Replacement Cost Coverage
Posted: May 23, 2022
Most homeowners and businesses buy insurance to cover the repair/replacement of loss of damaged property. Generally speaking, insurance companies do a good job of managing claims and helping the owners get their property back to a pre-loss condition. One important part of the insurance process is to understand the difference between Replacement Cost (RC) and Actual Cash Value (ACV) coverage. Let’s start with definitions of...
Common Types of Surety Bonds & How They Work
Posted: May 19, 2022
A surety bond is a contract that ensures specific obligations are met. These bonds are often required for contractors working on government contracts. They are performance-based. A surety bond is a guarantee between three parties. The parties in a surety bond are: The Principal: The individual who is required to have a surety bond. The Obligee: The individual requesting the bond. The Surety Company: The...
Restaurant Insurance From Partners Risk Services
Posted: May 18, 2022
The single most important insurance coverage your restaurant or bar needs is Liquor Liability. Liquor Liability will defend you against charges, losses, and claims resulting from your negligence arising out of serving or selling alcohol. If your operation were found liable you could lose hundreds of thousands of dollars. If you serve a customer alcohol and they are involved in an accident, the injured party...
Proven Ways To Build Strong Insurance Relationships
Posted: May 16, 2022
The partnership between an insurance agent, an insurer, and a client is one of the most important in the industry. Carriers and the underwriters create policies and take on risks for insureds, whereas brokers assist their clients in finding the best insurance policies and carriers for their needs. The independent agent and broker are the industry's backbone. They are the primary channel of distribution for...
The Importance of an Annual Insurance Review
Posted: May 14, 2022
It is critical that every homeowner or business undertakes an annual insurance review. Regular reviews are equally essential to ensuring that your policy continues to be a good fit for your coverage needs and budget. In a single year, a lot can happen that can have a significant impact on your insurance costs, coverage options, and limitations, among other things. Among these are the following:...