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Certificate of Property Insurance
August 15, 2018
Certificate of Property Insurance
Is one of the two forms in which certificates of insurance are issued. The primary purpose of the certificate of property insurance is to provide proof that is in place and being maintained on buildings, business personal property, equipment and/or other property that may be covered. This certificate, Acord Form 124 can be presented by the broker or insurance company as proof of insurance.
Related Term:
Certificate of Liability Insurance
August 14, 2018
Certificate of Liability Insurance
Is one of the two forms in which certificates of insurance are issued. The primary purpose of the certificate of liability insurance is to provide proof that an individual or entity has insurance coverage in place prior to entering a business relationship with another. The business relationship between a general contractor and a subcontract is a good example. The general contractor can possibly be held responsible for some actions of subcontractors working under him. If the subcontractor doesn’t have insurance, or if their policy limits are inadequate, the general contractor and/or their insurance company may be held accountable.
Related Term:
Commercial Insurance-Vacant Buildings
Vacancy Provision
In some ways, personal insurance and commercial insurance have common threads. But don’t kid yourself, getting your arms around commercial insurance is a considerable challenge.
Under a commercial property policy, coverage is significantly different for buildings that are vacant for extended periods. Usually, certain types of coverage are completely eliminated during the vacancy. Insurance companies are interested in protecting ongoing businesses and premiums are based upon active occupancy. Continued, full coverage may be provided, but that is only at the insurance company’s discretion. If a vacant risk is accepted, it usually means paying more premium.
Definitions
Before any coverage restrictions can be imposed, the insurance company must define exactly what they mean by vacancy and the definition is affected by the type of occupancy:
Tenant – When the insured is a tenant and the policy covers that insured’s property interest, the definition of building is the unit or suite 
that has been rented or leased to the tenant. That building is considered vacant when it no longer contains enough business personal property to conduct the customary operations of the insured tenant.
Building Owner Or General Lessee – When the insured is a building owner or general lessee, building is defined as the entire building. The building is considered vacant UNLESS a specified percentage of the total square footage is rented to a lessee or sub-lessee and used by the lessee or sub-lessee to conduct its customary operations OR is used by the building owner to conduct customary operations.
Buildings Under Construction – Buildings that are under construction or renovation are not considered to be vacant.
Vacancy Provisions
Now that vacancy has been defined, the vacancy condition can be stated. If the building where loss or damage occurs has been vacant (see definition above) for more than 60 consecutive days before the loss:
- the insurance company will pay NOTHING if the loss was caused by vandalism, sprinkler leakage, glass breakage, water damage, or theft (including damage from attempted theft).
- the insurance company will reduce any loss amount by 15% if the claim is due to any Covered Cause of Loss not listed above.
Vacancy Permit
When vacancy does occur, many companies, for an additional premium, will add a provision (sometimes called a Vacancy Permit). This form changes the policy wording so that it provides coverage for the property during specific time periods when the applicable premises are vacant.
COPYRIGHT: Insurance Publishing Plus, Inc. 2017
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.
Certificate of Insurance
August 12, 2018
Certificate of Insurance
Document issued by an insurance company or broker. The primary purpose of the certificate of insurance (COI) is to provide proof of coverage to interested third parties. Upon request by the insured, a valid certificate is sent by the broker or the insurer directly to the interested third party. In most cases, the certificate comes in one of two industry standard forms:
- Acord Form 125 or the Certificate of Liability Insurance
- Acord Form 124 or the Certificate of Property Insurance
Strategic Independent Agents Alliance (SIAA)
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.
Borrowed Farm Equipment
Farming 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 
farm 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. 
Besides the issue of being responsible for damage to another party’s property, there is a separate liability exposure. Many policies that cover owned farm equipment exclude losses for borrowed equipment. Such exclusions can be quite broad including situations involving equipment that’s borrowed, rented or which is merely in your possession.
In many situations, it makes perfect sense to use equipment that you don’t own. However, since such use comes with the danger of both property and liability losses, be sure that your policy provides you with the right kind and the right amount of protection. Most companies that provide farm equipment coverage have coverage options that you should discuss with an insurance professional.
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.
Farms And Incidental Business
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:Â 
- Running a petting zoo area with some of the farm’s livestock
- Offering horse rides
- Operating a gift shop or produce stand
- Performing canning operations for other parties’ produce
- Operating a repair shop for small farm equipment
A farm may also involve other, non-farm projects, such as:
- 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: “Johnson Family Produce Cleaning and Canning Operation” 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’s spouse. It may also offer liability coverage. Consider the following:
Example: Sara “Granny” 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 “Granny’s Pressings”) 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’s 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’s cousin and insurance agent tells her that she won’t be covered for any damages resulting from “Granny’s Pressings” unless she adds additional coverage for this side-business. He convinces Sara by pointing out claim situations such as:
- 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
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.
Perils of Tailgating
Autumn 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, 
lowering 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.
COPYRIGHT: Insurance Publishing Plus, Inc. 2015 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.
