Home Insurance Coverage Amount

Did you know that your Home Insurance "Coverage A", known as building or dwelling is and should (in some cases required) to be equal to the amount of money it will take to rebuild you home.  In times when home values have fallen, this coverage is commonly more than the value of your home. Why is that?  because costs to rebuild never really fall in relationship to home prices. Coverage A is determined using a Replacement Cost Estimation (RCE) tool by the insurance agent on the quoting insurance companies software, most are standard and relatively simply.  Coverage A = RCE and if you don't have that you may in for a really bad claim settlement IF your policy requires 100% RCE to not have a co-insurance penalty

Review your "Coverage A"  today on your policy!

Insurance General Contractors - using subs that are insured!

When you bid on a job, did you do your homework as a GC and find out what your subs are insured for or simply calculate job cost estimation? Your underlying general liability coverage commonly requires your subs to meet your coverage limits and when audited, you will be asked to provide proof or face additional premiums to cover subs, could be expensive, but not as expensive as defending any claims and settlements on claims. Tough times push GC's to cut bids and that could mean using no insured or under-insured contractors. Many states will name you as the Work Comp carrier in plain English if your subs have no work comp, that's all legal, all wages,all medical and all third party claims, you could pay not your work comp carrier.  Be sure and acquire subs proof of coverage and verify with their insurance company policy is active, consider an all inclusive per project policy!

Business is a marathon not a sprint don't ruin your reputation!

Sandy Lessons Learned part 2

Businesses that had Business Interruption with loss income and extra expenses  may find that if their coverage does not have an endorsement for off site and or on site power loss they may be in the dark as far as claims go!

IF you do not have this coverage your "closed due to storm" losses will not be covered.