Strategic Independent Agents Alliance (SIAA)

 

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Strategic Independent Agents Alliance (SIAA)

SIAA is a national alliance of independent insurance agencies.  Founded in 1983, this is the largest alliances of insurance agents and as such creates significant benefits for its member agency.   The playing field is leveled immediately!  Upon joining the organization even the smallest agencies have access to resources that allow them to compete with much large agencies.

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Borrowed Farm Equipment

Grain HarverstFarming is equipment intensive and much of the equipment needed for various tasks are complicated and expensive. Most equipment is used with enough frequency that they are purchased and fully owned. However, farmers often must perform jobs or have need of certain equipment on an infrequent or for a single need. In these instances, there’s no financial justification for having such equipment available on a full-time basis. On other occasions, a farmer may have equipment this is unavailable because of scheduled maintenance or repairs. In other words, situations come up when a farmer makes use of equipment borrowed from another party.

Fortunately, in most instances of using borrowed equipment, nothing goes wrong; it is simply borrowed, used and returned. However, what happens when something does go wrong? Even if you have an insurance policy that covers Wrecked Combinefarm equipment, it may not cover borrowed equipment or, when it does provide coverage, it could be only for a token amount. If you borrow and substantially damage a tractor or harvester, your neighbor is not going to accept an excuse that your policy either excludes coverage or only makes a grossly insufficient amount of protection available. If the equipment owner has coverage for that equipment, theirs is the common threat that, after making payment to their policyholder, that insurer could look to you for reimbursement.  You're Exposed to the Risk

Besides the issue of being responsible for damage to another party‚Äôs property, there is a separate liability exposure. Many policies that cover owned farm equipment exclude losses for borrowed equipment.‚ÄĮSuch exclusions can be quite broad including situations involving equipment that‚Äôs borrowed, rented or which is merely in your possession.

In many situations, it makes perfect sense to use equipment that you don‚Äôt own. However, since such use comes with the danger of both property and liability losses, be sure that your policy Return to TruePoint Home Pageprovides you with the right kind and the right amount of protection.‚ÄĮMost companies that provide farm equipment coverage have coverage options that you should discuss with an insurance professional.

 

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Farms And Incidental Business

Kentucky Tobacco Barn
Ttobacco leaves hanging to dry in an open-air barn in Kentucky.

Other than agribusiness ventures, farms are unusual because smaller operations tend to face a mixed bag of loss exposures. Some exposures are common to businesses while others are exposures that are often faced by homeowners. This hybrid combination of exposures is due to the fact that smaller farms are usually run by families that also live on the farm premises. However, often only some of the family members are devoted full-time to their own farm’s operation.

As has always been the case, securing significant, steady income and profits from farming is very difficult. Therefore, the farm family may choose to supplement its main farm activity by operating other projects on their premises. Some may be related to their farming such as: Kentucky Produce Stand

  • Running a petting zoo area with some of the farm‚Äôs livestock
  • Offering horse rides
  • Operating a gift shop or produce stand
  • Performing canning operations for other parties‚Äô produce
  • Operating a repair shop for small farm equipment

A farm may also involve other, non-farm projects, such as:

Farmers Almanac 1792

  • Operating a daycare service
  • Fee-assisted aid to other farmers on applying for grants and loans
  • Operating a small accounting service
  • Hosting a subscription newsletter service
  • Operating a pottery studio in a converted farm barn

In most instances, the farm owner may be able to arrange for additional coverage to be added to the farm policy in order to handle losses connected to the given business operation. Typically, a precise description of the business such as: ‚ÄúJohnson Family Produce Cleaning and Canning Operation‚ÄĚ is necessary. For an additional charge to the policy, the farm owner can be protected against loss to property that is used in the described business, such as a fire in a separate, converted barn that houses an accounting service run by the farmer‚Äôs spouse. It may also offer liability coverage. Consider the following:

Example: Sara ‚ÄúGranny‚ÄĚ Smith owns a large apple orchard. She used to make cider and fruit juice manufacturing company. Since she still owns the building and equipment she used to make her own product, Sara begins a small operation (called ‚ÄúGranny‚Äôs Pressings‚ÄĚ) to process the apples grown by several neighboring apple farmers. This “side juice from her own crop but she now has an agreement to sell all her apples to the region‚Äôs largest business” brings in about $7,000 a year, compared to the nearly $76,000 she takes in from selling her apple crop to the juice manufacturer. Sara‚Äôs cousin and insurance agent tells her that she won‚Äôt be covered for any damages resulting from ‚ÄúGranny‚Äôs Pressings‚ÄĚ unless she adds additional coverage for this side-business. He convinces Sara by pointing out claim situations such as:Risk Management Raising Awareness

  • a neighbor who slips on apple remnants while carrying a bushel of apples onto Sara’s property to be pressed into cider;
  • child from a nearby town who becomes ill after drinking cider pressed at Granny’s that was contaminated with oil used to lubricate the manufacturing machinery;
  • Sara packages a truckload of cider for a neighbor but the neighbor is unable to sell it to any stores because the inferior plastic bottles developed hairline cracks.

If you happen to run a farm that also contains other business activities, it’s important that you discuss the situation with your agent and find the best option for covering the additional source of loss.

COPYRIGHT: Insurance Publishing Plus, Inc. 2017

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Perils of Tailgating

High School FootballAutumn is noted for the color and delight found in the changing of the seasons! But change also arrives in the form of the colorful masses that gather and celebrate…..around football stadiums. It happens around high school games on Friday nights and on crisp cool Saturdays around colleges and universities. It happens on Sunday afternoons, Sunday Nights, Monday Nights and all the other times that they squeeze in days and times for professional football. From amateur to professional contests, upwards of 50 million people annually enjoy tailgating.

Tailgating refers to the custom of arriving to games many hours before the scheduled event’s beginning, Tailgating, reducing the risklowering vehicle tailgates and enjoying food, drinks and recreational activities! Tailgating began simply enough with socializing among folks who came to game locations early enough to secure scarce parking. The socialization was enhanced by food and drinks, then the events became more elaborate involving bring your own pitch-ins, barbecues, concerts, recreational sports, etc.

  • Sadly, most activities that involve large crowds are too frequently accompanied by various dangers. Of course, it makes sense to reduce the chance of injury or loss by taking precautions such as the following:
    Avoid using breakable containers for beverages or for any food service items. Dropping items is unavoidable and glass shards can cause serious injuries during a time where getting quick medical assistance can be difficult
  • Carry a well-stocked, comprehensive first aid kit, especially to handle burns, dehydration, sunburns, cuts, and bruises
  • Restrict games and activities to larger, clear areas that minimize the chance of injury to non-participants
  • If games or activities are near high-traffic areas, use spotters, persons situated to warn those passing by such areas.
  • Be very careful with cooking areas, never leave them unattended, keep them away from pedestrians (especially children) and be sure to have safety gear, such as fire extinguishers
  • Keep an eye out for thieves who often target unlocked vehicles for valuables

It is also very important to make sure that you are properly insured to handle possible damage or loss of your property. It is far more important to carry insurance coverage to protect you for injury or loss you may cause to others. Tailgating can be enormous fun, but with great fun comes great responsibility. Protect yourself and others.

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Spencer County Bears 2018 Football Schedule

Spencer County Bears

 

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Kentucky No-Fault Auto Insurance System

What you should consider when buying Auto Insurance in Kentucky

What is No-Fault Car Insurance

Sometime between the First and Second World War, Academia developed the concept of no-fault insurance.  Aimed at removing auto claims from the U.S. tort liability system, under a no-fault system, insurance companies could resolve customer claims, What is Kentucky No-fault insurance?  Is Kentucky a no-fault state?  Why no-car insurance?regardless of fault.  The theory behind this was that insurance companies would resolve disputes between themselves more efficiently.

For obvious reasons, this never took off.  Over time blended versions of the theory were developed that provided access to the tort system when predefined limits were exceeded.  Under this blended approach, no-fault insurance began to get positive support for the states.  So much so, that at one point almost half of the states had developed and instituted a no-fault system.

Of the twenty-four states that put a no-fault auto insurance systems in place, only twelve remain.  The states that continue to have a no-fault system are; Florida, Hawaii, Kansas, Kentucky, Massachusetts, Minnesota, New Jersey, New York, North Dakota, Pennsylvania, and Utah.

What Kentuckians need to know about no-fault insurance

You may have heard of PIP, or Personal Injury Protection Coverage.  By law, all Kentuckians are required to have a minimum of $10,000 PIP Coverage on motor vehicles (motorcycles are excluded.)  Often referred to as Basic PIP Coverage, this can be used for medical and other related costs for injuries sustained by individuals in the insured car, regardless of who is at fault.

Kentucky drivers by default, forgo tort rights as related to damages that occur while Return to TruePoint Home Pageoperating automobiles until certain minimums have been met.  While motorcycles operators and passengers are excluded from the PIP, it is optional.  Although PIP is optional, motorcycle operators should seriously consider carrying the optional Basic PIP Coverage.  Otherwise, they may find themselves in the difficult position of having no coverage and no rights to sue for damages as, by default, they have accepted the states standard tort limits.

Feel free to give us a call if you have additional questions related to Kentucky’s No-Fault Automobile Liability¬†System.

Dwelling Fire Policy

 

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August 7, 2018

Dwelling Fire Policy

A dwelling fire policy is most often considered for properties that do not meet the eligibility requirements required for a standard homeowners policy.  While coverages will vary for one insurance company to the next, coverages offered by typical homeowners policies will provide protection against more hazards.

Coverage Forms

If you are considering a dwelling fire policy it is important to understand which coverage form is being utilized.  Homeowners policies are written with one of three forms.  Understanding which form is being utilized is important to the insured as it defines the hazards or causes of loss which the policy will cover.  Covered causes of loss are typically specified under one of the three forms below:

  • Form 1¬† ¬†¬†¬†often referred¬†to as the Basic Form covers only named perils: Wind, Hail, Lightning, Fire, Smoke, Explosion, Sprinkler Leakage, Sinkhole Collapse, Riot, Civil Commotion, Aircraft, Vehicles, Vandalism, and Volcanic Activity.
  • Form 2¬† ¬† ¬†the Broad Form covers the hazards included in the basic form plus; Burglary, Falling Objects, Weight of Ice and Snow, Accidental Water Damage, Artificially Generated Electricity, and Freezing of Plumbing
  • Form 3¬† ¬† ¬†the Special Form¬†provides homeowners with the most comprehensive protection.¬† Unlike the Basic and Broad form, Form 3 protects the insured from all perils unless they are specifically excluded.¬† Common Exclusions include; Earthquake, Flood, Neglect, Ordinance of Law, Power Failure, Intentional Acts, War, and Nuclear Hazard.

 

Liability Protection

Typically, homeowners policies automatically provide liability protection to the insured. This is generally Return to TruePoint Home Pagenot an automatic feature in the dwelling fire policy, however, it may be offered as a policy endorsement.  It is important for those considering a dwelling fire policy to explore options regarding liability insurance.

 

 

 

As in all case regarding the purchase of insurance, we strongly encourage you to read all policy related documents and seek the advice of an unbiased insurance professional.

 

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Special Form

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August 4, 2018

Special Form (Homeowners Insurance Covered Causes of Loss: Special Form)

The Special Form is the most comprehensive of the three ISO (International Organization for Standardization) forms used by the insurance industry.  The forms are used to define which perils or causes of loss are covered.  Unlike the Basic and Broad Form, the Special Form does not specify the covered causes of loss.  This form actually covers all causes of loss unless they have been specifically excluded.  Generally, the Special Form excludes coverages for the following perils:

  • Earthquake¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬†¬†Return to TruePoint Home Page
  • Flood
  • Neglect
  • Ordinance of Law
  • Power Failure
  • Intentional Acts,
  • War
  • Nuclear Hazard

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

Broad Form

TruePoint Insurance we are insuring Kentucky dot comKey Insurance Words and Phrases

August 4, 2018

Broad Form (Homeowners Insurance Covered Causes of Loss: Broad Form)

The Broad Form is one of three ISO (International Organization for Standardization) use by the insurance industry to define which perils or causes of loss are covered.  Generally, the Broad Form covers the perils covered by the Basic Form (see below):

  • Wind, Hail¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬†¬†Return to TruePoint Home Page
  • Lightning
  • Fire
  • Smoke
  • Explosion
  • Sprinkler Leakage
  • Sinkhole Collapse
  • Riot
  • Civil Commotion
  • Collison by Aircraft
  • Collision by Vehicles
  • Vandalism
  • Volcanic Activity

Plus the Following:

Special House
Click to learn more about the special form
  • Burglary
  • Falling Objects
  • Weight of Ice and Snow
  • Artificially Generated Electricity
  • Freezing of Plumbing

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Insurance Companies Working Behind the Scenes Making the World a Safer Place

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The Greatest Tragedy of our GenerationThe Greatest Generation.  Triumph over adversity

I’ve heard that tragedy defines us.  I disagree with that; it is how we as a group rise and address adversity that defines us.  An excellent example is my grandfather’s generation.  They’ve been referred to as the Greatest Generation, a fitting accolade to the group that defended our freedom and won WW II.

What is the great tragedy of our generation?  Is it global warming?  It could be the rise of terrorism!  While I can’t answer the question, I do know that school shootings and other active shooter related incidents have to be somewhere in the mix.

Tragedy is often the precursor of innovation.  It certainly was during WW II.  It also drives changes and the creation of new products in the insurance industry.  The insurance sector exists because individuals, businesses and other entities have a need to transfer risks to another party.  Increasing active shooter incidents in recent years and the corresponding legal actions have created demand for products that can provide financial protection.

The insurance industry is actively working to develop products that will protect businesses, schools and other government entities from gaps in current insurance policies.  Professional liability policies were not designed to protect against active shooter risk or anything similar to that.

So what can be done and how do we do it?  Products have been created and will continue to improve that will offer financial protection to entities that have been accused of failing to adequately prepare.  But there is more.

Insurance companies seldom get the respect that they deserve; however, behind the scenes they are making a difference.  The insurance industry is much more than a financial risk transfer vehicle, insurance companies are the leaders in making our world a safer place to leave.  While most of us will never understand the significance, the insurance industry will lead America’s efforts as we deal with the risk of loss of life, mental trauma, and financial loss associated with active shooter incidents.

How?  Who understands risk as well as the insurance industry?  The better we understand risk exposures, the better we can prepare.  The insurance No!  Stop!! Now!!!industry will over time and after numerous assessments develop standards that when deployed will ward off many would be active shooters.  They work for insurance companies will also work to reduce the after effects and of course provide financial relief.

The insurance industry is working to make our world safer.  If you are interested in learning more about the insurance industries role in managing active shooter risk you are more than welcome to contact us:

 

by phone (502) 410-5089

 

by email: info@truepointgroup.com

 

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