Commercial Lines Rating System

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The Expertise and Safety That Daniels Insurance Offers to New Mexico Residents

Daniels Insurance

Daniels Insurance proudly builds upon its successful history. They have been serving individuals and a wide variety of businesses in New Mexico since 1937. They cover everything from personal risks such as automobile, homeowners and personal umbrella insurance to business needs that range from complex, huge corporations to new local businesses that spring up.

Expertise You Can Count On

As an experienced firm and global partner of Assurex, Daniels has wide and varied industry expertise, covering the following:

  • Public Entities
  • Oil and Gas
  • Manufacturing
  • Hospitality
  • Construction
  • Electricians

Within each of those fields, they work closely with you and your business to determine where your greatest risks are, how to best prevent catastrophes and how to draw and retain the best talent so that your business is as strong as it can be. Daniels Insurance agents will work out a comprehensive plan that has the right employee benefits, such as good health, dental and more, and the right liability coverage for your business, combining general liability, cyber liability, commercial auto, commercial property, workers compensation, executive liability, commercial umbrella, risk management coverage and more so that your business can push forward and feel safe knowing you have the liability coverage you need.

A Company That Supports You

Lastly, one of Daniels Insurances biggest assets is that their connections with the best insurers allow them to support businesses that often get turned down because of their high liability. Work closely with their agents and feel safe knowing that your future is covered.

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Premier Personal and Business Insurance Products in Virginia

Goodrich & Watson

You can rely on the experts at Goodrich & Watson when you need insurance coverage for your home or business. As the premier insurance provider in Virginia, we are dedicated to helping you protect your family and mitigate business risks.

Personal and Business Insurance Products

Our industry expertise enables us to partner with top-rated insurance companies to provide comprehensive insurance solutions. Some of the insurance products our agents at Goodrich & Watson offer include:

  • Personal. Our personal insurance products range from auto insurance to high value homeowners insurance to protect your family and valuables against unforeseen losses and accidents.
  • Business. Our business insurance programs offer competitive pricing and customized features to meet your needs, including crime and fidelity insurance, cyber liability, and much more.
  • Specialty. We review your current insurance coverage to ensure it appropriately protects your unique exposures and can tailor programs that cater to a variety of industry niches.

Our professionals will work with you to provide affordable options for your business or personal insurance needs.

Serving Your Individual Needs

As a trusted, independent insurance agent, we offer a complete portfolio of insurance products. The wide range of business and personal insurance coverage through Goodrich & Watson means we can obtain a competitively priced solution that is ideal for you.

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Bailee Insurance Coverage Provides Value to Many Industries

bailee insurance coverage

When you take charge of storing or handling goods without issuing a document that defines your bailee liability, you have set yourself up for a potential exposure to full value liability for any cargo loss or damage. Since this liability is not limited, bailee insurance coverage is required. The policy responds to any physical loss or damage of property while in your care, custody or control, without regard of negligence.

Bailee coverage is important to have when an item is lost or damaged and the bailee needs to make reparations. For example, if a customer entrusts a product, or several, to you and those items end up lost or damaged during transit, in whole or in part, the policy will pay for any losses.

 

Bailee Insurance coverage is a major plus

When purchasing a Bailee insurance policy, be sure to work with a professional that specializes in this type of coverage. Its important to note that not all policies provide the same coverage. For example, defense costs must be taken into account since this is often a substantial expense incurred by a bailee when presented with a claim for loss or damage.

This can quite easily exceed the monetary amount of damages awarded. Speak to an advisor familiar with this policy, someone willing to review your policy and determine whether defense costs are included as part of your coverage and up to what amounts.

Also, as a bailee you may be responsible for issues such as debris removal, which is essentially the cost to have damaged property contained and removed from the premises and properly disposed of. Your agent should review this with you to determine what you currently have and what may be needed to be included in your insurance program.

 

Liability of bailees

When a bailment involves the transfer of property where no compensation is involved, its referred to as a gratuitous bailment. If, for example, you’re temporarily storing property belonging to your customers in a neighboring store or warehouse and the bailment is to the mutual benefit of both parties, the bailee is referred to as a bailee for hire, which is considered a commercial bailment agreement.

The degree of care required in a commercial bailment requires the bailee to use only the degree of care that an ordinarily prudent person would use in handling his or her own property. For this reason, bailee insurance coverage is the best solution when you are entrusted with the care of items belonging to others.

 

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What is a Commercial Package Policy?

Commercial package policy

When you purchase personal insurance, chances are you need more than one coverage option. Most people invest in coverage for their automobiles, homes, and lives. In many cases, they bundle these policies to save money and time. A commercial package policy offers the same benefits for today’s businesses.

Every Business Is Different

Because every business is different, every business insurance needs vary. Some businesses need basic liability coverage and business automobile coverage. Other companies need more extensive policies that include coverage for property, equipment, errors, business interruption, and more. With a commercial package policy, your company can customize your business insurance to meet your specific risks. Instead of carrying multiple policies, you can simply pay for a package that will address all of your needs.

Bundle and Save

Much like personal insurance, package policies can save businesses money. It is usually more expensive to pay for individual commercial insurance policies. This can happen because you are often paying for more coverage that overlaps. A package policy can eliminate the areas that overlap and help you reduce your fees.

To learn more about a commercial package policy and how it can benefit your business, contact an insurance agency today. This is a great way to decrease your risk without spending more money than necessary.

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Rating Property Using a Commercial Lines Rating System

A comparative rating service allows your firm to deliver quotes for commercial insurance at a much quicker pace than was possible before these systems came into play.

As a Managing General Agency (MGA), Program Administrator, or insurer, you no doubt use some type of commercial lines rating system when seeking and comparing quotes for insurance services. A comparative rating service allows your firm to deliver quotes for commercial insurance at a much quicker pace than was possible before these systems came into play. Plus, a custom commercial lines rating system is customized for the specific coverage lines or niche markets you specialize in. It is not an agency rating system that does address your needs.

Rating commercial property, for example, is a multiple-step process that requires several factors. Among those factors are seven basic things that contribute to, and control the premium development for commercial property:

  • Type of coverage (building, contents, business income, etc)
  • Cause of loss form (Basic Form, Broad Form, Special Form, Earthquake Form)
  • Construction of the building
  • Occupancy of the building
  • Location of the property
  • Amount of insurance being written
  • Applicable coinsurance requirement

As an insurer you understand that commercial property can be either class rated or specifically rated. In either scenario, the rating mechanics are the same for both cases.

Specific Rating

Specific rating exists for risks that are not eligible for class rating and includes property loss costs that apply specifically to a building and its contents. Additionally, as a carrier you may use your own rates (deviating from ISO), which a commercial rating system designed for MGAs, Program Administrators and insurers can accommodate.

In addition, loss costs are developed as the result of an on-site inspection, and generally larger businesses, or those involving more hazardous operations, are specifically rated.

Class Rating

Most businesses can be rated on a class basis since similar businesses have similar exposure to loss and similar probabilities of sustaining damage. Exposures and probabilities are statistically analyzed, and loss costs are produced that reflect the chance of loss for a typical business in each class, based on Commercial Statistical Plan (CSP codes).

Using your knowledge of how properties are rated can help make your commercial lines rating system and associated business processes more efficient and cost effective.

 

photo credit: archer10 (Dennis) cc
Please follow and like us:

Rating Property Using a Commercial Lines Rating System

A comparative rating service allows your firm to deliver quotes for commercial insurance at a much quicker pace than was possible before these systems came into play.

As a Managing General Agency (MGA), Program Administrator, or insurer, you no doubt use some type of commercial lines rating system when seeking and comparing quotes for insurance services. A comparative rating service allows your firm to deliver quotes for commercial insurance at a much quicker pace than was possible before these systems came into play. Plus, a custom commercial lines rating system is customized for the specific coverage lines or niche markets you specialize in. It is not an agency rating system that does address your needs.

Rating commercial property, for example, is a multiple-step process that requires several factors. Among those factors are seven basic things that contribute to, and control the premium development for commercial property:

  • Type of coverage (building, contents, business income, etc)
  • Cause of loss form (Basic Form, Broad Form, Special Form, Earthquake Form)
  • Construction of the building
  • Occupancy of the building
  • Location of the property
  • Amount of insurance being written
  • Applicable coinsurance requirement

As an insurer you understand that commercial property can be either class rated or specifically rated. In either scenario, the rating mechanics are the same for both cases.

Specific Rating

Specific rating exists for risks that are not eligible for class rating and includes property loss costs that apply specifically to a building and its contents. Additionally, as a carrier you may use your own rates (deviating from ISO), which a commercial rating system designed for MGAs, Program Administrators and insurers can accommodate.

In addition, loss costs are developed as the result of an on-site inspection, and generally larger businesses, or those involving more hazardous operations, are specifically rated.

Class Rating

Most businesses can be rated on a class basis since similar businesses have similar exposure to loss and similar probabilities of sustaining damage. Exposures and probabilities are statistically analyzed, and loss costs are produced that reflect the chance of loss for a typical business in each class, based on Commercial Statistical Plan (CSP codes).

Using your knowledge of how properties are rated can help make your commercial lines rating system and associated business processes more efficient and cost effective.

 

photo credit: archer10 (Dennis) cc
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