Common Errors and Omission Risks for Mortgage Brokers

indemnity insurance mortgage

Business owners and individuals purchase property using mortgages on a daily basis. While the market is good, the mortgage industry flourishes, but the risks never cease. Common lawsuit risks covered by indemnity insurance mortgage coverage are listed here.

Non-Disclosure

Failure to disclose information to the buyer puts the mortgage lender at risk for a lawsuit. Common late disclosed or non-disclosed information includes negative amortization, ARM terms and interest rates.

Kickbacks

Secret commissions and kickbacks for giving business to certain lenders are generally illegal but do happen. Federally-related mortgage loans can receive no kickbacks per the Real Estate Settlement Procedures Act and can result in a lawsuit.

Early Payment

Investors have filed claims against mortgage lenders for loans declining in value due to early payments. Many of these investors from Wall Street have demanded the lender buy back the loans. This seems to be a holdover from the subprime bubble of 2008.

Yield Spread Premium

Dubious practices such as hidden fees have caused litigation for the mortgage industry. The yield spread premium is a common controversial fee seen in claims. This list is by no means exhaustive, but the mortgage company can protect its financial assets with indemnity insurance mortgage coverage. Errors and omissions happen even with the most diligent broker, thats where insurance comes in. Insurance helps during a lawsuit to protect assets and your reputation.

4 Tips To Prep Your Home For Sale This Spring

Putnam connecticut homeowners insurance

Spring marks the time of year where many homeowners start to prep their homes for a late spring or summer sale. If you are thinking about moving, make sure you keep your Putnam Connecticut homeowners insurance active until the home is sold. These four tips can help you prep your home for a spring sale.

Renovations

Small renovations such as fresh paint can increase the look of your home without the costs and time of a full renovation. Replacing the garage door or upgrading the stone veneer on a home can increase the value without costing you a lot of money.

Smells

Odd or gross smells can turn away potential buyers. Hunt down any detracting smells caused by food, tobacco or pets. Throw out items that retain smell and consider shampooing your carpets.

Colors

If you are considering any painting within the home, go with neutral or white colors. Vivid or bright colors dont appeal to all buyers and may turn some away.

Light

Natural light is one of the beauties of selling your home in the spring and summer months. Consider replacing or removing outdated window hangings and opening up blinds and curtains to allow light to brighten the space.

If you decide to purchase a new home, be sure to call and transfer your Putnam Connecticut homeowners insurance policy to the new residence. There may be some overlap in policies if one home is bought before the other is sold.

Insurance Coverage for Marinas

california marina insurance

Living in California has many benefits. From the incredible weather to world class arts and culture, California has a great deal to offer. And if youre lucky enough to own a marina along the coastline, you might be the envy of all your friends. That could change quickly, however, unless you have a great California marina insurance policy.

Marina owners have an increased level of risk thats associated with living and/or working on the water. If you own a marina, youll want to look carefully at all of the relevant policy options that are available to you.

Commercial General Liability

This could be the most extensive portion of your policy. You want to ensure you have sufficient protection from anything that could be seen as your responsibility. This is especially critical when youre renting out dock space to others.

Property Damage

This coverage is critical because you may be held financially responsible for any damage thats caused to your property if the person causing the damage is uninsured. Property includes facilities, but you probably also want coverage on other kinds of marina-related property.

Docks
Piers
Wharves
Boats

Protection and Indemnity

This is another important component of California marina insurance coverage, which is specifically related to watercraft. It will protect you from both bodily injury and property damage thats caused by a boat.

4 Essential Steps to Take When Your Home Has Been Robbed

personal insurance company claims

Coming home to find your possessions stolen and the house damaged is terrible. Filing personal insurance company claims is definitely on the list of must-dos after a robbery. Consider these other steps to secure the home and protect things you love.

Police

While this may seem obvious, it is imperative to get a police report as soon as possible. Do this before entering the home to ensure there isnt a criminal waiting for you.

Loved Ones

Make sure your loved ones and any pets are safe and sound. Call any direct family members not with you to ensure their safety. Dont forget to search for your fur babies as they may have escaped.

Documentation

The police will ask you a variety of questions and so will your insurance agent. Write things down that you remember about how things were left, time frames and what items have gone missing or were damaged.

Security

Re-evaluating your security measures is always a good idea after a burglary. Analyze what you currently have and look into other ways to secure your property. This may mean getting neighbors involved in a community effort. Your personal insurance company claims are part of the process to getting back on your feet after a robbery. The insurance agent is there to work with you when life deals you lemons.

How To Save When Filming in Remote Locales

production insurance

Documentaries allow audiences to learn important issues facing the world today or in the past. Many documentaries are filmed in remote locales such as the jungles of Thailand or small islands off the coast of South America. Wherever your film takes you, save yourself time and hassle with production insurance, proper research and the right tools.

Insurance

The farther away you are from your home turf, the more risks you assume with the production. The subject of your film may pose additional risks. Insure the production and yourself with production, travel and health insurances.

Research

Remote locales have the mystery and appeal of a riveting story. While you have thoroughly researched your subject, you also need to research the location and potential issues before departing. Remote locations don’t have all the luxuries of the modern world. The climate, geography and the people all can impact the production and your journey.

Tools

Make sure before you set off to film that you have all the tools you need. In addition to your camera and its accessories, consider taking along LED lights, extra batteries, a rain hood, additional memory cards and power adapters. Don’t forget to back up as often as possible.

Go ahead and film the masterpiece of your dreams with a little preparation. Production insurance can help you make your dreams a reality.

Whats the Difference Between Brokers and Agents?

insurance brokers vs agents

When you shop for insurance, you will likely come across both insurance brokers and insurance agents. If you are unfamiliar with the disciplines, you might believe the two professionals regularly do battle – insurance brokers vs agents. So whats the difference?

Whats the Same?

Both brokers and agents work as intermediaries between the insurer and the insured. They are bound by law to help you find the right insurance policy that fits your need. They must also ensure that it is available at a reasonable price. Agents and brokers must be licensed to sell insurance and must obey the regulations set forth by the states in which they do business.

Whats the Difference?

The biggest difference between brokers and agents is who they represent. Brokers represent the insurance buyer – you or your organization. Agents represent insurance companies.

Agents come in two types, captive or independent. Captive agents represent one insurer, while independents represent multiple insurers. They are joined with the insurer by contract, which identifies the policies and products the agent can sell and outlines the commission the agent will make.

Brokers, on the other hand, submit a buyers completed application to various insurers requesting a quote. You will likely work with either a retail or wholesale broker. Retail brokers work directly with buyers. Wholesale brokers work with retail brokers to help find coverage for buyers who couldnt obtain coverage otherwise.

Tips to Consider When Planning a Cruise

vessel pollution insurance

If youre looking to plan a cruise for your next vacation, its worth it to research the cruise line first and foremost. Some cruise packages are suspiciously cheap, so before taking advantage of low prices, make sure youre getting what you think youre paying for!

What kind of insurance does the cruise line have? Think about smaller concerns like how they treat lost or stolen baggage, but dont forget about big concerns too. Is there vessel pollution insurance if there is a leakage of some kind? What happens in case the ship collides with something? All concerns, from misplaced baggage to vessel pollution insurance, are valid.

Be aware of seasonal weather. For example, a trip to Bermuda might be dirt cheap during the months of June through September. Before jumping on this offer, research what the weather is doing during those months (which happen to be hurricane season!). Be smart when deciding on a departure date.

If the cruise line is based out of another country than the US, it might follow different procedures. Read as much as you can ahead of time about the cruise lines safety policies to make sure you are comfortable with them. In case of an emergency, you dont want to be stuck on a floating vessel with no plan!

Planning a trip is exciting, but remember to be smart when planning too. Every trip is memorable, just make sure your cruise isnt memorable for the wrong reasons!

Breaking Down Data Breach Myths

insurance programs for data breach

Most businesses have an online presence. If you do, then you may be at risk for data breach. Data breach involves valuable, personal information that most companies contain. In order to protect yourself against this, you need insurance programs for data breach.

Only Major Companies Are Targets

Small businesses dont think that they are at as much risk as larger companies. Usually, the media only covers data breach when it involves larger companies. The truth is that over half of businesses that end up targets are smaller companies.

Strong Passwords Are All You Need

A strong password wont stop data breaches. While its important to have a strong password, you need to look beyond that. You should always have a second layer of protection. For instance, you might want to have phone number for confirmation or a fingerprint.

Cybersecurity Is the IT Departments Concern

While the IT department takes care of cyber security, you have to think beyond the IT department. The truth is that the employees who are not in the IT department are more likely to create risk for a business.

Dont be fooled into thinking that your company is not at risk for data breach. If you have an online presence or house any secure data, then you need to think about insurance programs for data breach. These programs will protect business.

3 Reasons to Provide Healthcare

Owen health care in NJ

As a business owner, you can provide many benefits to your employees. The one benefit that most are looking for, however, is health insurance. This is the number one way to keep your staff healthy. If you’re considering Owen health care in NJ, here are some reasons why you should provide it.

Boosts Employee Morale

Companies that offer fair benefits generally have happier employees. When your employees are happier, then productivity tends to go up at the same time. Health care is absolutely important for staff.

Saves Extra Money at Taxes

Every business wants to save as much money as possible come tax time. When you provide health insurance, you may even save when it comes to payroll. Most employees prefer benefits to high salaries.

It’s Easy to Accomplish

Providing health care isn’t difficult. Some business owners think that it’s going to be difficult, when really, with the help of an insurance agency or broker; they have someone to guide them through it. There is a professional to help you select the right plan.

Owen health care in NJ can really help your business thrive. Offering health solutions to your employees is more than worth it. Not only does it boost morale, but it saves money and is easy to figure out.

Common Legal Errors That Malpractice Insurance Covers

legal professional liability insurance

As a lawyer, you have to worry about the occasional lawsuit. No matter how good you are, unhappy clients can and will happen, as will mistakes. Here are the most common mistakes that lead to a need for legal professional liability insurance.

Planning Error

If you don’t plan all reasonable outcomes in a case, this may result in damages to your client. In this case, maybe some of you advice didn’t go according to plan.

Knowledge Failure

One of the most common errors that a lawyer makes is not doing enough research about a particular law or statute. If you fail to apply the law correctly, most clients can’t call you out on it. They won’t realize what you did.

Failure to File

In many cases, a failure to file will follow closely an inadequate discovery. This situation tends to involve an attorney failing to file a document for a client on time. This failure may prevent a client from taking legal action. This is a major breach of trust when an attorney does not follow through.
Without legal professional liability insurance, you would owe damages and legal fees. These common errors do occur regularly. In order to protect against any fees or damages, insurance is a necessity for every law firm.