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Auto FAQs
Question: An object damaged my windshield and I am unable to determine where it came from. Am I covered for this loss?
Answer: If you have comprehensive insurance coverage then you are covered for the full amount of the loss. Your deductible does not apply to a glass loss. Insurance will cover the full cost of the windshield repair or replacement.
Question: May an insurance company request a prepayment when I purchase or renew an auto insurance policy? And, is it possible to pay my premium on a monthly basis?
Answer: The insurance carrier may request up to a 30% down payment of the annual premium prior to the renewal or issuance of your policy. Most companies do offer a monthly payment plan or some other flexible payment arrangement. Check with one of our representatives to see what options are available to you.
Question: My son just got his driver's permit. Do I need to add him to my policy?
Answer: No. You do not need to add permit drivers onto an insurance policy until they have a valid driver's license. Permit drivers are covered under the parents' policy as long as there is a valid licensed household member over the age of 21 in the vehicle.
Question: What does my PIP cover?
Answer: Personal injury protection (PIP) covers you or anyone you let drive your car, anyone living in your household, passengers, and pedestrians, no matter who causes the accident. This coverage pays up to $8,000 and includes paying for medical expenses, replacement services, and 75% of any lost wages. The driver and passengers of a motorcycle, however, are not covered by PIP.
Question: What is a collision waiver of deductible?
Answer: Buying collision coverage with a waiver of deductible means that the collision deductible you choose will not apply when an accident is caused by another identifiable driver.
Business FAQs
Question: What does a Business Owners Policy (BOP) cover?
Answer: BOPs cover property insurance for building contents owned by a business. BOPs are specifically for a business' property and liability risk. Included in a BOP is Business Interruption Insurance, which covers any loss of income from an insured peril. In addition, a BOP provides liability protection for any third party losses that may arise.
Question: Do I need Workers' Compensation insurance?
Answer: Workers' Compensation provides not only protection for your employees but it also covers employers' liability. For instance, your employee would be covered for medical expenses and lost wages in the event of a work-related injury. It also protects the employer for any suits brought against a business owner due to workplace accidents.
Question: Do I need Professional Liability insurance?
Answer: Professionals such as doctors, lawyers, architects, and others, are held to a high degree of responsibility and may face lawsuits when clients are dissatisfied with services rendered. Damage amounts in these suits can be extremely high. Professional Liability is not covered in most standard policies and is considered a specialty line of insurance.
Question: Do I need a Business Automobile insurance policy?
Answer: If you use your vehicle for business purposes, a business automobile policy would be far more comprehensive than a personal automobile policy. A Business Automobile policy allows all company employees to use designated company vehicles. Furthermore, a Business Automobile policy protects your personal assets from any suits that may arise from business use of your vehicle.
Question: Are there any disasters that are not covered in my business policy?
Answer: Most standard property policies will exclude flood, earthquake, and terrorism coverages. These coverages are optional and available in most cases.
Fine Arts FAQs
Question: If I have a fine arts loss, what are my settlement options?
Answer: Each risk has agreed settlement options. Commonly, a gallery will have cost plus 30% or selling price less 20%, whichever is the greater value. Items sold, but not delivered, are settled at full selling price. These options are negotiable.
Question: Where are transits covered?
Answer: Transits can be covered for US and Canada as domestic transits or worldwide, depending on the needs of the client.
Question: I decide to participate as a dealer at an art fair outside of the United States. How do I cover this?
Answer: When creating a Fine Arts policy, you may add coverage for fairs and exhibits and their locations. Should another venue arise, this can be added by a phone call or email.
Question: While on vacation I purchase a piece of artwork to add to my existing collection. Is this new piece covered with my existing collection on my current policy?
Answer: Usually with our collectors' policies, we add a percentage of the total amount of the collection as an automatic increase, provided that item is reported to us within 60 days.
Question: A pipe bursts in our building during the night. Our rare book inventory has been severely damaged by water. How quickly can this loss be addressed?
Answer: With one phone call, a fine arts adjuster is assigned. Instructions are given as to what to do with the damaged property, and the Fine Arts adjuster should be able to see you within 48 hours.
Question: What happens in a transit loss?
Answer: Transit is treated like any other loss. Contact us immediately by phone, email, or fax. The insurance carrier will settle the claim and then will take necessary action against the transit company.
Home FAQs
Question: I am confused about the amount of homeowners insurance coverage I should buy for my home. How much is enough?
Answer: Homeowners insurance covers damage to your property (your home, garage, and contents) and the liability to you and your family arising from their actions (such as a lawsuit arising from your child accidentally injuring another child during a baseball game.) "Enough" needs to take both of these types of exposures into account. Our insurance agents can help you determine what amount is enough for you.
Property Insurance:
The replacement cost of the home is the amount it will cost to rebuild the house with material of like-kind and quality (excluding the foundation, which is rarely damaged during a loss). Replacement cost is not:
- The market value of the house;
- The assessed value of the house, or;
- The value the mortgage company used as its worth.
Many insurance companies offer some type of "guaranteed replacement cost" or "inflation guard" endorsements that increase the value of the property as construction costs increase over the life of the policy.
Liability Insurance:
The basic homeowner's policy provides $500,000 of coverage, which, for many individuals, is not sufficient. For additional protection, a personal liability umbrella policy can help. Umbrella policies supplement the liability coverage you already have through your home and auto insurance, and provide an extra layer of protection. If you don't have enough liability coverage to resolve a claim or lawsuit, the person bringing the action might go after your home or other assets to pay for damages.
Question: Several items that I used for my business were stolen from my home. Why did the insurance company only pay part of my claim for my loss?
Answer: Most homeowners policies will cover business items up to $2,500 in your home or $250 away from you home, subject to your deductible. There are some exceptions to this limitation on business items. It is very important to check your policy in each case. You should also be aware that there are other policies available that specifically cover business equipment. Contact our agents to determine the cost of covering these items.
Question: Several recent rainstorms have flooded and damaged my basement. Is there any coverage under my homeowners policy?
Answer: Flood coverage is generally excluded on the basic homeowners policy. However, some homeowners policies provide coverage for backup of sewers and drains that cause flooding in your basement. This coverage can usually be purchased for a nominal premium. If you live in a flood-prone area, you should consider purchasing a flood insurance policy. Flood policies can provide considerable relief after a flood, but certain provisions may severely limit recovery at the time of a claim. Our knowledgeable agents will clarify how flood insurance works and help you make an educated decision for the coverage of your property.
Question: How is jewelry coverage addressed under a homeowners policy?
Answer: The homeowners policy treats jewelry as personal property, and, therefore, provides worldwide coverage up to the maximum personal property limit listed on the policy. However, when it comes to certain types of losses, limitations do apply. Losses to jewelry resulting from situations involving theft, loss of stone from the setting, and mysterious disappearance are usually limited or excluded under the standard homeowner's policy. Additional endorsements are available to provide or increase coverage in these cases. Check with our agents to be certain about what is and is not covered by your policy. The same considerations apply to silverware, collectibles, firearms, furs, and artwork.
Life FAQs
Question: Why do I need life insurance?
Answer: Life insurance is a powerful financial resource that protects your loved ones in the event of your death. It provides peace of mind for both you and your family as you look to the future. Certain types of life insurance may also provide benefits for you and your family while you're still living. Such policies accumulate cash value on a tax-deferred basis that can be used to supplement your retirement income or fund a child's education, or other financial goals.
Question: How much life insurance should I have, and what type of policy is right for me?
Answer: The most basic consideration in this question is how much money will your beneficiaries need to sustain the lifestyle you wish for them after your death. Term Life Insurance is one option. Whole, Universal and Variable policies can also accrue a cash value that may supplement income during one's lifetime or be applied to estate taxes upon death. It is also the greatest vehicle for creating wealth for future generations. Our agents can help explain how these different policies work, and help you make the right choice for your family.
Question: What does "beneficiary" mean?
Answer: The beneficiary of beneficiaries you name on your policy receive the value of the policy upon your death. Beneficiaries are often family members, but need not be. It is important to periodically review your listed beneficiaries.
Question: How often should I review my current life insurance needs?
Answer: As your life, health, career and family change, so do your needs for protection. Your life insurance needs should be reviewed every few years. Changes that should be discussed with your agent include:
- Marriage or divorce
- Birth or adoption of a child or grandchild
- Deterioration in your health or the health of your spouse
- Retirement
- Taking over the financial affairs of a parent or other relative
- Purchase of a new home
- Inheritance
- Entry of a child or grandchild into college
- Changes in salary or income
- Refinancing of your home
Question: Will I need life insurance after my children are grown up?
Answer: One of the most obvious reasons to purchase life insurance is to protect the future of your children. But the importance of life insurance continues well beyond the time when children reach adulthood. Contact us to review your current policy and your ongoing needs.
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