Just because you don’t live anywhere near a body of water doesn’t mean you don’t need flood insurance. No one’s home is flood-proof. In fact, the Federal Emergency Management Agency (FEMA) says that 25 percent of all flood insurance claims are paid to homeowners in low or moderate risk areas. That’s because it doesn’t take a body of water, or even a major storm, to cause a flood. Anything from a broken sewer line to a slow moving rainstorm can be a culprit.
It’s that time of the year when snow, sleet and ice are a fairly common occurrence in many parts of the country. Such weather conditions pose serious problems for business owners because walkways become slippery and increase the chances for employees and customers to fall.
Online shopping has become an American pastime, and can be an exciting adventure. For nearly everyone, it is enjoyable to receive surprising new packages and offers in the mail. But would you want your insurance coverage to be a surprise?
Each year hundreds of American construction workers are killed in traffic accidents while they are on the job. So many have been killed that a special work zone safety awareness week has been created. A mobile memorial containing the names of people killed in construction work zones was unveiled in Washington, D.C. in April 2002 and every year since has been on display in various states during the awareness week.
According to the National Flood Insurance Program (NFIP), flooding is this country’s most prevalent natural disaster. In the years between 1995 and 2004, flood losses in the U.S. averaged $867 million annually. There are about 4.7 million citizens who have taken advantage of the government’s flood insurance protection, however large numbers of at-risk Americans still refuse to find coverage. After hurricane Katrina last summer, when nearly 80% of New Orleans was underwater, it is surprising that people would not seek such coverage, since their homeowner’s policies do not insure them against floods.
Work on the new office complex was progressing on schedule. The owner had lined up tenants for two-thirds of the space and was in talks with several others. The general contractor expected to finish construction on time. All that changed when fire broke out on the first floor late one afternoon. It spread from a stack of drywall awaiting installation to a pile of scrap plywood, where the wind picked up the flames and carried them to the structure. Drywall, insulation and plastic wiring all soon ignited. Firefighters were able to contain the blaze and limit the damage. However, it would now take an additional two months to complete the project because the contractors would have to clean up the debris from the fire and ensuing water damage, order replacement materials, and re-do much of the first floor’s construction. The owner faced the certainty of thousands of dollars in lost rents and additional interest on the construction loans.
Americans love to hear about point systems. After all, many involve us earning desirable rewards, discounts, and freebies. However, not all point systems are about earning something desirable.
It is probably safe to say that most people do not know the difference between “surplus” (also referred to as Non-Admitted, E & S or Excess & Surplus) and “admitted” lines. However, understanding the important similarities and differences will help make you an informed insurance consumer.
Many renters mistakenly believe that they don’t need renter’s insurance or view it as an expensive luxury. However, insurance needs aren’t negated just because one happens to be renting their home.
Controlling expenses is an important consideration in the management of any law firm, so it isn’t unusual that a firm shopping for liability coverage would take premium rates into consideration. However, even though rates are important, they shouldn’t be the overriding factor in your decision to purchase a particular policy. There are a number of other aspects you should consider to ensure you receive the best coverage for your premium dollar.