Concierge Insurance.
From Start to Claim™
Learn insurance one short video at a time. These lessons explain common coverage questions, policy terms, claims situations, and practical ways to protect your home, autos, business, and family.
When a loss is caused by some other party who is responsible, a loss can still be paid by your insurance carrier for swiftness. They then submit for reimbursement for the losses paid from the liable parties’ insurance carrier.
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Medical Payments Coverage, or medical Expense Payments, can help pay for out-of-pocket costs for you and or your passengers for injuries from an auto incident. This can come in handy if you do not have health insurance, or if you do, it may help with the deductible.
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An underwriter is the person in charge of accepting a risk. Behind every insurance policy, there is an underwriter that had to say yes to the policy and found the exposure to be within their risk tolerances. The term underwriter came from the early days of shipping, specifically in London england. Voyages to new worlds were expensive, so captains sometimes needed to look for investors. The captain would display a manifest in a public place, like the coffee shop run by a gentleman named Lloyd, and investors would assess the risks of the voyage. If they were okay with the risk, they would write their name literally under the voyage on the manifest to share in the cost of the voyage. In case of disaster, they would be out their investment. But if the voyage was a success, they would also share the rewards! These investors became known as Underwriters.
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Medical transport that is not for emergency situations is called Non-Emergency Medical Transport, or NEMT. Generally using private passenger vehicles, they must be registered and insured properly in order to have passengers for hire. These must be insured on a specific policy and can not be insured on a normal personal auto policy.
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A deductible is the amount deducted from any covered loss payment by an insurance company. Higher deductibles typically result in a lower premium.
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If you have Jewelry, Watches, guns or furs that would cause you heartache if they disappeared, you need to schedule them. This means that they would be specifically listed on your policy and a premium charged. This ensures that they are covered for much more than they would be on an unchanged home policy.
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If a Youthful on your policy is also a full-time student and has a 3.0 grade point average or better, that driver may qualify for a possibly sizeable discount. Other ways to qualify are being on the honor role, or if that student is in the top 20% of their class.
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Premium is generally paid in advance for insurance. Earne premium is the premium that was needed to pay for the insurance up until a certain pint, such as a cancelation or renewal. If a policy is terminated halfway through the period, half the premium was earned unless an audit or endorsement results in additional earned premium.
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Generally referring to a personal physical injury, bodily injury to others is covered up to the limit for Bodily Injury, or BI, on your automobile insurance policy. Usually represented by two numbers, such as 30/60, the first is the limit, in thousands of dollars, per-person in the accident and the second is the max limit for all injuries for that same accident. Higher limits can be purchased into the millions of dollars.
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If your home has a pool, you can still have a traditional policy. However, you need to have a complete four foot fence and self-latching gate to keep the unsupervised young ones out. Ask your agent for more details.
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An occurrence is one event that leads to a loss. A car accident. House fire, Busted water line, cracked window. These are all example of an occurrence.
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That $1,000 Apple watch on your wrist? It’s covered just like your couch. You are not going to lose the couch on a morning run. You are not going to drop the couch in the river. It’s actually got a little less coverage that your couch to be honest. If your $5,000 leather sofa gets stolen, you are going to be alright (minus deductible of course). Now let’s say the $8,000 Rolex that your grandfather left to you gets stolen. On a normal home policy, you may only get $2,500 as there are maximum limits for watches! This is why you want to schedule your watches, jewelry, guns and furs so that your prized belongings are covered the way they should be.
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What is Loss of Use coverage on a Personal Auto Policy.
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Marine is a term for coverage that covers things that move, which can be over the ocean. Inland marine is for things that move over land. If it moves from place to place, it may not be covered properly or at all under a typical home or business policy. Inland marine coverage can be a good way to insure jewelry, tools or anything valuable that leaves your home or business.
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If a covered homeowner insurance loss stops you from being able to reside in your home, your policy may be able to pay the extras costs associated with temporary housing. Additional Living expense, sometimes called loss of use, can pay for most additional expenses that result from you not being able to reside in the home while the claim is being settled. This may include hotel stays or rental in a temporary home.
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The finance company or bank that holds the title of the vehicle you own and collects payments is called the lien holder. It is important to list them on the insurance policy so they can be paid in case of any loss to the vehicle they have insurable interest in.
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Some violations have more weight than your typical speeding ticket. DUIs, reckless Driving and other generally major offenses are treated differently by insurance companies. Major violations will cost you much more, but only if they are allowed by your policy. Some insurance carriers will not insure drivers with a major violation in the past 5 years!
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If your home has a trampoline, most carriers will require it to be securely attached to the ground and it must also have a complete net with locking mechanism to keep those unsupervised kids out.
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If you drive for Uber Lyft, Doordash or any other delivery service in your car, you NEED special coverage. The normal, unchanged Personal Auto policy will not cover you the way you think it will. Call us first!
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Another financial responsibility filing is designed specifically for Driving under the influence is called an FR-44. Like the SR-22, the FR-44 requires you to maintain coverage and the filing for a pre-determined period but also double the state’s required limits of liability.
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A lapse is when a policy stops and has a gap in coverage. A lapse can be a little as one day and can have impact on your license or mortgage depending on the type of policy and situation.
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Certain coverages will cover Named Perils, or a list of things that can cause a loss. Most commonly the things you own in your home are covered for loss from Named Perils. This means, if the items sustain loss, it may be covered only if the peril was listed on the policy.
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A non-renewal is when a policy is involuntarily canceled at renewal. If an insurance company no longer wishes to insure a risk, it will notify the insured well in advance of the expected renewal so they may find alternative coverage. This can be for many reasons such as underwriting issues or carrier appetite.
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Any structure on a residential property, other than the primary dwelling, is usually considered an Other Structure. While they will have a separate defined limit of coverage, they are still covered for the same perils as the main house. Because of the broad coverage, they must meet the same eligibility guidelines as the primary home.
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Insurance per-mile is a new way to determine premium for your auto insurance. Typically measured via your smart phone or installed telematics device, your driving is reported back to your insurance company and a new premium is calculated every month. This can mean a lower rate for safe driving and fewer miles, however, the more you drive and also HOW you drive can increase your rates.
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A personal umbrella liability policy, sometimes called a PUP or a PUL, is a policy that increases the liability limits of the underlying policies, usually the home and autos. This is a way to purchase limits more than what your auto policy or home policy can offer. Umbrella policies are typically in the range of 1-5 million but can go as high as needed for an appropriate premium.
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Minor violations are traffic violations, that while not severe, will still have a negative impact on your insurance rates. They may include Following To Closely, Fail to yield, Running Stop light or stop sign, none of which lead to an accident, and Speeding tickets. If the speed is too great, it may become a Reckless driving which is considered a major violation!
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A loss is an amount of money lost by someone or something. Insurance can indemnify a person or entity for losses that meet certain criteria. If you suffer a loss, you can then claim that loss to your insurance provider to see if it is covered under the policy and make you whole again.
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A policy period is the time the coverage is in effect. Typically starting at 12:01 am on the date on the policy declarations page and ending on 12:01 am on the end date. Most policies are 12 months however some auto policies can be only six months.
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A flood zone and not the Dance Club, is a geographic zone determined by FEMA, or the Federal Emergency Management Agency. The Zones are used to determine rates for insurance premiums that are based on the potential severity of floods in each area.
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