You own a condo and the association has insurance. So why do you need insurance, too? Condominium Associations are responsible for purchasing property insurance to cover the condominium building (outside shell), commonly owned property, and liability insurance for the association. The unit owners are responsible for covering everything inside their units. Condominium policies protect you from losses to your unit such as burglary or water damage. It will also have liability protection for bodily injury or property damage to others. That’s why you need condominium insurance designed specifically for condo or co-op owners.

ALC Risk Solutions writes condo-unit insurance policies, also called HO6 policies with many different insurance companies. HO6 or Condo Insurance policies are very similar to homeowner’s insurance policies for single-family homes, which are called, HO3 policies.

What does a condo insurance policy cover?

A condo policy covers the following:

Coverage A or Dwelling Coverage – The cost for rebuilding the inside structure of the unit.

Coverage B – Other structures not attached to the unit but owned by the condo unit owner, like a shed or garage. For many condo unit owners this section can be left at $0.

Coverage C – The unit owner’s personal property, items such as furniture, clothes and other possessions.

Coverage D or Loss of Use – The owner’s expenses incurred when they cannot occupy their unit due to an insured damage or peril.

Coverage E - The unit owner’s personal liability coverage. This coverage becomes very important, in the event that lawsuits are brought against the owner or their family both on and off their property, as it will protect the unit owner. There are limitations on this liability coverage and they vary for insurance company to insurance company.

Coverage F or Medical Payments - Pays the medical costs of accidents that occurred at the insured unit without a lawsuit being brought.

Another very important coverage mentioned in Florida House Bill 714 is Loss Assessment coverage. The Condo Reform bill requires at least $2,000. This covers the condo unit owner for condo association assessments due to covered insured perils.

Has your agent quoted your Condo Unit Owner’s insurance with all the available markets? Protect your family’s assets, speak with an agent like ALC Risk Solutions, call 786-644-RISK (7475) or email acohn@alcrisk.com today.

Has your agent quoted your Condo Unit Owner’s insurance with all the available markets? Protect your family’s assets, speak with an agent like ALC Risk Solutions, call 786-644-RISK (7475) or email acohn@alcrisk.com today.

The above is meant as general information. These descriptions do not refer to any specific contract of insurance and they do not modify any definitions expressly stated in any contracts of insurance. We encourage you to speak to your insurance representative and to read your policy contract to fully understand your coverages.

Crime/Employee dishonesty insurance protects employers from financial loss due to the fraudulent activities of an employee or group of employees. Additionally, they are protected from covered losses due to burglary and destruction. For example it can be the loss due to an employee’s theft of money, securities or other property of the employer.

Why do business owners need crime/employee dishonesty insurance?

Simply said, in the workplace fraud and embezzlement happens. Did you know that it is employees who commit workplace crime 80% of the time? An average of one in four employees at some point have committed fraud against their employer; even those who had been with the company more than ten years. It is estimated that businesses will suffer $400 billion in losses a year or 6% of total annual revenue. Without extensive safeguards small businesses are the most effected.

What is covered under a crime/employee dishonesty policy?

Most stand-alone policies cover employee thefts, robbery and safe burglaries. Coverage can also include: forgery or alteration; funds transfer fraud; computer fraud; credit card fraud; money order and counterfeit fraud. Definitions of “who” is covered should include all current or former employees, partners, members, directors, volunteers, trustees, seasonal employees and temporary persons that are under the company’s direction and control. Limits will vary by the coverage needs of the insured. Coverage for depositor’s forgery, computer and funds transfers can also be purchased with separate limits.

There are endorsements that can be added to crime/employee dishonesty policies such as third party coverage, which extends coverage to a client, that a business is under a written contract to perform services. This endorsement modifies the policy to include coverage at the client’s premises. Another endorsement can be added to cover Employee Retirement Income Security Act (ERISA) compliance. ERISA requires bond or to insure all plans assets from employee dishonesty of up to 10% or a maximum limit of $500,000. Please note: this bond is different from a fiduciary liability policy, which is not required by ERISA, but protects the personal assets of a plan due to claims of a violation of fiduciary duties.

Commercial Insurance Solutions for your Business

Every business that operates in the United States needs some sort of insurance. Some types of commercial insurance are required by State law; an example would be the Florida statute requiring non-construction companies with 4 or more employees, and construction companies with 1 or more employees to have workers compensation insurance. Other types of insurance are required by contractual obligation, an example of this is when a bank requires commercial property insurance and commercial flood insurance when they are the mortgagee on a property. Another example of this is when a landlord requires general liability insurance as per conditions of their lease agreement. And another example of this is when a company requires proof of professional liability insurance, general liability insurance, workers compensation insurance and/or crime insurance when a vendor or subcontractor does work for them. Usually in these instances the requiring company will asked to be named as additional insured on the policy, and may require a waiver of subrogation.

That being said, commercial insurance should be considered an integral part of a company’s business plan and strategy. There are many types of insurance available to protect businesses from the risks they face. However, budget constraints for small businesses require them to do a cost benefit analysis in choosing the insurance that best protects them. What type of insurance you need most depends on a variety of variables. These variables include industry, location, size, assets and specific business operations. The way to best determine your risks are to contact a professional commercial insurance agent that can discuss their risks with you like the agents at ALC Risk Solutions, inc.

Most small to mid-sized businesses should have, at a minimum certain insurance policies including: commercial property insurance, commercial general liability insurance and workers compensation insurance. Many industries have insurance specific to them which they should consider in order to be properly insured.

Public companies all need and have Directors and Officer Liability Insurance, but many private companies do not. Yet private companies are just as exposed to securities litigation as public companies when they have investors, including venture capital investors. D&O Insurance is necessary to protect the personal assets of the officers when these allegations happen. It covers the defense costs, settlements and judgments associated with these claims.

Why have Directors and Officers Liability Insurance?

You are a start-up firm you have or are looking for investors. You are out there every day and night working on your business and trying to sell it. You sell it to potential investors, you sell it to potential clients, you sell it to the media, and you sell it to whoever is in the elevator with you at that moment. Doing all this selling you might slip up, or you may have an investor that perceives something different from what you are doing.

You are a venture capitalist, if you have a problem with the management of the company or if they mismanage the company, and it goes under, you’re out your capital. With the insurance you can try to file suit.

Other venture capitalists invest money, and also make sure that they are named a director or officer of the corporation. Now this is the really tricky spot. You invest $100,000 in Company XYZ and are put on the board of directors. Company XYZ gets other investors and eventually they mismanage the venture into the ground and everyone is upset. XYZ never had money and now has less. But you, the venture capitalist, one of the directors of the XYZ Company does have money, has money to lose. Require the coverage. For more information on D&O Insurance and Venture Capital Read more here.

It’s relatively inexpensive in comparison to the coverage it is providing. As a small to midsized private company you present a much lower risk in the insurance company’s eyes compared to the publicly traded corporations they normally deal with.

Not all D&O policies are created alike. Have an expert like ALC Risk Solutions to read over the definition of “insured”; in example: does your policy include all past and future directors, officers, international functional equivalents, members of a board of manager, employees, and advisory committees? ALC Risk Solutions will review your needs such as a Spousal and Domestic Partner Liability. Why? A lot of new ventures are started with one spouse working a “real job” and the other playing with their new venture company. Make sure the “real worker” is protected financially as well. Making sure coverage is worldwide, if you’re a local entity that has no plans to branch out then maybe this isn’t a factor. However, in the age of globalization most companies are now global and should be reflected in your insurance. We will review the “insured vs. insured” exclusion language. Is your policy a “duty to defend” or “defense reimbursement”? Can you afford to front the bill and be reimbursed?

Employee benefits liability insurance protects the employer against claims by employees or former employees resulting from negligent acts or omissions in the administration of the insured’s employee benefits program. It is intended to cover the “administration” of group life insurance, group accident and/or health insurance; profit sharing plans; employee stock subscription plans; and worker’s compensation, unemployment insurance, social security benefits, disability benefits, etc. The word “administration” is defined as giving counsel to employees, interpreting the program, handling records and effective processing of enrollment, termination or cancellation of employee benefits provided all are acts that are authorized by the Named Insured.
As a business owner, you want to do what’s in the best interest for your employees. Perhaps your company provides retirement, life and health plans, or even wellness programs and relocation assistance. The costs and expenses for preserving these benefits while at the same time, enhancing your profit margins, competitiveness, and shareholder value can be an arduous process. Therefore even a small oversight can have major consequences such as your employees being denied the coverage you intended for them. Mistakes can and unfortunately do happen; they can be costly to your employees and your company. Does your company have the coverage for damages in the administration of your employee benefit program from negligent acts, errors and omissions?

Inland marine insurance provides coverage for property while in transit, along with high-value moveable material goods, such as computer equipment, fine artwork, tools, etc. Businesses that have people who travel for work or people that work with high-value items are recommended to purchase this type of insurance. It was originally created to cover the transportation of goods over water and now includes coverage for goods in transit on land.

Does your business need Inland Marine Insurance?

This type of insurance is usually purchased by businesses that want to ensure they have a comprehensive business insurance plan. It can be essential to protect your business property. For example, it can protect items you have in transit such as a shipment of your sellable business product. Perhaps you have in transit data such as accounts receivable in transit. Whatever high-value movable objects you own or are responsible for can be covered. Some property policies may limit or exclude coverage for these items. If your company is a construction company, this coverage can protect your tools and building materials. It can even cover losses to goods that occur at your premises, while being transported to or from your premises or in storage.

Industry Examples of Inland Marine Insurance

Manufacturing

If your manufacturing company has large machinery, you may want to insure it seperate from your contents coverage on an inland marine policy. This is especially true, if the equipment is at all mobile. In Florida, this coverage can sometimes be less expensive and provide better coverage than a typical business property policy, and it is insuring the one item, which a lot of times is the most mission critical to your company’s surviival. Other inland marine coverage can be placed on samples which sales personnel may travel with, and displays and booths for tradeshows.
Medical and Health Care

If you are a medical facility with large medical devices such as MRI or CAT Scan machines, or a Dentist office with X-ray machines, you will want to consider insuring those machines on an inland marine insurance policy. These items are large, mobile, and mission critical, and are appropriate to have their own limits and to have those limits reevaluate on a regular basis to make sure that they are properly insured.

Technology

For technology companies they should look into getting inland marine insurance placed on their large servers, and any other large, high-tech machines they may need for their business. In telecommunications, satellite dishes and communication poles need to be insured on an inland marine policy.

Construction

Contractor’s equipment and contractor’s installations are the most typical forms of inland marine in the construction industry. This would include all of the tools, the building supplies, and even the items being installed including HVAC units. This is especially improtant if you are leaving any equipment at job sites overnight. If this is the case, then your risk management plan should include securing your tools and movable equipment at the end of the day to prevent loss.
Many other industries can benefit from having inland marine insurance. Contact an agent at ALC Risk Solutions today to find out how.

Just like vehicles, motorcycle and scooters also need insurance. Getting motorcycle insurance is not optional it is required. Don’t risk incurring penalty for driving a motorcycle out on the road without motorcycle insurance. Hundreds of insurance companies offer motorcycle insurance. It can also be bought at the time of purchase. However, if you didn’t get motorcycle insurance from the company, you may get it through an agent like ALC Risk Solutions.

If you have a motorcycle, protect yourself, your bike and others on the road. A motorcycle insurance policy is a package of several coverages. Your premium payment is the total of these separate coverages for a given period of time. These coverages may vary from state to state. The following is a list of coverages:

• Accessories – pays for losses to accessories such as saddlebags, backrests, seats, chrome pieces and CB radios. If insured carries comprehensive or collision coverage, the policy may include coverage for accessories. Collision coverage may also provide protection for helmets as well.
• Bodily injury liability – pays for certain damages of bodily injury or death resulting from an accident while operating a motorcycle for which the insured is at fault and provides a legal defense.
• Collision – pays for covered damage to motorcycle when it hits, or is hit by, another vehicle.
• Comprehensive physical damage – pays for covered losses resulting from incidents other than collision – such as theft, fire or vandalism.
• Medical payments, No-Fault or Personal injury protection – usually pays for the medical expenses incurred from the result of a covered accident regardless of fault. In most states you can select medical coverage for yourself and your passengers.
• Property damage liability – insures against certain damages caused to someone else’s property while operating a motorcycle and provides a legal defense.
• Uninsured/Underinsured motorists – pays for injuries caused by an uninsured driver in a crash that is not at the fault of the insured.
• Accessories – pays for losses to accessories such as saddlebags, backrests, seats, chrome pieces and CB radios. If insured carries comprehensive or collision coverage, the policy may include coverage for accessories. Collision coverage may also provide protection for helmets as well.
• Bodily injury liability – pays for certain damages of bodily injury or death resulting from an accident while operating a motorcycle for which the insured is at fault and provides a legal defense.
• Collision – pays for covered damage to motorcycle when it hits, or is hit by, another vehicle.
• Comprehensive physical damage – pays for covered losses resulting from incidents other than collision – such as theft, fire or vandalism.
• Medical payments, No-Fault or Personal injury protection – usually pays for the medical expenses incurred from the result of a covered accident regardless of fault. In most states you can select medical coverage for yourself and your passengers.
• Property damage liability – insures against certain damages caused to someone else’s property while operating a motorcycle and provides a legal defense.
• Uninsured/Underinsured motorists – pays for injuries caused by an uninsured driver in a crash that is not at the fault of the insured.

Your vehicle is usually one of your largest investments second to a home or property and if you want to finance a new vehicle most auto loan holders will require you to have it. Auto accidents happen – even to the best drivers. There are so many uninsured or underinsured drivers on the road in South Florida. What would you do if you have an accident with someone that doesn’t have insurance or doesn’t have enough insurance to pay for the damage to your vehicle or to pay for your medical bills? If a major accident occurs, even if it’s not your fault, do you have enough insurance to cover all the medical expenses and related expenses for you and your passengers? Find out what coverage is best for you with a licensed insurance agent like ALC Risk Solutions, call 786-644-RISK (7475) to discuss your options.

What is auto insurance?

Auto insurance helps protect you, your passengers, your fellow drivers, pedestrians, other people’s property and your vehicle from major financial losses such as repairs to your vehicle and medical costs. It can also help protect you in the event of an automobile-related lawsuit. An auto insurance policy is a package of several primary coverages. These coverages may vary from state to state. Your premium payment is the total of these separate coverages for a given period of time. The following is a list of coverages:

• Bodily injury liability – pays for bodily injury or death resulting from an accident for which the insured is at fault and provides a legal defense.
• Collision – pays for damage to vehicle when it hits or is hit by another object.
• Comprehensive physical damage – pays for damage to insured vehicle from theft, vandalism, flood, fire and other covered perils.
• Medical payments, No-Fault or Personal injury – usually pays for the medical expenses incurred of the driver and passengers in vehicle from the result of a covered accident regardless of fault.
• Property damage liability – provides protection if insured vehicle accidentally damages another person’s property. It also provides a legal defense.
• Uninsured motorist – pays for the injuries and in some circumstances, certain property damage caused by an uninsured or a hit-and-run driver. In some cases, underinsured motorist coverage is also included. This is for cases in which the at-fault driver has insufficient insurance.

Optional extra coverages can include Emergency Road Service, Rental Reimbursement and Mechanical Breakdown Insurance.

Image: Salvatore Vuono / FreeDigitalPhotos.net

Umbrella/excess liability insurance can provide individuals and families with an extra layer of protection when the limits of insurance on an underlying policy are exceeded. For example, a homeowner has a claim settlement for $2,000,000, and the limit of their personal liability on their homeowner’s policy is $500,000 and has an umbrella/excess liability policy with a limit of $3,000,000. The personal liability policy would pay $500,000 and the umbrella/excess liability policy would pay the remaining $1,500,000 instead of coming out of the family’s personal assets.

What does umbrella/excess liability insurance cover?

Personal umbrella liability insurance can help cover costs that a families other policies cannot by providing supplementary coverage for costs associated with lawsuits, legal fees and settlements. It can also cover bodily injury and personal property claims that are not covered by the individuals other liability policies such as homeowners, dwelling policies, automobiles, boats, personal watercraft, airplanes, recreation vehicles, ATVs, and other assets that can create liability claims. As with many policies there may be exclusions. The extra coverage provided by the excess liability policy is limited to cover over what the original underlying policies cover. For example, if a home business is not covered in a general liability or homeowners’ policy, then the excess liability policy does not cover it either. However, some umbrella policies can even provide coverage when their was no underlying coverage, check with your agent to see if yours does this or call or email Andrew Cohn at ALC Risk Solutions at (786) 664-RISK (7475)

Nationwide Umbrella insurance can provide individuals and families with an extra layer of protection when the limits of insurance on an underlying policy are exceeded. For example, a homeowner has a claim settlement for $2,000,000, and the limit of their personal liability on their homeowner’s policy is $500,000 and has a Nationwide umbrella Insurance policy with a limit of $3,000,000. The personal liability policy would pay $500,000 and the Nationwide Umbrella Insurance policy would pay the remaining $1,500,000 instead of coming out of the family’s personal assets.

What does Nationwide Umbrella Insurance cover?

Personal umbrella liability insurance from Nationwide Insurance can help cover costs that a families other policies cannot by providing supplementary coverage for costs associated with lawsuits, legal fees and settlements. It can also cover bodily injury and personal property claims that are not covered by the individuals other liability policies such as homeowners, dwelling policies, automobiles, boats, personal watercraft, airplanes, recreation vehicles, ATVs, and other assets that can create liability claims. As with many policies there may be exclusions. The extra coverage provided by the excess liability policy is limited to cover over what the original underlying policies cover. For example, if a home business is not covered in a general liability or homeowners’ policy, then the excess liability policy does not cover it either. However, some Nationwide Umbrella Insurance policies can even provide coverage when their was no underlying coverage, check with your Nationwide Insurance agent to see if your Umbrella Insurance does this or call or email Andrew Cohn at ALC Risk Solutions at (786) 664-RISK (7475)