Difference in Landlord Insurance vs. Homeowners Insurance
There are several key differences in the coverage provided by landlord insurance and homeowners insurance. We will help you choose which coverage best suits your needs.
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Traveling? You Might be Covered by Your Insurance
Before leaving for a vacation, call your insurance company to learn more about whether — and to what extent — you’d be covered. All insurance policies are different, so before your next trip, speak with your insurance agent or call your insurance carrier for the full range of details.
Loss of Income in Business Property Insurance
When a business suffers a loss to a fixed physical asset, such as when a fire damaged a building, the insured may incur an interruption to their business which can result in the loss of income and the incurrence of expenses.
The Property insurance policy will define what a business interruption (BI) loss is and will provide guidelines regarding how a BI loss will be calculated. Business interruption is a broad category that applies to an overall loss of income. While forms will vary slightly, two sample definitions of BI are:
- Net income (net profit or loss before income taxes) that would have been earned or incurred plus continuing normal operating expenses incurred during the period of restoration, including payroll.
- Gross earnings less charges and expenses which do not necessarily continue during the interruption of business operations. Gross earnings are defined as the net sales values of production, net sales from merchandising or non-manufacturing operations, and any other earnings derived from the operations of the business less various costs associated with production of stock and merchandise.
Rental value income (RVI) is another coverage that pays for a loss of income stream. However, the coverage is a narrow category which applies to lost gross rental income from the use of property when the insured leases or rents property out for a profit.
Continuing expenses cannot be avoided and don’t change because there is an interruption in business. Examples of continuing expenses include taxes, insurance, rent, licenses, payroll of key employees, interest, and debt. Non-continuing expenses may be saved or discontinued if there is an interruption in business. Examples of non-continuing expenses include salaries of hourly employees, unemployment taxes, and some utilities.
This article examines how BI and RVI losses may treat depreciation after the damage or destruction of a fixed physical asset.Read More »Loss of Income in Business Property Insurance
Insurance for Cities and Counties
Our Public Sector Services department serves local cities and counties right in your backyard, offering products and services designed specifically for public entities. We partner with leading providers of property casualty insurance for public entities, with the financial strength and stability you can rely on. We have developed unmatched expertise serving cities and counties. Consider our breadth of coverages, which we tailor to the unique needs of cities and counties: General liability Umbrella Auto Property Workers compensation Law enforcement liability Public entity management liability Employment practices liability Cyber liability But that’s not all – our in-house licensed legal adviser can… Read More »Insurance for Cities and Counties
How to Assess Your Home Insurance Policy
The best, easiest and most practical way to asses your homeowners (condo-, renters) insurance policy is to ask your insurance agent about it. We are trained to provide professional review and advise. We have access on special industry certified tools, that can calculate the replacement cost of your dwelling and personal property.
But, if that’s not enough or you prefer to be a solo warrior on the insurance field, the following should help to you asses your home insurance policy.