Tag: Coverage

Coverage for Manufacturers of Large Vessels

Boat manufacturers face unique business risks, even among businesses that build and fix watercraft. Unlike the companies that build smaller vessels, including some light yachts, the builders of tankers, barges, and large yachts generally deal with vessels that need large crews, operating for commercial purposes. Even when a vessel is being purchased as a personal

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Fleet Insurance: Eligibility and Coverage

If you drive for work, you may wonder whether your regular auto policy also covers your work vehicles, or whether you should switch to commercial vehicle fleet insurance. Here is an explanation of who is eligible for a commercial policy and what fleet insurance companies cover. Who Needs Fleet Insurance Some insurance companies regard a

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The Common Exposure Areas That Staffing Insurance Helps Cover

If you’ve heard of the need for a staffing insurance program but aren’t convinced your agency needs this extra insurance, you might find it helpful to learn about typical areas where most agencies are exposed to additional risk. Because your agency likely has several professional and legal obligations to staffers and more, the right insurance

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How Does Force-Placed Insurance Work?

Lenders obtain force-placed insurance when property owners fail to meet minimum requirements. These policies safeguard the financial institution’s investments. Why Do Banks Force-Place Policies? There are various instances when a loan provider may need to acquire protection to cover their financial interests. Some possible scenarios include: The property owner did not purchase any insurance. The

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Protect Your Business Against Financial Statement Fraud

Financial fraud can be devastating to a business. When a company or accountant misrepresents a company for the sake of benefiting individuals or the company itself, this can be the source of major lawsuits. What Is Financial Statement Fraud? Financial statement fraud can take on a variety of different forms. It may include someone hiding

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Why LSI and VSI Policies Are a Good Idea for Your Lending Business

As a lender, you know there is significant risk involved in the way you do business. You check credit sores to assess the risk of underwriting loans for various would-be borrowers. Imagine being the lienholder for an automobile that is involved in a major accident and the borrowers’ insurance isn’t enough to cover the loss!

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Understanding Workers Compensation Insurance

Individual states set many business insurance requirements, including those covering workers’ compensation. Because it is required for many businesses in most places, it is important for managers and human resource workers to thoroughly research workers compensation insurance rules and requirements in their jurisdiction. What Workers Comp Insurance Covers Although many people view it as just

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Unpacking the Mystery of Public Entity Liability

A public entity may be defined as an organization that provides public services, such as a government office, educational institution, or city. Defining public entity liability, however—something considered a necessity for many in the public sector—is more complex. 1. What Is It? Public entity liability is insurance that covers incidents such as property damages and

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The Liability Risks in Florida Manufacturing

The manufacturing industry is fraught with risks, but sometimes a company will have even greater potential for accidents or damages because of the physical location. The manufacturing liability in Florida isn’t too much different from what those in any other state would be susceptible to, apart from the weather concerns. Hurricane season can have a

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