While most condominium complexes include insurance with condo fees, as an owner you really should get additional insurance coverage for your personal belongs. The insurance provided by the owners association isn’t going to be of any help with furniture, jewelry, and other valuables you also need to protect. The cost for your own condo association insurance will depend on the value of the items you wish to insure.
Owning a condo involves two policies: your personal condo insurance policy and a “master policy” provided by the condo/co-op board that covers the common areas shared with other condo owners in your building. Common areas, like the pool, hallways, building exteriors, roof, and walkways are covered for issues of liability and physical damage. The condo association collects monthly dues that help to pay for this coverage.
In addition to your personal insurance policy providing coverage for your personal possessions, it also provides you with liability protection so that you will be covered for additional living expenses in the event that you’re a victim of fire, theft or other disasters listed in your policy. It also covers any structural improvements to your condo.
You need to know what the master policy covers
Your master policy should outline exactly what areas of the complex are, and are not, insured by association dues. In order to be certain you’re not under or over insured, you need to determine what is covered by this policy. This will allow you to decide what additional items need to be covered under your policy.
Oftentimes, the association will be responsible for insuring the individual condo or co-op units as they were originally built. If you have made any alterations, you will then be responsible for insuring those areas.
For example, say that a previous owner remodeled the bathroom or kitchen and you agreed to purchase the unit as is. That would have to be covered by your individual policy, not by your associations policy. In many cases, the association is only responsible for insuring the bare walls, floor and ceiling, so its up to you to insure items like kitchen cabinets, bathroom fixtures, plumbing, wiring, and the like.
When purchasing condo association insurance, speak to an agent that can get you the coverage you’re really going to need.
When you’re researching insurance policies for your shipbuilding or repairing company, it can be challenging to find the coverage you want from standard insurance agents. If this is the case for your business, ship repairers insurance wholesalers might be a viable option for you. Ship repairers and other niche tradesmen often have difficulty obtaining proper insurance coverage, which is where insurance wholesalers enter the picture. This innovative type of insurance broker acts as a middleman who has the resources and capabilities to match your company’s insurance agent with the insurance supplier offering the niche products that’ll provide the best fit for your company.
Your firms existing package of standard business Insurance coverages likely includes protections for any ship repairers working for you. Due to the specific risks and hazards ship repairers face during the course of doing their job, however, these tradesmen require specific liability coverages. In the event that your company’s existing insurance agency does not offer this kind of coverage, your insurance specialist can procure this type of policy for you from ship repairers insurance wholesalers.
Taking the time to review your insurance coverage regularly is the first step towards keeping your company protected in today’s ever-changing regulatory environment. A skilled insurance agent can help you navigate the process and find the right policies for your business at the best prices.
Owning a boat in Southern California can be a lot of hard work, but consider the joy that comes with it. People who enjoy boating often like to entertain others, providing them the experience of seeing the world from a special vantage point, while venturing the high seas. A simple cruise around the harbor can be exhilarating, or perhaps embarking on a fishing expedition with friends and family.
But partaking in these activities means that you also need to be aware that there may arise circumstances that can turn fun into tragedy. If you become involved in a boating accident, and someone gets injured, or your boat is in need of serious repair, youll need a Newport Beach boat insurance policy to address any claims.
Potential concerns for boat owners
When you determine that you need to file a claim for a boating accident, your insurance company will need to determine if you were following laws and regulations regarding the operation of your boat. This is why you should never operate the boat while intoxicated or under the influence of drugs or alcohol.
Insurance companies explicitly deny liability for any accident where drugs or alcohol were ingested and could be determined to be a factor in the incident. Always obey the law, because by violating these laws you have also violated the terms of your boat insurance policy and your insurer will generally deny any claim under these circumstances.
Knowing what your insurance policy covers
If you are involved in a fishing boat accident, your coverage must meet specific requirements for the insurance to be valid, otherwise chances are likely that the insurance coverage may not pay your claim. Because there is a wide variance in the type of boat insurance coverage that is made available, you’ll need an understanding as to what circumstances would or would not imperil a claim.
For example, most policies define natural perils as being those physical elements that expose your boat to the risk of a loss. These include fire, water, wind and other natural occurrences. To the extent that you are imperiled from filing a claim depends on which, if any, natural peril is or isn’t covered. Therefore, you should always make sure that your Newport Beach boat insurance policy covers the type of outing you’ll be engaging in.
Commercial real estate insurance is essential for protecting your property and related assets from disastrous events such as fires, theft, storm damage, and other environmental occurrences. Having this type of policy will save your business from potential financial ruin and is especially effective when combined with a general liability policy.
Commercial real estate insurance and general liability insurance differ in the protection they provide but are designed to work together to prevent your business from suffering specific losses. Some of the costliest commercial real estate claims fall under both of these types of insurance and include theft, water damage, customer slip and fall, and customer injury and damage. While the commercial real estate policy protects you against the environmental damage, the general liability policy protects you in the event that a third party files a lawsuit against your business. These two types of insurance are often combined into a package known as a business owners policy, or, BOP.
Having the right coverage and enough of it is vital to keeping your business up and running smoothly without having to worry about financial disasters or incurring large amounts of debt. A commercial real estate policy and general liability policy work together to keep you covered in all the most important areas and help ensure the continued success of your business.
Running your business is hard enough without having to worry about legal attacks on your management practices. From allegations of conflicts of interests to inadvertently releasing non-public information, being a director, officer or board member of a company opens you up to a wide array of legal scrutiny. That’s why smart executives arm themselves with management liability insurance. In today’s complex business environment, its no longer enough to rely on your company to protect you when the going gets rough. Acquiring liability insurance that covers your actions as a member of management is an excellent way to add an extra layer of legal protection when you find yourself listed in a lawsuit.
With lawsuits becoming more and more common in today’s tort-centric environment, having adequate coverage against liability claims is a must for all executives. Should your firm not indemnify its directors and officers in its Corporation By-Laws, management liability insurance covers you if must defend yourself against a lawsuit or pay a settlement. This coverage most commonly provides protection on a claims-made basis, but options exist that allow you to carry your coverage between carriers should you face a life-changing event, such as a job change.
If you’re a business executive, make sure you have the liability coverage you need before you find out its too late.
Construction insurance is something many contracting and construction companies have. However, there are still quite a few companies that are uninsured. This is often because these companies don’t think they need it or are unsure of how to find the best insurance company to work with. Here is how you can find the right company to provide commercial construction insurance.
First of all, you should make sure an insurance company offers the type of policies you are looking for. You want to be sure a particular insurance agency not only has exceptional customer service, but provides the insurance plan you need.
Secondly, you should get pricing estimates from several different insurance agencies. By doing this, you will be able to find the best insurance at a reasonable price. You should strive to have at least three different estimates.
Another way to find the best insurance company is by looking up each company on the Better Business Bureau website. This can help you get an idea of the company’s overall financial strength and reputation.
These are just a few ways you can find the ideal insurance agency to provide commercial construction insurance for your company. Just remember to take your time so that you can carefully consider all of your options.
Everyone loves food and drinks, but many don’t think about what it takes to serve restaurant customers without the restaurant putting itself at financial risk. The food and beverage industry requires high amounts of complex operations and unique challenges. It is important and ethical to serve restaurant and cafe customers with food and drinks they know they can trust. The best way to become reputable and trustworthy among your customer base is to acquire food and beverage insurance. There are multiple forms of specialized insurance coverage available for these kinds of businesses, including general liability, product recall, product contamination or tampering, environmental liability, professional liability, commercial property coverage, and more.
If your food business is mobile like a food truck or delivery service, for example you can still receive specialized coverage. Specialized commercial auto insurance is available to restaurant and cafe owners, as well as cargo and good-in-transit coverage, employment practices liability, workers compensation, business interruption, cyber liability, and crime coverage. Getting food and beverage insurance doesn’t have to be a burden for you or your company. Talk to the right people today about getting your business covered so that your company can continue satisfying its customers with good food, good drinks, and product and processes protected by comprehensive coverage.
An Extended Reporting Coverage (ECR) policy also referred to as tail insurance coverage, may be a useful plan for your agency to have. A tail policy can extend the time frame in which an incident covered by your errors and omissions policy may be reported. Here are a few reasons you may want to consider tail insurance for your company.
The Agency is Being Sold or Changing Hands
If you are in the process of moving away from your agency whether due to sale or retirement, you may no longer be covered by your errors and omissions policy. However, tail coverage can extend your reporting date so that you can still submit claims that occur prior to the coverage laps.
You are Changing the Insurance Options You Offer
In some cases your agency may be in the process of changing the policies you offer your clients. A tail policy can help ensure that you are covered in the event that a client makes a claim of negligence as a result. These claims are often considered personal and not covered by errors and omissions policies in some cases.
Having a tail policy in place can help insure that you don’t run out of time to report an incident. Maintaining tail insurance may also help in the event that your business is changing hands, or the policies your company offers change. If you have further questions a professional may be able to help.
Just like your home, you need to protect your business and professional interests with reliable insurance plans. When you’re looking for insurance in Torrance, CA, consider choosing several types of coverage so you can have peace of mind. The best agencies offer a wide variety of packages.
This type of coverage is essential if you operate a business where injuries and mishaps are more common. Still, no matter what type of industry you operate, workers compensation is vital to protect you and your employees if there is an-on-the-job mishap.
If you have a vehicle fleet at work, you need to choose auto insurance in Torrance, CA, for your business. This is crucial coverage for the same reason you need it on your own cars. If your fleet vehicle is involved in an accident, whether or not youre at fault, this insurance coverage can compensate you for the cost of repairing damages. It will also cover liability.
If a customer, employee or other business associate sues you for a mistake or neglect, you could face tremendous financial costs. However, when you pick liability insurance, you can have confidence in this safeguard.
These are just a sample of the many insurance plans you can choose for your business. Consult an agent today and decide which is right for you.
There are a number of insurance options available for financial institutions to protect them from loss. Crime liability insurance can help cover losses when the company is the target of criminal activity. Cyber and network security insurance can provide coverage for losses incurred due to a cyber security breach. There’s even insurance for directors and officers but coverage for civil monetary penalties isn’t included. So what makes this kind of loss different and why isn’t it included under company insurance policies?
Civil monetary penalties are one of several kinds of actions regulatory agencies can take against financial institutions in response to alleged wrongdoing. Rather than being the responsibilities of the company itself, these penalties must be paid by the director or officer against whom they are levied. This can be a significant burden to an individuals personal assets.
Financial institutions are restricted by regulations from including coverage for civil monetary penalties under company insurance policies. However, directors and officers can purchase separate insurance that specifically covers these kinds of penalties.
When a financial institution is investigated for alleged wrongdoing, severe monetary penalties can be levied not only against the company, but against individuals serving in leadership positions. Rather than risk personal financial loss, directors and officers can protect themselves with civil monetary penalties insurance.