Your safety net for getting sued: All about umbrella insurance

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When you get sued and lose a lawsuit, you are liable to compensate the plaintiff with an enormous sum of money, which may sometimes exceed what your insurance covers. Having umbrella insurance assures you that, when sued for damages, you have enough cash at hand to cover it. This insurance form is relatively inexpensive and is offered by many insurance providers, from larger providers, like GEICO, to smaller ones, such as Don Bullard Insurance.

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CNNMoney notes that most people keep only the minimum of home or auto liability insurance required by the law. In the event that the costs of liability far outweigh your insurance coverage, then an umbrella insurance policy can come quite in handy. These policies are relatively inexpensive, with a $1 million coverage being available for about $500 monthly. However, it is important to know whether you really need an umbrella insurance policy and if the policy you are looking at is really affordable before actually getting it. This article provides more details for you to determine if you are in need of umbrella insurance.

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Few people would actually need umbrella insurance. Those that do are usually at risk due to a number of factors, which include owning a dog, having a pool, hosting a lot of guests, owning a small business, and having a teenage driver living at home. Those who have assets that are at risk, such as a house or vehicle, can also benefit from umbrella insurance.

This webpage provides more information on umbrella insurance.

Buying a car means buying a policy

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Buying a car means buying a policy, since you can’t actually own one without adhering to the fact that every automobile comes with a certain insurance package. It’s a law, at least in most states. Even if that is not the case, all owners have to insure their units, because refusing to do so is like driving with a malfunctioning brake pedal: treacherous.

Now, if buying a car is like purchasing a policy, then driving is about life, your life. Thus, you have to be serious about it. In so doing, you have to learn the rudiments of getting one.

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Looking up through the law in your state should be the first step, since rules differ widely from one state to another. This will make you determine the specific insurance to acquire. There’s an array of it, lots of options to choose from, and the only thing you should know is the exact one that fits your personality and capability as a car owner; for example, there are companies that offer gap insurance, which pays the difference between what your guarantors pay and what you owe if the car is completely calculated, and there are some that just don’t allow this stuff.

Finally, look at your own financial capacity. Here, honesty is important, as it determines what kind of liability would grant you an overall coverage in the event of you injuring someone.

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The bottom line: before closing a deal with any insurer, be sure to know and understand your real needs as a car owner and future policy holder. You don’t want a security plan that has nothing to do with your taste, your preferences.

For Don Bullard, car buying is a serious matter. For more information about car insurance, visit www.donbullard.com.

REPOST: Art Insurance Losses from Hurricane Sandy May Reach $500 Million

This New York Times article talks about the art insurance losses brought about by Hurricane Sandy.

Two months after Hurricane Sandy caused severe flooding in many Chelsea galleries, the bill for the art world’s recovery is shaping up to be hefty. By mid-November, AXA Art Insurance, one of the largest art insurers, estimated that it would be paying out $40 million, and a Reuters report last week quoted industry estimates suggesting that insurance losses for flooded galleries and ruined art may come to as much as $500 million – or the rough equivalent of what the art insurance business takes in each year. That would amount to the largest loss the art world and its insurers have ever sustained.

Included in this half-billion-dollar total, Reuters reported, is a claim for losses sustained on work by the pop artist Peter Max, whose works on paper are said to have been stored in a warehouse that was flooded. Reuters, quoting unnamed sources, put the claim on Mr. Max’s work at $300 million (although Mr. Max’s Web site, unlike those of many other artists affected by Sandy, made no mention of storm-related losses as of Friday). A message left for the representative listed on Mr. Max’s Web site was not returned on Friday.

In a telephone interview on Friday, Filippo Guerrini-Maraldi, the executive director of fine art at R.K. Harrison, a London-based insurance broker whose clients include several Chelsea galleries, said that the industry-wide figure — which he estimated at between $400 million and $500 million — covered the physical damage to the galleries themselves as well as art losses.

“Chelsea got hit hard,” Mr. Guerrini-Maraldi said, “and there were other consequential losses. Because many of the galleries lacked power for a while, and because it then got cold in New York, things that needed to be in a controlled environment were affected. Works on wood, for example – we’re seeing those kinds of claims.”

The scope of the claims could have other ramifications for art dealers and insurers, including higher insurance rates. Mr. Guerrini-Maraldi guessed that the rate increases could be as much as 5 to 10 percent, reversing recent rate reductions caused by competition and rate wars in the art insurance business.

“A lot of underwriters have felt that art insurance was a good business to be writing,” Mr. Guerrini-Maraldi said, “because it’s profitable, and because losses are rare – although when they do happen, they can be big. Already, we’re seeing that cost reductions are out. People are holding their prices firm, and I’m convinced that we will see a rise in the coming months.”

Meanwhile, a recent visit to Chelsea suggested that gallery owners’ initial estimates that the area would be fully back in business by mid-December were overly optimistic. While some street-level galleries were up and running, others were shuttered, and at several, signs posted on their doors said that only authorized workers could enter. Construction crews and gallery staff could be seen through the windows, working on walls and shelving, with no art in sight.

SOURCE: http://artsbeat.blogs.nytimes.com/2012/12/28/art-insurance-losses-from-hurricane-sandy-may-reach-500000-million/
 

Home Damaged in a Hurricane? Here’s How the Insurance Claim Process Works

From the Insurance Information Institute. Read more here

Home owners whose properties were damaged by a hurricane will likely be visited by insurance adjusters who will decide how their claims are settled.

Adjusters are licensed by states to assess damage. Some adjusters work for the insurance company while others work on a temporary basis for your insurance company to help it handle claims after a natural disaster.

Claims visits are arranged by the severity of the damage, so it is important to provide your insurer with an accurate description of your property damage.

Policyholders who have been most severely impacted or have immediate financial or safety concerns will be a priority for the insurance company as well as those with a family member with special needs.

Many claims adjusters have special disaster recovery expertise, and it’s common for insurance companies to deploy these individual experts for complex claims, such as those involving considerable structural damage due to wind, damage due to flooding, and the destruction of a majority of personal property within the home.

Some people choose to hire public adjusters to handle their claim. Public adjusters work for you and you pay them by sharing a percentage of your claim amount. Many people choose to engage the services of a public adjuster when they have limited time to manage their own claim.

If you have flood insurance from the National Flood Insurance Program, you’ll likely have to work with at least two adjusters: one adjuster representing your home owners insurance company, who will process wind-related damage, and another representing the NFIP, who will handle damage from flooding.

Keep in mind that if you disagree with the settlement amount of your claim, your policy allows for an independent appraisal of the loss. In this case, both you and your insurance company hire independent appraisers who choose a mediator. You and your insurance company each pay for your appraiser and share the other costs. The decision of any two of these three people is binding. However, disputes rarely get to this stage. To help you prepare for the claims process: Make sure your insurance company knows how to reach you. Provide your cell phone number and backup contacts, if they are available. If at all possible, you should try to meet the claims adjuster at your property, providing it is safe to do so.

Complete a Proof of Loss form in advance and bring home inventory documents. The more information you have about your damaged possessions, the faster your claim will be settled. If you completed a home inventory in advance of the storm, this will be a valuable tool as you will need to make a list of all damaged items to give your claims adjuster.

This will include make and model numbers of your possessions, purchase dates and the price you paid. Most insurers have home inventory forms you can use to complete this step. You will also want to make a list of any damage you want to show the adjuster.

Photograph debris or destroyed items and ask your insurer if debris can be removed. Generally, you should not throw away any damaged items until the claims adjuster has visited. It is also a good idea to photograph or take video of the property damage. Many insurers have the ability to accept this photographic documentation online.

Know that the first claims check you receive is often an advance, not a final settlement. You may be offered a settlement check from the adjuster on the initial visit. If so, you can accept it immediately and, if other damage is discovered within the timeframe stated in your insurance policy, the claim can be reopened.

Most states allow at least one year from the date of the disaster to file or reopen a claim, and some states allow more time. You may receive three separate checks from your insurer: one for damage to the structure, one for losses related to personal belongings, and a third check for additional living expenses that you incur while your home is being repaired.

The time it takes to complete the claims process depends on the extent of the damage and the availability of contractors and resources to repair your home. Once you have reported your claim, you can check on its status with your insurer by phone or online.

BOP it: Don Bullard and business insurance coverage

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Business owners may find that they need extra coverage to protect their investments and recover quickly from unexpected events. Don Bullard, a Wilmington, North Carolina-based insurance agent, provides business owners with business insurance coverage to help them protect their investments.

Unforeseen events such as lawsuits are a danger to a business and its capital resources. Regardless of its size, businesses have little chance of withstanding heavy financial blows without some form of financial protection. Hence, business owners often find themselves in need of a comprehensive insurance policy to protect their investments and to assure its future growth and development.

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Commonly known as a business owner’s policy (or BOP), this insurance protects the business and the time and effort its proprietors have given it. Don Bullard offers BOPs that are flexible and can be tailored to the specific requirements of a business. The coverage he and his firm offer include property insurance, general and excess liability, vehicle coverage, workers compensation, and group benefits.

No business is invincible from the ravages of accidents and lawsuits. Being ensured, though it may seem confusing to the business owner at first, can make all the difference for a business in the event of unforeseen circumstances.

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Further information on BOP and many other insurance coverage options can be accessed from the official website of Don Bullard Insurance.

Don Bullard Insurance: Building mutual relations with clients

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Tim Milam, president of Coldwell Banker Sea Coast Realty, has been partnering with Don Bullard for over 15 years to work on his personal and business insurance needs. As the main resource for Tim’s insurance requirements, Don has developed opportunities that helped him display excellent performance despite fluctuations in the finance sector. “He has helped so many of our over 300 sales associates of Sea Coast Realty and has become the ‘go to guy’ for our insurance needs,” says Tim.

Don Bullard, a Wilmington-based insurance executive, provides competitive insurance products and services to locations such as Corolla and Calabash. He is renowned for being compassionate to his clients and for providing them with reliable services. Thus, there is no question why he ranks among North Carolina’s most preferred insurance professionals.

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Another client is Coldwell Banker Sea Coast Realty’s Brett Knowles. He has found Don Bullard to be an outstanding service provider of insurance products related to real estate transactions. “This closing would not have occurred if not for the detailed information [Don] personally provided all parties and the willingness to resolve the insurance issue presented,” explains Brett. “[He was] able to accomplish this after the clients had been told by two other insurance agents that it could not be done.” As a Top Producing Realtor in Wilmington, Brett relies on professionals who can efficiently get the job done for his clients. That said, he has appreciated Don’s dedication in assisting him and his team with their clients’ insurance needs.

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For more client testimonials on Don Bullard’s services, visit this website.

Don Bullard: Dealing with reckless drivers

There are days when no matter how cautious you drive, danger still manages to strike. Danger on the road can be caused by a reckless driver. This Don Bullard Insurance blog discusses some action plans to take when you collide with a driver from hell.

You have never gotten involved in an accident since you handled the wheel at age 16. Everybody feels safe when you are the one in the driver seat. Yes, you take driving seriously. After all, it is your life and those of others that are at stake.

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But this morning, while cruising down the highway, you encountered the driver everybody is trying to steer clear off. You are almost at your destination when the reckless one ruins your day … and your bumper.

Car accidents can happen anytime and one way to protect yourself is by having a Don Bullard car insurance.

Insurance experts have some tips you can follow after suffering an accident caused by irresponsible drivers:

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The driver who refuses to give insurance information. When a driver refuses to exchange insurance information, get the maker and model of the car and its license plate details. You can also use a camera to take a photo of the scene.

The driver who hits your car and drives away. Take note of the license plate and the model and color of the car. If someone is injured because of the collision, call the police because driving away from the accident is considered a felony.

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The driver with no insurance. Get the name of the driver and car detail. If you have collision coverage, it should cover any damages to your own vehicle, according to insurance experts, like Don Bullard.

Protect yourself and your vehicle from car accidents by getting insured. Visit www.donbullard.com for more details.