Archive for November, 2009
Insuring Stained Glass Windows
Insuring stained glass windows can be a bit tricky because depending on the carrier it may be covered under the Property policy or it may have to be scheduled on an Inland Marine policy. The first step is to figure out if it is under the property coverage or if it has been scheduled.
Whether the stained glass is under the Property or Scheduled on an Inland Marine policy you want to be absolute certain that the value is either correctly built into the Building Value or is scheduled for the right amount. This needs to take into consideration not only the cost of the glass but the special installation and making of the replacement stained windows.
Also, it is very important to know what type of coverage is there on the windows. Is it covered for wind damage, building movement, vandalism and so on. This is definitely something that needs to be discussed with your insurance agent as there are too many variables in insurance to just assume.
So if your church has stained glass windows be very careful in choosing an agent that will visit your location and discuss in detail the best strategy to cover your risks.
Home Health Care Insurance
Home Health Care Insurance programs are designed to cover the unique risks associated with caring for the elderly or physically disabled. Although General Liability, Property and Auto coverage are the basics of any Home Health Care Insurance Program the programs will tend to add in or include more specific types of coverage that home health agencies face.
The first is Hired and Non-owned. Because the majority of home health agencies hire nurses or care-givers who use their own personal vehicle to visit patients or clients this is a large risk. Because many individuals only carry the minimum insurance limits and requirements, this may lead to a home health agency being brought into a suit as a result of one of their nurses being involved in an auto accident. By having Hired and Non-owned coverage this will cover the business for accident(s) their employee may be involved in during work. Keep in mind that the employee’s auto insurance is primary in most cases.
The second is Abuse and Molestation. In the event of an accusation whether founded or not the allegation in and of itself is damaging to any business. The cost of legal fees to public relations is very expensive. Without Abuse and Molestation coverage the home health agency can find themselves in serious financial distress as a result. With Abuse and Molestation coverage the policy will pay for costs to defend which can either be in addition to policy limits or within. And of course it will cover any settlements up to the policy limits.
The third coverage that is essential is Professional Liability for nurses and care givers. In essence this coverage will cover the nurses within their professional scope of work. By having this coverage provided for all nurses and caregivers instead of trusting the nurses to carry their own, it protects the business from lapsed or expired policies which would then come back on the business in the event of a claim.
The above mentioned coverage are absolutely essential to any solid Home Health Care Insurance Program to guard against the specific risks associated with running a home health care agency. However, these are just a few of a number of coverage types and policies. It is always best to discuss your insurance program with your Insurance Carrier to see if there are other coverage that may apply.
What is Uninsured and Underinsured Auto Coverage?
Uninsured and Underinsured Auto Coverage addresses the reality that many drivers on the road for whatever reason either don’t have insurance or they may have the bare minimums of insurance. Regardless of which scenario it may be, in many cases when an accident occurs someone is going to have bills and someone is going to have to pay those bills.
For this simple reason auto insurance coverage provides uninsured and underinsured auto coverage to protect their insureds against these irresponsible drivers who break the law by not having insurance or the underinsured drivers who don’t have sufficient limits. By having this coverage on an insurance policy you can protect yourself from these types of cases.
Typically this coverage will pay for injuries and damage to the carrier’s customer if they were not at fault and the one who hit them was declared liable. Of course this can at times get tricky in complicated accidents, however, in many cases this coverage can be triggered and the insured can be compensated and indemnified for their loss.
When considering that in many states there are a large percentage of uninsured or underinsured drivers and the cost to add this coverage is relatively inexpensive rarely does it ever make sense to not have it. Although this coverage is common it rarely ever comes included with a basic or standard auto policy. For this reason it is very important to check to see if you have it and be sure to add it if you don’t as this is normally something that you add on to a policy.
What is EPLI “Employment Practices Liability”
EPLI or “Employment Practices Liability” insurance is a specific type of liability policy that addresses some of the unique risks of Business owners and Corporations. As a business there are many liabilities that go along with the responsibility of owning a business. Unfortunately one of these liabilities is having employees.
In a very litigious society in which America has become it is very important to cover all recognized exposures that you don’t want to be responsible for defending or paying. With the increase of employee to employer lawsuits this area may be one of the most neglected coverage options today.
With many sexual harassment, discrimination, wrongful termination and any other claim that is in the courts today businesses put themselves at risk financially by not protecting against this risk. In many instances whether the employer is innocent or not the cost to defend is very pricey. This may be one of the greatest benefits of EPLI as it covers the cost of defense. Defense costs with an EPLI policy can either be within or outside the policy limits.
Employment Practices Liability insurance is relatively inexpensive in regards to premium in relation to what it covers. Some EPLI policies will even cover third party allegations against a business for like claims. In a society that seems to be litigious in nature it is difficult to understand why more businesses don’t have Employment Practices Liability Insurance (EPLI).
2009 Toyota Highlander Review
The 2009 Toyota Highlander is a mix of highlights because of it’s great versatility and function. Toyota has always been known for it’s great reliability and low depreciation in relation to other car manufacturers and over the years have come up with their own innovations and designs. Therefore the Toyota 2009 Highlander is no different and continues to add to the exceptional legacy of Toyota.
One of the first things that stands out when you get in the Highlander is it’s fit and feel. Getting in seems almost effortless as the overall height of the vehicle is perfect for the average male and even female. Maybe because it’s not a true off road vehicle or a sedan that accounts for it’s ease of egress.
Once in the Highlander you’ll notice the fit and finish is the traditional Toyota quality. Console items are easily accessible and easy to use while the seats are contoured and comfortable. Of course this would all mean little if the ride wasn’t supple and smooth. In addition to the great ride the Toyota Highlander is as quite as they come. Both road and engine noise are at a bare minimum which makes driving the 2000 Highlander an enjoyable experience.
Of course reliability is great along with owner satisfaction which is not uncommon for most Toyotas. Probably the only major criticism for the Highlander would be the poor fuel economy. In an area that Toyota once dominated in has now become a down side as there are a number of other similar SUVs in this class that outperform the Highlander.
With all this said it’s a great vehicle and for those who are looking for a great ride without the bulk but with lots of room, the 2009 Toyota Highlander is a great option!
Cheap Pollution Insurance
Finding cheap pollution insurance coverage can be somewhat of a task as many standard carriers either exclude or limit pollution coverage all together on their policies. Although some carriers may include a small limit within their policy or specialty program it usually isn’t enough for businesses with a large pollution exposure. In these types of cases it is always better to make sure that you have a specific pollution policy to address the specific risk or risks.
Within pollution policies, coverage can be purchased for specific limits that may be required. Typically there is a limit for clean up and removal, a limit for liability and a limit for 3rd parties. Depending on the operations either all three coverages may apply or even just one.
Because of the great cost of clean up and removal it is very important to consider the risk and potential loss to adequately address any losses. The cost will always skyrocket when there is damage to surrounding areas that are considered to be environmentally sensitive or protected. Of course this only get worse if natural resources are contaminated such as drinking water supplies and so forth.
Once you’ve determined that a seperate pollution policy is required then it really comes down to shopping around with different insurance carriers for quotes. When a quote is provided it is then necessary to go over the pollution policy to check for exclusions and or endorsements. However, the more that can be done to show that the likely hood of a loss involving pollution is extremely unlikely then the chances of securing an affordable pollution policy becomes greater. The more that is documented, photographed and realized the greater possibility the rate will be lower. Obviously higher risks that look like a loss is inevitable will pay significantly higher rates. In the end they will look at controls and measures that are in place to guard against a loss.
So be sure to shop around and try different brokers and carriers as this will help with obtaining cheap pollution insurance.
What is Co-Insurance?
“What is co-insurance?” is a common question asked by insureds who more than likely experienced a loss to one or more of their buildings. During the Insurance Carrier’s investigation the adjuster or appraiser may find that the building was under insured in relation to actual or true cost of replacement. If it is determined that the building was under value then in many cases co-insurance comes into play.
In essence the final pay out will be what the building was insured for divided by what the building should have been insured for multiplied by the total amount of the loss. Often in the insurance world you hear “did over should times the loss, minus the deductible”. When this formula is applied the end result never favors the insured. The principle is simply if the building was under insured for whatever reason then the claim payment amount will be proportionately paid.
For this reason it is always a very good idea to have accurate limits represented on the insurance policy. For the very little extra it would cost to properly insure the building or buildings for the correct amount would be more than worth it in peace of mind and/or in a partial loss situation.
It is important to note that in most insurance policies in regards to co-insurance that it usually only comes into play when there is a partial loss to buildings. If the buildings are deemed to be a total loss then the limit of insurance would apply.
Insurance Deductibles
Insurance Deductibles are sometimes referred to as a “self insurance retention” or SIR. What this simply means is that instead of transferring one hundred percent of the risk to the insurance company you are retaining a predetermined dollar amount before the insurance will pay the remaining amount up to the policy limits.
Obviously by having a deductible you are keeping the smaller losses to yourself and using the insurance for the larger losses that you either don’t want or are unable to retain. The premium cost will reflect the amount of deductible that you are willing to retain. In short, the higher deductible the lower the premium and the lower the deductible the higher the premium.
In some policies there may be a percentage deductible that is calculated based on the total amount that is insured. This is often seen in areas where there is greater risk of natural disaster. In other words, if the building is one million dollars and there is a one percent deductible, then the amount before the insurance kicks in would be ten thousand dollars. In some areas this may be the only option, however in most areas that are less prone to wind and tornadoes often times it is a flat dollar deductible.
It is very important to always be aware of the policy deductibles so that there are no issues should and / or when a claim would arise. In Houston, Texas following Hurricane Ike many homes were confused by the amount in which they were responsible for before the insuranc company would pay out. However, in the majority of claims the Home Insurance Carrier paid the claim on an Actual Cash Value basis minus the deductible. Once all the work was completed the remaining amount of the Replacement Cost Value was issued.
The most important thing to know about insurance deductibles is that they are common on the vast majority of all insurances.
