A package policy can be tailored to meet the needs of any type of business; it is also made up of two or more of the following coverage parts; commercial property; commercial general liability; products/completed operations liability; commercial crime; inland marine; liquor liability; boiler and machinery; or commercial automobile.
The addition of a broadening or specialized endorsement allow for new or increased coverages to the above mentioned coverage parts without having to purchasing each coverage separately.
Liability for transportation of goods or passengers by drivers (qualified staff) operating scheduled auto(s) is provided by a business auto policy (BAP). The insurance company will pay for claims on behalf of the named insured; if legally obligated as the result of a occurrence resulting in bodily injury, loss or damage to vehicles or cargo, plus damage to other property can have devastating liability costs resulting from an accident involving vehicles or injury to any passengers.
When an employee suffers a work related injury or illness, workers compensation insurance steps in to provide benefits based on the type of illness or injury sustained. Workers compensation is based on a no-fault system, which means that an injured employee does not need to prove that the injury or illness was someone else’s fault in order to receive workers compensation benefits for an on-the-job injury or illness. As a California employer you are required under California Labor Code Section 3700 to provide workers compensation benefits for your employees.
Employers assume the cost of occupational and/or work related accidents and diseases incurred in the course of or arising out of the execution of normal employment functions without regard to negligence. This important coverage provides five basic types of benefits: A. medical care; B. temporary disability benefits; C. permanent disability benefits; D. vocational rehabilitation services; E. death benefits.
Our admitted carriers specialization and understanding of various types of operations as well as an understanding of the industry needs is vital to achieving competitive pricing, claims processing and payroll reporting at time of audit. Resulting in the working understanding of the type of class and the financial stability needed to protect organizations from work related liabilities.
Insurance protection for medical expenses of a registered student while at the facility or during an authorized school event. Field trips and religious education classes are included, while interscholastic sports activities are excluded; unless the applicable additional premium is paid.
Coverage is designed to fill in the gaps of existing medical insurance, limiting out of pocket expenses (Families with medical coverage may have deductibles or co-pays. Our plan helps pay the deductible and other out of pocket expenses) for costly medical treatment. Families that do not have any medical coverage will have benefits payable for covered medical expenses with no deductible up to the limit of coverage
Owners or boards that organize events outside the facilities daily scope of operations may be open to liability arising from contractual obligation, contractors or the public.
Special event liability can address the exposures that are not covered by the current policy, and are required at or by the landlord or state authority. Most common examples include host liquor liability or legal defense for negligence brought on by sponsoring an event.
School administrators or board require insurance to protect against the legal expenses associated with wrongful termination suits, including constructive discharge, sexual harassment, coercion, humiliation or discrimination, refusal to employ an applicant, failure to promote, retaliatory acts, demotion, evaluation, reassignment or discipline, mental anguish and emotional distress, merger, acquisitions, downsizing and intentional acts.
Many insurance companies offer Employment Practices Liability Insurance (EPLI) as a stand-alone policy or as part of a Directors & Officers Liability policy. All employers, large or small can be slapped with huge employee lawsuits, so every organization should consider adding E.P.L.I to their risk management insurance program.
Non-profit or for-profit boards can obtain financial protection for its members against suits in conjunction with the performance of their duties in relation to the company. Board members can be held personally responsible for acts of the company, and will demand to be protected by this coverage rather than put their personal assets at stake to serve as a corporate director or officer, no matter how heartfelt their belief in the organization.
Decisions and policies of a board are not immune from public scrutiny. Shareholders, employees, customers, suppliers, competitors or government agencies may bring an action against a company and its board. Directors & Officers insurance can usually include Employment Practices Liability and sometimes Fiduciary Liability. The former involves harassment and discrimination suits, and is where the majority of your exposure will be.
Typical lawsuits allege: A. Mismanagement of operations or company assets; B. Self-dealing and conflicts of interest; C. Misrepresentation during the sale of company assets; D. Misrepresentation in a private placement prospectus; E. Acts beyond authority granted in by-laws; F. Violation of certain state and federal laws; G. Breach of fiduciary duties
These types of litigation can last for extended periods and becoming a financial burden and a continuous drain to the company’s profit margin. Organizations unable to indemnify its directors, officers or employees, because of allegations, suit or the company’s insolvency, could become the financial burden and personal responsibility of the company’s directors, officers or employees.
The National Flood Insurance Program (NFIP) is a Federal program enabling property owners in participating communities to purchase insurance as a protection against flood losses. Participating in the NFIP is based on an agreement between communities and the Federal Government. The program is administered by the Federal Emergency Management Agency (FEMA) and provides flood insurance protection to property owners, renters, and business owners in communities that participate in the program. Under commercial flood policies, business interruption coverage is usually available to cover lost income in addition to the property damage coverage.
Consider the following facts:
- Flood losses are not covered under homeowners’ insurance policies.
- FEMA manages the National Flood Insurance Program, which makes federally-backed flood insurance available in communities that agree to adopt and enforce floodplain management ordinances to reduce future flood damage.
- Flood insurance is available in most communities through insurance agents.
- There is a 30-day waiting period before flood insurance goes into effect, so don’t delay.
- Flood insurance is available whether the building is in or out of the identified flood-prone area.
Property insurance exclude repairs due to earthquake or earthquake sprinkler leakage damage.
Currently earthquake insurance policies feature a high deductible, which makes it useful if the entire property is damaged, but not so if the structure has minor damaged. Rates depend on location, construction type and a probability of an earthquake.
Previously premiums were calculated by using a collection of mass inventory data and some expert opinions. Today’s premiums are estimated using a Damage Ratio (DR), a ratio of the earthquake damage dollar amount to the total value of a building. Another method is the use of HAZUS, a computerized procedure for loss estimation.