Month: April 2017

What Every Financial Institution Needs to Understand When Considering Insurance

financial institution insurance

Every financial institution, no matter its size, needs insurance theres no question about that. But how do you know what coverage you need to thoroughly protect your business? When choosing financial institution insurance, begin by understanding the risks you face and policies available to you.

Risk is Everywhere

In this industry, risk is everywhere. With more and more regulations to adhere to and strong competition all around you, you need to protect your institutions operation as well as integrity. You have to think about your directors and officers, your assets and possible lawsuits from both employees and customers. You want to protect your business from crime, both internal and external, cyber-attacks and business interruptions. Being exposed to any of these risks without having the proper financial institution insurance could mean the end of your business.

Comprehensive Coverage is Available

With so many risks surrounding your financial institution, you can rest easy knowing you have comprehensive insurance. For every threat your institution faces, theres a policy available for extensive protection. These policies include, but are not limited to, the following:

  • Employment Practices Liability Insurance
  • Cyber Liability
  • Business Interruption
  • Errors & Omissions
  • Directors & Officers Liability

When it comes to the financial industry, the phrase better safe than sorry could not be truer. Protect your business, employees and customers with comprehensive financial institution insurance so that any glitch that arises is a minor setback, not a catastrophe.

Dealing With Other People’s Wares

warehouseman's legal liability insurance

There’s a unique problem in the warehousing business, brought about by the fact that you’re usually dealing with items you don’t own. What if damage or loss occurs while the items are in your custody? The answer is, more often than not, you’re liable for it, which means you need warehouseman’s legal liability insurance.

An Additional Measure

Just because it’s not your merchandise doesn’t mean you don’t have any responsibility. In fact, you might consider yourself at a greater financial risk for a loss since you don’t have any legal right in normal circumstances to liquidate the goods. That means that, even with your best security and safety protocols in place, you usually only stand to lose from having items in your warehouse. However, having items in your warehouse is also the way your business generates revenue.

Fill the Gaps

The answer to this seemingly impossible conundrum is getting the right warehouseman’s legal liability insurance policy to cover any potential risks and mitigate losses should they occur. Unless you have the cash lying around to cover any problems that arise, the right policy could potentially save your business in the case of an emergency.

Work with an expert in the business to make sure you have enough coverage. It takes a good deal of experience insuring warehouses to get it right, so vet all your options carefully.

Supply Chain Intermediaries and Marine Cargo Claims

marine cargo claims

Intermediaries serve an important function since, without them, it would be nearly impossible for companies to deliver their products to the end user. These freight forwarders can provide services without the need to own or control the entire supply chain. The use of these intermediaries helps to serve many of the critical functions associated with reducing transaction costs, as well as diversifying risks and exposures associated with the transportation of goods.

Problems can and will occur during transit from time to time, so there is a definite need for cargo insurance to address any marine cargo claims filed. This serves as protection to supply chain intermediaries. Distribution of goods is an important part of US commerce, and these intermediaries are generally independent companies or organizations within the channel that make products available to consumers.

Supply chain agencies face difficult challenges

Any number of transit risks can be quite costly, and can range from something as simple as rough handling of goods resulting in damage, to theft, accidents or collisions, non-delivery due to jettison (the act of casting goods from a vessel or aircraft to lighten or stabilize it), or natural disasters, just to name a few of the concerns.

There are four main types of intermediary: agents, wholesalers, distributors, and retailers. Agents, or brokers, are individuals or companies that act as an extension of the manufacturing company whose main job is to represent the producer to the final user in selling a product.

Wholesalers, on the other hand, take title to the goods and services that they serve as intermediaries for. They are independently owned and own the products that they sell as well. They buy merchandise in bulk and store the products in their own warehouses until the time comes to resell them to other intermediaries.

A distributor will usually align him or herself to complementary products and therefore can maintain a closer relationship with their suppliers, while retailers, both mom and pop stores, along with large chains like Target and Walgreens, purchase products from market intermediaries and sell them directly to the end user for a profit.

When a loss occurs, whether due to intermediaries who cannot deliver on time, or experience issues or incidents that result in a loss of cargo, marine cargo claims will often be the result. Its important to have insurance for supply chain intermediaries to help cover any losses.


Updated Insurance Protection for Nursing Home

Medical directors at nursing home facilities face a growing list of responsibilities. Chief among them is the obligation to mitigate potential risks and protect the center from legal challenges. Those who purchase insurance for nursing homes often start with basic coverage and add additional layers of protection. Before nursing home administrators can shop for coverage, though, they must understand the changing healthcare facility model.

Additional Opportunities for Residents

No longer do nursing home residents move into care facilities at the very end of their lives. Often, citizens of these communities require assistance with everyday activities and medical care. Nonetheless, residents live full and active lives for years or decades in the nursing home community. As such, healthcare professionals often must present residents with additional opportunities for mental, emotional, and physical stimulation.

Modern Insurance Coverage

In additional to general business liability, hospital administrators must purchase additional coverage that other businesses can typically avoid. Generally, nursing homes require the following areas of coverage:

  • Intentional Torts
  • Resident Rights
  • Grooming
  • Medical Director

As nursing homes change business models to meet expanding needs of residents, updating insurance for nursing homes is essential. For the most protection possible, smart medical administrators work to combine general insurance with expanded coverage. With more effective risk management, medical professionals can better meet the objectives of nursing home residents.

New Homebuyers and Homeowners Insurance CT

homeowners insurance in CT

Investing in your first home can lend itself to excitement and anxiety at the same time. Buying homeowners insurance in CT for first-time home buyers is typically a cause for stress to many new homeowners since it is an unfamiliar process. You can often become confused about how much insurance you’ll actually need, as well as what it actually covers.This article will help provide some suggestions for new homebuyers about choosing the best insurance.


Protecting your investment is vital


You’ve made a substantial investment in buying a house and now you need to protect it from all sorts of exposures. Fire, burglary and a lot of other issues can happen that would be devastating without being properly insured. The coverage on a policy should reflect an amount that can cover the cost of rebuilding and refurbishing your entire house in the event that you lose it completely.


For example, faulty electrical systems may go undetected and that could lead to the entire house burning down to the ground. Insurance companies use a cost estimator to ascertain the cost replacement estimate, or you can have a homebuilder assess your home and provide you with an estimate for the rebuilding cost.This should include any unique and/or expensive details of your home, which you’ll be required to provide documentation for any items lost along with the house. Photos and receipts kept in a safe deposit box at your bank are suggested as an essential way to provide proof. In any event, you don’t want to end up being underinsured.


Once you have the estimate for rebuilding, you’ll need to figure out which coverage will best suit your current situation and make any upgrades as necessary every year.There are a few choices and it suggested that you speak to a reputable agent in your area when making any important decisions regarding homeowners insurance in CT. A reliable appraisal and extended replacement coverage, along with an inflation guarantee will help put you in a good position.


Its great to be excited about purchasing your very first home, but without the protection of the right insurance policy you could find yourself in a bad situation.


How Oil and Gas Pros Cover Their Risks

Hobbs, NM oil and gas insurance

Professionals in the oil and gas industry know that their work can be dangerous. One of the best ways to cover the risks in this work is through Hobbs, NM oil and gas insurance. New Mexico is one of the top five states in the country in terms of crude oil production, and ranks among the top 10 for natural gas production. With statistics like these, it’s clear that the industry is an important revenue source in the state, and as such, employs a vast number of people in carrying out its work, all of whom must be properly insured.

Property and People Need Coverage

Policies for professionals in this industry take into account the potential for damages to the expensive and specialized machinery and equipment used in drilling and pumping, as well as the potential for other damages to property. Another risk factors is personnel. Workers can become injured in oil and gas drilling and pumping operations or during oil field trucking tasks. There are also risks inherent in a wide variety of other scenarios, from well servicing and wire line operations to roustabout and lease maintenance.

Pros Don’t Go Without

Oil and gas pros would never go without the necessary insurance coverage. Hobbs, NM oil and gas insurance lets them rest assured that they are protected in the event of losses, injury or damages.

Senior Driving Issues and the Albuquerque Insurance Agency

Albuquerque insurance agency

There are quite a large number of elderly drivers in the US. Approximately 33 million licensed drivers in the U.S. are over age 65, a more than 20% increase from over a decade ago. Statistics estimate that about 5,500 adult drivers age 65 and older are killed annually in car crashes, according to the Centers for Disease Control and Prevention. It’s important for senior drivers to carry an auto insurance policy from an Albuquerque insurance agency at all times.

While aging most certainly can produce some challenges for seniors with regards to their driving skills diminishing, driving safety still remains the main function of everyone behind the wheel of a car. Oftentimes, if a person has a difficult time maneuvering an automobile it’s due to some type of health condition and not necessarily due to the age of the driver.

Some concerns regarding senior drivers

Age can certainly bring some declines that may affect many people who drive cars. For example, as vision becomes less sharp, driving at night can become an issue, along with declining mobility making turning around or craning the neck more difficult. This will result in slower reaction times.

Family members should broach the subject of considering other options, such as public transportation, as opposed to manning a vehicle. This is a subject that needs to be discussed when there are early signs that driving skills are starting to diminish. Doing so in a kind and considerate manner will often make the situation far less difficult to address.

As a passenger in their car, you can better ascertain the positives and the negatives about the driving habits of an elderly family member. If their response time is a concern, communicate to them that you’re becoming slightly concerned, perhaps at a time when they are not behind the wheel. Better to use caution while they’re operating a vehicle.

Many drivers are quite aware of their slowing and physical shortcomings and may be able to compensate for some of their age-related changes. It’s a known fact that strength, reach and dexterity will start declining with age, making some of the functions of driving difficult to manage. Help them make the transition when the time comes but also make sure they always have adequate auto coverage from an Albuquerque insurance agency while they e still able to drive.