Reasons For Buying Contractor Liability Insurance Policy

Insurance is the gateway to protecting your financial status as a contractor. It thus greatly determines the success and future of our business.Itis with this that you have to be keen when taking outcontractors insurance policies. It is important to have this type of insurance cover for both your business and yourself. It is known that when damage to other people or your business occurs, it can have a huge negative impact on your finances. Luckily, you can prevent this for of calamity on your business.Let the contractor’sinsurance cover take care of the losses that might occur due to the riskscovered.Risks cannever be precisely predetermined and that is why you have to purchase a liability insurance policy forsuch uncertainties.

Some states will require contractors to have this type of insurance cover. It thus becomes a mandatory for any building contractor to have an insurance certificate for contractor’s liability insurance. It is with this that you have to understand the reasons for this type of coverage. Most contractors, who have previous experience in the contracting business, understand the risks associated withconstruction.Insuch states, you will only be issued with a contactor’slicense if you have purchasedcontractors insurance cover for your business.Remember that this is for the benefit for your business as this form of cover will determine its future and success, altogether.

Contractors’liability insurance cover will paint a good picture for contractors who have purchased this policy.This comes in handy when you are being hired by companies or individuals. They will want to get a clear confirmation of the insurancepolicy you have purchased for your business.Contractors with this type of insurance policy will look credible and good for hire.Although some states might not make it a requirement for you to have contractors insurance certificate before you can start your business, your clients may require this before you can start their projects.

Clientsmayrequire an assurance of the quality of work they get fromcontractors. Give them a reason to have faith in your contracting business by purchasing the contactors liability insurance policy.With the delay in the processing of insurance policies, you can miss your chance of winning a particular project. Ensure that you have purchased a liability insurance cover before you can bid for a project and stand out as a reliable contractor.

Purchasing Contractor Liability Insurance Coverage

The success of your business is a firm assurance to a bright future. However, this might be uncertain due to the risks involved. You can,fortunately,assure the future of your business through taking out a liability insurance policy to cover the risks involved. It is known that property and businesses are expensive to establish from scratch. In that case, you need a contractor’s insurance cover to help you cover the risks for your business. Contractors are always lookingto protect their financial capability through taking out insurance covers. Well, this is a good move for any contractor who is awareof the extent of damage caused by accidents that occur during construction, can have on your property.

The size of a business will also determine the value of contractor liability insurance cover you have to take.However, regardless of this factor, a business, whether big or small, should have insurance cover to protect it from huge losses suffered asa result of the occurrence of the risks. It is with this that you have to seek a full coverage of risks that mightaffect your business.Contractor’s insurance policies are essential for every contractor as they reduce the losses that a contractor might suffer due to the risks insured in the policy. Choose a reliable insurer, who will equip you with a viable liability insurance policy.

Contractor’s liability insurance is similar to insurancecoverstaken out for automobile or vehicles. It is clearly known that such insurance policies will cover boththe passengers and damage caused on the vehicle. Similarly, this is the case with contactors insurance policy for buildings.It willcover the damage on the building and also people inside the building who have suffered the loss due to the occurrence of the insured risks. It thus covers all aspects of construction ranging fromhouse renovation to construction of roads.

In the process of planning for your business of contacting, you should include a liability insurance policy to cover some of the risks that might take place. Most contractors can assume this and omit it from their schedule. Well, it can turn out to be devastating as in the case a risk occurs,which was not insured, you will suffer huge losses which canhurt your business negatively. Make it a common thing to take out contractor’s liability insurancefor your business.

Florida Insurance Commissioner to Push Back on “One Size Fits All” Group Supervision

(Tallahassee, FL – SafePro Insurance Services) – At the International Insurance Forum in mid-May, Insurance Commissioner Kevin McCarty will moderate a panel discussion on “Enhanced Group Supervision.”

McCarty will raise the issue that supervisors need to take care so that their regulatory requirements do not distract from understanding the economic realities that insurance groups face. He will share that this is a necessary push-back from a ‘one size fits all’ regulatory system.

The panel discussion is expected to explore topics like what is the purpose of enhanced group supervision? Is the intent to create a zero failure system and is that feasible?

Group supervision has been one of the most widely discussed topics in all financial regulation, including insurance since the 2008 financial crisis.

Other panel members will include Nobuyasu Sugimoto, Financial Sector Expert at the International Monetary Fund; Michael F. Consedine, Commissioner of the Pennsylvania Insurance Department; and Jacob Rosengarten, Chief Risk Officer at XL.

Source: Florida Office of Insurance Regulation.

USAA Policyholders save $38 Million in Sacramento County Thanks to Rate Reductions

(Sacramento, CA – SafePro Insurance Services) – When combining a 5% discount for Firewise communities and overall rate reductions, USAA has helped their customers in Sacramento County to save $38 million so far this year. The reduction will be an average annual savings of $167 per family. The rate reduction is effective for policies renewing as of Oct. 1, 2014.

Insurance Commissioner Dave Jones applauded the insurer’s approach.

“I am encouraged by USAA’s enterprising decision to offer both a rate reduction and discount for Firewise communities, which demonstrates their commitment to California consumers,” said Insurance Commissioner Jones. “In the current drought environment, with the increasing risk of a devastating wildfire season, I am hopeful that the decision of USAA will spur other insurers to consider similar discounts for wildfire mitigation.”

California policyholders in California saw a rate reduction in 2011, when their rates were slashed 13.9%. USAA is the seventh largest homeonwers insurer and the 8th largest auto insurer in California, with approximately 260,000 homeowners getting their insurance through USAA.

“This rate decrease is made possible in part by our industry-low expense ratio, and our members’ efforts to maintain their homes and prevent losses,” said Jeff Dixon, vice president of P&C insurance property product management at USAA. “USAA is committed to partnering with our members to prevent losses, which is why we’re also introducing a new insurance discount for members in communities that are working together to reduce wildfire risks by forming a Firewise community.”

The Firewise designation is a program sponsored by the National Fire Protection Association that recognizes neighborhoods where homeowners work together to prepare their homes to resist wildfire damage.

San Francisco will see a 14.2% annual rate reduction for a savings of $210; Los Angeles will also see an annual rate reduction of 12.2%, for an average annual savings of $138.

Source: California Department of Insurance.

What is Umbrella Insurance Coverage?

Umbrella Liability Insurance Policy aka Umbrella Policies and Excess Liability Insurance Policies aka Excess Insurance Policies are different types of policy and yet are similar (sort of) in terms of coverage as they both extend the limit of liability insurance.

Being aware of what kind of policy you have is extremely important and it makes a big difference when it comes time to pay a claim in the event of a loss. Here we explore the umbrella insurance coverage. For explanation on excess liability insurance, please see “What is Excess Insurance Coverage.”

Umbrella Liability Insurance is a type of policy constructed to provide liability coverage above the policy underlying limit. Its primary purpose is to increase the limit of coverage substantially higher. There are instances that the cost of law suits and claims could be substantially higher than what a underlying/primary insurance policy affords. Hence purchasing umbrella insurance coverage provides additional buffer of protection in the event of catastrophic losses.

The umbrella coverage kicks in when primary limits have been used up to pay the claims and it may provide coverage for certain types of coverage that are not covered by primary policies. Adequate amount of insurance coverage is of outmost importance to your business well-being. A complete and thorough risk exposures analysis must be completed to ascertain the minimum liability insurance coverage needed to prevent the business to go to insolvency in case of a loss.

There are several types of umbrella insurance policies; commercial umbrella, personal umbrella, professional liability umbrella, workers compensation umbrella, directors and officers umbrella and a few others.

Commercial umbrella insurance policies are written above the commercial liability insurance policies (CGL), businessowners policy (BOP), business auto insurance policies (BAP), workers compensation insurance and other underlying policies limits.

Personal umbrella insurance policies are written above the personal liability insurance policies, personal auto insurance policies, personal watercraft insurance policies and other types of personal insurance.

Most insurance carriers do require a minimum amount of underlying insurance coverage (generally $1,000,000 limits of liability) prior to underwriting an umbrella insurance policy.

To protect your business against catastrophic losses, you must consider excess and umbrella insurance as part of your insurance coverage.

To obtain additional information or to purchase excess and umbrella insurance coverage, please contact Safepro Insurance Services at (888)411-7679 or send us email from our website www.safeproins.com.

Insurance Agency M&A Update

(Chicago, IL – SafePro Insurance Services) – In the first four months of 2014, there were more than 100 announcements of mergers and acquisitions between insurance companies, according to a mergers and acquisitions update produced by OPTIS Partners LLC.

The report notes that 57 buyers this year which is consistent with the pattern of the past three years.  Of the top 20 firms, Digital Insurance was the only company to have fewer transactions than in the first four months of 2013. Seventeen of the agencies topped their transactions from the same period in 2013.

Personnel at OPTIS LLC note that 2014 could equal 2012 – a record-setting year, if the marketplace continues in this same manner.

Source: OPTIS Partners, LLC

U.S. and EU Insurance Regulators Advance Regulatory Coordination

(Washington, D.C. – SafePro Insurance Services) – Late last month, representatives of the National Association of Insurance Commissioners (NAIC), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Commission met to come to a mutual regulatory understanding of insurance in the U.S. and EU, as part of the EU-U.S. Dialogue Project.

The project steering committee met as well to determine how to go about fleshing out the five year plan. The Project builds on the established U.S.-EU bilateral dialogue and includes representatives from the NAIC, the European Commission and EIOPA and the Federal Insurance Office (FIO).

Industry representatives joined regulators and FIO as part of the Fifth Annual U.S.-EU Insurance Symposium hosted by the Chamber of Commerce. The symposium was an opportunity to engage with stakeholders on a variety of regulatory areas that impact insurance consumers and companies in both jurisdictions

“Our primary objective going forward is to continue the positive momentum generated by the important work completed in 2013, namely in the areas of professional secrecy, reinsurance collateral and group supervision,” said Michael F. Consedine, NAIC Vice President and Pennsylvania Insurance Commissioner. “Our progress in these areas is an indication that we are on the right path to increase efficiencies and support systemic resilience of the global financial system.”

Source: National Association of Insurance Commissioners.

Insurance Commissioner McCarty’s Statement on SB 542

(Tallahassee, FL – SafePro Insurance Services) – Florida Insurance Commissioners Kevin McCarty issued a statement on May 1 regarding the Florida Legislature’s passage of the Senate Bill 542 to allow citizens to have a choice of insurers when it comes to the flood insurance that can be so important in the region.

“The Florida Legislature’s action today in passing SB 542 promoting choice in the flood insurance market will be good for Florida consumers. We thank the Legislature and Senator Brandes and Representative Hooper for sponsoring this measure,” McCarty said in his statement.

Hurricane season officially begins June 1, and McCarty reminds property owners to consider their flood risk and review their flood insurance coverage needs with their insurance agent. McCarty went on to say that the Office of Insurance Regulation is looking forward to working with Florida insurers and well-capitalized reinsurers who are interested in providing a private sector alternative to the National Flood Insurance Program.

Source: Florida Office of Insurance Regulation.

Trucking Liability Insurance

Truck insurance is available in a range of types. There tend to be policies developed to cover from personal home damage, accident-related harm to other automobiles, specific kinds of dangerous or else highly controlled cargo, and much more.

Your degree of coverage will hinge on your own coverage wants and the actual regulations put on your part of the industrial truck business.

One kind of coverage that you simply can’t disregard: primary trucking legal responsibility insurance. Trucking liability insurance isn’t just amazingly important to possess; it can also be necessary by government law for those commercial automobiles operating in the USA.

Basic Commercial Trucking Insurance

Regardless of what sector from basic commercial trucking insurance industry you’re required in, you have to be aware of the numerous different kinds of insurance coverage which are provided. Before you decide to start looking for out an insurance policy and supplier, take share of exactly what your requirements are as well as what your own industry needs of a person.

First of, trucking insurance protection needs will be different based on whether you’re an impartial owner/operator or perhaps a large-scale engine carrier. Motor carriers will have to cover a bigger fleet associated with vehicles as well as trailers, a multitude of cargo, and supply accident compensation for his or her drivers. Independents have to mostly issue themselves along with covering the price of damages for their personal home and delivering them along with liability coverage you should definitely under agreement.