Month: July 2015
The transportation industry provides a much-needed service to this nation, one that we couldn’t possibly survive without. They’re responsible for transporting goods to businesses, a job that requires that they do everything possible to deliver goods on time and in good condition.
E&O Logistics Professionals, such as freight forwarders and customs brokers, have a stressful and often complicated job. They must rely on workers and drivers to get trucks loaded properly and safely transport the merchandise in their care to its destination.
Even the slightest oversight can be a costly one, and insurance is the only way to provide this industry with the comprehensive protection it needs. The job comes with many risks and concerns including:
- Lost, stolen or damaged cargo
- Delays in shipment
- Errors in consulting, and
- Failure to provide reasonable care, which just tops the list
Obviously there are certain exposures related to the field of transportation that need to be addressed. With constantly changing rules and regulations, and the fact that any number of things can and will go wrong, these companies can’t afford to be without the proper E&O insurance protection. Whether it’s a customer filing a claim against the company alleging damages, or a freight inspector failing to follow instructions, or a negligent employee that causes a shipping delay, the circumstances could result in a lawsuit, depending on how severe of a mistake is made.
The transportation and logistics industry must deal with issues stemming from incorrect document preparation, unauthorized release of goods, improper quotation of charges, failure to collect documents, incorrect classification of goods, failure to insure cargo when instructed to do so, along with a number of other exposures related to this industry.
With their reputations at stake, and a need to fulfill important obligations, they do their best to ensure the quality of their work, but when something does go wrong, a policy for E&O Logistics Professionals will provide any legal defense required, along with payment of any settlement amount (per the policy terms), when such issues arise.
Being vulnerable to financial exposures and liability as a result of improper performance of, or the failure to perform stated professional services could have serious consequences. Owners understand their need for the vital protection provided by purchasing E&O coverage for logistics professionals.
It could take some time to find just the right insurance broker to handle the special liability insurance needs of clubs, bars, and restaurants. Any business that sells, serves, or allows alcoholic beverages to be consumed on the premises should be concerned about their liability issues. Hospitality insurance, in the form of liquor liability coverage, protects your business should your customers or patrons end up suing your business for damages related to being intoxicated.
Most food service businesses that serve alcoholic beverages carry liquor liability insurance in order to be covered for any possible costs related to claims of liquor-related injuries, assaults, or accidents that occur on and off their business premises. Coverage options may vary, depending on the policy that was purchased.
Most states have “dram shop” laws
Most states have “dram shop” laws that will hold your restaurant or catering business accountable if, for example, one of your employees serves alcohol to someone who is already visibly intoxicated and then proceeds to cause harm to either themselves or others. If an incident occurs where an intoxicated client attacks another patron, or in the event they drive their car and end up having a car accident, any affected party could actually hold your establishment responsible for damages and file a lawsuit.
Having liquor liability insurance ensures that your business will be covered for the legal fees, settlements, and medical costs that your business may face, up to the limits of your existing policy. In order to get an idea of how quickly these type of violations can add up, let’s presume that one of your servers does serve alcohol to an inebriated person who causes an auto accident on his or her way home.
In addition to any property damages and/or physical injuries that result from the wreck, your food business could be found liable for violating state laws pertaining to not having hospitality insurance coverage, serving an intoxicated person more alcohol, or failing to properly train your employees in how to handle inebriated patrons.
Even when your business is found not at fault, lawsuits without merit happen all the time. You’ll still end up having to hire a lawyer to defend your business, and attorney fees alone can be enough to financially desecrate a small business. Speak to an agent about any questions you may have regarding hospitality insurance coverage.
NetRate Systems offers users customization making their software a sought-after product, which is critical to the current market, particularly in the program business space. With a rating package that can be customized to a carrier’s policy terms, agents and brokers can gain a certain competitive edge in the marketplace.
In fact, NetRate is a leader when it comes to custom development and tailor their rating solutions accordingly. They understand the competitive nature of this growing industry and recognize just how valuable and vital it is in this exciting market. By providing more functionality, and at a cost-effective price, they are paving the way for many new challenges in the insurance industry as a whole.
Another bonus that comes from using NetRate Systems’ products is that they offer more functionality than lower-end systems, as well as being more affordable than many of the larger, toolset systems. They can provide an off-the-shelf product with functionality that is far superior to the retail agency products currently available, which gives a greater flexibility that a Managing General Agency (MGA), Program Administrator (PA) or insurance carrier needs.
Users will also find these products require less of an investment than the toolset approach, which not only requires a much more significant investment but IT resources as well. NetRate Systems has a senior development staff with more than 20 years of experience in the development of property and casualty rating and applications software. Their staff is highly knowledgeable in all aspects of the products they produce, and, as responsive professionals, will work with MGAs, PAs and insurance carriers much as if they’re an extension of your own company.
This helps to ensure that the products they deliver will address the specific programs their clients are providing to their own retailers and their customers. NetRate is able to deliver the type of services and products that others rely on, with an unparalleled commitment to customer service.
Make your rating and associated business processes work more efficiently for you, at a cost effective price with a suite of products that are specifically designed to get the job done right.
As an independent agent offering various types of marina insurance, many of which your clients may require in order to protect their yacht clubs and marine-based operations, you should discuss with them their need for several forms of coverage to protect against several different exposures that they may face. Obviously a commercial property policy that responds to hazard concerns is vital since it can cover the building, contents, and loss of business income from the customary losses, such as fire, wind, explosion, and vandalism.
They’ll likely benefit from having an inland marine floater to cover mobile property such as radios and golf mobiles, to name some standard equipment. Another important policy is general liability, a very broad coverage that can protect the club from many different types of liabilities to the public, members and visitors to the club’s operations.
Other coverages to consider
Many yacht clubs have a dock with slips available for use by members and their guests. This could possibly present an exposure to clubs since the club has a duty and responsibility to provide a safe and secure mooring. Advise clients to seriously consider a marina operators liability policy that covers boats and marine items of others that are in their care, custody, or control.
Because many of these clubs are located near or on the water and a standard property policy does not include coverage for damage caused by floods, any club located in any flood area should also purchase flood insurance. Inform those interested in coverage that a flood policy only provides coverage to the building and the contents inside and will not cover boats, docks, bulkheads, landscaping or any property outside of the foundation walls of the insured building.
One more marina insurance policy that should be mentioned is commercial automobile insurance. Many clubs have trailers that they use to transport boats to other areas for regattas and other sailing events. The insurance of the owner of the vehicle pulling the trailer generally covers the trailer. But once the trailer is detached from the vehicle, there is no coverage unless the club secures commercial automobile insurance, which can be written to include liability, comprehensive, collision and medical payments coverage.
Finally, the most cost effective way to secure higher limits of liability insurance is by purchasing an umbrella liability policy or the broader bumbershoot liability policy. These policies have a slightly broader insuring agreement and offer broader protection against lawsuits. Help your clients navigate the waters of marina insurance and get the valued protection that they need.
As a producer or agent, you want to provide your clients in those underserved markets with the best products at the best prices. Owners of mobile or manufactured homes represent a fair share of customers that are often underinsured. After all, their homes, unlike standard homes, face many threats related to weather, fire, and other hazards that can destroy one of these dwellings in little or no time.
Manufactured home insurance companies have a tradition of ensuring that this particular brand of homeowner gets the type of protection they so rightly deserve. And just like standard home insurance coverage, mobile or manufactured home insurance protects these beloved homes and the personal property and other contents within from loss or damage caused by covered perils. A typical insurance policy for a manufactured home covers the following perils:
- Storms (wind, rain, snow, tornadoes, etc.)
- Burglary, and
For example, manufactured homes often become the victims of fires due to overloading electrical outlets. An unattended home of this type could burn to the ground in a matter of minutes. Without insurance, the owner would be looking at a total loss and no means of compensation. Other comprehensive coverage that is offered and available through most insurers includes:
- Falling objects
- Water damage from bursting pipes
- Damage by wild or stray animals, and
- Collapse from the weight of ice and snow
Many insurance policies will also provide your clients with personal liability coverage to protect them from lawsuits or judgments should they be found responsible for causing injuries to others. In addition, you should sit down with them and discuss coverage options. They should consider what works best for them, Actual Cash Value (ACV) or Replacement Cost (RC). Most claims are for partial losses, so this coverage is an important factor to consider.
Partnering with the right MGA can make a world of difference. Working with manufactured home insurance companies with access to multiple insurance companies (that provide policies to fit any needs and all budgets) is one of the best choices you can make as an agent. Work to get your clients great coverage at an affordable rate!