addition.

Real estate agents are vulnerable to negligence claims even as a result of things they have no control over. Real estate professional liability insurance from Massachusetts Insurance Agents can aid you against claims of this nature.

 

Three Advantages of Commercial Insurance

commercial insurance wholesalers

Running a business can often be a time-consuming and intense endeavor. From making a business plan, to staffing employees, you as a business owner are responsible for everything from the ground up. However, some business owners may forget or even refuse to do one of the most basic steps to protect your business from financial ruin: purchasing commercial insurance. This unique type of coverage is tailor-made for businesses and designed with your assets in mind. Here are three specific benefits commercial insurance wholesalers can provide to your business.

First off, commercial insurance companies can design insurance plans for your unique business, whether you need standard or specialty commercial insurance. These plans can be tweaked and modified according to your specific needs and desires, in order to best protect your business. The second advantage of commercial insurance is that it can safeguard the equipment necessary to run your business, including commercial auto insurance, motor truck cargo, property, and products liability. That way, in case of an emergency like a fire or storm, your assets are protected. Finally, commercial insurance can keep the folks working for you safe too by covering workers compensation and general liability.

By providing coverage for your unique business, your equipment, and your employees, commercial insurance wholesalers can keep your business running strong for years to come.

AIS The Concern Over Management Liability Exposures

AIS (Axis Insurance Services)

Management liability risks can certainly have a substantial financial impact, on a personal level, on your board members and senior executives, and the company as well.AIS (Axis Insurance Services) is considered a leader in management liability risk assessment and offer their expertise in putting together policies that are designed to meet the specific concerns of your organization.

This is mainly accomplished by working with the top insurance carriers to offer a number of coverages designed to address many of the liability issues related to running a company and protecting its management team. By doing so they can offer peace of mind to senior management and directors so that they can focus on the business at hand and perform their duties without fear of any personal liability issues.

Types of risk your members may face

Company leaders may in some cases need different types of insurance to protect them from all of the risks that come with participating in a role as a manager. Risks may include exposures involving governmental regulations, employment practices, and finances, as well as benefits administration and distribution, among other factors.

Because management liability insurance functions as, not just one type of insurance, but a combination of several policies, its the perfect solution to a complex issue. These policies are purchased as a package with the intention of covering those inherent risks, which are quite common in many business models.

If you run a large, publicly traded company that has acting directorial boards beholden to shareholders, there are some obvious exposures faced by that board. Decisions made by members representing the top levels are at times facing heightened scrutiny. Management liability policies will cover most of the liability concerns for those manning these leadership positions.

Another example is, that if you own a nonprofit organization, your business could also benefit from a professional liability insurance policy from AIS. Since all nonprofit organizations have a board of directors, with concerns over where money is spent and how decisions are made, and the impact that might be felt when a bad decision is brought to light, you most likely are in need of this brand of coverage.

 

Prevent Liability for a Bar Patrons Actions

Tavern Insurance Market

As the owner of a bar, you understand better than most how dangerous the hospitality industry can be. Bar fights, accidents in the bathroom, property damage and assault and battery are the least of your concerns. In addition to worrying about what your patrons do while in your establishment, you also have to worry about what they do once they leave. Are they going to cause a car accident? Will they injure someone while inebriated? Though you cannot control what happens when patrons leave your bar, you can control what happens to you in the event that an intoxicated patron causes more problems than you could have imagined, thanks to the tavern insurance market.

Bar and tavern insurance is designed to prevent bar and tavern owners from assuming liability for something that an intoxicated person did after leaving the bar. Unfortunately, the law states that when an inebriated person wreaks havoc, the person or establishment who served him or her the liquor could be held financially liable. If the drunk person causes a car accident, assaults another person or damages another’s property, the liquor establishment could be on the hook for thousands to tens of thousands of dollars. Most drinking establishments don’t have that kind of dough, which is why the tavern insurance market was created.

If you don’t want to be on the hook for damage caused by somebody else, do yourself a favor and get the coverage you need today.

Insurance Policies for Manufactured Homes

Florida property insurance programs

Manufactured and mobile homes sales are on the rise. For retirees who wish to downsize and snowbirds in search of modestly priced vacation homes, this type of residence may be more affordable than a traditional home. Florida property insurance programs have evolved as the demand for comprehensive coverage continues to increase.

Modular Homes vs. Manufactured Homes

While both types of dwellings are built in a factory, modular homes are constructed more like traditional homes. They are transported to the homesite in two or more sections and put on a foundation. For this reason, modular homes can often be insured with standard homeowners policies.

Manufactured homes are built entirely in the factory and transported to the destination in one or two sections. To be insured, they must meet the federal standards that regulate the construction, strength, durability and quality standards explicitly designated for manufactured and mobile homes.

Standard and Comprehensive Coverage

Property insurance products for manufactured homes typically cover perils such as fire, burglary, storm damage and vandalism. Comprehensive policies may extend coverage to include:

  • Wind
  • Hail
  • Landslides
  • Explosions
  • Damage caused by wild or stray animals
  • Water damage from burst pipes

Experienced brokers can help you find the best coverage options for your clients. Comprehensive Florida property insurance programs can help you attract new business and continue offering quality service to existing clients.

Yacht Insurance Options for Owners

boat insurance in California

Owning a yacht is a real pleasure, but because yachts are such an expensive item to own, you need to purchase Newport beach boat insurance to protect your investment. It would be ashamed to not properly insure something as special as a yacht, but you also don’t want to buy too much coverage since the increase in premiums won’t increase the amount received in the event of a loss.

One solution is to hire an independent appraiser if the value of the vessel is questionable. Plus, the true value could be one thing to the owner and something completely different to your insurer. Before purchasing a new insurance policy make sure to be in agreement on the amount that the insurer is willing to pay out in the event of a total loss. You might want to ask other yacht owners about their claim history and receipt of payments as well as check with people who work with yachts, such as repair shops and mechanics.

Always have the exact coverage needed

Always go over the terms of any policy. One potential issue may be the valuation clause. In the event of a complete loss, many boat owners are unaware that insurers will subtract the depreciation of the boat based on its age and condition. For example, they may issue a check for the value of the boat based on the current market value listed in the BUC Book (a marine version of the Blue Book used for estimating the value of certain cars).

If your yacht is a total loss, the insurance company is going to pay sufficiently less than the original purchase price, due to the age of the vessel now. Youll need to adjust the amount you pay on your policy in order to reflect this since your boat is going to slowly depreciate over time. The insurer often uses both, the condition and age of the vessel, to determine the current value and that’s the amount they will pay out, less your policy deductible.

Re-evaluate the marine manufacturer’s insurance policy every year and consider purchasing an agreed-value policy from a Newport beach boat insurance provider. With this type of policy, both the owner and the insurance company agree on the value of the boat and what it would cost to replace in the case of a total loss.

What To Look for in Cyber Insurance

wholesale cyber insurance

When you are looking for wholesale cyber insurance, you will want to know which features you need and where is the best place to get those plans. This means doing a bit of research into what coverage will be the best for your clients as well as which companies sell the plans you are looking for. The more you know about the needs of your clients when it comes to cyber insurance, the better plans you will be able to offer them.

Knowing what to look for is a big first step and can require comparing the options offered by various wholesale insurance companies. This can help you narrow down your options in brokerages to work with, as well as give you an idea of what is available to meet the needs of your clients. Some things that you can look at include data recovery and monitoring as well as data breach liability coverage.

Wholesale cyber insurance can help you better meet the insurance needs of your clients. This insurance can protect against losses associated with data breaches, losses of data due to viruses or physical accidents and much more. You can even find plans which include monitoring and recovery services to save your clients even more time and money.