All posts by JAMA Insurance

Types of Coverage Available for Non Profits Insurance

Running a non-profit organization definitely takes its toll on an individual, and not just physically. Finances are often hard to take care of when there is no real income supporting the organization. Fortunately, the load can be lessened with non-profits insurance. Because there are various institutions and groups that are non-profit, there are different types of insurance coverage to meet each unique need. The following will outline just a couple.


Auto liability is one type of coverage that is typically available for service-oriented institutions. Many of these groups offer rides to individuals who don’t have other options. They may also use the car to pick up food or volunteers. Some organizations make house calls and might use the group’s vehicle to do so. Anytime there is a vehicle on the road, it is at risk of an accident. There is peace in knowing that any unforeseen incidents will not financially set the organization back.


Another type is property coverage. This often includes the actual buildings, as well as the contents inside the building that belong to the organization. Crime and theft are often covered under this insurance, as is equipment breakdowns.


As you can see, non-profits insurance is essential to the financial well being of a service-oriented organization. Because they are generally run by volunteers and do not make a profit, they probably wouldn’t be able to handle an extra financial obligation. Having proper insurance helps to keep them financially afloat.


Rental Property Insurance in Virginia and the Importance of Loss of Rent

One the simplest and quickest methods for making one rental property insurance policy in Virginia cheaper, is just to remove, or to not offer, the lack of rent to the landlord. That one coverage alone could be the distinction between insolvency or gain in your rental property. Worst of all, it cost only cents of day in your insurance premiums.

An Excellent Example:

Envision your own four unit apartment building, the lowest renter, an adolescent is making french fries with a few buddies and forgets about the chips for just a minute or two. Another thing you realize you’ve got a reasonable to typical kitchen fire. The fire fighters, tend to be more worried about having the fire outside than the damage they cause and you’ve got carpeting, water, smoke, fire damage simply everywhere. From roof to cellar it’s simply one huge wreck.

However, you do not stress because you’ve got insurance that pays for the fire as well as the clean up, but you failed to purchase the lack of rent coverage, or you’ve some but not enough, (most coverages offering loss of income never have enough of it to get a rental property). Not every contractor will drop everything they’re doing to jump in your work, so you need wait.

Six months after the repairs are finished, the apartment unit looks amazing and your preceding renters are gone. What Virginia rental property owners forget is the bank will not wait for his or her mortgage payment, they still need paid while the building has been fixed. You also rely on such a income on your personal needs. You don’t want to use your personal income for half a year and why should you.

If you had purchased loss of rent, it would have saved you from a lot of trouble. It pays you what you were supposed to be receiving if the flat never had the accident. You still get paid while most of the repairs are being made, you still have cash coming in to cover the mortgage invoice, the property tax etc. Needless to say, you still get paid the gain you’d have made in order to pay your personal invoices.

Loss of rent is critical for your rental property insurance bundle in Virginia. One make sure you’ve it, then remember to have enough of it. What’s your own monthly entire rent for the apartment building, times that purchase at least nine months. This is the smallest amount of number that you require. On top of that, it’s most likely the least expensive coverage in your VA Rental Property Insurance policy to raise or to add. It actually cost cents a day and is the distinction between becoming bankrupt and security in income to you.


General Liability Coverage for Community Action Agencies

The Economic Opportunity Act, initiated during Lyndon B. Johnson’s presidency, established Community Action Agencies for the purpose of helping impoverished citizens gain self-sufficiency. Nearly 1,000 agencies operate today, with resources that range anywhere from job training staff to food pantry goods. These agencies rely on volunteers for workers and function as non-profit organizations. Any major financial problems, especially legal ones, can cause an agency to crumble due to lack of funds. Since community action programs help many struggling people get back on their feet, it is important that they stay active in order to better individual lives and communities as a whole. To protect against legal complications, community action centers should invest in general liability coverage.

This type of insurance should cover a broad spectrum of items, including but not limited to bodily injury claims, medical and funeral expenses, and property damage, as well as professional, sexual abuse, and liquor liabilities. In case of any wrongdoing allegations or injury to people or property, community action programs can stay afloat and continue to function. Obtaining general liability coverage from a company that specializes in insuring non-profits is the easiest way for agencies to receive protection from the most common vulnerabilities.

Community Action Agencies that want to continue operating in the face of a legal crisis should acquire general liability insurance. The coverage provided can ensure that employees and volunteers are able to aid those in need through thick and thin.


Three Commonly Missed Homeowners Insurance Discounts

If you have found the home of your dreams but now are just asking yourself the big question, “How much is homeowners insurance in NJ?” then you should know about a number of different discounts and credits that you may be eligible to receive. Here are some of those credits and discounts that might make a convo with your insurance agent worth your while.

Gated Communities

The credit for buying a home in a gated community—where the home is much more secure and less prone to break-ins and other risks—can be as great as 20 percent of your premium.

Quit Smoking

It might sound strange, but smoking is not only hazardous for your health, but it can also be a hazard in your home. There are close to 20,000 house fires per year with hundreds of related fatalities each year and hundreds of millions of dollars in property damage and loss. If there are no smokers in your household, you may be eligible for discounts on your homeowners insurance.

Homeowners Associations

If your neighborhood has a homeowners association, you may be eligible for further discounts on your insurance due to the fact there are generally regulations that govern the care and security of your property. If you are asking yourself the question, “How much is homeowners insurance in NJ?” then you may want to take some other things into consideration and ask your agent about.


Three Reasons New Jersey Homeowners Should Consider Flood Insurance

After Hurricane Sandy, some New Jersey residents are still struggling to decide whether they should add flood insurance to their NJ homeowners insurance policies. Many homeowners want the protection but question whether they really need it. Before making a decision, homeowners should make sure to consider the following three reasons that having flood insurance pays off.


1. High Claim Likelihood


For people living in areas that are not considered flood-prone, purchasing flood insurance may seem unnecessary. Surprisingly, though, the National Flood Insurance Program reports that one-quarter of flood insurance claims are filed by people who do not live in high-risk areas.


2. Floods With Unusual Causes


Many people forget that storms and rainfall are not the only causes of flooding. Other weather events, such as heavy snowfall, can lead to flooding. Issues with manmade water supply systems, such as burst water mains, can also cause flooding.


3. Other Factors That Raise Flood Risk


The slope of a yard, the effectiveness of nearby drainage systems, and the homeowner’s maintenance of home drainage systems can all raise the risk that a home will experience water damage. Flood insurance is essential for homeowners with higher-risk properties, even if the property is located in a low-risk area.


Protecting Against the Worst


Since a regular NJ homeowners insurance policy will not address losses from flooding, homeowners should strongly consider purchasing flood insurance to protect their most valued possessions. Although flood insurance may not prove necessary for every home, the potential financial consequences of flooding make this insurance an advisable investment.


Low Cost Homeowners Insurance Rates at a Glance

When seeking out low price homeowners insurance rates, hunting online takes time. Is it possible to imagine comparing costs from different insurance companies, as what most folks called them disregarding a few other middlemen or representatives? Most insurance companies have their promotion workers where manage direct accounts, in short without passing the representative where you are able to request reductions direct to the business.

To be able to locate a low cost homeowners insurance rates, you must work it yourself by seeking asking for estimates to compare the price in addition to the coverage you wanted or wanted. Should youn’t have enough time you’ll have it through the web and visit the web site of the insurance company.

So it’s not impractical for many people to locate low cost homeowners insurance rates. What do you want to do having no food in your table and complete coverage with high speeds, in your homeowners insurance?

There are specific ways where you are able to lower the cost of the house insurance rates:

  • Combine your house insurance and your auto with the exact same insurance company
  • Request reductions from the insurance company you selected
  • Installing security safety devices like sprinklers or a smoke detector, burglar alarm, deadbolt lock, and add more locks in your windows and doors.
  • Request the insurance company what you could do to help your house be less expensive to see
  • Raise your deductible to the sum that you believe fair for you fiscally
  • Before you buy, your funding should be known by you for the coverage you need and your homeowner’s insurance.
  • Plan it carefully and prepare yourself about variables that influences the price of homeowner’s insurance.
  • Remember that house insurance rates change from one business to other businesses in addition to their coverage.

After you’re done comparing between rates and coverages, you then determine which kind of coverage that suit you best. Most coverage is determined by the worth of the place and your home along with what state you live.

Remember being lavish or that having a homeowner’s insurance policy isn’t extravagance since you do not understand but its importance, when calamity comes.


Make Risk Management a Part of Your Insurance Plan

When it comes to risk management solutions, rent a captive can be an attractive option for many companies. This is especially true for those business entities that simply can’t afford more comprehensive insurance coverage. This coverage can be crucial for mitigating the ill-effects of ongoing litigation.

What Is Rent a Captive Insurance?

In general, captive insurance companies are ‘in-house’ firms who deal chiefly with one business or entity when offering insurance products. This allows a company to retain more control over the type of insurance they receive, which can prove highly beneficial from the risk management prospective.

However, many businesses simply can’t afford to create their own captive insurance companies. Fortunately, renting an existing captive insurance company can be extremely useful in this respect because it allows you the same benefits of captive insurance without the costs.

How Does It Work?

With rent a captive insurance, a business in search of insurance is linked to an existing captive company. As a result, the business in question can be privy to the expertise offered by the captive insurance company, without incurring the financial demands typically associated with such service.

Customizable Insurance for Every Business

A variety of options are essential when choosing the appropriate insurance plan. By electing to rent a captive insurance company, a business can take full advantage of the benefits of captive insurance without spending exorbitant amounts of money.


Two Reasons to Consider No-Fault Car Insurance Coverage

Many people fail to add no-fault coverage to their Putnam Connecticut auto insurance policies because they think they are unlikely to cause an accident. However, no-fault coverage offers other benefits, even during an accident when the insured driver is not at fault. The following two advantages make no-fault coverage worth considering even for the most experienced, conscientious drivers.


1. Faster Claims Processing


Drivers who are injured in an accident and have no-fault coverage can quickly collect a settlement instead of paying out-of-pocket medical costs and waiting for a claim decision. If the other driver was at fault, a driver with no-fault coverage will not have to fight for compensation from the at-fault driver’s insurance company. Instead, the driver’s own insurance company will cover medical costs and pursues compensation from the other insurer later.


2. Guaranteed Adequate Coverage


No-fault coverage allows drivers to decide what level of coverage they want for medical expenses. Drivers can pick an amount they are comfortable with and be confident they will receive that amount, instead of being limited to amounts specified by the other driver’s policy or state insurance laws.


Additional Considerations


There are alternative types of coverage that drivers can add to their Putnam Connecticut auto insurance policies to enjoy protection similar to what no-fault coverage offers. For instance, regardless of fault, medical payments coverage pays for medical costs. However, compared to most other options, no-fault coverage offers the broadest protection against injuries sustained in any kind of car accident.


Two Reasons Most Professionals Need E&O Insurance

Errors & Omissions insurance, or E&O, is a type of coverage that many professionals overlook when they evaluate their insurance needs. Many people have faith in their abilities and doubt they will ever face a liability claim. However, just one claim can have lasting consequences. Most professionals need Errors & Omissions insurance for the following two reasons.


1. Protection Against Unwarranted Claims


Even professionals who perform their services well may face wrongful claims, and the cost of mounting a good defense against those claims may be high. An E&O policy will pay defense costs regardless of whether the policyholder is later vindicated or found at fault. People who are truly concerned about frivolous charges should elect for First Dollar Defense. Under this addition, the policyholder only pays his or her deductible if he or she is found at fault; otherwise, the insurer covers the full cost of defense.


2. Offsetting the Cost of Innocent Mistakes


Unfortunately, at some point, most professionals will make an innocent mistake that leads to substantial client losses. Subsequent defense and settlement costs can be devastating for anyone from a small business owner to a high net worth individual who provides valuable services. E&O is truly the only way to protect against these inevitable errors.


Ensuring Full Protection


Professionals who currently lack a professional liability policy should work with an insurance agent to choose or customize one. Mistakes or client misconceptions can happen at any time, and the resulting claims can be devastating for professionals caught without appropriate coverage.


Two Risk Areas Architects Should Address with PLI Coverage

It’s essential for architects and engineers to have adequate professional liability insurance. Professional liability claims against these professionals can be costly due to the expense of their work and the safety risks that mistakes can introduce. Many architects believe a basic PLI policy offers enough coverage, but to be safe, professionals should consider addressing the following two areas of liability.


1. Pollution and Contamination Claims

In the current political climate, the risk of exposure to pollution and contamination professional liability claims may be high. A good PLI policy should address mistakes made during planning or preliminary stages, such as inadequate testing of air, water, soil, or construction materials. The policy should also address the mismanagement of pollutants or contaminants during construction.


2. Liability for Independent Contractors

With so much work outsourced to contractors, it can be difficult for architects or engineers to maintain full oversight. Unfortunately, though contractors should have their own liability insurance, it is often architects or engineers who are targeted in claims. A standard PLI policy will not cover errors made by non-policyholders. A policy with explicit coverage for contractors is the best way to guard against this risk.


Reviewing and Renewing Coverage

The ideal PLI policy will vary by firm, which is why architects or engineers should compare their needs and policies annually and discuss necessary changes with an insurance agent. Regular policy reviews and updates can be the key to protecting an architecture or engineering firm’s reputation, finances, and long-term success.