Rosemary Palmer

ENDORSEMENTS

Jan 072022
 

Sometimes you may have additional requirements that may lead to policy endorsements. An endorsement is an amendment or addition to an existing policy which changes the terms or scope of the original policy. These are sometime referred to as riders. The cost of these endorsements depends on the endorsement itself and the company you are insured with. We will always provide you with a fee schedule at the time you choose to bind/renew your policy.

The most common requirements requested on a commercial General Liability policy are:

  • Additional Insured
  • Waiver of Subrogation
  • Primary and Non-Contributory
  • Ongoing and Completed Operations

General Liability Insurance

Jan 072022
 

Having your own business is as rewarding as it is risky. Protecting yourself and your employees from lawsuits nowadays is a must. This is when you would utilize a commercial General Liability Policy (GL). This will cover the expenses related to non-employee injuries that happen at your property or damage you cause to someone’s property and any advertising mistakes. These are some of the most common lawsuits that can happen from everyday business. This can happen when renting a property, working with clients, and interacting with customers.

If your business is facing a lawsuit that is covered by your General Liability policy, the insurance will help pay for your legal expenses, including attorney’s fees and settlements.

What does General Liability Insurance Cover?

General Liability Insurance is just one kind business liability insurance and perhaps the most important one. It takes care of third-party lawsuits, meaning lawsuits brought by anyone who isn’t employed by your business. Such as vendors, customers, your landlord, etc.

But General Liability Insurance only covers certain third-party lawsuits, including those caused by:

  • Bodily injury/accidents on your property. Example: A client sues you after a slip and trip at your office and breaks a bone.
  • Property damage. Example: If you rent your office space and your landlord sues you when a fire at your office destroys all or part of the building.
  • Copyright infringement. Example: A competitor sues you, claiming your advertising and marketing materials look too similar to theirs.
  • Reputation damage. Example: After you post critical comments on social media about a competitor, it sues you for the harm you caused to its reputation.

Having General Liability Insurance is planning for the unexpected and protecting your assets, investments, life’s work as well as your family’s future and financial security.

What doesn’t General Liability Insurance Cover?

General Liability Insurance benefits can only pay for certain lawsuits. Here are some examples of what may not be covered and what type of policy would cover it, if any.

  • Professional mistakes (Professional Liability Insurance)
  • Employee Injury on the job (Workers Compensation)
  • Damage to your own business property (Commercial Property Insurance)
  • Data breaches, crimes, and employee dishonesty – punishable by law

Certificate of Insurance C.O.I.

Jan 072022
 

Certificate of Liability Insurance - sampleA certificate of insurance (C.O.I.) may be requested when obtaining a permit or bidding on a job. You may request these from us at any time at no charge. We will fax or email a copy to you and the person requesting the certificate (Certificate Holder). Simply call or email us with your name or company name and provide the name of the Certificate Holder that is to appear on the Certificate of Insurance, address and fax or email.

What is a Title Bond?

Jan 072022
 

If you do not have a clean, clear and original title as evidence of ownership or have lost the title and cannot contact the seller for the necessary documentation, you may have the option of using the bonded title procedure to transfer of ownership. However, the vehicle must be in your possession and cannot be considered abandoned, junked, stolen, or in any other pending lawsuits, even if it is not operational, it must be a complete vehicle including a frame, body and motor or if a motorcycle, a frame and motor.

What is a Contractor Bond?

Jan 072022
 

Contractor license bonds are legally enforceable contracts binding together three separate parties.

Principal = Construction professional buying bond (ie. Plumber, Roofer, Brick Layer, etc.)

Obligee = Entity requiring the contractor to be bonded (General Contractor, homeowner, City or Municipal Permit Department, etc.)

Surety = Company issuing bond (through our agency-currently using RLI, OR Surety and CBIC)

If a contractor fails to fulfill the terms of the contract, the obligee can present a claim against the bond for compensation for damages. In turn, unlike traditional insurance, a surety will not absorb the loss. The contractor is expected to reimburse the surety for any money it pays for the claim settlement. The surety Underwriters consider the policies they write to have no risk. However, in the underwriting process, some types of bonds are dependent on the individuals application information and credit.

Commercial Business Insurance

Dec 162021
 

Commercial business insurance is coverage for businesses and corporations, generally designed to cover the business, its employees and ownership. Since there are so many types of businesses with different needs and situations, commercial insurance can come in many shapes, sizes and colors.

Commercial Property Insurance

Dec 162021
 

Commercial property insurance is a form of insurance that protects the property owned by your business – your building, equipment, store fixtures, and more.

Commercial property insurance protects your company’s physical assets from fire, explosions, burst pipes, storms, theft and vandalism. Earthquakes and floods typically aren’t covered by commercial property insurance, unless those perils are added to the policy.  These include specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance, or boiler insurance.

Homeowners insurance policies generally cover destruction and damage to a residence’s interior and exterior, the loss or theft of possessions, and personal liability for harm to others. Three basic levels of coverage exist: actual cash value, replacement cost, and extended replacement cost/value.

A replacement cost policy typically pays the dollar amount it will take to buy a new item at the time of a claim. An actual cash value policy factors in depreciation to provide reimbursement based on the current value of an item.  Extended replacement cost is an endorsement on your home insurance policy that extends your dwelling coverage by 10% to 50% of the cost to rebuild your home.

BOP or BUSINESS OWNERS POLICY

Dec 162021
 

Commercial property insurance and general liability insurance are the two most common forms of insurance coverage that a business needs, and the two are frequently combined into a single business owners’ policy or BOP.  BOP insurance helps cover your business from claims resulting from things like fire, theft or other covered disasters.  These include claims of bodily injury or property damage.

BOPs do NOT cover professional liability, auto insurance, worker’s compensation or health and disability insurance. You’ll need separate insurance policies to cover professional services, vehicles and your employees.

New Projects Need New Insurance

Dec 122021
 

Starting a new project? Send us your insurance requirements.

In order to meet requirements for several large projects, our client upgraded his General Liability Insurance policy with us to include:

  • CG 2010 1001
  • CG 2037 1001
  • Additional Insureds
  • Ongoing & Completed Operations
  • Primary & Non-Contributory
  • Waiver of Subrogation

Additional Insured Policy

Dec 122021
 

Additional Insured Endorsement allows a person or organization to enjoy the benefits of being insured under an insurance policy, in addition to whoever originally purchased the insurance policy.

Benefits for a party to be covered as an Additional Insured on the policies of other parties include:

  • Additional Insured is allowed the right to file a claim if sued under the Named Insured’s policy.
  • Additional Insured’s loss history is reduced.
  • Additional Insured’s premiums are lowered.
  • Losses will be posted against Named Insured’s policy.
  • Premiums will rise on Named Insured’s policy.
  • Additional Insured receives Notice of Intent to Cancel or Notice of Cancellation at the same time as Named Insured receives such notices.
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