Auto Insurance Questions
Collision and comprehensive are two types of insurance that are optional for many drivers. Comprehensive insurance covers the damage to your car that is not caused by a collision, but the out-of-control accidents. For example, theft, vandalism, or object fallen on your car, such as tree would be covered under comprehensive coverage. Collison insurance covers damage in case of collision with another vehicle or object. This coverage may include repairs or a full replacement of your covered vehicle.
If your car was damaged because of another driver’s fault, the other driver’s insurance company should pay for your rental vehicle costs for the length of repair time. If you are filing a claim with your insurance company, rental costs will be covered only if you included rental reimbursement in your policy. Most of the policies have a dollar and day limit for rental reimbursement.
Generally, auto insurance follows the car. If you give someone else permission to drive your vehicle and they get into an accident coverage will be based on policy for that vehicle. It is important to remember to disclose any drivers in the household to avoid potential complications. Another thing that you can do is to make sure your policy allows for the permissive driver if you plan to let someone else borrow your vehicle.
Bodily Injury Liability insurance helps cover medical bills against you being at fault in an accident when a third party was hurt. Medical payments is a coverage that is designated to cover medical expenses related to individuals within your car.
Homeowner's Insurance Questions
Flood damage is not covered under your homeowner’s insurance policy. Flood can be covered by a separate individual policy. If you are worried about flood damaging your home the only option to protect your house is to purchase a flood insurance policy.
Homeowner's insurance policies typically provide limited coverage for special items like jewelry, art, or collectibles. A standard policy typically covers $1,000 for jewelry, watches, and fur coats per claim not per item. Often personal articles are underinsured, and there are multiple ways to solve this issue. Endorsement or extended coverage can help increase the covered amount. A personal articles floater, on the other hand, is a separate insurance policy that can have higher limits.
Most of the apartment complexes and landlords only have insurance that covers the damage to the actual dwelling. Your belongings, in that case, are left vulnerable and unprotected. It is important to protect your belongings in case of fire, vandalism, or theft, and you can do so by having your own policy, called renter’s insurance policy. Also, it is important to understand that certain items will be covered to a limit, for example, $2,500 for electronics. So, if you have a customized computer or even an expensive set of golf clubs, you might want to add additional personal property coverage.
A home inventory is a list of personal belongings within your home, condo or apartment. This list should include as much information about the item as possible, such as make, model, and serial number if applicable. It is important to remember that special items often need a separate floater. Home inventory helps to identify the amount of compensation in case your home is damaged or destroyed in a covered claim.
Commercial Insurance Questions
Professional Liability and E&O cover negligence related to services provided by certified professionals. Those professionals can be sued over breaching of contract, providing subpar work, making oversight of errors, etc. If these professional mistakes cause financial loss for a client, they can try to recoup expenses through a lawsuit. That’s where professional liability / E&O insurance kicks in and may cover legal defense fees, court costs, etc.
Directors and Officers (D&O) liability help to cover costs associated with damages arising out of wrongful act allegations and lawsuits brought against the company’s board of directors and officers. It helps to make sure defense costs and awards and settlements are covered. This liability is helpful because it became more often that directors and officers could be held liable. Public, private, or nonprofit organization’s leaders are vulnerable to D&O exposure.
The main difference between E&O and D&O is the field of coverage. E&O helps cover damages associated with a company’s product or service, while D&O liability insurance helps to cover costs associated with the wrong management decisions.
COI or Certificate of insurance is a document issued by an insurance company that provides evidence that a company purchased insurance, and includes the most important information about the insurance policy. Certificate of Insurance is not a substitute for the actual insurance policy.