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Coverage

What “Sunset clauses” in Insurance Policy Means?

The idea of limiting the reporting period for claims is old and relatively self-explanatory. You, as insured have a limited period in which to report a claim potentially covered under your liability policy. Any claim reported after a certain period of time may not be covered. The amount of time a claim may be reported differs between policies and carriers. The operative language is typically attached to a policy as an endorsement. However, a new “statutes of repose” related to residential construction defects was announced recently. These relatively new statutes, that took effect Jan. 1, 2003, provide the time in which… Read More »What “Sunset clauses” in Insurance Policy Means?

CarFax Vehicle History Data Use in Insurance

Carfax Inc. reported that federal officials have approved its patent applications for its auto insurance underwriting and rating system based on vehicle history attributes. CarFax said it expects the patents to be issued by the U.S. Patent and Trademark Office within the next month. Insurance companies use CarFax reports in their underwriting and rating, claims prioritization, total loss valuations, and fraud investigations. CarFax’s systems that are being patented include the access to the vehicle history data and a method for insurers to follow in using that data. According to Carfax, its vehicle history database has more than 10 billion records… Read More »CarFax Vehicle History Data Use in Insurance

Earthquake Deductible Buyback in California

A few facts about earthquake insurance: Fact I:  Most residential insurance policies do not cover earthquake damage – a separate earthquake policy is required. Without earthquake insurance to help you cover the costs of repairs and other expenses that come with catastrophic damage, you will pay out-of-pocket to fix your home, to replace your personal property, and to live and eat elsewhere. Fact II:  Most earthquake insurance policies feature a high deductible, which makes this type of insurance useful if the entire home is destroyed, but not useful if the home is merely damaged. Rates depend on location and the… Read More »Earthquake Deductible Buyback in California

Progressive Expands Commercial Auto Offerings, Introduces New Coverage

Progressive Insurance has expanded its commercial auto product with updated offerings and programs. The latest commercial package brings more coverage options and introduces a customer loyalty program. Highlights of the latest package include: Customer Loyalty Program: The new customer rewards program includes accident forgiveness, specialized claims service and minor violation forgiveness. Pet Injury Coverage: Progressive provides up to $1,000 to help pay the medical bills for a dog or cat if they’re injured while riding in a covered vehicle. Expanded Truck Cargo Coverage: Progressive has expanded acceptability to include owned goods, increased coverage limits up to $250,000 and added refrigeration… Read More »Progressive Expands Commercial Auto Offerings, Introduces New Coverage

Insurance for Adult Day Care Center

Paperless’ Health & Human Services Insurance Program includes coverages that are specifically designed to protect the unique needs of professional Adult Day Care Centers. As industry specialists, Paperless Insurance has the experience and expertise to cover Adult Day Care Centers as a special addition to its social services program. Adult Day Care Centers are facilities that provide meals and supervised care for senior citizens where they can interact with peers and engage in social activities in a community-based environment. Adult Day Care Centers usually act as an alternative to assisted living and nursing homes. Paperless’ Health & Human Services includes… Read More »Insurance for Adult Day Care Center

Small Business Safety Tips: Business Property

Possible accidents: Fire occurs due to outdated or old wiring damaging both the building your business owns and some of your equipment inside A roof leak causes significant damage to the goods in your warehouse Computers and media equipment are stolen from your place of business over the weekend How can I protect my building/premises, equipment, and materials from water damage and fires? The following questions point out basic building maintenance and fire prevention controls that should be in place: Is the building’s exterior structure, including all equipment, in good condition? Are drain pipes, signs, tanks, fences, canopies, etc. secured?… Read More »Small Business Safety Tips: Business Property

Top 10 States Vehicle Theft List

The National Insurance Crime Bureau reported 2011 is on track for another consecutive year of declining vehicle thefts, but California still dominates the top 10 list for areas highest auto theft rates. Seven of the top 10 areas were in California, mostly in the central and northern portion of the state. The report is a reflection of vehicle thefts on a per capita basis, and the authors of the report note that an area with a much smaller population and a moderate number of thefts can, and often does, have a higher theft rate than an area with a much… Read More »Top 10 States Vehicle Theft List

Home Foreclosure Prevention Program in R.I.

Only about one-third of the more than $79 million available from a federal foreclosure prevention program in Rhode Island has been spent to help struggling homeowners. Some states have spent a far lower percentage of their Hardest Hit Fund allocations than Rhode Island. Andrea Risotto, a Treasury Department spokeswoman, said that as of the end of May, states had drawn almost $1 billion from the $7.6 billion available to help homeowners make their mortgage payments. As of the end of last month, about $650 million of the total — or about 9 percent — had actually been spent, she said,… Read More »Home Foreclosure Prevention Program in R.I.

What is Loan Gap Coverage

When a financed vehicle is declared a total loss and your insured’s outstanding loan balance is greater than the actual cost value of the vehicle, an insurance carrier will pay the difference between the outstanding loan balance and the actual cash value of the vehicle. Who Benefits Most:  An owner of the financed vehicle. Claim Scenario:  Like many small business owners, Jane financed the Ford F350 truck she uses for her gardening business. Just a year after purchase, her employee totaled the vehicle on the highway between customer sites. Due to the steep depreciation in vehicle value, particularly in the first year of ownership, the truck was worth less than the… Read More »What is Loan Gap Coverage

XactPAY Xpress Goes Mobile

XactPAY Xpress, the latest edition in our suite of Payroll Billing Options is now mobile enabled – meaning for those customers who currently self-report their payroll through our convenient website, can now use their , iPhone, Android, and most current versions of Blackberry to enter payroll, view reports and more! XactPAY Xpress calculates the customer’s Workers’ Compensation premium based on actual payroll amounts and allows The Hartford to automatically withdraw the customer’s premium from their bank account. Benefits to your customers include: •Eliminating large down-payments •Managing cash flow, especially to businesses having seasonal payroll fluctuations •Lessening audit surprises by basing… Read More »XactPAY Xpress Goes Mobile