Beware of Load Limits!

If you own a backhoe, front-end loader, crane, or other mobile equipment, this post is for you.Your insurance policy covering your equipement probably has an exclusion for damage that is caused by a load in excess of the capacity of the machine.If your crane is rated for x and you lift x+, any damage to the crane may be excluded.Some policies … [Read more...]

Inland Marine

A strange insurance term to be sure. Seems like an oxymoron. Marine insurance was defined by the National Association of Insurance Commissioners in 1953 and revised in 1976. Being a group of bureaucrats, the definition is long, ambiguous, and completely useless. Imagine holding a series of meetings on this in 1956 then doing it again in 1976. … [Read more...]

Inland Marine Insurance Advice

Inland marine coverage is insurance for mobile equipment such as fork lifts, cranes, generators, backhoes and bulldozers. It can also be used to insure fine arts and property owned by others in your care - computers at a computer repair shop or property left with a dry cleaning company. Cargo insurance is also part of inland marine … [Read more...]

Valentines Day Jewelry

That new jewelry you got (or gave) for Valentines may need to be specifically insured on your home insurance policy. Check with your insurance agent. Many personal insurance policies limit coverage for theft of jewelry to $1,000 (not per item, in total) and don't cover loss of a stone or breakage of the setting. … [Read more...]

Coinsurance In Property Insurance

This weekend I spent some time reviewing renewal policies for several clients. An issue jumped out that I have not mentioned in a while.Coinsurance is a penalty clause in property insurance policies that requires a certain percentage of the property's value to be insured.Example: A building with a replacement cost of $1,000,000 and an 80% … [Read more...]