Educational institutions face evolving risks across property, casualty and cyber liability. Learn how to school districts should be covered for casulty, property, cyber, and SAM insurance.
Restaurant insurance protects your business from unexpected costs like lawsuits, injuries, and property damage. Learn what coverage you need, how much it costs, and why it’s crucial from day one.
During Southern California wildfires, policyholders should work directly with their insurance provider to settle claims before hiring third-party adjusters or attorneys. Educating customers on potential scams ensures a smooth and fair claims process.
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 in case of a claim is $300K. However, when you go underinsured and the RC of your property insurance policy (or HO policy) is listed at $300K, while the actual RC is $500K, with an 80% co-insurance you will only… Read More »Infographics: Market Value vs. Replacement Cost
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.
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
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
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
The 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
Setting up or upgrading an optometry office requires knowing the replacement costs of essential equipment. From exam room tools to retail fixtures, this guide provides estimated price ranges to help you plan and insure your practice properly.
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 New York. Florida excluding wind/hail. Coverages Offered: ISO Property coverage’s, forms and extensions. Up to $15 million primary and $25 million excess in-house authority with the ability to obtain higher limits with approval. Admitted/Non-Admitted: Non-Admitted Quote Requirements Information about the business… Read More »Excess and Surplus Property Insurance Program