December, 2017

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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.