General Insurance
Loss payee vs. Lender’s Loss Payable: A Guide for your Business
A loss payee designate is an amendment to a property insurance measure to protect a lender whenever the property is used as collateral on a commercial loan. Sometimes this is known as a common loss payable clause. This classification gives a lender added protection through your insurance policy, because the lender now has the same…
Read MoreWhat business owners should know about commercial umbrella insurance
Commercial umbrella insurance fills in the gaps between your other business policies – and extends their coverage. Your business insurance policies have the same purpose: they compensate you in the event of a financial loss. As a business owner, you should not overlook the importance of insurance coverage. Accidents happen no matter how carefully you…
Read MoreWhat is a Certificate of Insurance?
If you own a company, you have probably had to provide a certificate of insurance (COI) at some point. A certificate of insurance is a document that proves you have insurance coverage. Here is an example of a Certificate of Insurance. A certificate of insurance is usually required when a prospective business partner, vendor, or…
Read MoreRepresentation and Warranty Insurance
Warranty and Representation Insurance is used during mergers and acquisitions to cover against damages and injuries caused by the seller’s breach of warranty or misleading representation. In almost every contract, each side makes a series of representations and warrantees to the other side. These are the basis for the transaction, and when one side finds…
Read MoreThe Importance of Product Liability Insurance for Your Business
Product liability insurance protects a company if a product causes injury to a customer. If the company is held liable, the policy will usually pay for lawyer fees, court damages, and even the injured party’s medical bills. The cost of product liability insurance varies, but premiums typically range between 15 cents to $1.50 per $100…
Read MoreWhat is an Insurance Carrier?
When searching for insurance, it is important to understand the terminology. In this article, we will break down one of the most basic insurance terms: “insurance carrier.” For those who work in or around insurance, the distinction between an insurance broker and an insurance carrier is quite clear. However, for those who are not exactly…
Read MoreWhat Are Insurance Endorsements?
Insurance policies have their own language, and endorsements are one example. Endorsements are use to modify your insurance policy from a “standard” policy to something more tailored to your situation. What is an Endorsement? An endorsement can be an exclusion, extension, or any other type of modification to the actual terms of your insurance policy…
Read MoreWhat Is Surplus Lines Insurance?
Surplus lines is the term used for specialty insurance that is beyond what “normal” or standard insurance provides. Surplus lines policies are not “cookie-cutter” policies, but are often hand-tailored policies that can be adapted to your specific needs. While this might sound intimidating and expensive, when you find the right specialist that fits your specific…
Read MoreWholesale Insurance Broker Compared To Retail Insurance Broker
The terms “wholesale” and “retail” mean something specific in the insurance industry. In general, “retail insurance” means direct sales to policyholders, but “wholesale insurance” are typically specialized brokers that assist retail brokers in finding the right policies for a specific situation. Keep in mind that independent insurance brokers work for you – not the insurance…
Read MoreWhat is a Broker of Record?
A Broker of Record is the Person who Represents You In the insurance industry, a broker of record is a person who represents an insured and maintains a policy on their behalf. This agent or broker was chosen by the insured to represent them and administer their insurance policy. This agent serves as the person…
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