Sometimes property insurance are sold to provide blanket coverage over multiple locations. Blanket insurance is ideal for businesses that have moving inventory between several locations. Instead of taking out several policies at different locations, a business owner can purchase one Continue reading Blanket Policy and Pro Rata Distribution Clause
Insurance companies require commercial property owners to adequately insure their properties by way of imposing “coinsurance clause”. While it is relatively easy to assess a building’s worth at any given time, which has a stable value, it is not as Continue reading Risk Value Reporting Compliance
Coinsurance clause is used in many forms of insurance for two main reasons; to discourage insureds from using benefits unnecessarily, and to ensure property owners purchase sufficient amount of insurance. In health insurance, coinsurance is presented either as a fixed Continue reading Co-insurance Clause
In New York, in addition to mandatory liabililty insurance, motorists are required by law to carry either Uninsured Motorists Coverage or Supplementary Uninsured/Underinsured Motorists (SUM) coverage with their car insurance policies. Uninsured/Underinsured Motorist “Uninsured Motorists” (UM) coverage pays a policyholder Continue reading What is Supplementary Uninsured/Underinsured Motorist
Automobile Insurance Plans are designed to help individuals and businesses obtain insurance coverage when they have difficulty securing policies for one reason or another. To protect the general public, most states require financial security from car owners in order for Continue reading What Are “Automobile Insurance Plans”?
Every state in America and all Canadian provinces have some sort of Financial Responsibility Law with regards to owning and operating motor vehicles. These laws are designed to protect the general public against drivers who are financially unable to pay Continue reading Compulsory Liability Insurance
Most states have similar statutes regulating insurance companies’ power to cancel or “non-renew” insurance policies. Under the New York State Insurance Law, for most types of insurance policies, insurance companies may cancel a policy for underwriting reasons within the first Continue reading New York Restrictions on Insurance Cancellations
In terms of insurance coverage, there is very little difference between a condominium unit owner policy and a co-op apartment owner policy. Cooperative apartment ownership has been around for many years. Because of the income tax advantage this type of Continue reading Condo & Co-op Apartment Insurance
Collision Coverage pays for loss or damages to your covered automobile when it collides with another vehicle or overturns. It will also pay for a collision loss to any non-owned vehicle, or to a car you have rented other than Continue reading Collision Coverage
Comprehensive Coverage pays for loss or damage to your covered automobile caused by any event other than collision. This includes loss and damages as a result of events such as theft, fire, flood, windstorm, and vandalism. Comp coverage will also pay for Continue reading Comprehensive Coverage