Month: July 2018

Bailee Coverage

Posted on by Brad Smith

 

TruePoint Insurance Logo  Key Insurance Words and Phrases

 

Bailee Coverage or Bailee Liability Coverage protects businesses that through the course of business become charged with the care, custody, and control of the property of their clients.  Cleaners, computer repair shops, and watch or clock repair services are all examples of businesses that could be protected by the Bailee coverage option.

Bailee Coverage, normally considered to cover the legal liability of the shop owner can be written in other forms.  If so desired, it could be possible to find an option where claims will be paid for damages even when the business is not at fault.

 

Associated terms and phrases:
Bailor
Care, Custody, and Control
Bailee

Bailee vs Bailor

Bailee is the party that is temporarily entrusted with the belongings and has no ownershipReturn to TruePoint Home Page

Bailor is the part with ownership interest that has left their property in the care, custody, and control of another where certain business services are provided.

 

 

copyrighted 2015-2018 TruePoint insurance group, llc all rights reserved

Bailor

Posted on by Brad Smith

TruePoint Insurance Logo

Key Insurance Words and Phrases

 

 

 

 

 

Anyone (person or entity) that has, with the intention of receiving a service or other benefit, entrusted property with another person or entity.

Associated terms and phrases:
Bailee
Care, Custody, and Control
Bailee Coverage

Bailee vs Bailor

Bailee is the party that is temporarily entrusted with the belongings and has no ownership

Bailor is the part with ownership interest that has left their property in the care, custody, and control of another where certain business services are provided.

 

Bailee

Posted on by Brad Smith

TruePoint Insurance Logo Key Insurance Words and Phrases

 

Anyone (person or entity) that has temporary custody of the belongings of others.  This is normally associated with businesses that are performing a service.  Examples would include dry cleaning, watch or clock repair, and possibly a parking garage.

The insurance coverage that protects the business charge with the tempory care custody and control of client property is known as Bailee Coverage.  It is sometimes referred to as Bailee’s Coverage and also Bailee Liability Coverage.

Associated terms and phrases:
Bailor
Care, Custody, and Control
Bailee Coverage

Bailee vs Bailor

Bailee is the party that is temporarily entrusted with the belongings and has no ownershipReturn to TruePoint Home Page

Bailor is the part with ownership interest that has left their property in the care, custody, and control of another where certain business services are provided.

 

 

copyrighted 2015-2018 TruePoint insurance group, llc all rights reserved

TruePoint Insurance, on target

Posted on by Brad Smith

 

TruePoint Insurance Logo
click here for our Home Page

 

2018 TruePoint Insurance
all rights reserved

Insuring A Mobile or Manufactured Home

Posted on by Brad Smith

Mobile HomeInsurers commonly provide coverage for mobile/manufactured homes by modifying a conventional homeowner policy with provisions called endorsements. The endorsements change key definitions and other elements of a conventional policy to fit a mobile or manufactured home situation. The result is a modified homeowner package that protects the home, outbuildings (unattached garages, sheds, etc.) and personal property. They also provide insurance for personal liability. Regardless of the type of home you own or live in, it is important that you learn about the coverage options that are available. You may find that different policies vary considerably in coverage and price.

Coverage for mobile/manufactured homes is generally offered using two approaches. Some policies include a laundry list of items (or perils) that may cause a loss. Other policies protect your home against everything EXCEPT for a host of specified perils. Either approach includes liability coverage that protects you for injuries or losses to others which you accidentally cause.

Property Insurance Needs

Manufactured HomeAny coverage option you choose is likely to reflect the fact that mobile homes are, well, mobile. Therefore coverage is affected by the fact that mobile homes:

  • are able to move under their own power (or are capable of being easily transported);
  • are more susceptible to wind damage,
  • tend to lose value with age.

The mobility of such homes creates a special need to protect the financial interest of the business that lent the money to purchase the home. For example, a mobile home owner who lives in Ohio decides to drive his home to Arkansas. The soon-to-be Arkansas resident “forgets” to mention his plan (and his new address) to his Ohio Mortgage Company. The Ohio lender would be out of luck if the policy didn’t include protection for this whimsical act. Another way in which a mobile or manufactured homeowner policy differs from conventional homeowner coverage involves coverage for unattached buildings. This coverage is usually minimal for, say, $2,000. Such a provision helps keep the premiums for policies lower by avoiding paying claims on very low-value structures. The coverage is likely to be offered on an actual cash value basis. Unfortunately, mobile and manufactured homes tend to lose value over time.

Mobile Home Insurance

The policy is likely to include a provision that requires you to get permission to move your home. Once granted, you’re likely to get thirty days of special transportation protection for collision; sinking, upset or stranding (a special, higher deductible may apply during the move). Another common coverage feature is coverage for your attempt to move the home in order to prevent damage from an insured cause of loss. For example, you move your mobile home fifty feet to get away from a neighboring trailer that is on fire. IMPORTANT: coverage for moving endangered property usually has a modest limit (several hundred dollars is typical) because of owners who may be too heroic or clumsy for anyone’s good.

Liability Insurance Needs

The liability protection connected with mobile or manufactured homes is, for all practical purposes, identical to the liability provided to conventional homeowners. Why? The likelihood of guests to be hurt at your home, or your probability of being sued, tends to be the same. The important thing to remember is that your agent is a tremendous source for getting the information you need to be sure that your home and property are adequately protected at a reasonable price.

COPYRIGHT: Insurance Publishing Plus, Inc. 2016

All rights reserved. Production or distribution, whether in whole or in part, in any form of media or language; and no matter what country, state or territory, is expressly forbidden without written consent of Insurance Publishing Plus, Inc.

Boatowners Coverage

Posted on by Brad Smith

The insurance approach for covering boats and boating property is quite like what is used to protect cars Boat Insuranceand homes. Essentially insurance is offered on a package basis, meaning that there is coverage for physical property as well as protection against the legal and financial consequences of injuring others or damaging property that belongs to others.

Watercraft Insurance

Property Coverage – Typically a boatowners policy covers:

  • Boats – Refers to property designed to travel on water and includes sails, its permanent equipment, spars and fittings.
  • Boating Equipment – Includes a wide variety of property that is used in conjunction with boats and it includes accessories. Items considered as equipment are property used for communication (radios), navigation, sonar, radar, outboard motors, dinghies, skis and sports equipment (recreational flotation devices) that are towed by boats and similar property. As a rule of thumb, the more related an item is to the ownership and use of a boat, the greater the justification to classify it as boating equipment.
  • Boat Trailers – Trailers used (and designed) for transporting boats (as defined by the policy).jet ski insurance

This property must be owned by the person who is named as the policyholder. There are limited instances when such property that is temporarily in the policyholder’s possession also qualifies for coverage.

Items and situations that aren’t covered include boating property that is used in business activity, losses that involve races or competitions (an exception is made for sailboats) and boats that are used, full-time, as residences.

Liability Coverage – Besides protecting boating property, a boatowners policy also responds to claims or lawsuits caused when another person is injured, and /or when another person’s property is damaged or destroyed. An example would be a collision where the owner of a large speedboat collides with a person on a jet ski, seriously injuring the rider and demolishing the jet ski. The policy would handle both portions of such a loss. The liability portion would also provide a legal defense against lawsuits.

Another important coverage under the liability section is medical payments. This provides reimbursement for, typically, emergency or immediate medical treatment expense. Consider a person who slips on a boat deck and needs transportation to an emergency for treatment of a broken bone or concussion. Such costs would qualify under medical payments.

As is the case with property coverage, there are liability situations that are NOT covered by a boatowners policy, including losses that involve business activity, transmission of communicable disease, unauthorized operation of boating property, intentional acts, and criminal activity.

Boating property is a substantial investment and boatowners coverage is an efficient, affordable way to guard against accidental losses.

COPYRIGHT: Insurance Publishing Plus, Inc. 2018

All rights reserved. Production or distribution, whether in whole or in part, in any form of media or language; and no matter what country, state or territory, is expressly forbidden without written consent of Insurance Publishing Plus, Inc.

What’s the biggest exposure for homeowners?

Posted on by Brad Smith
Protecting your home in Kentucky means being prepared for Spring wind and hails storms. Start by finding a good insurance agent.
Good insurance means no worries

If you’re like most, replacing your home and personal property are the primary reasons for purchasing a homeowners insurance policy.  While that is important, insuring your property may not be the most important coverage offered by your homeowners’ insurance policy.

Insurance claims in Kentucky and many other areas increase during the spring.  Severe weather is the primary culprit of Spring insurance claims.  What would happen if a tree fell on your house during a windstorm and damaged your home?  After you meet your policy deductible, your homeowner’s insurance policy would cover the cost of repairs.

What if the wind had been blowing in the other direction and instead of crashing through your rough, your neighbor’s home is the one damaged.  In most cases, your neighbor’s insurance would cover the damages to his house.

However, there are cases where you are liable.  If the tree was dead, dying, diseased or unstable you could be on the hook.  If you are cutting the tree down, you are liable.

What’s your liability exposure?   What should your liability limit be?  It depends!  But one thing is for sure.  You need to have input.  If you’re being left out of this process, your likely be left out of many other decisions.

child injured on trampoline

No one will deny the importance of communication.  How will things go if you decide not to communicate with your boss?  Even better, your spouse?  Not even an occasional Uh-huh.

Your homeowner’s policy protects you from many   But there are always people that you would rather not talk toMost of us could quickly compile a list of the top ten people that we didn’t want to talk to.  If we compiled a list of the people that we least wanted to communicate withYour boss communicates with you, so does your spouse.  While at times most of us would The job of the insurance agent would be fairly simple if you were only getting property coverage.  How much is your house worth, how much personal property coverage would you like, and what causes of loss do we need to protect against.

Liability exposures are much more difficult to define.  How much will it cost to repair/replace your neighbor’s home in the example provided above?  Do you have adequate personal liability protection?

While the claim to repair the neighbor’s home could be very significant, relative to other potential liability exposures, this would be small.  Kids open the door to much larger exposures when their invited and even uninvited friends have access to your pool, trampoline, treehouse, fireworks, go-carts, and more.  How much coverage would you need if an injury or death occurred on your property due to your negligence?

Take some time to review your homeowner’s policy.  The limits on your home will most likely exceed the value of your home and personal property.  Can you say the same about your liability limits?  Finally, speak to a qualified insurance broker that can provide you guidance.  The last thing you need is for someone that can sell you insurance, what you truly need is an individual that can work with you in developing a compressive risk management plan.

You Can Climb, But You Can’t Hide

Posted on by Brad Smith

TreehouseTree houses are prime elements of childhood fun. They are clubhouses, hideaways, castles, war rooms, forts, spaceships, control centers, submarines; the list of what they can perform is limited only by imagination.

Now let’s look at a tree house with an insurance company’s eyes….oh boy! Now we have a structure with a separate value that, just like a home, garage, shed, or pool; needs specific coverage. Worse, that coverage has to be for damage to the tree house as well as for protection against losses caused by owning a tree house.

The fact that tree houses are so fun is what makes them a big problem, insurance-wise! They are attractive nuisances, which is to say, Child Magnets! Tree houses are guaranteed to make a home popular, very popular! And the word of one will spread far and wide!

The fun provided by tree houses has to be tempered by the following:

  • they exist off the ground and have to be accessed by climbing to them, often via ropes or ladders
  • treehouses that are poorly maintained become even more dangerous
  • they are used by children who are playing….not thinking about how careful they should be
  • they are sometimes used by too many children….how much weight can the tree house safely handle
  • children are usually unsupervised during such play
  • access to the tree house may occur 24/7/365….including nights, weekends and other times when the homeowner is at work, or on vacation

Treehous

Besides the above, consider when the household’s kids have outgrown the tree house and the owners pay even less attention to it. Depending on the location, it could even attract illegal activity!

If you have a tree house, make sure that it’s maintained and activities are supervised. Also, make sure you get an insurance professional’s help in getting protection….or else all of the fun disappears!

COPYRIGHT: Insurance Publishing Plus, Inc.  2014

 

 

All rights reserved. Production or distribution, whether in whole or in part, in any form of media or language; and no matter what country, state or territory, is expressly forbidden without written consent of Insurance Publishing Plus, Inc.