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There are several obvious differences in mobile or manufactured homes as opposed to those built on a foundation. This is the main reason why they are handled slightly differently than site-built homes when it comes to insurance. No matter how it’s constructed, your client’s home is important to them and their families, and is most likely their biggest asset.
In order to help protect their investment, you need to make sure they have the right coverage in place. As a representative of manufactured home insurance companies, you should be familiar with the type of coverages available and should be able to help them get the exact coverage they require for their specific needs and budget.
While standard homes generally tend to increase in value over the life of a mortgage, manufactured or modular homes generally decline in value over time, which makes for a bit of a challenge for you as an insurer. This major difference in the decline in value of the home will obviously affect the cost of manufactured home insurance. In addition, the tendency to have a greater risk of loss only adds to the complexity of the situation.
Increased risks due to weather, accidents
There is the increased risk for damage due to weather, since manufactured structures are typically not built onto a foundation (modular homes being the exception). Add to this the fact that the building materials used in construction tend to be lighter in weight than site-built homes and this also makes them statistically riskier for fire damage as well.
Also, manufactured homes are built in a factory and then transported, which means that they can have structural integrity issues from moving from one location to another. Quite a few of the homes built in the past decade or so have been found to have sagging roofs, while others suffered from sloping outside walls, or foundations with visible cracks or crumbling.
Brokers and agents therefore must carefully measure the risks that are inherent in these homes when they are in the process of issuing a policy. Insurers are trusted to make sure they’re doing all they can to keep their client’s homes safe and reduce their risks, which can potentially earn them discounts on coverage from manufactured home insurance companies.
Innovation is the name of the game when it comes to wearable technology, and within the next decade, it is entirely possible that these increasingly common items–such as fitness bands, digital glasses, smart watches, medical devices, GPS-enabled cameras, and so on–could change the way you function on a daily basis even more than your trusty smart phone has. (And just think for a moment how ubiquitous such phones have become–they seem to be practically glued to people’s hands.) This new tech can definitely make life easier, but at the same time could also compromise the privacy and security of anyone who uses it, creating situations where a cyber insurance claim could come into play.
Wearable technology puts together in one little gizmo all of the collection, tracking, and communication capability that today’s mobile devices have, resulting in an astounding amount of personal information that is captured and transmitted in real time. Consider what some of these devices can do:
Fitness bands–These units can help you track your way to fitness by taking note of everything from your heart rate to the number of steps you take in a day and other exercise-related matters; your sleep patterns; and how many calories you’ve consumed. However, this sensitive information, if compromised, could be sold to interested parties.
Medical devices–While these units can save lives, criminals have discovered how to hack some of the devices, enabling them to be controlled remotely–in some cases, causing lethal doses of insulin (via insulin pumps) and voltage (via pacemakers) to be delivered to the wearer without his or her knowledge.
GPS-enabled cameras–recording family occasions or providing security and surveillance are the positive uses of these items, but they also offer an easy means to invade others’ privacy when people are recorded without their knowledge or consent.
Talk to a professional insurance agent who has expertise with the technology sector and can offer guidance in a cyber liability insurance program designed to offer protection from the risks your business faces. Your agent can also help you with a risk mitigation plan to help ensure the devices you and your employees have come to rely on are used properly to enhance rather than endanger your health and well being. Consult a knowledgeable agent today.
The field of workers’ comp here in Miami has grown more complex and technical in recent years with laws and statutes changing year to year. Because of this, employers need to routinely conduct educational classes and safety meetings to discuss how workers should handle medical issues as they relate to disability cases, along with many other topics, including how to handle workers’ compensation claims swiftly, and economically, with everyone’s best interests in mind.
The Miami FL workers compensation insurance coverage provided by employers will provide for all necessary medical care if an employee ever gets injured at work or develops an occupational disease arising out of, and in the course of their employment.
In order to protect the interests of the company, workers may be required to take a drug and alcohol test if injured on the job, in order to ensure that they were not impaired in any way at the time of the accident. If they test positive for alcohol or illegal drugs at the time of their injury, they may not be entitled to workers’ compensation benefits as per Florida law.
The state estimates that reforms have cut Florida business’ workers comp premiums by 56%, but workers’ advocates argued that those cuts had gone too far, and even began a series of lawsuits in Florida courts to challenge the law’s constitutionality. Just last June a South Florida appeals court overturned a circuit judge’s constitutional ruling that threatened a major underpinning of the state’s workers-compensation insurance system.
The constitutional question dealt with a long-standing concept in Florida that cases involving injured workers should be handled through the workers-compensation system instead of through civil lawsuits.
Employers need to focus on getting coverage value and safety
The key to getting the right coverage at the best price is to have an experienced, well-informed agency specializing in Miami FL workers compensation insurance evaluate the unique situation that surrounds your business and find the best possible coverage.
One way to accomplish lower claims rates is by implementing preventative measures such as a work safety and drug free workplace program, which often results in premium discounts and may also help reduce your MOD factor and that can save you even more money over time.