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…

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What 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…

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What Are Loss Run Reports, and Why Do They Matter?

Loss run reports are the insurance industry’s equivalent of credit scores. In the same way that a bank would want to examine your company’s credit score before lending you money, insurers want to see a loss history before granting coverage. A Loss Run Report will assess how well the company is managed and operated. In…

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What 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…

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Representation 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…

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The 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…

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What 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…

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What 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…

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What 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…

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Wholesale 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…

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