From the Office of Marty Walt

09
Jul

Important Tips for Your Business Property Insurance

Written by Gregory Boop.

business property insuranceConsider the Following When Purchasing Property Insurance

Property insurance for your business protects your business from loss to the structure and contents of the business. Property coverage needs to be reviewed to determine if appropriate coverage is in place. Such a review should begin with the question: "Can I put the business back where it was before this disaster?"

All too often, business owners do not realize the business insurance in place is insufficient or exclusions in the policy limit coverage. When considering business property insurance, consider the following tips to eliminate some of the most common misunderstandings.

02
Jul

Are You Properly Insured for Your Summer Fun?

boatingThe temperature is rising and the sun is shining, but before you put the boat on the lake or get the ATVs out of storage, the National Association of Insurance Commissioners (NAIC) urges you to review your insurance to make sure you are properly protected. Use these tips to review your coverage to make sure you and your family are insured for the increased risks that come with outdoor activities.

26
Jun

Insurance You (Probably) Don't Have But (Probably) Need

homeowers insuranceLike experience, certain types of insurance may be something you don’t get until just after you need it. Running a business is complex and, unfortunately, it can make you vulnerable to claims on a number of fronts.

Though you may think you have adequate insurance, there may be some flanks you should consider protecting, according to Kelly Coley, a partner in family owned Coley and Lyles Insurance Agency of Gallatin, Tenn.

“Liability is a MUST, regardless of the business -- it should be a standard part of owning and operating a business,” she says. And you should check with your insurance agent on a regular basis -- at least when you renew your policy -- to make sure your exposure to risk hasn’t changed. For instance, a plumbing retail business owner who decides to start installation or repair work has added contracting-type exposure to the risks he had operating a store and would need to add proper liability to protect against claims.

19
Jun

Property Reference Paper

reconstruction costA major challenge we have regarding Homeowners policies is explaining the difference between reconstruction cost and market value, and how reconstruction costs (and therefore premium) can be increasing even when market values are decreasing.

For homeowners, premium increases may seem counterintuitive. It's difficult to understand why they're paying more to protect a house that may have lost significant value. To help them understand what seems like counterintuitive pricing, we need to clarify two key concepts:

  1. Valuations are based on(including materials, labor, overhead, and profit), not on the home's appraised or market value.
  2. Material costs are based onWhen energy and building-material costs rise, the cost to reconstruct a home rises.

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