Scott Simmonds - Insurance Newsletter

Insurance from an Unbiased Point of View
www.ScottSimmonds.com

March, 2007
Issue 81 Since 2000

You're viewing the 81st issue of this newsletter. I've written on a wide range of insurance topics since starting my consulting practice in 2000. One constant, since the beginning, has been that this newsletter is 80% information for you and 20% promotion for me. My object is to provide my readers with value. Thanks for reading. Suggestions and questions are always welcome.

Property Insurance Exclusions

Perils are causes of loss - fire, lightning, wind, hail, explosion... Most property insurance is now written on a "special perils" basis. In short, the policy says every cause of loss is included except what is excluded.

Here's the normal list of excluded perils:

• ordinance or law
• earth movement
• governmental action
• nuclear hazards
• utility service
• war and military action
• water / flood
• artificially-generated electrical currents
• delay, loss of use, and loss of market
• wear and tear
• mechanical breakdown
• changes in temperature or humidity
• explosion of steam boiler or pressure vessel
• continuous or repeated leakage of water
• loss by freezing (unless you take precautions)
• dishonest or criminal acts by you or employees (except for acts of destruction)
• voluntary parting
• rain, snow, ice or sleet to personal property in the open
• pollution
• acts or decisions
• faulty, inadequate or defective planning, design, repair, materials or maintenance.

The policy also describes property that is not covered. Here's a partial list:

• accounts, bills, currency, money, notes
• cost of excavations
• foundations
• animals
• property while waterborne
• cost of excavations
• land
• property covered by another policy
• retaining walls
• underground pipes
• fences, radio antennas, satellite dishes

Insurance Definitions:

Garage Keeper’s Coverage - Insurance protection for auto dealers and repair operations. Covers damage to customer’s vehicles – vehicles in the dealer’s care, custody, or control. Can be written on a direct primary basis (insurance responds regardless of a dealer’s negligence or insurance held by the vehicle owner) or on an excess basis (insurance only pays amounts above any insurance collectable by the vehicle owner).

Garage Liability - A part of the garage insurance policy that provides coverage for bodily injury and property damage resulting from operations involving the ownership, maintenance or use of automobiles and the operation of an automobile sales and/or service operation.

Garage Policy - A combination of auto insurance policy and general liability insurance. Designed for new and used car dealers as well as auto repair operations.

126 Questions to Ask Your Insurance Agent - Insurance buyers often tell me that they are too confused by insurance to even know what questions to ask. I have at least a partial solution in my white paper, 126 Questions to Ask Your Insurance Agent. Download your free copy. Initial reviews are that the info is quite useful. One reader described it as a "do-it-yourself insurance review."

Informative Teleseminars - The teleseminars I've held in the past have proven quite popular. The comments I get are all favorable - good info, easy to understand. My goal is to provide value to those who attend. These are not sales presentations but solid info you can use to make better insurance decisions. I promise a fast paced, information filled 45-minutes with ideas you can implement right away.

Email me to register or for more information - Scott@ScottSimmonds.com.

March 20 – For Nonprofits - Nonprofit Directors and Officers Insurance

March 27 – For School Districts and Departments - How to Improve Your School’s Insurance

April 10 – For General Businesses - Business Insurance Essentials in 45 Minutes

April 26 – For Bankers - What Banker’s Need To Know About Their Bond

(These sessions are free to insurance buyers. Insurance people are welcome at a $75 fee.)

All sessions start at 10:00 Eastern and last for 45 minutes. If you have a topic suggestion for future teleseminars, let me know.

Life In Maine And Other Stuff - The snow has almost all melted. We are supposed to get another storm today though. The birds are going through food at my feeders in record time. They must like the brand of food I buy.

I've been enjoying a wide variety of books played on my iPod. Books-on-Tape without the tape. I recently finished a biography of Churchill and several books on business topics. I'm currently listening to to a commentary on Adam Smith's Wealth of Nations. I know it sounds dry. It filled the time on a recent drive to Houlton, Maine in my work with a new client - 4 hours up and 4 hours back.

With spring comes thoughts of baseball. The Red Sox are looking strong - well, mostly.

Biggest Insurance Mistakes White Papers - Get my white papers covering the biggest business and personal insurance mistakes. Send a blank email to bizmistakes@ScottSimmonds.com for a copy of the business mistakes paper. Email personal@ScottSimmonds.com for the personal insurance version. No cost.

Your Privacy - I will never sell or distribute your email address to any other person or organization.

Do You Have The Right Insurance? Contact me to discuss an unbiased review of your insurance program. Do you have the right coverage? Can your policies be fine-tuned to improve the protection? Can changes be made to ease the administrative burden insurance causes? Are you getting the service you should from your broker? I can help. Remember, I don't sell insurance so I'm unbiased.

Need A Speaker? I'm pleased to speak to trade, business, or service associations about insurance topics. See my speaker's page.

Please Forward This Newsletter To Your Friends

Scott Simmonds, CPCU, ARM
Insurance Consulting
Phone 207-284-0085
Fax 802-992-4027
Scott@ScottSimmonds.com
www.ScottSimmonds.com

See My Insurance Blog - www.InsuranceBuzzer.com

Comments regarding insurance policies or products in this newsletter do not constitute an endorsement. I accept no fees of any kind from any company mentioned in this newsletter.