What is an installation floater?
So what exactly is Builder’s Risk insurance and where does an installation floater come in? Well, put simply…builder’s risk protects a contractor from a loss during a construction project due to weather, fire, accidents, material defects and poor installation or workmanship. Builder’s risk will provide funding to repair, repurchase or reconstruct the covered loss for […]
Homeowners Insurance: What is loss of use coverage?
What is Loss of Use insurance coverage? Loss of use coverage pays to maintain your standard of living while your residence is being repaired or rebuilt in the event of a covered claim. In most cases, loss of use covers the excess of what you normally spend for certain things. For instance, let’s say your […]
Understanding your workers comp experience mod (part 2).
Last week’s post briefly what your workers comp experience mod is and how it affects your premiums. This week we will discuss the importance of understanding the time period over which your experience mod is calculated, how NCCI evaluates your prior losses, and tips for keeping your experience mod low. What is the experience rating […]
Benefits of an Insurance Rider
There are a number of benefits to adding a rider to your homeowners insurance policy. Increased coverage: Most home insurance policies contain “sublimits.” A sublimit is essentially a limit within a limit. For example, you may have a $100,000 limit in personal property coverage for your belongings. But your limit on jewelry may be $2,500. That […]
Understanding your workers comp experience mod (part 1).
The experience modification factor is a key component of your workers compensation premium. Understanding where this number comes from and how it is calculated is a very powerful tool to help restoration contractors minimize their workers compensation premiums. The majority of states work with the NCCI (National Council on Compensation Insurance) for determining the calculation […]
5 Answers About Renters Insurance
Did you know that almost two-thirds of residential lessees in the United States don’t carry renters insurance according to the Independent Insurance Adjusters & Brokers of America (IIABA)? A renters policy is more important, accessible, and affordable than you might think. But renters are often unclear about what renters insurance is and what it covers. […]
Jet Ski Safety
Riding a jet ski is probably one of the most exciting things you can do on the water. But the truth of the matter is, many people don’t think before they hop on. Courtesy of safetyresource.org, here are some tips to help you safely enjoy one of summer’s most fun water activities: You need a life jacket. Use […]
What does Additional Insured mean?
The experience modification factor is a key component of your workers compensation premium. Understanding where this number comes from and how it is calculated is a very powerful tool to help contractors minimize their workers compensation premiums. The majority of states work with the NCCI (National Council on Compensation Insurance) for determining the calculation on […]
Homeowners Insurance: Replacement Cost Value vs. Actual Cash Value
Your home is protected by dwelling coverage (also called “Coverage A”). The amount of dwelling coverage is usually based on the cost to rebuild your home. Most standard policies cover your home at Replacement Cost Value (RCV). That means if your home is insured up to $250,000, then you may get up to that amount […]
Insuring Property Stored at Other Premises
Did you know that property stored somewhere other than at your office premises may not be covered by your property insurance policy? Be sure to keep your insurance broker advised if you move property. There are other situations which should also trigger a call to insurance provider: Warehousing Demo equipment at a client’s site (and […]