Condominium Owners Association Insurance

Condominium Owners Association insurance is under the general scope of Professional Liability. This insurance guards those entrusted with the maintenance fees associated with condominiums, wether it is for commercial or residential application from liability exposures.

Condominium Owners Association insurance is for the specific purpose of guarding those responsible with the direction of funds from maintenance fees and dues from liability wether true or false. However, if those responsible for the funds knowingly committed fraud most policies would be void.

For this very reason condominium owners associations will typically purchase this type of insurance policy to guard against this type of claim. In fact board members of a condominium owner association will typically confirm there is coverage in place before joining the board.

For this reason it is important to any responsible condominium owners association to ensure that there is an active policy in place with desired limits. Limits can vary therefore it is important to confirm with the insurance company as to those limits and how coverage is triggered.

Day Care Insurance

Day Care Insurance requirements can vary from state to state, however, regardless of requirements there are basic coverages that should be in place. These coverages serve to protect against lawsuits that could be filed against the Day Care, cover damage to buildings, injuries to workers and also injuries to children.

General Liability (GL) is always the starting point in which day cares should begin. This coverage type is going to protect the business owner against alleged liabilities that may stem from a trip and fall to general damage to another. However, it is very important to realize that there are two specific liability coverages that ought to be in place.

The first liability coverage for a day care that should be in place is Abuse and Molestation coverage. Without this coverage a day care would be on their own concerning defense costs and any settlements in regards to allegations of abuse or molestation. Of course this can be extremely costly to pay out, thus purchasing this extra coverage in addition to the GL is certainly a must since it is triggered whether the allegation are true or false.

The second liability coverage for a day care is Professional Liability which would protect the day care from accusations of material being taught or even things that were said in class by a teacher. It can extend all the way to certain cases where medicine is being distributed by a teacher in different scenarios. Of course for all coverage it is vital to read the policy as each insurance company can be different.

Many Day Cares also have an Accident Policy that will pay for injuries incurred while the child is under the supervision of the day care. Normally a day care may have a child with a broken bone, cut, or any other type of accidental injury. These policies can have different limits and coverage so once again as with any other insurance policy it is important to read the coverage and understand how it pays.

Property Insurance is the same here as it is with most other commercial property coverage types. In short it protects the building in the event of a covered cause of loss as well as lost income.

One other insurance that is a must if any driving operations are present is of course auto coverage. Many day cares make the mistake of under insuring their autos. The minimum for any day care should be at least a Combined Single Limit of $1,000,000. Of course if the Day Care has a larger exposure with multiple vans and buses it is always a good idea to either have a higher limit or a $2,000,000 umbrella over top. This should be discussed with the insurance agent to determine desired limits.

This leads us to the last coverage that should be in place as mentioned before, an Umbrella. The umbrella for a day care will cover over top of the GL, Auto, and in some cases the Workers Compensation. Umbrellas vary greatly so it is very important to carefully understand which lines of coverage the umbrella will go over top of. Keep in mind that Workers Compensation is mandatory in most states but not all therefore this coverage should be discussed further with a local insurance agent.

What is “Gap Insurance”?

Gap Insurance is normally purchased at the time of a new car purchase when financed through a lending institution. The reason this is offered is due to the instant depreciation of the new vehichle the moment it is driven off the new car lot.

For example, a new car purchased at the sales price of $35,000 is typically depreciated by at least 20% within’ the first three months of ownership depending on the make and model. Since most auto insurance policies only cover the Actual Cash Value of an auto, the outstanding difference between the new car price and the depreciated car price can be a significant “gap”.

For this reason “Gap Insurance” is purchased to cover this difference between the amount paid and the depreciated value. Is it worth it? For some it may be worth the additional cost and for others possibly not. This strictly depends on the numbers and an individual’s risk tolerance.

Commercial Insurance in Houston Texas

Commercial Insurance in Houston Texas offers a vast array of Insurance Brokers and Direct Writers alike in addition to a good number of Insurance Companies that are present. To begin with companies will typically need to engage a few brokers and/or direct writers and submit their information pertaining to their line of work. Once this happens and underwriting questions have been answered, either a quote will be offered or declined.

However, obtaining General Liability quotes is usually not the problem in Houston. The greater challenge lies in obtaining property quotes. With the rise of natural disasters and the severity of which they have recently occured has caused many Insurance companies to back out of writing the property portion in areas close to the coast. This has left a void in the insurance programs that once used to include the property and were readily available.

This has left a number of companies in a quandrey as to whether or not to cover their buildings should they have the freedom to decide either way. In many cases if there is a mortgage involved this is not even a question but a requirement. As a result, surplus lines are typically quoted which normally can mean higher premiums than what companies were once accustomed too.

In closing, commercial insurance in Houston, Texas although readily available through a number or resources can be tricky due to property risks that require coverage. As usual it is good to make sure that you have multiple quotes and have shopped the available insurance companies.

How do I Insure My House for Hurricanes?

Insuring a private residence during hurricane season only requires attention to your existing home owners policy. You want to make sure that your building and content limits are correct and understand your deductibles as some policies will have a seperate wind/hail deductible. The deductible can range from a flat $500 upto 5% of the total insured building value.

Another coverage that can be beneficial should you be affected by a hurricane are the limits to stay in a hotel if the home becomes uninhabital. This is something that should be covered with your insurance agent.

Of course flood is rarely covered under any home owner’s policy and therefore should be purchased seperately, usually through FEMA via your insurance agent. It is extremely important to have this in place before a disaster strikes as there usually is a 30 day waiting period before the policy takes effect.

These are only a few hurricane considerations in regards to having insurance during hurricane season and it is always best to call your home insurance company to discuss further options and details.

Thanks for the question.

Cheap Church Insurance

The pursuit of cheap church insurance is always a task for non-profit entities especially during tough economic times. It is during these times that charitable contributions seem to take a hit with layoffs and families possibly reduced to one income. Unfortunately churches witness this first hand and therefore are pressed to search for reduced overhead and cost cutting strategies.

Although insurance only comes around once a year it can be a significant portion of a church’s annual budget outside of salaries. Therefore being absolutely sure that the church has the most affordable insurance is essential and an important task for either the church’s business administrator or the committee in charge of ascertaining quotes.

The first place that most churches will turn to outside of their existing church insurance agent is the internet. With a “soft insurance” market currently prevailing rates are down resulting in lower premiums. Thus, it is a great time to reconsider the existing church insurance. Online there are many different church insurance options offered by a host of insurance companies that are willing to quote either online, telephone, or through a church insurance agent.

When shopping for church insurance it is very important to be certain of values and coverage. By not having these two things correct a loss can become a greater nightmare as a result. Often a church insurance agent can help with these items in addition to other resources such as cost estimators.

One of the bigger risks for churches is always their liability, therefore being sure of the specific coverages is essential as “General Liability” does not cover the “specific” liabilities that face churches. This is where having an experienced church insurance agent is essential to protecting church risk.

To find cheap church insurance is simply a matter of knowing what you need and shopping different online church insurance companies. Although it may take some time it can be well worth it in the end as rates vary from carrier to carrier. Of course this task can be broken up amongst committee members if they all have the same exact information to give prospective cheap insurance companies.

In the end as the results and quotes begin streaming in the best priced church insurance program will become clear. However, be absolutely certain that the coverage is exactly understood and it is what you want!

What is EPLI (Employment Practices Liability)?

Employment Practices Liability (EPLI) is normally a separate insurance coverage although at times it may be included as a sub limit under the existing General Liability within a carrier’s program. However, being included as a sub limit is more of an exception than a rule therefore having a separate policy is more of the norm.

EPLI covers the insured against claims and/or lawsuits from an employee. Although many employers believe they are covered under their General Liability, this is a huge misnomer that can end up costing them thousands. The only exception here is if the the claim is a result of a worker’s injury in which therefore the Worker’s Compensation would be triggered.

Employment Practices Liability covers the employer against things like wrongful termination, sexual harassment, discrimination, prejudice, wrongful discipline, wrongful infliction of emotional distress and so forth. Whereas General Liability protects against third party claims, EPLI guards against first party claims.

Something to keep in mind is that whether the accused is innocent or guilty the costs alone to defend can be and usually are very expensive. This is where EPLI kicks in as it will normally pay for the defense and settlement, if any, as the court determines. Of course it is very important to read the specific policy as all carrier’s policies are not the same in regards to coverages and limits.

Generally EPLI can be affordable by obtaining different quotes through varying carriers that are online. Usually through an online quote or online process EPLI quotes can be readily obtained. As with any insurance it is in the insured’s best interest to inquire of different sources before making a final decision once coverage and limits are favorable.

In closing, many insureds find the value and peace of mind of Employment Practices Liability or EPLI to be well worth the cost as America has become a very litigious society.