Active Shooter Risk ‚Äď Part 2

As we mentioned in part one of this discussion, a strategy for dealing with this exposure involves a significant amount of pre- and post-incident activity. Active shooter programs commonly involve the following:

Non-Insurance Services

Pre-event

Risk Assessment

Employee Crisis Training

During Event

Crisis Management

Second (Event) Responders (those who supplement initial, emergency action of fire, medical and police [first responders] and handle return services and site clean-up.)

Post-event

Counseling Services

Psychiatric Care

Public Relations Disaster Team

Investigation Assistance Funds (Rewards)

Expenses for additional, temporary security measures

Insurance Services

Liability Coverage for Lawsuits due to loss created by active shooting incident

Limits vary from $250,000/$500,000 up to multi-million dollar maximum

Business Income and Extra Expense

Limits vary from $1 million up to $100 million

Emergency medical care

Rehabilitation Expenses

Funeral and Burial Expenses

Marketing for the product targets those who are most vulnerable to this exposure such as Educational institutions, Entertainment organizations, Hotels, Healthcare providers, Religious institutions, Retail organizations, Shows (ex. Fairs, Trade Shows and Rodeos.)

 

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Does My RV Insurance Protect Me When I’m Out of State?

RV Insurance, insuring a RV in Kentucky, KY RV InsuranceRVs mean time spent with family and friends on the open road. They represent adventures and the opportunity to develop lasting memories of time together. Just as you are required to insure your regular vehicle, you are also required by law to carry insurance on your RV. The situation that an RV represents is different than a normal vehicle and your insurance needs will also be different as well. Consider this; an RV is both a vehicle and a vacation home. When you are looking at various insurance options, it’s important to consider the pitfalls that you could encounter while you are away from home. The team at TruePoint Insurance serves the needs of Kentucky, Indiana, and Tennessee residents. They understand the unique challenges that RV owners face and can show you the options that are available to you.

Policy Options

Just like an auto policy, there are many options, creating multiple alternatives to insuring a Recreational Vehicle.  An RV policy can provide comprehensive, collision, and liability coverage. It will go further to provide coverage for the contents of the RV including equipment such as satellite dishes and awnings. It can also provide protection from accidents involving uninsured or underinsured motorists. You will want to make sure that the policy that you select also provides some roadside assistance. If it is not your primary residence and remains on your property most of the year, there may be discount options available.

RV, RV insurance, KY RV Insurance, TN RV Insurance, IN RV Insurance, rv insurance quotesOk, that’s a bit of a stretch.¬† I pretty sure your insurance will not cover you that far away from home.¬† So how far can you go and still have RV Insurance coverage?

Keep it in the United States and your good.  Leave the country and you may not have coverage.  For sure, if you are planning a trip with your RV to Mexico you will need to obtain a special policy.  Otherwise, you will not have coverage while there.

Talk with your agent at TruePoint Insurance about potential savings if you only use the RV for a limited amount of time during a year. If you are in the Fisherville, KY area, feel free to stop by our office to discuss a policy and get a quote. Get ready to hit the road with TruePoint!

Active Shooter Risk ‚Äď Part 1

Headlines tragically remind us quite frequently that many aspects of our lives have become unavoidably dangerous. Sadly, this danger is due to the whim of individuals and access to weaponry. The deadly risk is the ‚Äúactive shooter incident.‚ÄĚSchool Shootings

An active shooter incident describes a situation in which at least one person is actively killing or attempting to kill persons in a populated area. Naturally, as we are referencing a shooter, such incidents involve firearms.

Active shootings are becoming more common. Studies made by the FBI between 2000 and 2015 indicates annual mass-shooting events rose from 6.4 per year to 20 per year. Studies also show that most shootings take place within a business or school (educational) environment. The frequency of shootings is accompanied by, on average, an increase in the number of persons killed or wounded per event.

As with any other risk that becomes significant, it is very important to find a strategy to deal with active shootings. Insurance is among the tools helpful with both pre- and post-incident planning. However, much uncertainty exists regarding protection for active shooter losses.

school shootings out of controlFirst, there is customer expectations. Insurance consumers may be under the impression that damage and injury created by shooters are covered. Second, the insurance market is fragmented over the issue depending upon how incidents are interpreted. Coverage may be sought from existing policies that individuals, commercial or non-profit entities may already carry, including General Liability, the Liability portion of Homeowners, or Workers Compensation. On the other hand, responsibility for harm due to a shooter may need to be covered by a form of professional liability policy as the obligation to protect against shootings may be considered as a failure to provide adequate security.

Confusion may also be caused by insurance policies via the silent coverage problem. An insurance form is considered silent when it neither specifically names nor excludes a source of loss, such as shootings. It can be chaotic during the time it takes to clarify coverage gaps.

The insurance sector has a reputation as being slow to react to change. Of course, speed is never at the level that most would wish when new coverage issues arise. However, the insurance market has been stepping up and addressing the serious active shooter exposure. While there is the option of trying to amend standard policies to add protection, other ways that coverage is being addressed are separate policies that supplement insurance protection with a variety of services.

Please see part two for more information on this issue.

 

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CDL (Commercial Driver’s License)

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In order to drive a vehicle and/or trailer with a combined weight over 26,000 pounds, you are required to have a commercial driver’s license (aka a CDL.)¬† There are three different classes of CDL’s and six endorsements.¬† The classes¬†are:

 

Class A CDL

As previously stated, the operator of any truck and trailer with over 26,000 Gross Vehicle Weight (GVW) is required to have a CDL.  Additionally, the driver of any truck hauling (or pulling a trailer) with a GVW that exceeds 10,000 must have a Class A CDL.

Class B CDL

A Class B CDL is required to operate a vehicle with a combined weight of 26,001 pounds pulling another vehicle with a gross weight of that is less than 10,000 pounds.

 

Class C CDL

Drivers of passenger vehicles carrying 16 or more people are required to have a Class C CDL.  The same is true of vehicles hauling hazardous materials.

 

In addition to the 3 classes, are 6 endorsements.  These six endorsements indicate successful completion and testing, authorizing the driver to operate specific types of commercial vehicles:

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  1. School Buses
  2. Tankers
  3. authorization to pull more than one trailer
  4. Commercial vehicles transporting passengers
  5. Haz Mat
  6. Combination Haz Mat/Tankers

 

 

 

 

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Employee or Independent Contractor? – Part 1

w-2 or 1099Business owners have a lot at stake when it comes to determining whether persons connected with their ventures are employees or independent contractors. The largest issue with making this determination involves taxes and insurance.

A business has specific responsibilities for employees, having the legal obligations to withhold and pay certain taxes (Medicare, Social Security) and pay other taxes (unemployment). If a business makes a mistake with classifying employees, it faces the financial burden of paying additional taxes and could well be punished with substantial fines. However, there are issues that are just as critical regarding determining a service provider’s status and insurance. Tax Law Rules

Many forms of both property and liability business insurance define the persons who qualify for protection under a given insurance policy. Property coverage is written for the direct benefit of the first party, the party who owns (or in other cases, has control or custody of) either real or business personal property. Liability coverage is written on behalf of persons defined as insureds, protecting them against harm they may cause to others or for damage they cause to property that belongs to others.

Employees are commonly granted coverage status in a variety of instances. However, coverage typically is not available to independent contractors who are considered unrelated third parties. FYI, under insurance contracts, the second party is the insurance company. Therefore, in many instances, if persons suffer losses under either property or liability policies, it is critical to be certain whether an individual is an employee or is independent.

Employee not independent contracterBecause of the position held by policyholder/insureds and insurance companies, the classification of workers is often in conflict as insureds desire liberal coverage and insurers wish to restrict protection to qualified persons. However, both parties are best served when worker classifications are clear. Premiums charged to policyholders are based on correctly recognizing the parties eligible for coverage. Proper classification keeps coverage affordable and makes the insurance process more efficient. Coverage involving employees should be connected to an applicable business that employs them. Coverage involving independent contractors should be connected to the contractors. In other words, they should secure their own, separate coverage.

In part two, we will discuss methods to determine worker status.

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Coinsurance

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Coinsurance is a term used in the insurance industry that refers to the sharing of risk.  Depending on the line of business, coinsurance can have different meanings.

When used in relations to health care insurance, coinsurance refers to a pre-agreed cost-sharing arrangement.  After the insured has met their deductible, coinsurance defines the cost-sharing split between the insurer and the insured up to a certain threshold.

 

In the Property & Casualty insurance sector, coinsurance can be used to identify the spread of risk between two insurance companies.  It is also used to establish limits for buildings and other property (primarily commercial.)  While the usage is somewhat counter-intuitive, the process is designed in the best interest of the insured.

Typically you will see the insurance clause in a commercial property policy set at 100% coinsurance, 90% coinsurance, and 80% coinsurance. At first blush, it would appear that 100% coinsurance was the most conservative choice why at 80% coinsurance the insured might be exposed to 20% of the loss.  THIS IS INCORRECT.

At 100% coinsurance, the insured has coverage up to the limit stated in the policy.¬† That’s okay, right? It’s¬†¬†okay until the replacement cost exceeds the limit.¬† Then the insured is on the hook for the difference.

At 80% coinsurance, the insured has the ability to protect themselves from have a replacement cost Return to TruePoint Home Page estimate that is too low.  An 80% coinsurance clause gives the additional protection.  At 80% coinsurance, the limit on the structure is now effectively 125% (100/80) of the stated value.

 

 

 

 

 

 

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