January, 2021

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Changing Boundaries in the Textile Industry

Textile Industry

The global textile industry has been changing a lot over the past few decades, so much so that even professionals in the field are starting to ask what the industry is and where its boundaries lie. This is due in part to the rapidly shifting global manufacturing landscape, which has redefined garment and textile production several times over the course of the last century. It’s also due to advances in material design that make today’s textile products useful in a wider range of applications than ever before, including not only traditional roles like upholstery and furnishing, but also new industrial uses. That makes it harder than ever to pin down exactly who belongs in this industry and who needs textile-specific coverage.

Natural vs. Artificial Textile Production

One of the biggest points of contention is where to draw the line when it comes to synthetic materials. When textile companies dealt almost exclusively with natural fibers harvested from plant resources or sheared from animals, it was easy to separate them from other manufacturers. As more and more synthetic materials hit the market over the last century, though, chemical companies and plastics firms have begun to play roles in the textile business, and textile firms have started to look a lot more like labs. As a result, there are companies that could benefit from a textiles-specific industry insurance package that might not see themselves as textile companies. Today’s insurance providers apply a broad understanding of the field and its expansion into new roles as the nature of the science around textile production changes to make sure every business gets the coverage it needs.

What Liability Coverage is Best for Nonprofits?

Liability Coverage

Your nonprofit organization faces many of the same liability risks as other companies, even if your staff is only comprised of volunteers. Since nonprofits operate differently than traditional companies, however, your insurance needs aren’t quite the same.

Liability Insurance for Nonprofits

The nonprofit liability insurance you choose should encompass three separate areas, including:

  • General or professional liability – This insurance protects against claims from vendors, contractors, and other visitors regarding injuries sustained on your premises or property damage caused by one of your employees.
  • Directors and officers coverage – If your organization employs either volunteer or paid directors, officers, or board members, these professionals can be sued for mismanagement or mistakes in the decisions they have made. Common claims involve such things as discrimination or wrongful termination. Lawsuits may also be filed against claims of invasion of privacy, copyright infringement, and libel or slander.
  • Volunteer liability – Consider a separate policy to cover volunteers who are injured on-site. State laws vary on the requirements of workers’ compensation, so be sure to discuss the rules with your insurance agent to ensure proper coverage for volunteers.

No two nonprofits are exactly the same, so it’s critical to discuss your unique needs with your agent to ensure you find the right coverage to protect your nonprofit organization.

The Value of Tail End Insurance Coverage

Tail End Insurance Coverage

When choosing insurance coverage for your company, you think primarily about the coverage you receive while your policy is active. While this is important, ensuring that you also have tail end insurance coverage helps provide protection even after the typical life of your insurance policy has ended.

What is Tail End Coverage?

Tail end coverage is coverage for claims made after your insurance policy expires. Without these policies, claims made after the insurance termination date are not eligible for coverage.

Why Get Tail End Coverage?

Sometimes, claims are not made immediately following an incident. If claims are reported after the termination of insurance and you don’t have tail end insurance coverage, the claim may not be covered even if the incident happened prior to termination.

How Long is Tail End Coverage?

You choose your duration when purchasing tail end coverage. Once you choose the duration, it cannot be changed, so it’s important to ensure you purchase an adequate amount of time.

While you may see your insurance termination date as a fixed ending for your coverage, it doesn’t have to be. With tail end insurance coverage, you ensure that, even if the claims are not filed until later, your business is covered for any incidents that happen during your coverage period.

What You Need To Know About Force-Placed Insurance

Force-Placed Insurance

As a mortgage lender, you understand there is significant risk when it comes to helping a buyer finance a home purchase. Besides the possibility of a homeowner not being able to pay back the loan, you also have to consider the possibility that a buyers mortgage insurance isn’t large enough to protect your interests. Moreover, that borrowers insurance policy may lapse. Should that occur, what are your options for protecting your interests in a mortgaged property? This is where force placed insurance coverage can help.

What is Force-Placed Insurance?

A force-placed insurance policy adds extra coverage on a property where the borrowers insurance has either lapsed or it was insufficient to cover the lenders interests. This type of protection is not only beneficial to the lender, but to the borrower as well, especially in the following scenarios:

  • Failure of the borrower to maintain coverage through premium payments
  • Expired, lapsed or cancelled policies
  • Insurer backing out of homeowner coverage
  • Inability to find an insurer to underwrite a policy due to high occurrence of natural disasters or high crime in an area
  • Insurance that doesn’t fully cover a property’s replacement value

Do I Really Need This Coverage?

As a mortgage servicer, you have an obligation to protect the properties that you finance. While homeowners are expected to do their parts, a force-paced insurance policy helps cover potential gaps. You owe it to yourself to consult an insurer that specializes in this type of coverage.