Understanding Coinsurance
Statistics indicate that about 85 percent of all building losses are for less than 20 percent of the value of the property.Show More
Statistics indicate that about 85 percent of all building losses are for less than 20 percent of the value of the property. In other words, most losses are partial with only 15% of all losses being classified as a “total loss”.
Why does this matter, and how does it affect you? In your commercial policy there is a coinsurance provision that requires you to carry a specified percentage of insurance. In other words, if you have a building with a replacement value of $100,000 and you have an 80% coinsurance clause, then you are required to carry at least $80,000 in coverage. This allows the company to collect adequate premiums so they can remain solvent, thus ensuring payment of all claims.
We realize this is frustrating to those of us who only want to carry enough limits to satisfy our mortgage requirements. You certainly have the option of carrying these lower limits; however you will suffer a penalty in the event of a loss, and will not have enough coverage in the event of a total loss. For example, your building replacement cost is $100,000; however your loan amount is only $50,000 so you choose to carry this limit. Should you suffer a $10,000 loss, you will only be able to collect $5,000 less your deductible.
Again, these are a lot of words to explain a complex insurance concept. Your agent will be able to help you determine the correct limit of insurance thus avoiding any gaps in coverage.
Insuramerica Launches New Online Customer Service Web Site.
Insuramerica is pleased and excited to launch its new website which now offers a virtual customer service center. It is packed with new features that will enable you to communicate with us more effectively, and more importantly, on your schedule. Show More
Insuramerica is pleased and excited to launch its new website which now offers a virtual customer service center. It is packed with new features that will enable you to communicate with us more effectively, and more importantly, on your schedule.
This on-line service compliments and is an extension of our customer service department. It is our goal to provide you with access to our most common customer service needs 24 hours per day, seven days a week.
Simply click on the Register Here button to get access to a variety of on-line service request capabilities.
We are experts at providing 'old fashioned service" one client at a time. Now using the power, speed, and convenience of the internet we can take service to a whole new level. This is not designed to replace the personal service you've always received from Insuramerica, simply enhance it.
Come on in and see for yourself. There is something here for everyone.
An attorney tells how to avoid identity theft
A corporate attorney sent the following out to the employees in his company: The next time you order checks have only your initials (instead of first name) and last name put on them. Show More
We've all heard horror stories about fraud that's committed on us in stealing a name, address, Social Security Number, credit cards, etc.Unfortunately I, an attorney, have firsthand knowledge because my wallet was stolen last month. Within a week, the thieve(s) ordered an expensive cell phone package, applied for a Visa credit card, had a credit line approved to buy a Gateway computer, received a PIN number from DMV to change my driving record information online, and more.
But here's some critical information to limit the damage in case this happens to you or someone you know:
We have been told we should cancel our credit cards immediately. But the key is having the toll free numbers handy so you know whom to call. Keep those where you can find them easily.File a police report immediately in the jurisdiction where it was stolen, this proves to credit providers you were diligent, and is a first step toward an investigation (if there ever is one).But here's what is perhaps most important: (I never even thought to do this.) Call the three national credit reporting organizations immediately to place a fraud alert on your name and Social Security Number. I had never heard of doing that until advised by a bank that called to tell me an application for credit was made over the Internet in my name. The alert means any company that checks your credit knows your information was stolen and they have to contact you by phone to authorize new credit. By the time I was advised to do this, almost two weeks after the theft, all the damage had been done. There are records of all the credit checks initiated by the thieves' purchases, none of which I knew about before placing the alert. Since then, no additional damage has been done, and the thieves threw my wallet away this weekend (someone turned it in). It seems to have stopped them in their tracks.
