Supporting Your Investment With Foreclosure Insurance

Unlike most other purchases, a home purchase is a major investment that requires adequate protection against destruction and damages through a typical homeowners’ insurance policy. Most mortgage lenders require borrowers to purchase this policy to protect the property against damages over the life of the loan. One can expect the following coverages in a standard property insurance policy:

  • Fire
  • Certain weather events such as hail, windstorms and/or lightning strikes
  • Damage or theft of personal property
  • Injuries to guests or visitors

Buying a foreclosed property often includes additional risks for which a standard homeowners’ policy is not adequate.

Tailoring Your Coverage

Foreclosed properties can often be purchased for relatively little money. Often, these properties are sold as-is, containing significant levels of damage due to negligence from previous owners. Lenders may require higher levels of coverage or special extensions such as foreclosure insurance before approving a sale. It’s important to be prepared at every point of the purchasing process for a successful outcome.

Finding the Right Insurance Company

Just as no two properties are the same, no insurance providers are the same. While you have many options for a homeowners’ insurance provider, it’s better to work with a provider that understands the risks of a foreclosure and can make sure that your policy meets the specific needs of your home.

Understanding the Limits and Reaches of Your Professional Liability Insurance

After making the beneficial decision to get professional liability insurance coverage, you might assume that you have wide coverage on a range of potential issues. However, it’s best to look into the details and understand what your insurance does and does not cover, in order to prepare for the future and assess whether you’ll need further policies.

Typical Claims Covered Include Many Negligence-Related Cases

Most professional liability, or E & O, policies cover negligence-related claims and other similar lawsuits that allege some type of loss due to the mistakes or oversights of a employee. Typical cases that might fall under your policy could potentially include:

Not All Oversights or Claims Are Covered Under Professional Liability

While professional liability insurance does provide a lot of protection, it does not cover every type of oversight or claim that could be brought against your business. For example, if the claim involves some sort of bodily harm, you might need coverage through a separate general liability policy. Additionally, workplace disputes, on-site injuries, false or fraudulent advertising and intentional harm are typically not covered.

While your new professional liability insurance coverage policy likely offers broad coverage, it’s best to understand its limits and reaches rather than assuming those limits. With this extra information, you can understand your new insurance better.

Stay Safe on Your New Boat

Every boat owner must understand and secure essential elements before getting on the water. Before you buy a boat, you must understand the capsize screening formula.

What is the Capsize Formula?

A vessel’s safety is rated with the following capsize rate formula: Beam/Cube Root (Gross Displacement/64). This equation ascertains a boat’s likelihood of capsize. The ship’s maximum beam measured in feet, divided by the cube root of the displacement in cubic feet, determines the capsize rate. A value of two or less is a good score for a safe sailing experience. A vessel with a resulting number greater than two is more prone to capsizing.

What Are Other Safety Essentials?

In addition to using the capsize screening formula, you should address other concerns, including:

  • Obtain comprehensive insurance. Acquire a specific marine policy to mitigate damage and liability risks. Your purchase is a significant investment you will want to protect adequately.
  • Learn how to trailer, launch and store your vessel. These are crucial steps you must assess and understand as a new boat owner.
  • Master the required water operating skills. Sailing knowledge ensures your safety on the water.
  • Stock your vehicle with the necessary equipment. Be prepared with the essential items for the operation of your vessel and navigation of unplanned events.
  • Review and understand the standard maintenance requirements. Regular upkeep is vital to ensure the safety and life span of your boat.

With adequate safety considerations addressed, you can set sail on a new and exciting adventure.

Nonprofit Insurance To Protect Your Volunteers

It’s a common occurrence for nonprofits to rely on volunteer labor consistently. Whether it’s unpaid staff donating time to make sure someone has a point of contact if they reach out or short-term organization designed to help you during an event, those volunteers allow your organization to focus its money where it can do the most good. You need to be able to take care of them in the event of a mishap that leads to injury or property damage, to make sure they are safe and taken care of if there is an incident while they represent your organization. That’s why volunteer insurance for nonprofits was first designed. It provides the coverage that protects your finances and your volunteers equally.

Liability Coverage for Volunteer Workers

On top of the protection you need to cover incidents like damage to personal vehicles used in the service of your organization or personal injury on-site, you also need to protect your organization from possible bad faith actions or errors made by volunteers. This coverage is much less widely discussed outside of nonprofit circles, but it’s just as important. If your organization was a regular business, it would need to cover liabilities caused by employee actions or poor workmanship, and the same is no less true when you are being represented by volunteers.

2 Types of Insurance for an Apartment Building

Owning an apartment building can bring in thousands of dollars worth of income each month, depending on how many units there are and how much the rent is. Of course, it is important to consider the expenses of owning rental property as well, including the types of insurance you’ll need.

Property Insurance

Property insurance is perhaps the most important type of apartment building insurance coverage you need. Property insurance protects your building from a number of financial losses for various reasons. Do you live in an area with lots of wind and rain? Perhaps you’re worried about a fire. Property insurance may even cover vandalism, vehicle damage, or other unexpected problems, making it most important for protecting your investment.

Business Income Insurance

Business income coverage falls in line with property insurance. Typically, if property damage is enough to warrant filing a claim, your tenants won’t be able to live in their apartments while repairs are done, which means less income for you. Business income coverage reimburses you for some or all of the income you lose while your building is being repaired.

When seeking an agent to help you determine the apartment building insurance coverage you need always be diligent. Seek out respected agents who are experienced with income properties, are licensed, and have a strong reputation both with the Better Business Bureau and with current and former clients. 

How to Know Whether You Have an Antique or Vintage Vehicle

When you are first introduced to the world of collectible cars or antique and vintage cars, there may be a lot of overlapping and confusing terms. If you want to participate in car shows or find a mechanic who understands the ins and outs of your car, you have to know whether you have a vintage car or an antique car.

What Is a Vintage Car?

One confusing piece of terminology is the distinction between vintage and antique cars. When dealing with most collectible items, aside from motor vehicles, vintage refers to something in an earlier generation, whereas an antique is at least 100 years old. This is not the case with cars. With cars, a vintage vehicle is the oldest category possible. These are cars that were manufactured between 1919 and 1930.

What Is an Antique Car?

In most cases, antique cars are cars that were manufactured over 45 years ago. Antique cars can also be called historical vehicles.  When it comes to an antique, however, different definitions are depending on whether you are looking into a classic car club or an insurance policy.

When it comes to vintage vs antique cars, the insurance policies are dependent on the age and value of your car, in addition to how often you drive the vehicle.

What Construction Risks Do You Need Coverage For?

Working in the construction industry involves a lot of different risks. There are risks to property, risks to the project and risks to contractors and others on site. Protection in the construction industry often involves some form of owner builder liability insurance.

Property Risks

There are risks to materials, equipment and other materials that are related to your project. For instance, a fire could start on site and destroy equipment and property. Likewise, hail and lightning can damage structures, even when protected. Other risks include theft and vandalism. To protect your project, you should have builders risk insurance.

Injury Risks

Accidents happen in the construction industry. If someone falls from scaffolding or if your equipment backfires and causes severe injuries, your company may face an expensive lawsuit. Your entire business could be devastated by legal action. To protect your company in the event of an accident, general liability insurance covers bodily injuries and even some forms of property damage.

All construction sites require insurance policies that can protect the construction materials, equipment and contractors who work on-site. Without insurance, your company could have to pay high legal fees and settlements if something happened. Financial losses could not only stop the project from happening but could put you out of business.

Differences Between Condo Associations and HOAs

Most people are familiar with the privileges and obligations that come with belonging to a homeowners association. When joining a condominium association, it’s a natural assumption that everything is just the same. Condo associations, however, have some major differences that are important to consider.

Type of Dwelling

HOAs are created to manage single-family homes in a neighborhood or gated community. Each home has its own yard, driveway, and landscaping. COAs, in contrast, exist for buildings that contain multiple dwellings within them.

Maintenance and Repair

All the families living in a condominium building share things like the following:

  • Roof
  • Basement
  • Landscaping
  • Parking lot
  • Lounge areas
  • Swimming pool

With so many common areas, the families must all contribute to their upkeep by financing landscaping pool maintenance, insect extermination, and cleaning. They also must pay to fix items that are damaged when not covered by insurance.

Fees

One difference that can come as a shock is the difference in fees. COA fees are usually higher because the burden of many financial obligations falls on the organization rather than on individual homeowners. It is up to the board of directors to determine how much the fees will cost.

When looking into joining or insuring a COA, keep the above differences in mind. That way, you will not have any unpleasant surprises.

Regan Agency’s Memorial Pro Program for Cemeteries

Cemeteries and crematoriums face unique liability and damage concerns, so they have to be very conscientious and selective about how they insure their operations. It’s a tremendous advantage for them to work with an insurance agency offering a program that’s customized to meet their needs. Regan Agency’s Memorial Pro insurance for cemeteries addresses all of the most important coverage areas related to operating a cemetery, and it includes vital coverage inclusions and values which are superior to those offered by other programs.

Outstanding Support

Regan Agency has over 35 years of experience serving clients who operate cemeteries and crematoriums. MemorialPro cemetary coverage is underwritten by a highly rated carrier. The agents serving program participants have specialized knowledge about their clients’ unique risk exposure.

Unparalleled Coverage

The coverage limits in a MemorialPro policy exceed the limits contained in a standard policy. Both the general aggregate limit and the products and completed operations aggregate limit are both $3,000,000 as opposed to $2,000,000. The program can also address liability unique to cemeteries and crematoriums, including a claim for special damages based on mental anguish. In addition, coverage can address certain types of physical damage that are typically excluded from a standard policy such as fallen tree removal.

For more information about Memorial Pro, reach out to a knowledgeable agent for assistance.

The Most Common Risks of Property Ownership

Business ownership is a great way to take control of your financial future, but there are many risks that accompany such a venture. While there are a number of insurance plans that can address these exposures, you need to know what your liabilities are if you are going to purchase enough coverage.

Leading Liabilities

There will be risks with administrative operations and product liabilities, but a significant concern comes from property ownership. Even if you are leasing a facility, the grounds, building, signage, parking lot, and other elements can create an incident or accident that involves damages and loss to customers or the general public. The leading liabilities of property owners include the following:

  • Violation of zoning ordinances
  • Environmental hazard clean-up
  • Injuries that occur to individuals on the property
  • Damages or injuries caused by items on the property
  • Third-party contractual arrangements (such a lease or mortgage)
  • Failing to maintain reasonably safe or hazard-free conditions that result in harm or injury

Leading Protections

Business property coverage, such as through a commercial liability policy, afford some protection against the financial elements of claims brought against the business. Following a consistent maintenance plan, implementing a risk management strategy, and continually training employees on the value of safety and awareness can create an environment that has a lower potential of accident and injury.