Courtesy of iii.org

Living in Florida means boating season never ends. With the right insurance protection, your boating days can be as carefree as a day at the beach. The type of insurance coverage you get depends upon the boat.

If you have a small boat, such as a canoe or kayak, you may have coverage under your homeowners or renters insurance policy. Coverage is usually about $1,000 or 10 percent of the home’s insured value. That amount of coverage includes the small boat, motor and anything you may use to tow it. It does not typically include liability insurance.

Extra liability coverage for boaters makes good sense. Some insurers exclude liability coverage for jet-skis under standard property insurance policies because of the high rate of accidents and injuries. Check with your insurer to see what’s covered and ask about additional protection that you can purchase through an endorsement. If you own a jet-ski or plan to rent one, check out our jet-ski safety video.

People who own small boats need to “go large” on safety. According to the U.S. Coast Guard’s 2013 Boating Statistics, eight of 10 boaters who drowned were in vessels of less than 21 feet. And, 84 percent of drowning victims were not wearing a life jacket. Alcohol use is the leading contributor to boating accidents, along with operator inattention and inexperience. Not unlike the statistics for highways.

To cover physical loss for larger boats (and those valued above $1,000), you need broader coverage. With a watercraft policy or an endorsement to your existing homeowners policy, you’ll be covered for every type of loss or damage to your boat, including theft. There are a few coverage exceptions (such as normal wear and tear). Many boat owners choose a discounted package that covers the boat, motor and trailer.

Some people may decide to go without insurance on their boat because it’s paid in full, so no lender is “forcing” them to get coverage. That’s always an option, I guess, if you can afford to sink your investment. Back in 2004, when Florida experienced multiple hurricanes, you probably saw images of boats slammed together near marinas or flung into streets by high winds, resting a block from the ocean. I remember talking to a woman after Hurricane Ivan who said she had just sunk $10,000 into remodeling her yacht, which was found smashed to bits in a parking lot. “That’s not covered under my homeowners insurance, is it?” she asked. She knew the answer before asking the question, and now so do you.

Courtesy of iii.org

Living in Florida means boating season never ends. With the right insurance protection, your boating days can be as carefree as a day at the beach. The type of insurance coverage you get depends upon the boat.

If you have a small boat, such as a canoe or kayak, you may have coverage under your homeowners or renters insurance policy. Coverage is usually about $1,000 or 10 percent of the home’s insured value. That amount of coverage includes the small boat, motor and anything you may use to tow it. It does not typically include liability insurance.

Extra liability coverage for boaters makes good sense. Some insurers exclude liability coverage for jet-skis under standard property insurance policies because of the high rate of accidents and injuries. Check with your insurer to see what’s covered and ask about additional protection that you can purchase through an endorsement. If you own a jet-ski or plan to rent one, check out our jet-ski safety video.

People who own small boats need to “go large” on safety. According to the U.S. Coast Guard’s 2013 Boating Statistics, eight of 10 boaters who drowned were in vessels of less than 21 feet. And, 84 percent of drowning victims were not wearing a life jacket. Alcohol use is the leading contributor to boating accidents, along with operator inattention and inexperience. Not unlike the statistics for highways.

To cover physical loss for larger boats (and those valued above $1,000), you need broader coverage. With a watercraft policy or an endorsement to your existing homeowners policy, you’ll be covered for every type of loss or damage to your boat, including theft. There are a few coverage exceptions (such as normal wear and tear). Many boat owners choose a discounted package that covers the boat, motor and trailer.

Some people may decide to go without insurance on their boat because it’s paid in full, so no lender is “forcing” them to get coverage. That’s always an option, I guess, if you can afford to sink your investment. Back in 2004, when Florida experienced multiple hurricanes, you probably saw images of boats slammed together near marinas or flung into streets by high winds, resting a block from the ocean. I remember talking to a woman after Hurricane Ivan who said she had just sunk $10,000 into remodeling her yacht, which was found smashed to bits in a parking lot. “That’s not covered under my homeowners insurance, is it?” she asked. She knew the answer before asking the question, and now so do you.

Courtesy of iii.org

Do you or your business provide professional services or advice to other businesses or individuals? Could your counsel or service lead to losses by your client for which you could be held responsible? If so, you’ll likely want to purchase professional liability insurance, also known as errors and omissions insurance (E&O).

Claims not covered by general liability insurance that are covered by professional liability insurance include negligence, misrepresentation, violation of good faith and fair dealing, and inaccurate advice.

What types of businesses need professional liability insurance?

In some states, professional liability insurance is required, especially for attorneys and doctors. Legal and medical malpractice insurance policies are special types of professional liability insurance. Other professionals that should consider professional liability insurance include:

• Accountants
• Architects
• Engineers
• Graphic designers
• Information technology (IT) consultants
• Insurance professionals
• Investment advisors
• Management consultants
• Real estate agents and brokers
• Software developers

This list is not exhaustive. Consult with your insurance professional or inquire with your profession’s trade association to determine if you might need professional liability coverage.

What’s covered… and what’s not

There are two types of professional liability polices: claims-made and occurrence. Most professional liability insurance policies are “claims-made,” meaning that the policy must be in effect both when the event took place and when a lawsuit is filed for a claim to be paid. If, however, you change careers or retire, you may want to purchase an “occurrence” policy that will cover any claim for an event that took place during the period of coverage—even if the suit is filed after the policy lapses.

Professional liability insurance will pay the cost of legal defense against claims and payment of judgments against you, up to the limit of the policy. In general, coverage does not extend to non-financial losses or losses caused by intentional or dishonest acts. Other fees, such as licensing board penalties, may also be included. Policies will generally have a deductible ranging from $1,000 to $25,000. The amount of professional liability insurance you will need and how much it will cost depends upon the size of your business and the level of risk it poses.

You may be able to include professional liability coverage in a Commercial Package Policy (CPP) as an endorsement. Note, however, the professional liability coverage is not included in an in-home business policy or Business Owners Policy (BOP).

Courtesy of iii.org

Do you or your business provide professional services or advice to other businesses or individuals? Could your counsel or service lead to losses by your client for which you could be held responsible? If so, you’ll likely want to purchase professional liability insurance, also known as errors and omissions insurance (E&O).

Claims not covered by general liability insurance that are covered by professional liability insurance include negligence, misrepresentation, violation of good faith and fair dealing, and inaccurate advice.

What types of businesses need professional liability insurance?

In some states, professional liability insurance is required, especially for attorneys and doctors. Legal and medical malpractice insurance policies are special types of professional liability insurance. Other professionals that should consider professional liability insurance include:

• Accountants
• Architects
• Engineers
• Graphic designers
• Information technology (IT) consultants
• Insurance professionals
• Investment advisors
• Management consultants
• Real estate agents and brokers
• Software developers

This list is not exhaustive. Consult with your insurance professional or inquire with your profession’s trade association to determine if you might need professional liability coverage.

What’s covered… and what’s not

There are two types of professional liability polices: claims-made and occurrence. Most professional liability insurance policies are “claims-made,” meaning that the policy must be in effect both when the event took place and when a lawsuit is filed for a claim to be paid. If, however, you change careers or retire, you may want to purchase an “occurrence” policy that will cover any claim for an event that took place during the period of coverage—even if the suit is filed after the policy lapses.

Professional liability insurance will pay the cost of legal defense against claims and payment of judgments against you, up to the limit of the policy. In general, coverage does not extend to non-financial losses or losses caused by intentional or dishonest acts. Other fees, such as licensing board penalties, may also be included. Policies will generally have a deductible ranging from $1,000 to $25,000. The amount of professional liability insurance you will need and how much it will cost depends upon the size of your business and the level of risk it poses.

You may be able to include professional liability coverage in a Commercial Package Policy (CPP) as an endorsement. Note, however, the professional liability coverage is not included in an in-home business policy or Business Owners Policy (BOP).

Courtesy of iii.org

The start of what may be an “above-normal” 2020 Atlantic hurricane season is a month away and the Insurance Information Institute (Triple-I) is recommending homeowners, renters, and business owners prepare now.

“As much as we are living today with the unimaginable impact of COVID-19, we must remind residents along the Atlantic and Gulf coasts to remember it takes only one hurricane or tropical storm to ravage communities and to shatter lives,” said Sean Kevelighan, CEO, Triple-I. “During National Hurricane Preparedness Week (May 3-9), we encourage residents to take a moment to ensure you have adequate financial protection for your property and possessions while also taking steps to make your home or business is more resilient to wind and water. Since we are all needing to stay home more, it’s even more important to make ourselves more resilient to natural catastrophes like hurricanes.”

The Atlantic hurricane season begins on June 1 and continues through Nov. 30.

Review Your Insurance Coverage
Make sure you have the right type – and amount – of property insurance. The Triple-I recommends you conduct an annual insurance review of your policy(ies) with your insurance professional.

Standard homeowners insurance covers the structure of your house for disasters such as hurricanes and windstorms, along with a host of other disasters. It is important to understand the elements that might affect your insurance payout after a hurricane and adjust your policies accordingly.

At the very least, review the declarations page of your policy. This one-page information sheet offers details on how much coverage you have, your deductibles and insights into how a claim will be paid.

“You should ask your insurance professional if you have the right amount of insurance coverage to rebuild or repair your home, to replace its contents, and to cover temporary living expenses if your property is uninhabitable,” Kevelighan said. “You should also ask about flood insurance, which is separate and additional to traditional homeowners and small business insurance. Ninety percent of natural disasters involve flooding.”

Flood insurance, which is a separate policy from your property coverage, is offered through FEMA’s National Flood Insurance Program (NFIP) and several private insurers.

Another common exclusion from a standard homeowners policy is sewer backup (also not covered by flood insurance). Backed up sewers can cause thousands of dollars of damage to floors, electrical systems, walls, furniture and other belongings. Sewer backup insurance is especially beneficial in hurricane-prone areas.

Protect Your Vehicles
Comprehensive auto, which is an optional coverage, protects your vehicle against theft and damage caused by an incident other than a collision, including fire, flood, vandalism, hail, falling rocks or trees, and other hazards.

Make Sure Your Possessions are Adequately Protected
Imagine the cost of repurchasing all your furniture, clothing and other personal possessions after a hurricane. Whether you have homeowners insurance or renters insurance, your policy provides protection against loss or damage due to a hurricane.

Creating an inventory of your belongings and their value will make it easy to see if you are sufficiently insured for either replacement cost or cash value of the items. When you create a photo or video catalog of your home’s possessions, it will also help expedite the insurance claims process if you sustain damage from a storm.

Make Your Property More Resilient
Invest in items that will harden your property against wind damage, such as a wind-rated garage door and storm shutters. The Triple-I also recommends you have your roof inspected annually by a licensed and bonded contractor to make sure it will hold up to high winds and torrential rains.

Other hurricane season preparation tips from the Triple-I include:

• Preparing a hurricane emergency kit with a minimum two-week supply of essential items such as non-perishable food, drinking water and medications for every family member.
• Creating an evacuation plan well before the first storm warnings are issued.