Spring is around the corner and, just like you do before winter, it's time to take care of housekeeping items to keep up your home and reduce the chances of problems down the road.
Parts of your home can be damaged during winter's harsh weather, particularly if you have endured storms and unusual weather.
Do I have Business Interruption coverage for this?
In order for the Business Interruption (Business Income) policy to trigger coverage, there has to be a “covered cause of loss.” The form of your policy provides the answer, which has, up to this point, been a resounding no. All of the commercial property company’s forms we have read have a Virus or Bacteria Exclusion, which excludes loss or damage caused by, or resulting from, any virus, bacterium, or other micro-organism that induces, or is capable of inducing, physical distress, illness, or disease.
ISO (Insurance Services Office) recently released two optional endorsements to address limited BI coverage related to the Coronavirus. In our discussions with companies, they have to file these endorsements and also be willing to utilize them. As of now, we have not seen any companies who are interested in providing these endorsements going forward.
Insuring classic and specialty cars can be confusing for the first-time buyer because how you cover the vehicle depends on how you're going to use it.
If you've never owned a classic before, you may not know the right questions to ask. But that's why we are here.
Fires are the most common claim for homeowners, and they can start in a variety of ways.
The causes of these fires range from food left unattended on the stove to candles left burning. A majority of these fires are preventable with some forethought and care to minimize the risks.
A new report predicts that most commercial insurance lines will see increases in 2020 as the market continues to harden almost across the board, with the only exception being workers' compensation.
Imagine several small businesses located around the country. Each is well-established and profitable. Each of them bought business insurance - property, liability, automobile, and workers' compensation.
They told their agents they wanted the lowest possible price for coverage, and the agents came through. But they didn't also take their agents' recommendations to purchase additional coverage.
Test Your Home. Protect Your Health.
The Environmental Protection Agency (EPA) has designated January as National Radon Action Month. As part of this safety campaign, American’s are urged to protect their health by testing their homes for radon.
Dan M. Molyneaux, Jr., CPCU, ARM, CRIS
Chief Executive Officer
Many of our clients, regardless of industry, are being impacted by market changes in the insurance market. A clean loss record may help mitigate some of the impact, but it does not spare clients from these market actions.
This is a big picture trend in the insurance industry.
Allow me to explain what is happening.
Winter weather is tough on nearly everything, including your roof. Harsh winds, the stress of freeze-thaw cycles, and the weight of the snow can affect a roof’s structural integrity. The damage can range from a leak to a roof collapse.
As the temperature drops, pipes exposed to the cold are prone to freeze. This is especially true for pipes located in unheated areas like basements, crawl spaces, attics, and garages. Pipes that run along poorly insulated exterior walls can also be affected by the extremes in temperature.
The continued freezing and thawing of these pipes can cause the material to become weak and break. When this happens, water fills the room, causing significant damage. A crack measuring as little as three millimeters can send as much as 250 gallons of water a day into the house or building.
Because your home or building is a valuable asset, it’s critical to take preventive steps to avoid major inconveniences, high repair costs, and higher insurance costs.