Posts Tagged ' replacement cost'

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How Much Commercial Building and Equipment Coverage Should I Have?

Written by on 6/21/2018 5:57 AM in , , , , , , , , . It has 0 Comments.

At some point in time as a business owner you have had to decide how much insurance coverage you feel you need on buildings, equipment or stock that you own or are responsible for.  Hopefully the following will help you make an informed decision. Most property insurance polices contain a “Co-Insurance Clause”.  The word in essence means that both parties, yourself and the insurance company can become partners in payment of an insured loss.  Most insurance claims to buildings, equipment or stock tend to be partial losses and not total losses and an insurance company needs to collect enough in premiums to cover all losses and expenses.  It is impossible to know who is going to have a partial loss verses a total loss, so to stop businesses from only insuring a portion of the value of a given building, equipment or stock a “Co-Insurance” penalty is contained in the contract wording.  In simple terms this clause states that insured losses are settled on the basis o ...


What To Expect When Insuring a Home

Written by on 2/23/2016 6:34 AM in , , , , . It has 0 Comments.

  Whether you are buying your first home, a different home or shopping around for a new insurance provider: -Insurance brokers will ask questions. Questions such as date of birth, occupation, previous insurance information are commonly asked. Trust that there is a reason you are being asked your date of birth (age discount), previous insurance (claims free discount). Other questions help determine the overall risk and underwriting of the potential policy. -You will be asked questions you might not know. If you are purchasing a home, the realtor website typically does not provide all of the necessary details required by your insurance broker. More specifically, the updates of the home. They play a significant role in determining not only the cost of your insurance but the eligibility. Unless the roof was recently replaced and it is being used as a selling feature, you cannot find the dates for such things as: plumbing, roof, electrical and heat. Most companies require updates within 25 years. There are ...