Renters and Dogs Liability

Just a quick Info note!  if you own and rent, you should first of all screen tenants for having dogs, specifically what kind of breeds.  Why? several breeds of dogs are not allowed on any property insurance whether you rent or not. In addition many insurance companies are excluding animal liability (ommonly dog bites) if your dog bites and injures someone. Compounding this issue is as a landlord you rent, you are unaware that your tenant has a dog or you know they have a dog not what breed, including half breeds. The insurance discovers through a drive by inspection there are dogs and dogs not allowed by their underwriting guidelines.  You now have 4 problems, cancellation of policy is likely, liability protection excludes dogs, your renter wont get normal liability coverage through a renters policy and now you have to find another company

This recently happened to me as an agent, insured placed tenant with dogs without notifying me first. Now I have to get the tenant covered for animal liability as there are banned dogs on site and a standard renters policy wont cover, regardless of dogs and would cancel.

Discuss with your agent, before you lease!

Tenants and animals
Require HO-4 renters policy
Discuss the pros and cons of property ownership Individuals v LLC or INC
Inspection and walk through of premise


Please feel free to contact me if you have any questions

Work Comp using 1099's

If you plan on a business using 1099's as a cheaper or seemingly good business decision, be aware of the Workers Compensation implications. You may not be aware of this but a 1099 worker at your clients home or property can hold the client responsible as would any work comp insurance carrier to pay for injuries, loss wages and other costs.

Guess what the client would do if they are sued?  Not only bad for business, bad for your reputation. Be sure have have a thorough cost analysis of using 1099's v W-2 employees. Better yet get Work Comp insurance and or have your 1099's get their own. One claim can ruin your day for years to come!

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.

Hurricane Sandy - Lessons Learned - Flood Insurance,car insurance

Sadly Sandy caused much damage to homes, cars and businesses. What can you do?
Flood insurance! your homer or business should have flood insurance, Wind or Hurricane insurance does not as in never cover you if a flood occurs only flood insurance does!

Car Insurance - flood is covered ONLY with comprehensive coverage (usally written with collison coverage. Did you see all the cars underwater?

Dont lose your investment, people in the NE never expected a flood, neither do you?

get covered the right way!

Business Insurance - profit maker!

Liability insurance, commercial property insurance, workers compensation, bonds . if you're not covered you stand to lose business. Having business insurance protects you and allows you to do business with a larger market. With business insurance you can market your products and services to those who require you to have insurance. Contracts, leases and bids do require. You don't want someone else getting your market share do you? Get covered now and beat your competition!