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Q: When purchasing automobile insurance what should I consider?
A: There are several things you should consider when purchasing automobile insurance that we will help you with. Here are a few:
Q: What is collision physical damage coverage?
A: Collision is the loss you incur when your automobile collides with another vehicle or object like a telephone pole.
Q: What is comprehensive physical damage coverage?
A: Comprehensive provides coverage for direct physical damage losses you could incur to your car from anything other than a collision; such as a fire.
Q: How can I lower my automobile insurance rates?
A: There are several things you can do to lower the cost of your automobile insurance. One way is to look for competitive pricing. We work with many companies and can provide you comparative rates and ensure that you are getting comparable coverage.
Another way to lower the cost is to change your deductible. By raising your deductible you may lower the cost of your automobile insurance by as much as 10%. You can also look for discounts; such as the multi car discount, the package discount by carrying a homeowner’s policy with the same insurer and defensive driving course discounts.
Q: What is fire legal coverage?
A: Fire legal coverage provides coverage to for you if you rent a business space and are held responsible for fire damages to that rented space. It does not apply to all business risks.
Q: What is the difference between Replacement Cost (RC) and Actual Cash Value (ACV)?
A: Replacement Cost is the current cost to replace property. Actual Cash Value is the replacement cost less depreciation.
Q: What does 80% co-insurance mean?
A: Insurance carriers require that an insured party insure at least 80% of the property's value in avoid a penalty at the time of loss. This is the way the insurance company encourages all insureds to adequately insure their property for the full replacement cost value.
Q: Should a business purchase a Flood Insurance Policy?
A: Yes. All properties are located in a flood zone. If your property lies in a high hazard flood zone as determined by US Government Flood Maps, it is especially important to purchase a flood insurance policy. Floods can happen in any flood zone. Ask us for a quote today.
Q: Does my policy cover physical damage to a vehicle I rent?
A: The business auto policy has coverage available by endorsement known as "Hired Physical Damage" coverage. Call us today for more information.
Q: Can other people drive my business vehicle?
A: Other people may drive your vehicle with your permission. It is important that they be listed on your policy if they are regular drivers of the vehicle.
Q: How does an audit work?
A: At the end of the policy term, the insurance company will review the policy and either charge or credit the policyholder based upon an audit of estimated figures. Examples of estimated auditable items include sales and payroll. Audits can be performed onsite by an auditor or via mail or telephone. A premium is charged for estimated audits when documentation is not provided.
Q: Why do I need certificates of insurance from sub-contractors?
A: An audit may require you to show proof that sub-contractors had their own insurance coverage. The sub-contractors' certificates of insurance will prevent you from being charged for their exposure.
Q: What is Commercial General Liability?
A: Commercial General Liability provides coverage if you are legally liable for bodily injury and property damage to other individuals arising from your premises, general operations (ongoing and after completion) and products manufactured or sold.
Q: What does Products/Completed Operations mean?
A: Products/Completed Operations refers to the liability coverage for damages caused by your operation or products after the point at which you no longer have control of them.
Q: What is Business Income and Extra Expense coverage?
A: Business Income and Extra Expense coverage provides coverage for income loss and the extra expenses to minimize a loss and to keep operations running during repairs due to damages related to a covered cause of loss.
Q: What is the difference between "Named Insured", "First Named Insured" and "Additional Insured?"
A: Named Insureds are those listed by name in the relevant block of the policy's declaration page. Although the named insured is commonly one person, partnership, corporation or other entity with insurable interests, multiple named insureds may be included. First Named Insured is the first "named insured" listed on the policy declarations (front page of the policy). This insured acts as the legal agent for all named insureds in initiating cancellation, requesting policy changes or accepting any return premiums. The first named insured may also be responsible for payment of the premiums. Additional Insured is an entity to which a policy's coverage is extended. An additional insured must be added to the policy prior to a claim being paid. There must be a contractual relationship between the additional insured and named insured. Being an additional insured on another's policy does not eliminate the need for that party to have their own Commercial General Liability policy.
Q: Should a business purchase an Excess Liability Policy?
A: Yes. An Excess Liability policy protects policyholders for claims in excess of the limits of their primary automobile, commercial general liability and employer's liability policies. Contact us today for a quote.
Q: What is homeowner's insurance?
A: Homeowner's insurance is a form of personal lines insurance. The typical homeowners policy has two main sections:
Q: What do I need to know when purchasing homeowner's insurance?
A: Get the amount and type of insurance that you need.
Determine the amount of personal property insurance and personal liability coverage that you need.
Select any additional endorsements you want to add to your policy. For example, do you want the personal property replacement cost endorsement?
Q: What is "actual cash value"?
A: When "actual cash value" is used in a policy, a policy owner is entitled to the depreciated value of the damaged property.
Q: What is replacement cost"?
A: When "replacement cost" coverage is used in a policy, a policy owner is reimbursed an amount necessary to replace the article with one of similar type and quality at current prices.
Q: Where and when is my personal property covered?
A: Coverage C of a homeowners policy provides named perils coverage. This applies to all your personal property (except property that is specifically excluded).
Q: Should I purchase earthquake coverage?
A: Direct damages due to earthquakes are not covered under the standard homeowner's insurance policy. If you live in an area that is prone to earthquakes, you may want to consider adding an earthquake endorsement to your homeowner's insurance policy. This endorsement will cover damages due to earthquakes, landslides, volcanic eruptions and other earth movements.
Q: Should I purchase flood coverage?
A: If your property lies in a high hazard flood zone as determined by US Government Flood Maps, it is especially important to purchase a flood insurance policy. Floods can happen in any flood zone. Ask us for a quote today.
