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The Purpose Behind Force Placed Insurance

Insurance products come in many varieties and they have different purposes. Mostly, they are designed to help people and companies manage risks. This is also the case with forced place insurance, also known as lender-placed insurance or collateral protection insurance.

The main goal of this insurance is to protect a lending company from risk exposure. If the person or company taking out the loan cannot meet obligations, the insurance is in place to minimize any adverse impacts to the lender. This specialized insurance has been part of the mortgage lending process for many years now.

Protection For Many Scenarios

As everyone knows in the world of lending, not everything always goes as planned. This is where forced-place insurance comes into play. With real estate transactions, sometimes the creditor meets with financial difficulties. While the borrower typically has mortgage insurance, this could become inadequate for several reasons:

  • Policy lapses
  • Insufficient coverage
  • Cancellation of a policy
  • Lack of premium payments
  • Inability to obtain proper insurance

In any of these situations, the lender is exposed to financial risk. The insurance primarily benefits the lender, but in some cases, it can be used to help the borrower as well.

Force placed insurance meets the obligations of lending institutions to ensure adequate insurance exists on the properties they finance. Its primary purpose is to protect the financial interests of lenders.

 

 

The Importance of Marina Liability Insurance

If you own a marina, you know how much work it takes to run a profitable company. You have put time and money into your company, and it is important to protect your investment with the right marina liability insurance plan.

Types of Risks

The risks your company faces depends on various factors. For example, a small marina that offers basic options for mooring watercraft can have different needs than one that offers many amenities.

While the location, size, services and clientele can all determine the specific risks you face, there are some common risks, including:

  • Injuries
  • Vandalism or theft
  • Floods
  • Fires
  • Wind
  • Explosions
  • Property damage

Coverage Options

Without proper coverage, your company faces exposure to risks such as costly repairs, expensive lawsuits or large fines. You can reduce those risks by ensuring you have the correct insurance plans in place. Look for plans that offer coverage on:

  • Pollution emissions
  • Boats and barges
  • Business interruptions
  • Vehicles
  • Third-party liability
  • General liability

When considering your options regarding insurance plans, remember to take all the risks into account, from someone slipping and falling on a dock to a client losing control of a boat and causing serious property damage.

Figuring out what type of coverage is necessary for your company can take time, but ensuring your company’s safety makes the effort worthwhile.

What Insurance Does Your Boat Cleaning Company Need?

As a boat cleaner, it is your business to make sure vessels are in top shape before they set sail. Boat owners rely on your services to clean and maintain their ships. Boat cleaning insurance is a crucial component for keeping your company afloat by alleviating the expense of potential lawsuits.

Do You Need Insurance for Your Boat Cleaning Business?

Many incidents can occur while you are cleaning a boat. Accidents happen, even with strict procedures and proper precautions. If your services cause damage to the vessel or result in bodily injury to someone, the boat owner may file a legal claim against you. Paying for an attorney, court fees and repair costs can be expensive. The right insurance policy minimizes your risks by helping pay for legal expenses and damages.

What Does Boat Cleaning Insurance Cover?

A general liability policy from a marine insurance provider protects your company from lawsuits. This type of policy covers third-party claims related to:

  • Property damage
  • Advertising injury
  • Personal injury
  • Bodily harm

Keep in mind that this kind of insurance coverage applies only to third parties, such as your clients or visitors on the boat. It does not cover your staff or your property.

No matter how careful you follow cleaning protocols, mishaps can still occur. Protect yourself from potential legal actions by obtaining boat cleaning insurance from an experienced agent.

Free up Your Cash Flow With Pay as You Go Workers’ Comp

Nearly all states require that businesses carry workers’ compensation insurance. Some offer state-operated funds, but there are also many private policy providers. In most states, employers can choose between private and state-operated coverage. No matter which you choose, however, traditional workers comp insurance plans require an annual lump-sum premium payment based on an estimate of the yearly payroll.

What Is Wrong with Traditional Workers’ Comp Plans?

As the lump sum payment is based on a projection of the payroll, it is likely that the premium you pay will be either higher or lower than the actual amount due. This is a problem for organizations that rely on seasonal workers. If the premium paid is lower than the amount due, the insurer will request further payment and this means having a reserve of funds to hand at the end of the year. For example, small businesses may find it hard to manage their cash flow to make large lump-sum payments.

How Can Pay As You Go Workers’ Comp Help?

Pay as you go workers comp can provide a solution to these problems. These plans allow you to make premium payments every time you run your payroll. This avoids the issue of over-or under-paying. Some providers will even allow companies to set up automatic payments. Most importantly, these policies provide businesses with the opportunity to create a more accurate cash flow plan.

Pay as you go plans offer flexibility, accuracy and efficiency. An insurance expert can help you to craft a policy suited to your needs.

A Short Guide To Boat Club Insurance

Running a boat club offers you the opportunity to give those with an appreciation for maritime adventures a place to mingle with like-minded individuals. Running a boat club can be an extremely fulfilling way to make an income but it also comes with a certain amount of risk. If something unexpectedly goes wrong, you could end up having to pay medical bills, property repair/replacement costs, and legal fees in the case of a lawsuit.

Luckily, you can obtain boat club insurance which can help cover you in the event something goes wrong. There are many types of boat club insurance that all cover you against different types of risks.

General Liability Insurance

This type of insurance coverage can protect you in situations where you are faced with injury or property damage claims. Additionally, it can help pick up court costs associated with these claims.

Crime Coverage

There is always the chance that your boat club could fall victim to criminal actions. Crime coverage can offer you protection from things like embezzlement, theft, and vandalism which can really put a damper on the fun people generally have at a boat club.

Workers’ Compensation

If you have employees at your club, this type of insurance is a must.  It can help pick up costs associated with employee injuries that occur while they are working.

Running a boat club is not always easy. Boat club insurance can make all the difference.

What Does Commercial Umbrella Insurance Cover?

If you are concerned that a lawsuit might bankrupt your business, then you probably use liability insurance as a safety net. However, if you worry that your policy would not pay enough to cover a serious claim, then an additional commercial umbrella insurance policy might be right for you. Here is an explanation of what one covers and doesn’t cover.

What a Commercial Umbrella Policy Covers

A commercial umbrella policy goes into effect when you reach the financial limits of your existing liability coverage. It pays for reparations and the legal fees of any lawsuits due to the following types of claims:

  • Libel
  • Copyright infringement
  • Vehicular accidents
  • Product liability
  • Bodily injury
  • Property damage

What a Commercial Umbrella Policy Does Not Cover

Most commercial umbrella policies do not cover claims over $15 million, so you should check with your insurance company to find out what your aggregate limit is. They also will not cover damages to your own property. Umbrella insurance cannot replace an existing liability policy, so be sure yours is up-to-date.

If the dollar value of risks your business faces exceeds the amount of your insurance coverage, then consider an umbrella policy. This additional liability coverage may be the best investment in your business that you ever make.

What Does Nonprofit Directors Officers Insurance Cover?

The number of insurance policies available to nonprofits can seem overwhelming when first deciding what to purchase, and it can be difficult to determine what you really need. Nonprofit directors & officers insurance is one type of policy that is very important for the financial well-being of your organization. Here is what it covers.

What Is Covered

Because many nonprofits have limited resources, responsibility for expenses can pass to those in leadership positions when someone sues the organization. D&O insurance protects their personal assets by covering the cost of legal defense as well as any judgments for damages. Examples of covered claims include the following managerial actions:

  • Negligence
  • Wrongful acts
  • Errors in judgment
  • Bad advice

What Is Not Covered

While D&O insurance provides a safety net for those working in the best interest of the organization, it does not protect them from willfully bad behavior. For example, it does not cover any of the following:

  • Dishonesty or fraud
  • Deliberate criminal actions
  • Bodily injury to another person
  • Damage to a third party’s possessions

D&O insurance over $1,000,000 is available, so those in managerial positions do not have to worry about being held personally liable for lawsuits against the company. By purchasing this policy you make working for your organization more attractive.

 

3 Reasons Teachers Need Educator Liability Insurance

Teachers work tirelessly to instill critical knowledge, skills, and values in the world’s upcoming generations. Unfortunately, this essential duty comes with a price. It is not uncommon for educators to find themselves on the other side of a lawsuit that costs them their savings, their job, or even their licensure.

1. Allegations of Sexual Misconduct

Allegations of inappropriate student-teacher relationships have made headlines for decades. While these allegations are often, unfortunately, true, false accusations are equally prevalent. Having educator liability insurance coverage can help teachers feel supported should they ever find themselves in this distressing situation.

2. Lawsuits Regarding Quality of Education

If a family feels that their child did not receive an adequate education, that family may choose to take legal action against specific teachers, the school itself, or even the entire district. While these cases are often settled out of court, insurance policies can cover the ensuing fees for legal representation.

3. Liability for Inadequate Student Accommodations

Some students with disabilities require specific accommodations during their time at school. If a teacher or school does not honor these accommodations, that family is entitled to sue for the physical and emotional impact this has on students.

Today’s teachers wear many hats, and the stress of the job is overwhelming even without the additional worry of career-ending accusations. By maintaining adequate insurance coverage, however, educators can take at least one stressor off their overloaded plates.

Do You Need Professional Liability Coverage?

If your company offers services or advice to clients for a fee, you need professional liability coverage. Without proper protection, you could find yourself paying hefty settlements and other legal costs. Even if you have done nothing wrong, you must still pay for an attorney to represent your case.

Coverage You Need

Miscellaneous professional liability insurance protects your business from errors or omissions made while performing professional services for clients. Property managers, advertising professionals, travel agents and other consultants are just a few of the business leaders that need this type of coverage.

Examples of Professional Liability Claims

Professional liability coverage protects your company in many different scenarios. Examples include:

  • Omissions – If a consultant recommends a new restructuring plan for a manufacturing plant and that plan fails to address all the potential issues with suppliers, the company can sue for damages and lost revenue.
  • Errors – A Human Resources consultant hires new employees for a firm and fails to conduct adequate background checks or references. Once hired, an employee is found to have insufficient training and experience to complete their tasks. The company files a claim to recoup their losses.

It is critical to discuss your business model with your insurance agent to ensure you choose the best coverage for your company.

Tips for Generating Leads Via Engaging Video Content

Part of running a successful business is being able to depend on a steady influx of new customers over the years. Naturally, this is not always so easy to guarantee. For many business owners, the biggest challenge involved with operating a business is marketing in a way that attracts consumers and allows for healthy, constant lead generation. While it might seem difficult, there are a handful of options to consider. For many, adding the right content to a website or social platform can make a world of difference.

The Advantages of Quality Content

Content can take many different forms. Many professionals agree that video lead gen is one of the more substantial options open to business owners. This is largely because video content offers an opportunity for business owners to engage with their customers in more robust and meaningful ways. Whether you’re looking to educate or entertain with your video content, it is likely to have more of a direct impact on potential leads than stagnant images or text. Other areas to consider are:

  • Where the content is shared
  • The metadata and tags on the video
  • Context of video with current trends

Assess Your Current Content

Content is everything when it comes to achieving the success you’re after with your business. Review the basics of video content and prepare to generate exciting, informative, and engaging material that potential customers will immediately notice.