If an insurance policy is lapsed and cancelled for nonpayment of the premium before the grace period ended some insurance companies may be willing to reinstate the auto insurance policy but most companies will only do so if a policyholder has an otherwise good record with the company. Many insurance companies will require the full policy premium payment in advance if there has been a history of late premium payments.

Insurance companies may refuse to offer insurance or will only offer high-risk insurance policies to previously canceled policyholders. Insurance cancellation indicates a policyholder is a bad risk. Insurance companies offer discounts to policyholders based on certain criteria and prior cancellation of an insurance policy is something an underwriter will review on new business. Many insurance companies ask prospective new <business insurance applicants if they’ve been canceled within the last three to five years. Most insurance companies would rather not sell insurance to people who have a history of insurance cancellations.

In most states personal lines or property casualty insurance policies have a 60-underwriting review period where the insurance company can cancel the policy. Generally, when a policy is cancelled the insurance company will keep any earned premium and refund the unearned premium to the cancelled policyholder.

Non-renewal of an insurance policy is less restrictive and means an insurance company has refused to renew the insurance policy after the expiration date. Insurance companies are required to give policyholders written notice usually at least 30 days prior to the policy expiration date. Often the insurance company provides a reason and in many cases if the company’s request is correct the company will extend a renewal notice.

Non-renewal is like the nice mutual break-up after a fairly uneventful relationship, cancellation is like a nasty divorce.

If you receive a notice of non-renewal or cancellation from your insurance company the first step is to contact the agent or insurance company and ask if there is anything you can do to correct the situation. If that isn’t possible then you will need to shop for replacement insurance and should expect to pay a higher premium if your policy was cancelled.

Besides your attorney and accountant, another professional you will need to bring into the start-up process will be your insurance agent. It may be helpful to have one agent who can handle all of your insurance needs. There are policies available that are specifically designed to cover small businesses that, in one package, will cover most of your insurance needs.

Insurance is not only going to be important to you, but it will be important to your other business relationships. For example, if you choose to lease office space, the landlord will typically require that you furnish a certificate of insurance or be listed as an additional insured on your policy as assurance that your business will not disappear overnight in the event a loss occurs.

Here are some of the risks that should be protected by insurance:

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Business Property Insurance

Property insurance should include a broad form of coverage to protect you from a wide variety of losses. Your insurance should include

• Buildings: Coverage would be required here if you own the building your business occupies. In the event you lease premises, your landlord should provide this coverage. 
• Business personal property includes your tables, desks, chairs and equipment. Also, you will want to include the tenant’s improvements you might make to leased premises. An example would be a room divider you add, or a display case, or a custom built counter that forms part of reception area for your clients. 
• Loss of Income 
• Earthquake 
• Flood (which may or may not be available)

Keep in mind that an all-risk policy can be structured to cover all of your equipment, including computer hardware and software, plus your valuable records. A properly written policy will include loss of income that might result from breakdowns, as well as loss of income from other hazards that would temporarily close down your business.

Liability Insurance

A Comprehensive General Liability (CGL) policy is designed to provide coverage to third parties for the following:

• Personal and Advertising Injury 
• Fire Legal Liability, which is often mandatory if you lease your premises. This protects you in the event your negligence results in damage or loss to your landlord’s property. For example: you mistakenly leave a small electric space heater running and go home for the evening. During the night, the heater shorts and starts a fire, resulting in fire and smoke damage to your landlord’s building. In this case, the negligent act of leaving the space heater on caused the loss. This is where Fire Legal Liability protects your investment. 
• Products and Completed Operations 
• Medical Expense or Medical Payments 
• General Liability for your premises. The best illustration is the common “tripping over the torn carpet, resulting in an injury” loss.

On occasion, some policies will exclude Products and Completed Operations and/or Personal Injury and Advertising Coverage depending on the services your business provides. In these instances, a Professional Liability, Malpractice, or Errors and Omissions Policy might be available for your type of operation that will cover the errors and omissions that might result in suits against your company. This is particularly true of professions that are held to a higher degree of care or standard, for example, attorneys, engineering consultants, insurance agents, realtors, doctors and dentists.

Worker’s Compensation Insurance

If your business has employees, worker’s compensation insurance will be mandatory. Startup operations typically find that the State Compensation Fund can accommodate your needs. As the business grows, you can then “shop” for better prices for the coverage. In addition, some worker’s compensation insurers provide additional services such as risk management and loss control services that may be beneficial to your business operation. These services are typically helpful in holding down claim costs over the long term. Do not confuse risk management with your taking part of the risk. The insurance company should assume 100 percent of the worker’s compensation insurance risks.

Other Insurance

• Auto coverage for company vehicles. (Liability, Comprehensive, Collision and Uninsured/Underinsured Motorists.) 
• Health insurance plans tailored to fit the size of your business. This coverage will help give you an edge when recruiting good employees. 
• Here’s a type of insurance you might not think about: when you’re not there–and when only your answers will do, it is good idea to have a guide prepared for your employees to know what-to-do, who-to-call and where-to-find-it information so as to maintain the consistency of your business.

Excess Liability Coverage

These are liability limits available over and above the maximum limit your carrier of choice may write. They can be accomplished in two ways: 

• Excess limits can typically be added at extra cost to the underlying package policy in “chunks” of $500,000 or $1 million dollar layers sometimes up to $5 million. 
• Purchasing what is called a “commercial umbrella.” This can typically provide excess coverage over and above most underlying package policies, including the business policy, business auto, and worker’s compensation.

SOMETHING TO KEEP IN MIND: Your carrier of choice may offer lower limits, which may look attractive from a premium standpoint. But savvy business owners should contemplate liability limits of at least one million dollars. The additional cost is usually affordable and, in today’s litigious environment, makes good sense.

• Example: You, the business owner, suffer an auto accident in which you are determined to be at fault. In addition, the accident results in the victim being rendered a paraplegic. This type of loss can easily result in a multi-million dollar judgment against you.

Employment Practices Liability Coverage

Employment Practices Liability insurance is a coverage that is starting to be carried by more companies, with premiums exceeding $2,000 annually for $1 million of coverage. While employment practice liabilities are rarely encountered in a small operation, the threat of wrongful termination or sexual harassment lawsuits, which are excluded under most business policies, become more prevalent as the size of your organization grows.

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Life Insurance

As mentioned earlier, if you have a partner, your buy-sell agreement can be funded by life insurance in the event of the death of a partner. As your business grows this insurance can be increased.

The purpose of uninsured motorist coverage is to compensate the insured for all of the elements of damage they would have been entitled to receive from the person causing the accident, but who carried no bodily injury insurance, or very low limits of coverage. In Florida, those damages would include: pain, suffering, disability, scarring, disfigurement, mental anguish, loss of the enjoyment of life, lost earnings and earning capacity, as well as unpaid medical expenses incurred in the past, and those to be incurred in the future. Of this list of damage items, the only ones which would be covered by health insurance or Medicare would be “covered” medical expenses. Beyond having their medical expenses paid, someone carrying no uninsured motorist coverage, who was struck by an uninsured driver, would receive no compensation for all of the other elements of damage described above.

No one ever believes they will be involved in a serious motor vehicle accident. But every day throughout the state of Georgia, hundreds of people are seriously injured who also believed it would never happen to them. Following a serious accident, the injured person will immediately begin to consider, who will compensate them for the substantial losses they have incurred and those which will be incurred in the future. Losses such as pain, suffering, loss of enjoyment of life, as well as loss of earning capacity and earnings are very commonly encountered in relatively routine motor vehicle accidents. In the more serious accidents, all of these losses may be incurred, particularly those which involved the death of a loved one. People naturally become angry and frustrated when they have been struck by an uninsured driver, only to discover their own policy of insurance does not include uninsured motorist coverage.

There is something else to consider about carrying only Medicare or health insurance. If there is any liability coverage available to provide compensation of one’s injuries, even though it may be woefully inadequate, Medicare and virtually all health insurance policies, have reimbursement rights. Federal statutes require reimbursement of benefits provided by Medicare and employer sponsored health insurance plans when the injured person receives compensation for their injuries. Most other health plans contain reimbursement rights which are regulated under state law, including Savannah, Georgia. This means that when someone’s health insurance or Medicare provides benefits to them following an accident, those benefits are subject to being paid back if the injured person is successful in getting even minimal compensation from the party responsible.

Therefore, the only way someone may protect themselves is to carry the maximum amount of uninsured motorist coverage they can afford. We urge our clients to examine their declaration sheet on their auto policy, determine what coverage they actually have purchased, and call their agent or Daly Insurance to get a quote for uninsured motorist or additional uninsured motorist coverage.

The above is another reason why it’s so important to have the proper motorcycle insurance.

My friend Ken P. recently directed me the Motorcycle Safety Foundation site, where they address a lot of these challenges. However, as I don’t think that people who drive cars actively visit motorcycle safety websites, I thought it would be appropriate to share the site’s list of 10 things that all drivers should know about motorcycles.

1. There are a lot more cars and trucks than motorcycles on the road, and some drivers don’t “recognize” a motorcycle; they ignore it (usually unintentionally). Look for motorcycles, especially when checking traffic at an intersection.

2. Because of its small size, a motorcycle may look farther away than it is. It may also be difficult to judge a motorcycle’s speed. When checking traffic to turn at an intersection or into (or out of) a driveway, predict a motorcycle is closer than it looks.

3. Because of its small size, a motorcycle can be easily hidden in a car’s blind spots (door/roof pillars) or masked by objects or backgrounds outside a car (bushes, fences, bridges, etc). Take an extra moment to thoroughly check traffic, whether you’re changing lanes or turning at intersections.

4. Because of its small size a motorcycle may seem to be moving faster than it really is. Don’t assume all motorcyclists are speed demons.

5. Motorcyclists often slow by downshifting or merely rolling off the throttle, thus not activating the brake light. Allow more following distance, say 3 or 4 seconds. At intersections, predict a motorcyclist may slow down without visual warning.

6. Turn signals on a motorcycle usually are not self-canceling, thus some riders, (especially beginners) sometimes forget to turn them off after a turn or lane change. Make sure a motorcycle’s signal is for real.

7. Motorcyclists often adjust position within a lane to be seen more easily and to minimize the effects of road debris, passing vehicles, and wind. Understand that motorcyclists adjust lane position for a purpose, not to be reckless or show off or to allow you to share the lane with them.

8. Maneuverability is one of a motorcycle’s better characteristics, especially at slower speeds and with good road conditions, but don’t expect a motorcyclist to always be able to dodge out of the way.

9. Stopping distance for motorcycles is nearly the same as for cars, but slippery pavement makes stopping quickly difficult. Allow more following distance behind a motorcycle because it can’t always stop “on a dime.”

10. When a motorcycle is in motion, don’t think of it as motorcycle; think of it as a person.

Finally, don’t forget to get your motorcycle insurance and car insurance at Daly Insurance.

We offer some very competitive motorcycle insurance quotes. Give us a call today 912-352-1400 and see 

for yourself.

Now, homeowners with green homes are able to purchase green home insurance that specially covers their green systems, appliances, etc. Even owners of traditional homes can purchase a green add-on to their policy so that in event that their home is ruined, the insurance company will pay for their home to be rebuilt as a green home.  Green homeowners insurance not only replaces the home with green systems, appliances, materials, etc., but it also covers the cost of hauling away construction waste to a recycling center as opposed to a junkyard. 

So is green home insurance the home insurance of the future?

1. Coverage A- Dwelling
2. Coverage B- Other Structures on Your Property
3. Coverage C- Personal Property/Contents
4. Coverage D- Loss of Use
5. Coverage E-  Personal Liability Protection
6. Coverage F-  Medical Payments

Dwelling: protects against the damage and possible loss of your home in the event of a covered claim such as a hurricane, hail, lightning or fire. (Separate policies are needed for flood and earthquake insurance.) Learn more about dwelling coverage.

Other Structures: that are protected by a standard home insurance policy are detached garages and other detached buildings on your property. The typical coverage for other structures is 10% of dwelling coverage-although higher amounts may be purchased if necessary. Learn more about other structure coverage.

Personal Property:is included in a standard home insurance policy and protects your personal items and household contents in the case they are stolen or destroyed by fire, hurricane or other peril covered in your policy. These items may include, but are not limited to, furniture, clothing, and sports equipment. Learn more about other structure coverage.

Loss of Use: coverage provides for your living expenses in the event that you cannot live in your home due to a covered claim. This type of coverage typically covers hotel and restaurant bills and other living expenses you may incur while your home is being repaired. Learn more about Loss of Use coverage.

Personal Liability Protection: covers you in the event that a lawsuit is presented against you or covered family members for bodily injury or property damage. Your pets are also included in this portion of your policy protecting you against bodily harm or property damage that they may cause to others. Learn more about personal liability protection.

 coverage (often referred to as MedPay) helps cover medical expenses that you might be held responsible for due to an injury sustained on your premises when there is no lawsuit. Learn more about MedPay.

Have other questions about home insurance or how to get started? Visit our FAQ page to see questions that have been posted by our customers. Or, if you want to speak with one of our licensed agents, you can call an agent directly at 1-912-352-1400.

Read on to discover why renter’s insurance is so important, what a typical renter’s insurance policy looks like, and how you can get renter’s insurance today.

What Is Renter’s Insurance?

Usually the first time people consider getting themselves some time of insurance other than health insurance is when they are looking into buying a car or a home. While these types of insurance are pretty much necessary, renter’s insurance is equally as important. Renter’s insurance is an insurance policy you basically are taking out on your personal possessions when you are renting a residence.

Renter’s insurance will not only protect your personal items, but can also help in providing temporary housing for you in the interim period after your residence has been damaged. Additionally, renters insurance will also cover liability or any damage you cause to other people or their property. Overall, renter’s insurance is a great way to protect yourself and your belongings before you actually own a home.

If you are interested in obtaining flood insurance, but your community does not participate in the National Flood Insurance Program, you’re surely wondering what you’re supposed to do. Any community that does not participate in the National Flood Insurance Program are subject to the regulations outlined in Section 202(a) of the Flood Disaster Protection Act of 1973.

This section of the Flood Disaster Protection Act of 1973 provides that flood insurance, Federal disaster assistance, Federal grants and loans, and any type of Federal mortgage insurance unavailable for any home or business located in the floodplain that is outlined in the National Flood Insurance Program map.

My home is located on the floodplain, but we had the “100-year flood” and it wasn’t flooded. Do I really need flood insurance?

This is a common question of many home and business owners located on the floodplain and remained standing after the “100-year flood.” Let’s start first with the misconception of what a “100-year flood” really is. Opposed to what the name would imply, the “100-year flood” is not actually a flood that occurs every 100 years. Rather, the phrase actually refers to the probability that used to describe how one flood will compare to other that may occur.

The phrase is also rather dated, and has now been replace with “1% annual chance flood.” This simply means there is a one percent chance of flood of that size will occur in any given year. So basically, over 100 years, it has a 63 5% of happening. If that doesn’t surprise you, think about the realistic vision for a moment. If you have a 30-year home mortgage, the chances of your home being flooded are around 25 percent. You’re probably thinking, well that isn’t too bad.

But, did you know that following that theory, a home on a floodplain is nearly five times more likely to be damaged by flood, than to have suffer a major fire!

Every year, insurance companies process thousands of car insurance claims and pay out millions of pounds to people whose cars have been the victim of theft or damage. Even more is paid out to motorists involved in accidents on the roads.

Whether its personal injury or the theft or damage of a vehicle the process of claiming on your motor insurance policy can be a stressful one. To make things easier here is our guide to making a car insurance claim.

• The first step is to contact your insurance provider as soon as possible after the event. Most insurers have a 24hr number you can call so use that to reach the right person more quickly.

• If your claim is crime related such as theft, damage or vandalism immediately report the crime to the police and take note of your incident number. Should a police investigation result in any prosecutions your insurer will need to know the incident number.

• Write down all the details concerning the incident and refer to these notes when making your written claim.

• Be sure that your version of events is accurate and consistent. Changing your story further down the line could arouse suspicions that jeopardise your claim.

• Get all the help and information you need from your car insurance company to support your claim. Don’t be afraid to ask your insurer questions as its essential to have all the correct documentation and evidence to back up your car insurance claim.

• Retain any documentation relating to your claim in a safe and secure place and ensure that your insurance company can contact you easily.

• Keep copies of any communication regarding your claim; be they letters, emails or telephone conversations and take the name of any person you speak with.

• Before going ahead with any repairs to your vehicle you need to get absolute verification on the status of your claim. Until your insurer confirms they will cover the price of repair you are accountable for all costs.

• If your car requires repair most insurers will recommend a garage where the repairs will be guaranteed for a specified period of time. If you take your vehicle in for repair yourself there is a good chance the cost will not be covered by your insurance company.

Having to claim on your motor insurance is never a pleasant experience but following these easy steps will help make the process run as smoothly as possible.