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When buying a boat you have to take into account insurance, storage, maintenance and other factors that must be considered when tallying the total cost of owning a boat. Yachts are known for their elegance, performance, and luxury. As a member of a yacht club, one instantly realizes that ensuring this type of watercraft requires certain knowledge and an understanding of exactly what type of coverage is needed to protect them.
The issue of boat insurance in California doesn’t have to be all that complicated, but a smart owner can hopefully make the right choices with a few solid tips. Options include having boat insurance added on to your homeowners’ policy, but we strongly recommend you either purchase it from an independent insurance agent or buy directly from a marine insurance specialist.
Agreed value versus actual cash value
There are two main choices for boat insurance and depreciation is what sets them apart. An agreed value policy costs more up front but it potentially pays more (it will cover the stated value of the policy in the event of a total loss). For example, a total loss on a $50,000 agreed value policy would pay $50,000. Most importantly, with a partial loss an agreed value policy replaces damaged boating equipment on a new and old basis with no depreciation.
Actual Cash Value policies cost less but only pay up to the actual cash value at the time the boat or property was lost (depreciation is factored in on all losses). Actual Cash Value policies are better suited to less expensive boats or to situations where the concern is with liability protection and defense against lawsuits rather than any actual damage to the boat.
If the worst happens and the boat needs to be salvaged, make sure that the policy covers salvage costs up to 100% of the boats insured value. If it covers anything less, salvage costs may become an out-of-pocket expense.
Unfortunately, many homeowners and some marine insurer policies limit salvage coverage to a percentage of the boats total value.
Mooring your boat in Southern California means having a different set of needs than someone living in northern Maine, or in one of the hurricane belts in the US. Make sure the coverage you buy fits your situation. Don’t treat boat insurance in California like other insurance, meaning if the policy doesn’t make sense, ask for an explanation.
For employers, it can be difficult having to fire an employee, regardless of the reason. For employees who suddenly find themselves without a job, theres nothing worse than being laid off, fired, or forcibly removed from a job. Warranted or not, many react by filing a lawsuit. While some claims are legitimate, many others are not. Fighting these claims is often a costly process for employers. The need for an employment practices liability policy from Axis Insurance Services is clear, but you should also take steps to reduce EPLI claims before they happen.
It is important to document everything in order to provide a complete picture of each individual employees tenure at your place of business. Keep records and reports anytime an employee has violated policies or otherwise committed offenses. This should always exist as a verifiable paper trail, especially any time it has resulted, either in part or entirely, in an employees dismissal from your company.
EPLI claims filed for race discrimination and other causes
Racial discrimination is often the number one complaint levied in discrimination cases. These cases account for nearly 36 percent of such suits annually filed. Gender-based complaints have accounted for around 30 percent of cases, generally filed by women who feel they are unfairly treated versus male counterparts, and disability-related complaints make up 23 percent of claims.
Transfers or departmental moves could also lead to the filing of a claim. They are viewed as demotions by employees who feel they werent given an opportunity to prove their capabilities, or they may claim that it was the result of favoritism shown to a co-worker. Retaliation is another common claim cited in many EPLI cases where employees have felt as though employers retaliated after an accusation or complaint of discrimination or harassment was lodged against them.
Anti-discriminatory policies can reduce exposures and should be included in employee handbooks. Teach this to all employees who work for you and create a corporate culture that does not tolerate discriminatory acts. Now is the time to take necessary steps towards its prevention. In addition to these policies, you should also establish an auditing procedure to ensure the policies of the company are in keeping with the laws regarding workplace discrimination and harassment.
Businesses of all shapes and sizes need the coverage that employment practices liability coverage from Axis Insurance Services provides. Mainly because employees who are laid off during times when jobs are scarce are more inclined to sue you for wrongful termination.
Financial institutions usually have a D&O insurance policy to cover the bank-related activities of directors and officers. While such a policy is a good idea, it cannot protect a banks director from civil money penalties for personal malfeasance. That’s because federal banking regulations prohibit financial institutions from individually indemnifying their leaders in their D&O policies. Nonetheless, in their professional capacities, directors and officers face unique personal risks that carry potentially significant monetary penalties. Savvy bank directors, then, often choose to purchase civil money penalties insurance to protect their individual assets.
Extra Protection for Peace of Mind
Civil money penalties insurance is for financial institution directors and officers who want their own, individual protection. While the banks D&O policy covers professional liability, many officers recognize they have financial vulnerabilities for their individual actions. A CMP policy fills the gaps created by the banks D&O policy, boosting peace of mind for directors and officers.
Comprehensive Coverage for Complete Protection
Every day, professionals who work at financial institutions face costly financial penalties tied to the work they do. While D&O coverage provides some protection, many directors and officers choose to purchase their own CMP policy to create comprehensive protection. Leading a bank can be tremendously rewarding. Nonetheless, to get the most out of the profession, banking directors often realize the benefits of civil money penalties insurance.
Yacht clubs are a wonderful enterprise to be a part of. The employees work very hard to provide a list of services to the people purchasing memberships in order to participate in their exciting events and activities. Of course, boating does come with liability concerns that are unique and varied from many other businesses, and having the necessary insurance coverage for yacht clubs is critical.
In addition to catering to the needs of their own members, owners also must consider guests and often times members of other yacht clubs exercising reciprocal privileges. This lengthens the list of risks and exposures many of these organizations face. For example, if a visitor were to fall on the dock and become injured, or if a guest gets sick because food wasn’t prepared properly, either could result in a costly claim against the club.
There is other concerns to contend with, such as having your building vandalized or if arson were to be committed and fire winds up consuming boats moored in the marina. There are different types of coverage to address the many hazards one faces when running an operation of this nature.
Other issues that may need to be addressed
Most yacht clubs host cruises and other boating events that are organized for members during boating season. Accidents or other problems could ruin the event and possibly end up costing the business in the form of a large settlement.
Yacht clubs, much like other private clubs, have many potential legal issues to consider. This exemplifies the importance of purchasing insurance through a marine insurance agency. Its imperative that your club is properly protected against theft, vandalism, accidents, injuries and many other liabilities.
It helps to understand the terminology used in contracts so that you don’t end up left underinsured in the event of a costly claim. Marina protection is important for any boater, and exponentially so for a yacht club. Obtain your insurance coverage for yacht clubs with a reputable and experienced marine insurance agent. Yacht club insurance policies can cover every aspect of your company, including boats owned by the club, slips, and moorings, as well as any liability concerns for both club members and guests.
Insurance for adult clubs allows a business to run smoothly and safely without the risk of major claims against it bringing the business down. Insurance can keep a businesss doors open and its employees working comfortably despite the high-energy environment. Most business owners know the general benefits of insuring their business, but some may not know the additional benefits to shopping through adult club coverage markets.
Many adult club insurance companies have additional advantages on offer for companies that enroll. To keep claims low and policyholders secure, these specialty insurance groups in adult club coverage markets may supply training classes for club owners and their employees. Often, these classes are at no additional cost to the policy owner.
Bouncer training courses may be offered online through insurance companies to keep your security staff at the top of their game. These classes teach awareness and the proper ways to respond to high tension situations and challenges that may arise when dealing with crowds and intoxicated patrons. These classes are all taught with your businesss liability in mind and can help you and your bouncers reduce the number of potential lawsuits.
They may also offer classes that teach the proper way to document and report incidents that do happen in your club. This can help your insurance provider give your business the proper compensation.
In most cases, if you are a private business owner in Texas, you know that getting a workers compensation policy in Texas is not mandatory. However, if you want to protect the people who work for you and their well-being, this type of policy should be considered as more than an afterthought.
Your employees may have hefty medical bills should they become disabled or injured from an accident on the job without a workers compensation policy in place. This policy can protect your associates financially, whether your business is large or small.
Employees that have workers compensation insurance have coverage for rehabilitation costs, medical care, lost wages, and disability if an injury is work-related. To avoid paying too much or having your business classified as high-risk, make sure to provide insurance underwriters and auditors with a detailed description of what your company does.
With an excellent safety and health plan for your staff, you can help lower the costs involved with injuries on the job. Making sure that all employees get properly trained before performing dangerous tasks or operating equipment that could potentially be harmful is another way to minimize costs.
Having a workers compensation policy in Texas and having the right safety procedures set up can help create a better environment for your employees. Although having a policy may not be a requirement and may not impede your functions as an employer, it may still be beneficial for your business and your employees.
Marinas offer a vast array of services for their members and, because of this, insurance for California marinas has to cover many different things. A marina consists of more than just water, piers and boats. It also includes the people, the buildings and even the physical property right up to the waters edge. What you might not know is that a marinas different insurance policies must cover all of these things.
Types of Marian Coverage
When youre looking into insurance for California marinas, there are several different kinds of coverage you should consider, such as,
- Hull and liability coverage for your marina fleet
- Grounds and facility coverage
- Coverage for your members property
- Jones Act coverage for employees who work on water
- Coverage for any sailing school or training facility on the premises.
Get Help Choosing the Right Policy
Navigating the sea of requirements for insurance for California marinas can be a daunting task, but professional insurance brokers can help you reach your coverage port safely. Their experience and knowledge can provide you with guidance regarding the different types of insurance available. They can show you what you need and what you should have in terms of insurance coverage for your marina based on the activities your marina provides.
With Texas being in a central location, trucking is an important and lucrative business for the state. The Panama Canal expansion doubled shipping capacity with the addition of a new traffic lane. This new development means Texas is primed to increase the export and distribution of dry and liquid bulk cargo. With this potential for success comes the vital need for trucking liability insurance in Texas.
Finding Appropriate Liability Coverage
- Many insurance companies can fill this requirement, offering a range of policies that may include the following:
- Coverage of single trucks or truck fleets
- Physical damage
- Non-trucking liability
- Equipment breakdown
- Workers compensation
With these types of coverages, trucking businesses can cover more than just their cargo. They can protect employees, damaged equipment, property and more.
Choosing a Company
In general, insurance companies are acutely aware of how essential it is to protect clients against rising costs and potential losses. Its possible to tailor individual policies to provide the exact types of coverage needed. For example, a cargo insurance policy can protect a clients assets as well as offer coverage for second parties. Trucking companies can usually find the perfect balance of friendliness, professionalism and dedication to crafting long-term relationships built on trust and transparency.
Insurance companies that offer trucking liability insurance in Texas understand the need of being up to date on the various regulations that can impact a trucking companys bottom line. Choosing one that covers all necessary liability areas is a vital first step.
Shop owners involved in the growing vaporizer or e-cigarette industry may be interested in vape shop insurance programs. Nicotine delivery devices and supplies are relatively recent inventions and sales are age-restricted. These factors give rise to unique exposures to risk and liabilities.
The Unique Exposures of Vape Shops
Shops that specialize in vaporizer devices and supplies can be considered hard-to-place risks by many commercial insurance providers. A specialized provider can offer vape shop insurance programs for these unique exposures, including coverage for investigation and proof in cases involving exploding batteries and other known risks.
Business, Liability, and Property Coverage
Vape shops are unique businesses in some ways, but are also commercial operations like any other. Standard business coverage like commercial general liability insurance and property insurance are likely needed. The best provider should be capable of covering them in their entirety.
Additional Insurance Programs
Vape shop owners should contact an insurance provider specializing in this line of business for options available through vape shop insurance programs. It may be possible to obtain standalone property insurance or a range of limits.
Look for a provider familiar with the common needs and unique exposures of this line of business. The right level of coverage can ensure that owners can operate with confidence.
Whether youre new to the industry or have been working in it for 40 years, you know the importance of warehouse insurance. Insurance coverage is your safety net whenever something goes wrong at your facility. Mistakes in your policy can end up costing your business hundreds of thousands. Here are some of the most common mistakes warehouse owners make.
Not Shopping Around
Insurance companies arent all the same. Many agencies do not offer all the services you need to protect your business. Others might have complete coverage, but at double the price of their competitors. Always compare policies before selecting one.
Not Thinking Long-Term
If youre planning for business growth, why not apply that to every part of your business? Selecting an insurance agency that doesnt have the resources to handle your growth just means frustration down the line.
Not Choosing One Company
This may sound obvious, but its a bad idea to mix and match policies from different companies. While shopping around can be beneficial, partial policies generally create gaps in coverage akin to having no insurance at all.
Avoiding these mistakes will greatly benefit your company. If you do a little research, you should be able to find the right warehouse insurance company. An agency with experience in your industry can help you select a policy that fits the needs of your business perfectly.