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Other Insurance Coverages

Miscellaneous Insurance Coverage’s

 

This section provides brief highlights of various coverage areas. For details, please review your proposal and the forms specifically being offered to see if you have these coverages or to see if these terms apply.

 

Agreed Amount: Suspends the coinsurance clause, eliminating the penalty for under-insurance normally contained in property policies. This endorsement usually requires verification of values through appraisal or recognized valuation methods.

Boiler and Machinery Coverage: Provides coverage for boilers and other machinery used to service the building. The policy can be broadened to include production machinery as well. Coverage is provided for damage due to explosion or breakdown of machinery; however, wear and tear losses are excluded.

Business Income and Extra Expense Insurance: Provides money for lost income should your business suffer a covered loss that prevents you from operating. An extended period of indemnity endorsement will continue to pay loss of income from the time your operations begin again until the specified time is over. This allows you time to rebuild your clientele to the point you were at before the loss.

Cyber Liability: Provides coverage for claims arising out of data breaches in which a 3rd party’s private information, such as health records, credit card numbers and social security numbers, is exposed by a hacker or other criminal activity.

Employee Benefits Liability Insurance: Insures against loss resulting from errors or omissions in the administration of employee benefit programs.

Demolition Cost: Covers the cost to demolish the undamaged portion.

Directors and Officers Liability Insurance: Provides protection for wrongful acts of directors and officers, which may result in shareholder, customer, and employee lawsuits.

Drive Other Car Coverage: Fills the coverage gap that exists when the driver of a company car or his/her spouse drives some other vehicle (for instance, a friend’s car). Coverage can also be provided for children of driving age. This coverage should be purchased for any employees with company cars who do not have other cars personally insured in their household.

Hired & Non-Owned Auto Insurance: Provides auto liability insurance for damages to a third party, on behalf of your company while you are driving a rented car or “non-owned” vehicle for business

Employee Dishonesty Insurance: Covers losses due to employee theft of merchandise or embezzlement. ERISA requires employers with benefit plans to carry employee dishonesty coverage with a limit equal to 10% of total plan assets.

Employment-Related Practices Insurance: Coverage available to protect against claims for wrongful termination, discrimination, and sexual harassment and provides money for defense against these allegations.

Fiduciary Liability Insurance: Covers losses relating to your duties as a fiduciary of employee benefit plans. ERISA has made trustees of these plans personally liable. Trustees include the insured’s officers, managers, and employees who administer such plans.

Foreign Liability Insurance: Pays for lawsuits brought in most foreign countries. Can include foreign auto coverage which is usually in excess of locally purchased coverage on rented vehicles, and workers’ compensation insurance including repatriation and endemic diseases (affords coverage to bring an injured or ill person back to the United States).

Hired Automobile Physical Damage: Provides protection for damage to a vehicle rented by the corporation.

Increased Uninsured/Underinsured Motorists Coverage: Affords passengers in your vehicles a higher limit of protection from drivers with inadequate or no insurance who are at fault in an accident.

Increased Cost of Construction: Covers increases in expense to repair or replace the building arising from requirements to bring it up to code or conform in other ways to current laws, such as ADA accessibility requirements.

Intellectual Property Insurance:  Do you have an idea or a product currently going thru the Patent & Copyright stages?  Do you have a brand that you have worked to build?  Let us help you with protecting your ideas and your brand. 

Ordinance or Law: Covers loss of value to the undamaged portion of an existing building that an ordinance or law requires to be demolished.

Pollution: Coverage is excluded or sublimited under all standard forms. Depending on your exposures, additional coverage may be needed.

Property/Legal Liability Limit Increased/Coverage Expanded: Provides a higher limit of coverage for fire losses caused by your negligence that damage the building or property for other tenants. Most policies provide a $50,000 limit, which may be inadequate. Also, it is recommended that you insure not only against the peril of fire, but other perils as well, such as water damage. We would first review your lease to determine if your landlord has waived subrogation against you, making this enhancement unnecessary.

Professional Liability or Errors and Omissions (E&O): This coverage provides protection for claims arising from the errors and omissions from traditional professionals, such as accountants, financial advisers, attorneys and so on. It can also be used to provide coverage for other professions, such as an architect, engineer or home health aides, where a claim arises from an error or omission from a professional aspect of the business.

Service Interruption Coverage: Can be on a direct damage basis (covering damage to your property) or on an indirect damage basis (covering your loss of income), which results from damage to properties that provide water, communications, or power supply services. A broader form covers damage to overhead power transmission and communication lines. This coverage needs to be considered for both property and boiler/machinery perils.

Umbrella: Provides an additional layer of protection that is in excess of your liability coverages.

Allied Insurance Managers, INC.