Infographics: Market Value vs. Replacement Cost

Don’t overpay for your insurance. Using industry grade professional rating tools we can help you to calculate the replacement cost (RC) of your property and explain the co-insurance requirements, so you’re paying for insurance only what it should cost you. Remember: if the actual replacement cost of your property is $300K but your insurance policy lists $500, all you get… Read More »Infographics: Market Value vs. Replacement Cost

Ordinance or Law Insurance Coverage

Generally, Ordinance or Law insurance coverage provides limited protection for costs associated with repairing, rebuilding, or constructing a structure when physical damage to the structure by a covered cause of loss triggers an ordinance or law.

According to Adjuster’s International Disaster Recovery Consulting, compliance with ordinances and laws after a loss can add 50% or more to the cost of the claim*.

Insureds should take a proactive approach to their insurance program and the coverage provided by the program. Learning about important exclusions and limitations after a catastrophe strike will cause the Insured to experience frustration and anxiety. Insureds should always read their policies, and in some states, may be required by law to do so.

Ordinance or Law Exclusion

Most property insurance policies will have an Ordinance or Law exclusion. The exclusion applies to both physical damage and time element coverage.Read More »Ordinance or Law Insurance Coverage

What You Need to Know Before You Lease Commercial Property for Your Small Business

Renting space for your small business involves more than finding the perfect location at a price you can afford. Why? You’ll also need to sign a lease, a complex document that typically favors the landlord—and your success can hinge on its provisions.

But the terms of a lease are usually flexible, and with a little know-how, you can negotiate terms that work for both yourself and landlord.

Things to Know Before You Negotiate Your Commercial Property Lease

These are key areas to consider before you sign on the dotted line.Read More »What You Need to Know Before You Lease Commercial Property for Your Small Business

Vacant and Rental Property Insurance

Home For Rent Sign

Business investors, landlords, and owners of the residential and commercial property have vacant and rental structures for different reasons, including but not limited to a change in tenants,
recurring renovations or refurbishment, and selling the structure. When occupancy changes, the dynamics of loss exposures may shift significantly. Many insurance companies and homeowners policies will not insure or offer adequate protection for such property. If you’re looking for an experienced provider who understands these exposures and is committed to the property insurance market the search is over, as we provide access to coverage for vacant structures and rental dwellings and offer a simple process to convert policies as tenant occupancy fluctuates.

Ask yourself these questions when selecting an insurance provider for vacant and rental property coverage:Read More »Vacant and Rental Property Insurance

Insurance for Multi-Family Real Estate

overcoming-the-challenges-of-placing-multi-family-real-estateThe real estate sector consists of many different types of premises-related accounts, including office buildings, shopping centers, malls, industrial warehouses, and apartments. Due to the frequency and severity of losses, habitational properties or apartment schedules are most commonly placed with E&S markets. This also applies to shopping centers and malls that are located in geographic areas where the crime scores are typically higher than the national average, or where the risk has a higher frequency of claims and is suitable for taking a retention and employing an aggressive third party administrator (TPA).

But the majority of real estate accounts placed in the E&S marketplace are multi-location apartment schedules. In recent years, many casualty markets have struggled with being profitable on these risks, and some have stopped underwriting this class entirely. What makes this class so difficult for carriers to be profitable, and why have so many markets either exited the space or tightened their guidelines?

Obviously, profitability is tied to thin rates and/or overly generous claims settling, but there are several other factors when it comes to this class:

1. Unique claims = general liability? Not always.

One factor is that there are so many more unique claims which ultimately get tagged to the general liability (GL) carrier. Just about anything that goes wrong – other than traditional property losses such as fire, wind, flood, etc. – is considered a GL claim. While it used to be that the owner or manager had to be negligent in order for a GL claim to be paid, that’s hardly the case anymore. Carriers have traditionally been the most concerned with “typical” GL claims including slip-and-falls, violent attacks, and sexual assaults; they now have to also deal with unique, obscure claims for which a GL carrier is ultimately held liable. This diminishes any chance of the account being profitable.Read More »Insurance for Multi-Family Real Estate

Optometrist and Optician Equipment Price Guide for Insurance

Use this guide to help evaluate the new replacement cost value for office and optometry equipment. To get an insurance quote fill out really short form: Exam Rooms Examination chair and instrument stand $4,500 – $20,000 Chart projector $1,000 – $4,000 Slit lamps $3.000 – $10,000 Lensomeler/lens analyzer $ 1,000 – $4,000 Keratometer $2,000 – $7,000 Retinal camera $15,000 – $25,000 Phoropter, or optical retractor $5,000 –… Read More »Optometrist and Optician Equipment Price Guide for Insurance

Excess and Surplus Property Insurance Program

In cooperation with an A+ rated program administrator we are now happy to offer Excess and Surplus Property Insurance Program for Lessors Risk, Hotels/Motels, Vacant Buildings, Retail Operations, Shopping Malls, Strip Malls, Restaurants, Assisted Living, Medical Offices, Churches, Light Industrial, Warehousing Operations, Commercial Condos, Distributors, Excess Habitation and the above classes in all states including Florida. Geography: All states except… Read More »Excess and Surplus Property Insurance Program

Contractor Insurance Requirements – A Primer

This article was originally published by AmWINS Group, Inc. It was edited and rewritten to simplify the content. To read the original article please click here.

primerWhen risk management department is assigned to focus on the major project, including construction, with particular attention to the insurance requirements to be imposed on the general contractor and any subcontractors, it’s very important not to make the insurance requirements so onerous that contractors are discouraged from bidding on the project.For those of us, who has not been involved in such projects before, let’s review insurance requirements from different projects and how those may affect our company (let’s call it ABC company – the one who impose insurance requirements).
Outdated Insurance Terminology
What may strike us about the old insurance requirements is the insurance terminology used. There is reference to “comprehensive general liability insurance” including endorsements listed as “broad form property damage,” “broad form blanket contractual liability,” “cross liability,” “XCU” and “additional named insured.” The limits are also listed as split limits – one applicable to bodily injury, and another lesser limit applicable to property damage.Similarly, the auto insurance requirement refers to “comprehensive auto liability” and workers’ compensation insurance includes the “broad form all states endorsement.” Further, all of the requirements are to be evidenced by a certificate of insurance that provides certificate holder a 30 days advance notice of cancellation. It becomes readily apparent that these requirements are so outdated as to be virtually useless – the coverage, endorsements and limits listed are obsolete and are no longer available. We must start from the beginning.Read More »Contractor Insurance Requirements – A Primer

Museums and Cultural Institutions: Unique exposures

Goudi Building Museum

Your priceless collections and exhibits are what pull visitors through your doors. But keeping those visitors safe – as well as your employees, volunteers, building and reputation – is what keeps those doors open. Travelers has years of experience working with museums and cultural institutions. We understand your industry. We can help you with your insurance needs – from protecting your fine art collections, to covering your property risks to providing general liability coverage to workers compensation.

Fine art expertise

We offer Museums and Cultural Institutions customized product and service offerings. Our Inland Marine division is a Fine Art market leader that provides flexible solutions for your unique needs:

  • Local underwriting presence with fine art expertise
  • Broad, worldwide coverage at current market value
  • Coverage for exhibitions, loans and items while in transit
  • High capacity for high-value collections
  • On-site risk control consultations to help enhance facility and collection management
  • Dedicated fine art claim team committed to proper claim handling for unique valuable objects
  • Access to our Special Investigations Group who focuses on theft prevention and recovery of stolen property
One company for property exposures

Read More »Museums and Cultural Institutions: Unique exposures

Ladder safety best practices

Ladder SafetyLadder safety should start before even stepping foot on one. The improper use of a ladder, or using an object other than a ladder to reach an item, can result in serious injury due to over – reaching or falling. Statistics suggest that workers are more likely to abuse and misuse ladders rather than use them correctly in the workplace.

There are a number of factors that must be considered when working with ladders, and following key practices of ladder safety can help prevent a potential injury.Read More »Ladder safety best practices