Tag: policy

How to Extend Your Claims Reporting Window

Extend Your Claims

For many professionals, insurance against errors and omissions or malpractice is a must while working in the field. The plans have very specific coverage terms, and incidents that are filed will only be covered if they occurred within the specific term window. However, for many professions, there is a possibility of a claim being filed long after an individual has changed jobs, professions, or even retired.

Purchasing Extended Coverage

Should a former client or patients open an allegation of damage or malpractice against you, it may come as a complete surprise. None the less, the courts may find you liable for any wrongdoing and order you to pay damages. The costs of a legal battle and settlement can be devastating. Fortunately, tail insurance is a coverage that can defray these costs.

Knowing Your Coverage Terms

With a tail policy, when your regular policy has come to an end, there is still time to report claims that would have fallen under your regular policy for a specified period of time. It forms an extended reporting endorsement with a fixed amount of time and active dates that mirrored those of your former policy. Though it can be purchased as a standalone, there is an option to add this coverage as an endorsement.

Errors and omissions or claims of negligence that would have been covered under an expired policy could potentially still be covered as long as the claim is filed within the active period of the tail policy.

Which Workplace Protection Policy Is Right for You?

Workplace Protection Policy

For most employers in the U.S., worker’s compensation insurance is not an optional form of coverage. Instead, it’s a state-mandated program. In some areas, there is even a monopolistic organization that handles policies for all employers in the state. There are areas where worker’s compensation is not mandatory, though, like jobs that send you to locations outside of jurisdictions with those policies. Some offshore mining and refining operations fit this definition, as do many employers who send workers abroad for contracted labor in various industries. For those employers, there may be an option for worker’s compensation, but often the policy they use to protect employees is an occupational insurance policy, which has a few distinct differences.

Contrasting Workers Compensation and OAI

Workers’ compensation tends to be more expensive because of the provisions that cover workers for lost wages and medical expenses with no upper limit. By contrast, occupational insurance covers medical costs and lost wages associated with an accident up to the policy maximum, and it is up to your company to calibrate its coverage to its needs. There is a chance that under-insurance could place financial liability for a portion of the costs associated with accidents on your company, so if this policy looks like a good fit for your business, you’ll want to work with insurance experts who make occupational accident coverage the focus of their work.

The Exclusions of Homeowners Insurance

Homeowners Insurance

Many homeowners feel that their standard homeowner’s insurance policy will cover all the things they store and keep at their homes. This isn’t always the case, and not realizing the items left unprotected can cause a lot of heartache down the road if something ever happens. Here are some of the things that probably aren’t covered by your policy.

Water Damage and Earthquakes

In many states, damage caused by earthquakes or sinkholes is excluded from a standard policy. In every state except California, a homeowner could add this protection as an endorsement. Flood insurance is also a separate purchase. Other concerns with water damage such as a sewer system, drain, or sump pump back up or overflow are not usually covered either.

Recreational Vehicles

According to the information found at https://www.byrnesagency.com, a homeowner’s recreational vehicles arent covered by a general home insurance policy. Things like ATVs, campers, trailers, or golf carts need a separate coverage plan. Fortunately, a coverage plan that offers golf cart insurance could be included in a well-tailored auto policy.

Maintenance Issues

By using preventative maintenance measures, you can avoid needing to pay for expensive repairs over the course of your homeownership. Damages caused by neglect or a failure to properly take care of the property are not included in insurance coverage.

Your home is one of the most valuable investments you will ever make. However, make sure you have your home’s contents and other personal items insured as well to avoid financial stress.