Insurance Binders

Insurance binders are typically temporary insurance that is put into place while awaiting the actual issuance of an insurance policy. Insurance binders can become very messy legally from the carrier standpoint, the agent standpoint and/or the clients standpoint. Insurance binders are usually written documents but they can also take the form of verbal commitments. This article today is going to focus on some of the pitfalls of insurance binders from a client's viewpoint.

First of all there are many policies whereby a binder is not allowed verbally or in writing. Some of the typical policies that do not allow binders are Worker's Compensation policies, professional liability policies, medical insurance, and life insurance policies. In almost all cases the retail insurance broker is not permitted to issue an oral or written binder to the client on these types of policies. If you as the client have received an oral or written binder you need to make sure that it is backed up in writing from the carrier.

Another red flag for the client to be aware of is that typically legitimate binders from the retail broker normally cannot be for limits greater than $1 million. Receiving a binder for $10 million in general liability limits from your retail broker is in almost all cases not a valid binder without carrier approval.

Finally, most states do not allow brokers to do binders for longer than 90 days. So if you receive a binder that is longer than 90 days from a retail broker, unless it is a binder directly from the carrier it is probably not a valid binder.

Another idea that should be considered is that even if you have a valid oral insurance binder on a policy that is permissible you still should insist on the insurance binder being a formal document in writing. That will help you as the client in many ways.
One way it will help you is that you will immediately be able to see if there is any errors or omissions that have been made on your coverage request.If everything is in order, then you will have the peace of mind knowing that you have in writing what you have asked for.Also, and probably the most important is if you at experience a claim during this temporary period, you will be on much firmer legal ground by having a written document so that you will be able to hold the agent or carrier for the commitments that have been made to you.

To recap the management tip of the day, as a client if you receive a binder for insurance orally or verbally on one of the policies we listed above, or the limits are greater than $1 million, or the length of the binder is greater than 90 days, then you need to investigate further to make sure you have a valid binder. Taking the time during the initial insurance binding process can help in providing the upfront protection that you are seeking so that the policy that is being issued is issued according to your specifications.

R. Glenn Matsen, CEO, MBA, CPCU, ARM, CLU, ChFC has over 32 years of risk management experience in providing insurance solutions for the small business owners needs. His website contains detailed information on Small Business Insurance and Small Business Insurance Quotes.

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The Benefits Of Purchasing Automobile Insurance Online

When the time comes for you to purchase a car insurance policy, two things most likely come to mind: saving time and saving money. Imagine being able to get more than twenty accurate quotes in about an hour of your time. This is possible when you purchase your policy online. Get many other benefits from purchasing your policy over the internet.

Reviewing each company is an important aspect to your final decision about the policy you need. However, when looking for reviews while buying in the traditional manner of calling, you cannot take your time and learn all the minor, but vital details from other customers. By reading online reviews, you can relax and take as much time as you need for making an informed decision.

Filling out forms over the phone can be aggravating. It is especially stressful when you go through all that trouble only to get your cards and policy in the mail to find errors in your personal information. This will take more time in calling back and getting those mistakes corrected. When you purchase a policy online, you fill out the forms and can review them before submitting to make sure all the details are perfect.

Statistics show that less time and supplies are used when buying insurance online. This not only save companies money, it saves you money as well. You should also know that you can but a policy whenever it most convenient to you, no matter if it is the middle of night or during major holidays. This is especially beneficial for those people that work odd shifts or work more than one job.

Gather all the information together you will need for obtaining quotes and keep it at your computer. You will need your vehicle registration for supplying the make, model, and year of your car. The vehicle identification number is also on the registration. Make sure you have your drivers license number.

When you locate the company you do want to make a purchase with, you will need a credit card for doing so. However, any website that asks you for payment information before you make the choice to purchase should be avoided.

Start saving time and money today for your insurance coverage. Read insurance reviews about several companies and take your time in making the best choice. By doing so, you will be more satisfied and have a greater peace of mind concerning your policy.

You can get tips on how to find affordable car insurance online for NH residents and details about the benefits of performing an auto ins comparison, now.

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Understanding a Design Professionals Insurance Policy

A business owner's policy is actually two types of coverage in one. The first part of the policy is the property coverage. Typically the property portion of the policy protects business personal property such as tables, chairs, fax machines, computers, software, plotters, and printers. This is written on a replacement cost basis.

The second part of the bop is called general liability or GL. Many firms refer to it as "slip and fall insurance" but it is much more than that. It provides coverage for bodily injury and property damage at the office or away from the premises such as at a job site. Also included under the GL is a medical, product and completed operations, personal and advertising injury. Non-owned and hired auto liability coverage can also be provided for rented or borrowed autos and excess coverage over employee's personal auto coverage while using their personal car for business purposes.

There are many coverage's provided under the business owners policy designed for the A/E insured. Here are just a few.

Valuable papers coverage: Usually the limit is around $100,000 but can be increased. This coverage protects the value of the insured's time. This covers the cost to re-create architectural and engineering drawings, sketches, specs & blueprints if they are destroyed or damaged by a covered loss. Most of the time earthquake and flood are covered perils.
Fine arts-why fine arts?: The description of fine arts has been changed on some A/E policies to include architectural models. This coverage is provided anywhere in the covered territory. A stated value must be provided. Coverage starts at $25,000 with no additional cost but can be increased.
Contractor's equipment: Engineers and surveyors have lots of equipment. With the cost of GPS equipment and surveying equipment it is important to have these items scheduled on your business owner's policy. Some carriers provide replacement cost coverage regardless of age. Coverage also includes data that is stored on the equipment. Carriers also provide coverage for property of others in the insured's care, custody and control. Some insurance company's provide coverage for waterborne equipment starting at $10,000 and can be increased.
Computer coverage: This provides coverage for your computers and media. Coverage can be provided for in transit, electronic vandalism, and interruption of computer operations (business income). Also physical loss to data and media occurring on premises and off premises can be provided. Laptop coverage is worldwide.

Because A/E firms enter into many contracts asking for specific coverage wording, the A/E business owner's policy has included this wording and coverage's in their policies under the general liability and by special endorsements. Here are a few of the most requested ones.

Blanket additional insured-coverage is provided to another person or organization when agreed to under a written contract or agreement adding them as additional insured for liability coverage but only with respect to liability for bodily injury, property damage, or personal injury cause in whole or part by named insured acts or omission or acts or omission of those acting on your behalf.
Primary and non-contributory-if agreed to in a written contract or agreement that the architects/engineers insurance will be primary and non-contributory with the insurance of the additional insured. The A/E policy is primary, and the insurance company will not seek contribution from the others carrier.
Waiver of subrogation-this provides that the insurance carrier will waive the rights of recovery against a person or organization if the architect or engineer has waived the rights of recovery in a contract or agreement prior to the injury or damage.
Per project aggregate-a per policy aggregate is the most the insurer will pay for the total of all claims during the policy period, normally $2,000,000. A per project aggregate means the insurer will pay the same $2,000,000 for all claims that occur from any specific project. It greatly increases the amount the carrier could potentially pay during the policy term.

All A/E carriers are different and some do not provide all of the coverage's mentioned. That is why it is important to talk with the insured and find the best company and coverage's to suit the A/E Firms needs.

Hall and Company is an insurance brokerage firm that specializes in the placement of A/E professional liability insurance. We currently are the brokers for more than 3,600 architects, engineers, environmental consultants and land surveyors. Our clients are located throughout the United States. We are located in Poulsbo, Washington, a suburb west of Seattle located on the Kitsap Peninsula. Our website is http://www.hallandcompany.com/.

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What Exactly Is Auto Insurance?

Auto insurance is a type of protection for an individual against financial loss if they have an accident. This is a contract between the individual and the insurance company. The individual agrees to pay a premium and the insurance company agrees to pay your losses as described in your policy. Auto insurance provides medical, liability and property coverage.

What is property coverage?

Property coverage covers the cost of damage that an individual's auto caused to another vehicle or property. This can also cover damage and theft of your car.

What is Liability Insurance?

Liability coverage covers for your legal responsibility to others for bodily injury and property damage.

What is medical insurance?

Medical coverage covers the cost of treatment for injuries, rehabilitation and sometimes, even lost wages.

An auto insurance policy is made of six different types of coverage. Most states require you to buy some coverage, but not all of these types of coverages are included. For example, if an individual decides to finance a vehicle, the financial institution will also have requirements.

Auto insurance policies are usually made in terms of three months, six months and twelve months. The insurance company notifies an individual by mail when it will be time to renew the policy and when a payment is due.

Insurance companies provide free auto insurance quotes. Most agencies shop with car insurance companies to provide you the best coverage at the lowest rates. They carry competitive insurance companies and provide consumers insurance rate comparisons. Some are even able to provide you online car insurance within minutes. You can generally just fill out an insurance quote form and receive their best rate in only minutes. Whether you need the required state auto insurance or great coverage that protects you and your family, they are here to help. Remember, ask for promotions because most offer discount insurance rates if you qualify.

Some companies specialize in low cost car insurance. They specialize in finding coverage for high risk drivers with violations, accidents, or DUI's as well as new young drivers. Find a company that takes pride in making a positive impact on your budget. Whether you have a bad driving record or in need of SR22 insurance, find a company that works with the most competitive markets which usually guarantee the lowest best rates. With over 80 insurance options you are surely to get the cheapest rate. A good agency will have knowledgeable staff that strives to educate every client on the type of insurance they need.They should believe in taking care of our clients and treating them like family. This is why consumers choose insurance agencies to be their provider!

For more information on cheapest insurance rates in California visit our website.
This article was brought to you by Natalie Fanin. http://www.dependableautoins.com/

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FR44 Insurance for DUI and DWI Drivers Is Sensible

The two distinguishing features of FR44 car insurance are its higher liability limits and its exclusivity for DWI / DUI drivers. Currently only Florida and Virginia are utilizing this format in their latest efforts to curb drinking and driving. It is a program that enjoys widespread support there, and will likely be adopted by other states. Other states do not make a distinction between high risk driver groups, when it comes to insurance, and mandate SR22 car insurance for all of them.

Texas has the unpleasant distinction of leading the nation in drunken driving crashes and fatalities, again! Not too surprising is that Texas law enforcement has an equally impressive record of DWI arrests and citations issued. Texas law enforcement is legendary, often propelled by the depiction of Texas Rangers and Sheriffs in movies and television. This year again, thousands of state troopers and local police across Texas are beefing up patrols and seeking out and arresting drunk drivers in increasing numbers. It is disturbing for most folks to be pulled over, and for some it is quite intimidating, especially in Texas. Obviously, this scenario is best avoided by not drinking and driving in the first place!

It is fairly commonplace, and not just in Texas, to be pulled over, as many states and municipalities vigorously seek out those who drink and drive. Issuing citations and prosecuting these drivers has become big business for municipalities, lawyers, insurance companies, and others who are profiting. Nevertheless, enforcement is widely supported as roadways inevitably become safer from the activity. Many states will likely consider and adopt increased liability insurance limits for their DWI / DUI drivers, above their current SR22 insurance requirement for other high risk drivers. Florida and Virginia are successfully doing this now by utilizing FR44 insurance exclusively for these drivers while maintaining the SR22 for other high risk drivers. Texas, having the second largest market for car insurance along with the highest ranking in drunken driving statistics will soon likely consider replacing their SR22 insurance with FR44 insurance for their convicted drivers.

The next best step in the ongoing effort to make roadways safer from drunk drivers everywhere may very well be with state legislatures and not law enforcement. Replacing the SR22 Texas insurance policy with FR44 insurance for DWI drivers as Florida and Virginia have will benefit all Texas drivers, and definitely makes more sense here than any other place, due to their elevated DWI statistics. A DWI driver, or DUI driver as it is referred to in Florida, must obtain a car insurance policy with liability limits of 100/300/50 and submit proof via the FR44 certificate filing. Formerly the DUI driver in Florida only had to carry limits of 10/20/10 as evidenced by their SR22 insurance filing. In Virginia the FR44 liability limits for their DUI drivers are double required by the SR22 policy at 50/100/40. The current required limits of an SR22 Texas insurance policy are 30/60/25. These Texas limits, required of all their drivers, were updated beginning January, 2011 from 25/50/25. Here we see Texas recently displaying a trend toward higher liability limits for all drivers.

For several key reasons the FR44 car insurance policy has been an excellent development in Florida and Virginia. First of all, the increased liability limits is an excellent community wide benefit. More insurance coverage obviously means more protection for an injured party. Many drivers do not have an accident or health insurance policy available, to provide them benefits in the event of an injury, and tax payers end up with the burden of paying for emergency care at county hospitals for these individuals. The initial higher insurance premiums experienced by convicted drivers for the mandated increased coverage becomes a significant deterrent for repeating the offense. The increased car insurance premiums along with the other consequences endured by drunk drivers have an overall modifying effect on their driving habits, and not just as it relates to drinking and driving. These drivers tend to be more careful overall and they have fewer accidents and claims as evidenced by their low loss ratios.

When our family owned insurance agency first began to write an increased number of these types of policies we were quite concerned that our insurance carriers would find this objectionable. And then we were very pleased to find out that several of the companies were having good performance numbers with this risk class and were encouraging more polices of this type. As time goes on these companies are competing more and more for DWI / DUI polices with lower rates. There are still plenty of companies that penalize these drivers with very high rates and cancellations, so, shopping around after a citation is important and may be absolutely necessary. Car insurance is generally the last step before these drivers can reinstate their license and it is often the most dreaded. Thankfully for them, car insurance usually does not turn out to be the worst of their consequences.

These policyholders, upon subsequent renewals, begin to enjoy increasing discounts associated with having prior high liability limits. And, Overtime, safer driving habits translate to improved insurance rates which ends up benefiting the DWI / DUI driver as well. In the long run these drivers actually are able to reduce their premiums while enjoying higher limits of coverage. And, this is especially so as the conviction begins to age and its associated surcharge diminishes and is eventually eliminated altogether. Many of these drivers would not have had the foresight, or discipline, to maintain higher liability limits without a DUI conviction to secure discounts leading to lower premiums for the higher limits.

It is easy to see that the FR44 insurance policy ends up being a winning scenario for all involved. The community at large enjoys a higher level of insurance protection for their citizens, the DWI or DUI policyholders eventually pay less for more coverage, and the insurance companies, lawyers, ticket clinics, etc... are making a profit. And, Overtime, the safer driving habits of the DWI / DUI driver also translate to improved insurance rates for them. It seems to me that, Texas having the most DWI drivers stands to benefit the most from the sensible FR44 insurance programs that I have experienced as an independent agent here in Florida and Virginia.

Texas SR22 insurance is fast and easy with Texas Auto Plus Insurance. Texas DWI insurance, made easy, is welcomed relief for anyone going through this experience. For additional helpful car insurance facts, quotes and information please visit our Website or call 1-877-WIZ-AUTO (949-2886).

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Different Types of Commercial Liability Insurance

Anyone who operates a company should understand how vulnerable they are to the various claims that are often faced by many different businesses. Therefore, it is required by law for every company owner to prepare themselves with a primary line of defense by purchasing a commercial liability policy to protect their investments.

With the day-to-day uncertainties of operating a business, no matter the size or scope, it's always comforting to know that when something goes awry you have the backing of commercial liability coverage to help for all the claims that could be reported by customers against your business.

Following is a list of a few different types of commercial liability insurance that will protect your company and you from a fiscal disaster:

General Liability Coverage

Every business should invest in commercial general liability coverage to shield the company from advertising claims, injury claims or claims of property damage. The majority of employers survive through using only this kind of insurance, but if you purchase it as part of a business owner's policy then you will normally get minimal coverage. However, you can always purchase this type of insurance as a separate policy to have more protection. As a rule of thumb, a company needs additional liability insurance coverage if it is faced with increased risk depending on the nature of the services or products that the business offers.

Professional Liability

If your operation is service based, the commercial liability insurance that is most fitting for your business is professional liability insurance. This insurance will help you cover the costs and damages that may be present when a customer files a negligence claim in case of error or omission, financial pitfalls or claimed failure to perform on the part of the policyholder. If you are in the legal or medical fields, you are legally required to have professional liability insurance.

Product Liability

Businesses that are engaged in the selling of physical products will thoroughly benefit from product liability coverage. This coverage will protect you if a customer suffers loss or injury due to a problem or defect in the merchandise. If you already have general commercial liability insurance, then look into the inclusions as it normally has products-completed operations insurance, which is exactly the same thing as product liability. In retail, you might face many or all kinds of claims including production or manufacturing flaws, deficient design or incomplete warnings and instructions. Ask any business that had the misfortune to go against product liability claims and they will tell you how such claims can quickly put you out of business.

Running your own business or practicing your profession can be lucrative but it does have one severe disadvantage: a vulnerability to claims. Though this shouldn't stop you from starting a business, it should serve as a warning and push you toward purchasing the required commercial liability insurance to keep you protected from adverse claims that can ruin your company.

Giacomo Palermo is an insurance expert who has helped individuals and residents in getting affordable, competitive commercial liability insurance in California and major medical insurance quotes for the past 20+ years.

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Excellent Reasons to Buy Van Insurance

When one shops around for vehicle and van insurance, one often makes the mistake of just inquiring about how much it will be to buy van insurance, when in fact, the actual contents being transported by the van need to be taken into consideration. The premium needs to adjusted accordingly, as well as the actual van itself. If the van is doing long haul deliveries across borders, then one needs to take into account the fact that the van is not always going be behind a locked gate at night, or in a secure area at the actual business premises.

When looking to buy van insurance, there are many factors that will need to be taken into account, such as the goods being transported, the age of the van, the age and experience of the driver, the drivers driving record and the basic factors as well. However, in the case of a van being part of a fleet of vehicles that make deliveries, there is the chance that one or more of the vehicles could be involved in a motor vehicle accident, be hijacked or stolen. If the vehicle is stolen, and the goods being transported are still in transit, this brings more problems to the fore.

High risk situations such as the possibility that the driver of the van or of another vehicle is seriously injured, could mean that basic van insurance will definitely not be adequate enough to cover injury to people, as medical bills can run up very quickly and before you know it, the medical bills are the same price as a block of flats.

For this reason, when you buy van insurance you need to ensure that you have adequate catastrophic cover; this particular cover will ensure that all the medical costs are properly taken care of, and the business won't have to close its doors, because they are running into bankruptcy by having to pay for the medical costs due to a motor vehicle accident.

If fleet owners install extra security measures such as satellite vehicle tracking devices, alarm systems, and other security and safety devices, insurance companies could be willing to offer a lower premium, as these devices, effectively reduce the risk involved. Find out from your insurance broker, what kind of measures could save you money on your insurance premium.

Another huge consideration to take into account, is if a vehicle or van transporting goods, is crossing border lines, is the van or fleet still covered by the insurance company the minute is crosses over into another country? The premiums may be slightly higher, but it will be cheaper to check this information before hand, than to try and sort out a serious mess, should an accident take place in another country and the insurance does not want to pay out.

It would be a wise idea to make sure that all these points are queried, when you shop around, as information and requirements differ from broker to broker, and not everything is a standard clause in an insurance contract and that is how people get caught out and left accountable for millions they have to pay out of their own pockets.

Buy van insurance from specialist broker Blueangeltech.

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