This policy can provide a combination of liability and physical damage protection for vehicles owned, maintained, or used by you. Additional coverages such as medical payments and uninsured motorist protection can be purchased to customize the policy to fit your particular needs.
This coverage is used to protect against claims alleged for bodily injury and property damage arising from the ownership, maintenance or use of any covered auto.
What’s the Risk when selecting your Bodily Injury limits?
If you select limits that are too low, you could be putting yourself at risk financially.
For example, if either you or a driver covered by your policy cause a serious injury where damages exceed your limits, you will be held responsible for the amount above your limits. To make that payment, you could be forced to liquidate property, savings, and other assets, or your future earnings could be attached. By purchasing liability limits to account for both your current assets and future net worth, you can help protect yourself against this risk.
AUTOMOBILE PHYSICAL DAMAGE
This coverage is used to protect the covered vehicle itself. It pays for physical damage loss those results from a covered peril.
COMPREHENSIVE PERILS COVERAGE
This coverage is used to insure against loss or damage to a covered vehicle resulting from loss excluding collision or upset. For example, comprehensive insurance covers damage to your car if it is stolen; or damaged by flood, fire, or animals.
This coverage is used to insure against loss or damage to a covered vehicle resulting from collision or upset. Covers damage to your car when your car hits, or is hit by, another vehicle, or other object. Pays to fix your vehicle less the deductible you choose
HIRED, LEASED, RENTED OR BORROWED AUTOMOBILE PHYSICAL DAMAGE COVERAGE
This coverage protects against claims arising out of specified physical damage loss to vehicles leased, hired, rented, or borrowed by you, while in the course of business. Note that this coverage does not apply when vehicles are leased, hired, rented, or borrowed from one of your employees or a member of your household or to an auto leased, hired, rented, or borrowed with a driver.
This coverage will reimburse, without regard to your liability, all reasonable medical expenses incurred by persons as a result of bodily injury sustained by accident as defined in your policy.
NON-OWNED AUTO LIABILITY
This coverage is used to provide you with liability protection for autos you do not own, lease, hire, rent, or borrow while they are being used in connection with your business operations.
This coverage is used to pay for rental charges incurred if you temporarily lose the use of your vehicle(s) due to a covered loss. Reimbursement is subject to the limits and coverages specified on the endorsement
Uninsured and Underinsured Motorist coverage protects you and your passengers against bodily injury expenses if you are hit by another driver who has no automobile liability insurance or has less than the minimum limits required by your state. Points to consider – benefits to purchase limits equal to your liability limits are: does not incur a deductible, helps to retain any health insurance lifetime maximum limits, no coverage under workers compensation but use your vehicle in business.
The proposed premium is based on the following estimates of annual exposures. They are subject to audit after expiration of the policy.
Protection provided by a bond is not insurance. Coverage under an insurance policy involves a two-party agreement whereas in a bond, the person who pays the premium, known as a principal, is bonded for an action by a surety for the benefit of a third party commonly called a beneficiary. Bonds are distinguished between Surety bonds, which guarantee the performance of a contract, or Fidelity bonds, which protect against the dishonesty of employees
AUTO DEALERS LICENSE BOND
This form of License and Permit bond guarantees that an auto dealer will have clear title to any car sold and is in compliance with all laws concerning the sale of automobiles.
CONSTRUCTION CONTRACT BOND
This bond guarantees terms and conditions of a construction contract. It is usually written as two separate bonds, one assuring performance of the contract, and the other guaranteeing payment of all labor and material costs.
CONTRACTORS LICENSE BOND
This License and Permit bond protects against poor workmanship of contractors, or failure to pay material and supply bills. It is used by state and local governments to put “teeth” into various ordinances relating to contractors’ operations.
This form of judicial bond is written in litigation, for either a plaintiff or defendant to provide guarantees in the course of such proceedings.
Plaintiff bonds can include attachment bonds, also known as Garnishment bonds, cost of Appeal bonds, and Injunction bonds, guaranteeing the party will indemnify any restrained party if the restraining order is found improper. Defendants bonds include Attachment bonds, Appeal bonds or Bail bonds.
This bond covers losses sustained by you due to fraudulent or dishonest acts of employees. The policy covers loss of money, securities or other property real or personal due to such acts. It covers loss caused by one or more employees up to the face amount of the bond.
This bond reimburses employers up to the limit of the bond for loss sustained because of dishonest acts of covered employees
This form of judicial bond is written for individuals appointed to handle the affairs of others. It guarantees that individuals will faithfully perform their duties while acting within their appointed capacities.
FUEL TAX BOND
This License and Permit bond guarantees a trucker’s payment to the state in which the bond is issued, for the gasoline tax as well as any late filing penalties the trucker is required to pay.
LABOR AND MATERIALS PAYMENT BOND
This bond guarantees that a contractor will pay for all labor and materials used in construction work which he is obligated to perform under the terms of a contract.
LICENSE AND PERMIT BOND
This bond guarantees that the licensee will conform to the laws or statutes relating to the business they are engaged in. They help qualify and enforce a variety of city and state laws and ordinances.
LOST INSTRUMENT/SECURITIES BOND
This bond guarantees that an issuer of securities is protected against costs that may result from the duplication of originals that have been allegedly lost or stolen.
NOTARY PUBLIC BOND
This Performance bond covers loss to the issuing state and third parties resulting from failure of the principal to faithfully perform the duties of a notary public.
This bond is written for the benefit of the obligee or the owner only. It guarantees that an individual will faithfully perform under the terms of a contract for construction or for furnishing of supplies.
SUPPLY CONTRACT BONDS
This bond is used by public entities to ensure that a vendor furnishing supplies (materials, fuel, or other commodities) will do so as outlined in the contract.
THIRD PARTY DISHONESTY BOND
This coverage insures against loss of or damage to money, securities, or other property sustained by your client resulting directly from theft committed by an identified employee of yours acting alone or in collusion with other persons. Coverage applies to property owned or leased by the client and to property held by the client for others, regardless of whether the client is legally liable for the loss.
Utility bond is a surety bond which is issued to guarantee the payment of public utility companies. A utility bond is not a state or federal requirement but required from a private obligee. Water companies along with power companies are usually the obligee for these types of bonds. The surety bond guarantees the prompt payment of your utility bills as well as you will pay the utility bill.
Insureds engaged in construction of structures are exposed to special problems involving constantly changing values, special hazards associated with construction activities and the variety of interests involved in such projects. Traditionally, such operations have been handled with a Builders Risk or Installation policy. Basically, these forms provide coverage for your interest as well as the interests of others in structures while under construction. Various additional endorsements and extensions can also be added to ensure that adequate protection is being provided for your particular situation.
This policy insures real and personal property, time element, and liability coverages in one contract. Endorsements can be added to the basic form to customize it for your particular needs. This Is similar to purchasing a “lunch special”. The policy is built with specific coverages and some changes can be made, but not as many options.
A policy may contain a coinsurance provision requiring that the limits of insurance be a minimum percentage (usually 80%) of the insurable value of your property. If the limits of your policy are less than what is required by this provision, than any claim payment made to you may be reduced by the same percentage as the deficiency. For example, covered property worth $100,000 may require a minimum of 80%, or $80,000, of coverage for compliance with the policy’s coinsurance requirement. If only $60,000 of coverage is carried (25% less than the required $80,000), then any loss payment would be reduced by 25%.
Directors and Officers Liability Insurance provides financial protection for the directors and officers of your company in the event they are sued in conjunction with the performance of their duties as they relate to the company. Think of Directors and Officers Insurance as a management Errors and Omissions policy.
Directors & Officers Insurance is needed because claims from stockholders, employees, and clients will be made against the company, AND against the directors of the company. Since a director can be held personally responsible for acts of the company, most directors and officers will demand to be protected rather than put their personal assets at stake.
Another reason for the need Directors and Officers Insurance because: Investors and members of your board of directors will not be willing to risk their personal assets to serve as a corporate director or officer, no matter how heartfelt their belief in your company.
In addition, employment practices suits constitute the single largest area of claim activity under D&O policies. Over 50% of D&O claims are employment practices related.
Equipment breakdown insurance is written to protect against loss or damage to covered property that results from mechanical breakdown, electrical damage, explosion of a boiler, or other covered events as specified in the form. In addition, a variety of policy options or endorsements can be used to customize this policy to fit your specific needs.
The Equipment Floater is designed to insure property that is mobile in nature. A variety of endorsements can be used to customize this policy to fit your specific needs
This insurance is used to protect you against liability claims arising out of the premises/operations, products/completed operations and contractual liability exposures of your garage operations. It is also used to provide liability, medical payments, and physical damage for your owned vehicles as well as nonowned vehicles left in your care for attending, servicing, repairing, parking or storing.
This coverage provides protection for permanent structures listed on the policy. Completed additions, permanently-installed fixtures, machinery and equipment, outdoor fixtures, owned personal property used to service, repair or maintain the building and additions under construction or repair are all included in this definition. Various additional endorsements and extensions can also be added to ensure that adequate protection is being provided for your particular situation.
ACTUAL CASH VALUE VALUATION
This valuation method pays for the cost to repair or replace damaged property with like kind and quality, less reasonable deductions for wear and tear, deterioration, and economic obsolescence
ADDITIONAL BUILDING PROPERTY COVERAGE
The addition of this endorsement extends your building coverage to include listed property items not permanently installed but still considered part of the building structure. Standard building insurance does not cover fixtures, machinery, or equipment unless they are permanently attached to the structure.
AGREED VALUE VALUATION
This coverage is used to remove the coinsurance requirement from your property policy. With it your company agrees that the limits of insurance purchased by you are adequate, and any coinsurance requirements will be waived in the event of a covered loss.
This coverage allows for a single limit of insurance to apply to two or more property items at one location, or to two or more kinds of property at several locations, instead of a specific amount applying to a specific subject of insurance. It allows you to shift property values with no impairment of recovery, as long as the total amount of insurance carried complies with the coinsurance requirement stated in the policy.
CAUSES OF LOSS – BASIC FORM
This coverage is used to provide protection for the following causes of loss: fire, lightning, explosion, windstorm, hail, smoke (except from agricultural smudging or industrial operations), aircraft, vehicles, riot, civil commotion, vandalism, sprinkler leakage, sinkhole collapse, and volcanic action.
CAUSES OF LOSS COVERAGE – BROAD FORM
This coverage is used to provide protection for the following causes of loss: fire, lightning, explosion, windstorm, hail, smoke (except from agricultural smudging or industrial operations), aircraft or vehicles, riot, civil commotion, vandalism, sprinkler leakage, sinkhole collapse, volcanic action, breakage of glass, falling objects, weight of snow, ice or sleet (except for damage to gutters, downspouts or personal property outside of buildings), and limited water damage.
CAUSES OF LOSS – SPECIAL FORM
This coverage will protect covered property against direct physical loss arising from any cause not specifically excluded. The advantage of this form is that the insurance company must prove that a loss is specifically excluded in order to deny coverage under the policy.
This coverage is used to provide protection for loss due to earth movement including earthquake shocks and volcanic eruption
This coverage is used to provide protection against loss due to water damage arising from flooding, surface water, tides, tidal waves, and the overflow of any body of water as defined in the policy.
IMPROVEMENTS AND BETTERMENTS
This coverage is used to extend your Property policy to insure against loss of specified alterations or additions that you have made in the building you rent or lease. This is important because these improvements become the property of the building owner and you may not be compensated for their destruction after a covered loss without this coverage.
REPLACEMENT COST VALUATION
This loss valuation method pays for the cost to repair or replace damaged items with like kind and quality without deduction for depreciation. This is important since you could face a substantial loss if you must replace property at today’s prices but receive only the depreciated value of the property that was destroyed.
This property policy provision activates when buildings you own are vacant for more than 60 days. When this occurs, coverage is suspended for loss to insured property that results from vandalism, sprinkler leakage, glass breakage, water damage, and theft. For loss by other perils, payments will be reduced by 15%. Buildings are considered vacant when they do not contain enough contents to conduct customary operations or, in the case of building owners, when at least 31% or more of the building total square footage is not rented.
PROPERTY – TIME ELEMENT
In addition to direct loss or damage to your property, loss can also occur as a consequence of the direct damage. Such indirect losses are financial in nature and result from the loss of use of the property directly damaged.
BUSINESS INCOME INCLUDING EXTRA EXPENSE
This coverage is used to insure against loss of business income (including any continuing normal operating expenses) that you sustain due to the necessary suspension of your business operations. To be covered the suspension must be caused by a direct physical loss of or damage to property at the premises described in your policy and for which a business income limit of insurance is shown. Under this form, extra expenses are included and rental values can be added as an option. An extended period of indemnity provision is also included to provide coverage after you resume operations until your business returns to normal levels of activities, up to the time period specified in the form.
A specialized form of Inland Marine coverage provides protection for property while in transit. Such property can include coverage for an owner’s property or property of others in the care, custody or control of a carrier.
PROPERTY – BUSINESS PERSONAL PROPERTY
This coverage protects personal property owned by your firm and used in your operations. Furniture and fixtures, equipment and machinery, raw stock, and finished goods all fall within this category. Various additional endorsements and extensions can also be added to ensure that adequate protection is being provided for your particular situation.
This insurance is used to protect against lawsuits by employees alleging wrongful termination, discrimination, harassment, or other specified employment related exposures.
Liquor liability provides coverage against claims for injury sustained by any person or organization if liability for such injury is imposed on you by reason of your selling, serving or furnishing of any alcoholic beverage. This is needed because standard General Liability policies exclude coverage for such activities.
This coverage is used to insure against claims arising out of negligent acts, errors or omissions in the rendering or failing to render professional services as defined in the policy.
Pollution Insurance hasn’t always been a significant issue. In fact, general liability policies used to include pollution liability clauses. But in the 1970s, with the all of the asbestos problems, most insurance companies removed any reference to pollution liability from their general policies. Because of this exclusion, lawyers have fought hard to get liability insurance for polluters. Today, thanks to lawyers, separate pollution coverage policies are now available. Environmental liability insurance is now available to cover any pollution issues that might affect your business.
You may think that your business is too small to worry about pollution insurance. Think again. In fact, many tend to overlook that small ‘ma’ and ‘pa’ businesses also need customized pollution liability coverage. As a result, many small businesses end up with lawsuits that ruin them. Even dry cleaning companies and hair salons are at risk of pollution liabilities when they store or dispose of their various chemicals.
If you are beginning to think that environmental liability insurance may be a good investment for your business, you will next need to find the best policy. Fortunately, at A. G. D. Insurance LLC, we have the answer for you – it’s quick and easy and considered the best pollution insurance provider today.
This policy provides protection against catastrophic liability claims. The policy acts as an excess coverage over your primary liability policies. Its limits apply in addition to that provided by the underlying coverage.
State law requires that every employer provide workers compensation insurance for their employees. This insurance provides coverage for accidents or disease arising from employment as prescribed by these state laws. Benefits can include lost wages, medical expenses, and permanent disfigurement/disability payments. Various additional endorsements can also be added to ensure that adequate protection is being provided for your particular situation.