Skip to content
(631) 736-7500 | info@industrialcoverage.com
Industrial Coverage | Insurance 50 States | Commercial Auto Home Insurance
  • About
  • Insurance Info
    • Personal Insurance
      • Auto Insurance
      • Motorcycle Insurance
      • Senior Drivers Insurance
      • Home Insurance
      • High Value Homes Insurance
      • Flood Insurance
      • Earthquake Insurance
      • Personal Liability Insurance
      • Disability Insurance
      • Life Insurance
      • Long-Term Care Insurance
      • Non-US Residents
      • International Travel & Medical
    • Commercial Lines
      • Educational Institutions
      • Group Benefits
      • Commercial Auto Insurance
      • Property Insurance
      • Inland Marine Insurance
      • Workers Comp Insurance
      • General Liability Insurance
      • Excess Liability
      • Cyber Liability – Data Breach
      • Management Liability
      • Contractors Insurance
      • Restaurants Insurance
      • Salons & Barbers Insurance
      • Apartment Owners Insurance
      • Liquor Liability Insurance
    • Insurance Companies
    • Knowledge Center
      • Auto Insurance Tips
      • Home Insurance Tips
      • Commercial Tips
      • Life Insurance Tips
  • Educational Institutions
  • Financial
  • Client Services
    • Make A Payment
    • Online Requests
      • Order Auto ID Card
      • Update Your Policy
      • Order Cert of Liability
      • Refer A Friend
      • Client Satisfaction Survey
      • Auto Renewal Survey
      • Home Renewal Survey
      • Commercial Auto Renewal Survey
      • Commercial Property/Liability Survey
    • Claims & Bill Pay
    • Download Forms
    • Online Calculators
    • Tools & Resources
    • Insurance 101
    • Insurance FAQ
    • Insurance Glossary
    • Homebuyer Glossary
  • Insurance Quotes
    • Families & Individuals
      • Fast Quote Request
      • Auto Quote
      • Homeowners Quote
      • Motorcycle Quote
      • Boat Quote
      • Life Insurance Quote
      • Liability Umbrella Quote
      • International Travel & Medical
      • Non-US Residents
    • Commercial Quotes
      • Fast Quote Request
      • Business Owners
      • Commercial Auto
      • Liability Insurance
      • Workers Comp
      • Group Benefits
      • Vacation Income Property
  • Secure Services
  • News
  • Contact
Menu Close
  • Home
  • Fast Quote Request
  • Insurance
  • Personal Insurance
  • Commercial Insurance
  • Client Services
  • Claims & Bill Payments

inspections

  1. Home>
  2. inspections

Home Inspections Before Winter Weather Comes

  • Post author:Admin
  • Post published:November 26, 2012
  • Post category:News

This time of year can be just great here in . However, you won't get much fireside snuggling done if your chimney clogs or your roof springs a leak. And…

Continue ReadingHome Inspections Before Winter Weather Comes
Industrial Coverage

START A CONVERSATION

SEND A TEXT
  • (631) 736-7500
  • info@industrialcoverage.com
  • Contact Us

Get Started

  • Get Insurance Quote
  • Personal Insurance
  • Business Insurance
  • Educational Institutions
  • Non-US Residents
  • Companies, Claims & Bill Pay
  • Contact Us

Client Tools

  • Secure Online Services
  • Refer A Friend
  • Claims & Bill Payments
  • News & Articles
  • Online Calculators

Lastest News

COVID-19 (Coronavirus) Service Update

Message- To Our Valued Customers:Understanding that life across the country is ever changing as a…
Read More

Educational Institutions

Public Schools and Libraries Our dedicated Educational Institution team is here as a resource to…
Read More

Auto & Home Quotes

Your browser is unable to display frames. Please click here to visit the secure live…
Read More

Non-US Residents

If you are interested in personal or commercial insurance coverage, but are not living in…
Read More

International Travel & Medical

We know that the reasons to travel abroad are many and varied – that’s why…
Read More

Financial Services

Financial Products from United Nations Federal Credit Union Industrial Coverage Corp is owned by the…
Read More
Facebook-f Linkedin-in

Get Coverage

INSURANCE QUOTES
MAKE A PAYMENT
Industrial Coverage • 62 South Ocean Avenue • Patchogue, NY 11772
Licensed In All US States Including New York

Insurance coverage cannot be bound or changed via submission of any online form/application provided on this site. No binder, insurance policy, change, addition, and/or deletion to insurance coverage goes into effect unless and until confirmed directly by a licensed agent.

DISCLAIMER: All insurance products offered through UNFCU Financial Services LLC doing business as Industrial Coverage (“UNFCU FS”), a licensed insurance agency in all US states including New York where its primary office is located. All insurance products obtained from licensed, third party insurance carriers. UNFCU FS reserves the right to collect commission and/or collect a service fee, subject to appropriate written disclosures and otherwise subject to applicable state law, which may differ on a state by state basis.

Insurance offered or sold by UNFCU FS is not a deposit, is not insured by the National Credit Union Share Insurance Fund, and is not guaranteed by United Nations Federal Credit Union (UNFCU). UNFCU FS is a wholly owned subsidiary of UNFCU. Provision of any banking service or the offering of any loan or other extension of credit is not conditioned upon the purchase of insurance through UNFCU FS or any specific insurance agency.

© 2022 All rights reserved

Privacy Policy Statement

Viewing External Linked Webpage

Industrial Coverage provides links to web sites of other domains we use in order to provide visitors with specific information or functionality. Once you approve the link to another web site not maintained by Industrial Coverage, you are subject to the terms and conditions of that web site, including but not limited to its privacy policy.

You will be redirected to

Click the link above to continue or CANCEL

  • https://secure.consumerratequotes.com
  • https://unfcu.clementspartnernetwork.com
We use cookies on our website to enhance your online experience and to analyze visitors’ navigation patterns. For more information about our use of cookies, please read our privacy policy.
To acknowledge our use of cookies, simply continue browsing or click ‘Acknowledge.’ Acknowledge
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT
Message- To Our Valued Customers:

Understanding that life across the country is ever changing as a result of COVID‐19, we want to assure our customers and community that we have taken steps, and remain prepared to continue to deliver the standard of service you have come to expect and deserve.  We have successfully transitioned all agency staff to work remotely and our team of caring professionals are fully available during normal business hours.

Should you have any Insurance related questions or concerns, please do not hesitate to reach out to us.

We are here for you! 

From all of us to all of you, stay safe and healthy!

Covid-19 Information
For the most up to date information, please visit the NY State Department of Financial Services website
TO FIILE A CLAIM CLICK TO SEND EMAIL

Public Schools and Libraries

Our dedicated Educational Institution team is here as a resource to the community and takes a consultative approach when analyzing our client’s needs making sure they have all necessary and pertinent coverages to protect them from lawsuits and property damage. We have been successful in substantially reducing the cost of insurance for our educational institution clients and would love the opportunity to introduce you to our team. In addition to the coverages outlined below, we provide a variety of ancillary Risk Management and Safety services. We are always looking for ways to prevent claims from happening and want to make sure that our clients are in the best position possible to defend a claim if one arises.

The following list highlights some of the coverages often included:
  • General Liability
  • School District and Educators Legal Liability
  • Property
  • Inland Marine
  • Crime
  • Cyber Liability
  • Abuse & Molestation Liability
  • Employment Practices Liability
  • Student Accident
  • Employee Benefit Programs
  • Liability
  • Auto
  • Umbrella
ADDITIONAL RISK MANAGEMENT AND SAFETY INFORMATION
Send Email to Education Team Now

Are the automobile(s) to be insured located inside or outside the United States?

Inside the U.S.
Outside the U.S.

Viewing External Linked Webpage

Industrial Coverage provides links to web sites of other secure domains we use in order to provide visitors with specific information or functionality. By using the links above you are agreeing to view another web site not maintained by Industrial Coverage, you are subject to the terms and conditions of that web site, including but not limited to its privacy policy.

Is the home to be insured located inside or outside the United States?

Inside the U.S.
Outside the U.S.

Viewing External Linked Webpage

Industrial Coverage provides links to web sites of other secure domains we use in order to provide visitors with specific information or functionality. By using the links above you are agreeing to view another web site not maintained by Industrial Coverage, you are subject to the terms and conditions of that web site, including but not limited to its privacy policy.

If you are interested in personal or commercial insurance coverage, but are not living in the US, visit the Clements Worldwide website.

Clements Worldwide is an insurance agency licensed in Washington, DC. Clements Worldwide has entered into a business relationship with UNFCU Financial Services, LLC (“UNFCU FS”) to provide insurance products to non-US residents. Insurance products are written by non-US insurers and are not available to US residents.

REQUEST A QUOTE

We know that the reasons to travel abroad are many and varied – that’s why our products are too. Our full-service approach to providing international medical insurance products includes servicing vacationers, those working or living abroad for short or extended periods, people traveling frequently between countries, and those who maintain multiple countries of residence. To meet all of these needs, we have developed a comprehensive range of major medical, life, dental and disability products that can be tailored to meet your needs.

For your convenience and to assist you in determining which plan is right for you, simply use the scroll function to view each of the products or click on one of the specific product categories below to help narrow your search. You may also obtain more detailed plan information by clicking on the “Download a brochure & application” link associated with each product. For more information, or to download a brochure and a quotation click on the “Request a Quote” link on this page.

REQUEST A QUOTE

Financial Products from United Nations Federal Credit Union

Industrial Coverage Corp is owned by the United Nations Federal Credit Union (UNFCU), a member-owned cooperative financial institution with a mission to “serve the people who serve the world”. ICC does not provide any banking services, but if you are interested in financial products and services, you may be able to join UNFCU to benefit from a full suite of competitive products and services:

Services Available from UNFCU

Click link below to view their specific offer:

  • Deposits
  • Investment Advisory
  • Mortgages
  • Auto Loans
  • Consumer Loans
  • Credit Cards
  • ID Theft Protection (PrivacyMaxx)

Unfortunately, many people wrongly assume that auto and umbrella insurance policies will provide reimbursement for all aspects of an accident on the road. Instead, both of these policies cover your own liability and provide compensation to others in the event that you are responsible for an accident. However, if another driver causes an accident and doesn’t have enough insurance coverage to compensate you, your own auto or umbrella policies may not be enough.

If another driver doesn’t have enough insurance coverage to pay for your medical bills, you could face extremely high costs or lengthy court battles. However, by purchasing stand-alone uninsured (UM) or underinsured (UIM) motorist coverage, or by adding the coverage as an endorsement to your umbrella policy, you can be fully protected on the road.

Why Isn’t There Coverage?

Auto insurance is required in most states because all drivers on the road essentially put their trust in one another to not get into an accident. As a result, your regular auto insurance policy will reimburse another driver if you are the cause of an accident. In a similar way, umbrella policies provide you with excess coverage for a number of different personal liabilities.

However, if another driver doesn’t have enough coverage to fully pay for the damage of an accident, you could be left to pay the bills yourself.

  • Uninsured motorists simply don’t purchase an auto insurance policy. As a result, if they cause an accident, there isn’t a policy in place to reimburse you for medical bills. According to the Insurance Research Council, approximately 1 in 7 drivers in the United States are completely uninsured.
  • Underinsured motorists have an insurance policy, but don’t have a high enough coverage limit to pay for all of the expenses of an accident. Some states only require a small amount of coverage, which won’t be enough to pay all of your medical expenses.

To protect yourself from these risks, it’s important to contact us about a stand-alone policy or an endorsement to your umbrella coverage.

Coverage Specifics

Without UM or UIM coverage, you’re essentially paying more for the protection of strangers than you are for yourself and your family. And, although uninsured and underinsured drivers are all too common, many people believe that they’re already covered if someone else causes an accident.

UM or UIM policies are available, as are endorsements to umbrella policies that can protect you from uninsured or underinsured drivers. In fact, in many states, you may be required to purchase UM or UIM coverage. However, just like a normal auto policy, there are some aspects of this coverage that you should consider.

Depending on the state, you may only be required to purchase a small amount of UM or UIM coverage. However, since these policies will protect you and your family in the event of an accident, it’s generally a good idea to purchase the same amount of coverage as your regular auto policy. Coverage is also inexpensive.

Vehicle technology seems to advance each year, as new features improve driver and passenger safety. The following are just a few driver-assist features to be aware of the next time you’re in the market for a new vehicle:

  • Adaptive cruise control: This type of cruise control automatically speeds or slows down your car based on the actions of the vehicles in front of you. This tool can help reduce the likelihood and severity of rear-end collisions.
  • Automatic braking: Automatic braking devices are designed to reduce the severity of high-speed collisions in the event of a lapse of driver attention. These devices can predict impending crashes and help combat distracted driving.
  • Blind-spot detection: Through the use of sensors, blind-spot detection systems sound an alarm in the event that an object is in your blind spot. These devices can help reduce accidents on the highway and are particularly useful for changing lanes.

If you purchase a vehicle with driver-assist features, it’s important to familiarize yourself with how they work. Doing so can help keep you safe on the road and allow you to get the most out of crash-prevention technology.

What do I give up by not using a licensed independent agent to purchase insurance?

The disadvantage of not using a licensed agent to purchase insurance is that the policyholder does not receive as much, or often any, personal service. A licensed agent with whom there is direct contact can be vital when purchasing a product and absolutely necessary when filing a claim. Without an agent to act as your personal advocate during the claims process, you are left to take care of the details on your own. You may be unsure who to contact at the insurance company or who you can really trust to help you during the times in life when you need help the most. Without an agent you are on your own to absorb the frustration and expense of resolving your problems.

The disadvantage of not using a licensed independent agent to purchase insurance is that agents who only represent one insurance company can only offer insurance based on that one company’s policies and rate structures. As an independent agency we represent numerous insurance companies and are deeply familiar with the intricate differences between them. Therefore we are able to match your needs with the best company to meet those needs and your budget without having to sacrifice coverage in order to find affordability.

What’s the risk in not using an agent?

Many insurance companies that can be called directly as a customer fail to tell you that the “call center personnel” who will take your information and issue the policy ARE NOT licensed to sell insurance, therefore lacking the professional knowledge to guide you toward an acceptable level of protection. These companies are conducting business using a loophole within the law which allows the company to have one license while everyone else works without it. Going this route can place your financial future at risk because unlicensed personnel are trained to simply sell you a policy without being aware of what “real” protection means.

For instance, imagine you own a $150,000 home and your auto insurance policy’s liability limits are $50,000. When you purchased the policy you were told this was plenty of protection considering your state’s minimum requirement for liability is $20,000. Yet if you have an accident and are sued for $200,000 your policy is only going to pay out $50k, leaving you responsible for the remaining $150k. Since your home would cover the difference, a court judgment could force you into selling your home as a way to settle the suit. If your policy’s liability limits had protected you at a minimum of $200,000, the policy would be paying for the total suit.

Because direct writers are typically located nowhere near where you live, many won’t hesitate to sell you a policy with low liability limits as a way to simply make the policy cheaper while convincing you to buy it. Leaving you extremely vulnerable to financial disaster.

Looking for an agent with your best interests at heart? That’s exactly why we’re here.

 

Lightning storms are incredibly dangerous and more deadly than tornadoes, floods and hurricanes. When a storm is on the verge of striking your area, you need to know the steps to take in order to protect your family and home.

Use these tips to stay safe during a lightning storm:

  • Seek shelter in an enclosed building, if possible.
  • If you are in a car, stay inside and keep the windows securely rolled up.
  • Do not use a small shed, pavilion or lean-to as shelter—they do not provide enough protection.
  • Do not use a landline telephone during a storm. Instead, use a cellular or cordless phone that is not connected to the building’s wiring.
  • If you’re outside during a lightning storm, get as close to the ground as possible without placing your hands or knees on the ground.
  • Avoid seeking shelter near trees, metal fences, pipes or tall and long objects.
  • If you are swimming, boating or fishing, seek shelter on land immediately.

If someone you know is struck by lightning, contact emergency personnel immediately. A lightning strike can cause the heart to stop and a person to stop breathing.

If you have the proper medical training, administer CPR to victims who do not have a pulse and treat conscious victims for burns, fractures and other wounds.

Recreational vehicles (RVs) can be a fun way to see the country and spend time with your family. However, because they’re bigger and heavier than an average car, there are additional hazards that come with owning and operating an RV.

Many RV accidents can be avoided by following these helpful tips:

  • Know the weight capacity of your RV.
  • Perform a complete pre-trip inspection. Check the tire pressure, tread depth, headlights, tail lights, turn signals, belts, oil levels, hitch and other towing equipment, and windshield wipers before leaving.
  • Know the height of your RV and pay close attention to overhangs and clearance heights.
  • Watch your speed, especially at night and during dusk.
  • Slow down on blind curve areas of the roadway.
  • Use your high beams at night to see animals and other obstructions.
  • Always wear a seat belt.

Guaranteed asset protection, or gap insurance is an optional automobile coverage that helps you transfer the financial risk if you are involved in an auto accident and you owe more for your vehicle than the amount that it’s worth. This is referred to as being “upside-down.”

Since a new car’s value drops significantly the minute it’s driven off the lot, if you are involved in an accident that totals your vehicle in the first few years you own your vehicle, you may find yourself owing the finance company more than the vehicle’s actual value. Gap insurance provides for the “gap” between the two amounts.

Is Gap Insurance for Everyone?

New vehicle financing options: If you took advantage of a zero percent down payment deal or put a small amount of money down, or stretched the life of your loan past 3 years, gap insurance is most likely a good idea. That’s because the vehicle typically depreciates considerably faster than you have actually paid down the vehicle’s loan.

Used vehicles: Gap insurance is typically not available for used vehicles. To cover your risk, it’s wise to put down an ample down payment and finance the vehicle for the shortest possible timeframe.

Leased vehicles: For those who lease a vehicle, gap insurance is considered an essential coverage because typically there is no trade-in and little cash put down to lease the vehicle. Similar to purchasing a vehicle, if the car is a total loss, you will owe the difference between what you have paid and what you owe on the balance of the lease.

Cost versus benefit: Gap insurance is offered for a nominal fee, which makes it a great value for anyone who finances or leases a new car.

We’re Here to Help

Depending on your vehicle’s make, model and loan terms, we can help you determine if gap insurance is the right choice for you. If you’re purchasing a new vehicle, contact us to learn about how gap insurance can complement your auto policy coverage options and keep you from getting caught upside-down!

What is Cyber Liability Insurance?

A red colored backlit computer keyboard

Protect your business and your clients from a cyber security breach with cyber liability insurance. Cyber liability insurance is crucial in today’s business world. Mobile phones, social media, and online professional tools are integrated in daily business practices. Information is stored online through applications and cloud technology. This sensitive business material is easily accessible to your business but it is also be easily accessible to hackers. Without the proper cyber security policy in place, your business may be in danger of a security breach. Protect your business with data compromise protection.

Cyber Liability Insurance Coverage

Preventative data protection systems are essential to minimize the potential for a security breach. Even with preventative actions in place, businesses should still be prepared in case of a security breach. Prepare your business with a cyber security policy and have confidence in your plan when issues arise. Cyber liability insurance protects your business against damages to your client and to your company. Expenses for lawsuits, reputation maintenance, data repair, and financial damages add up quickly. Limit your chances of a security breach and limit your damages with proper cyber liability insurance.

Protect your business from the following damages:

  • Customer Data Theft

  • Data Compromise Protection

  • Identity Recovery Protection

  • Intellectual Property Theft

  • Reputation Crisis Management

  • Virus and Malware Client Protection

Why Your Business Needs a Cyber Security Policy

Cyber liability insurance is a necessity in today’s world of business. Small local businesses and large national businesses alike need proper data compromise protection. No one anticipates a security breach, but you can be prepared and be confident in your protection plan in case your business encounters a security breach. Learn more about cyber liability insurance by talking with one of our knowledgeable agents to review your risk profile and develop the right security plan for your business’s needs.


QUOTE ME NOW



 

Dropping some of your coverage—like comprehensive or collision—to the lowest legal level can cut your premium, but it could also put you at serious risk.

An automobile insurance policy is designed to provide you with a level of protection against property, liability and medical costs if you are involved in an accident.

  • Property coverage pays for damage to or theft of your car.
  • Liability coverage pays for your legal responsibility to others for bodily injury or property damage.
  • Medical coverage pays for the cost of treating injuries, rehabilitation and sometimes lost wages and funeral expenses.
  • Underinsured motorists coverage pays for property damage and bodily injury caused by another driver whose coverage is insufficient to cover damages suffered.

Selecting the correct liability limits is fundamental. 100/300/50 means you are covered for up to $100,000 in bodily injury coverage per person, $300,000 in bodily injury coverage per accident and $50,000 in property damage per accident.

Many states have minimum liability limits of 25/50/10, although some states are higher or lower than this. While it may lower your premium, reducing your liability limits to minimum legal levels and dropping underinsured motorists coverage could open you up to substantial risk.

Collison Insurance – Know the Value of Your Car

Your policy will not pay for repairs that exceed the value of your vehicle. For this reason, if you are driving a vehicle that isn’t worth more than a few thousand dollars, it may not make sense to purchase collision coverage. BHC Insurance can help you determine whether or not collision insurance makes sense for you.

Top Ways to Save on Your Auto Premium:

  • Consider raising your deductible.
  • Keep up your good driving record.
  • Drive less to qualify for a low-mileage discount.
  • Drive a car with safety features such as anti-lock brakes and airbags.
  • Install an anti-theft device.
  • Ask about our multi-policy discounts.

We’re Here to Help

Accidents happen to cautious drivers, too, and having adequate insurance can save you from serious financial burden should one happen to you.

We can help you determine which automobile insurance coverage is needed and what limits you should consider for your policy.

While it may be difficult to imagine it happening to you, home break-ins are a common occurrence. If an intruder enters your home, your property and the well-being of your loved ones are at risk.

In order to protect your home and family from an intruder, consider doing the following:

  • Put an emergency plan in place and discuss it with everyone in your household.
  • Take any measure possible to let the intruder know someone is home and aware of his or her presence.
  • Do not assume the intruder is unarmed. He or she may be concealing a knife or gun and could produce it at a moment’s notice.
  • If you have something immediately available you can use for defense, grab it, even if it is just a scare tactic.
  • Remain vigilant. Take note of the intruder’s physical characteristics and provide the most accurate description possible to the police if he or she gets away.

In addition to the above, consider arming your home with a security system. A security system may seem expensive, but knowing your family and possessions are safe at all times may make it worth the cost.

Obtaining the peace of mind financial stability brings starts with reviewing your current financial resources. This is important because your financial resources affect not only your ability to reach your goals, but your ability to protect those goals from potential financial crises. These are the resources you will draw on to meet various life events.

Start by calculating your net worth—this isn’t as difficult as it might sound. Your net worth is simply the total value of what you own: your assets, minus what you owe (your liabilities). It’s a snapshot of your financial health.

First, add up the approximate value of all of your assets. This includes personal possessions, vehicles, homes, checking and savings accounts, and the cash value (not the death benefits) of any life insurance policies you may have. Include the current value of investments, such as stocks, real estate, certificates of deposit, retirement accounts, IRAs and the current value of any pensions you have.

Now add up your liabilities: the remaining mortgage on your home, credit card debt, student and personal loans taxes due on the profits of your investments if you cashed them in and any other outstanding bills. Subtract your liabilities from your assets. Do you have more assets than liabilities? Or the other way around? If so, don’t beat yourself up. According to Forbes Magazine, a person with no debt and $10 in his or her pocket has more wealth than 25 percent of Americans.

Your aim is to create a positive net worth, and you want it to grow each year. Your net worth is part of what you will draw on to pay for financial goals and your retirement. A strong net worth also will help you through financial crises. Review your net worth annually as a good way to monitor your financial health. Websites like Mint.com help you keep track of your income, expenses and net worth on a daily basis.

Identify other financial resources. You may have other financial resources that aren’t included in your net worth but that can help you through tough times. These include the death benefits of your life insurance policies, Social Security survivor’s benefits, health care coverage, disability insurance, liability insurance, and auto and home insurance. Although you may have to pay for some of these resources, they offer financial protection in case of illness, accidents or other catastrophes.

For many of us, the holiday season is a time of joy, celebration and tradition. We look forward to hosting or attending festive gatherings or concerts. We travel near and far to share in the spirit of the season with family, friends and co-workers. We cook more, shop more and decorate more.

However, all that extra cooking, traveling, shopping, celebrating and decorating we do can post potentially serious hazards at home, in the office and on the road. Reports from leading safety organizations indicate that the time from Thanksgiving through the New Year is also one of the most dangerous for homeowners.

Whether you are planning or participating in the festivities, knowing the risks and how to help avoid injury, theft and damage to property through the holiday season are important however you choose to celebrate.

Fire Hazards
According to the National Fire Protection Association (NFPA), home fires and home fire deaths peak between December and February.* Cooking is the leading cause of home fires year round, and the increased use of stovetops and ovens for preparing holiday meals can increase the risk. Holiday decorations and the open flames of fireplaces and candles used during the holidays can also pose a threat.

To help reduce the risk of fire, consider using non-flammable or flame-retardant decorations. If you decorate a Christmas tree this time of year, select a quality artificial tree and decorate with only UL-listed lights. If you choose to have a fresh tree, be sure to keep water in the stand at all times. According to the NFPA, even a well-watered fresh tree should be taken down after four weeks. If you celebrate using a menorah, consider lighting using dripless candles. Remember to keep decorations and trees away from candles, fireplaces and heaters. Never leave an open flame or stove unattended.

Decorative Displays
Decorating the home, office or yard is a popular way to get into the spirit of the season. Planning your displays carefully is important to help reduce the risk of fire, electrical shock, trips and falls, and property damage. If a ladder is to be used always use a fiberglass or wooden ladder as they do not conduct electricity should the ladder come in contact with an open power source. Be diligent about everything you do while decorating to help keep your family and friends safe when putting up, playing around or packing away your festive displays.

Winter Driving Safety
Over the river and through the woods to grandmother’s house, shopping malls and holiday parties we go — all increasing our risk of having to drive in sometimes hazardous winter conditions.

Always check the weather before going out, and avoid driving in snowy, icy or other severe conditions if possible. Take a vehicle survival kit stocked with cold weather essentials on every trip, and try to keep your gas tank from getting far below the half empty level. Following your common sense and basic winter driving tips can help ensure you and your passengers reach your holiday destinations safely.

Consumer Protection Safety Commission, http://www.cpsc.gov/; Electrical Safety Foundation International, http://esfi.org/.

When your child leaves for college, it is a big event. One thing that you should think about is your insurance coverage and how it could change with your son or daughter away at school.

Protecting Your Student’s Belongings

Many homeowners policies consider a dorm room as an extension of your home, so items your child keeps there may be covered to some extent. However, if your child has expensive electronic equipment or furniture, you may want to consider purchasing additional coverage.

If your child lives off campus, his or her possessions may not be covered by your homeowners policy. In that case, you may want to consider renter’s insurance, which typically costs as little as a few dollars per month. Renter’s insurance will cover possessions in your child’s off-campus apartment or house as well as provide liability coverage if anyone is injured in the residence.

Changing Auto Coverage

If your son or daughter moves more than 100 miles away from home to attend school and does not keep a vehicle there, your car insurance premiums could decrease by as much as 30 percent.

Keeping Your Child Healthy While on Campus

Since 2014, children up to age 26 can stay on their parent’s employer plan even if they have another offer of coverage through an employer. This rule applies to all plans in the individual market and to new employer plans. It also applies to existing employer plans unless the adult child has another offer of employer-based coverage.

If you find your child does not have adequate coverage under your plan, you have a few options. Most universities have their own health plans, but some policies have low deductibles and low coverage maximums. It may be better to consider an individual policy for your student depending on his or her needs.

Count on Us

If you are sending a child off to college and haven’t looked at adjusting your coverage, contact us today to learn more. You could save money on your policies and protect your child from expensive incidents while away from home.

You can insure just about any kind of vessel, whether you have a yacht, speed boat or personal watercraft like a JetSki. Every type of boat has the potential to be stolen or damaged, and can be involved in an incident that results in harm to another person or their property. Even if your boat is docked or stored in your garage, it can potentially be vandalized, damaged in a fire or storm, or stolen.

Many owners of small watercraft such as canoes, rafts and kayaks assume they will be covered under a homeowners or renters policy. This may be the case, up to a specified limit in your home policy. However, when it’s time to make a claim, you don’t want to be surprised to find out that this limit is not adequate to cover the value of your investment.

Be sure to consider the amount of coverage you would need to repair or replace each of your boats and recreational vehicles if damaged or stolen and ask your agent to help you get the right coverage for those items.

What Does Boat Insurance Cover?

The exact boat coverage you need depends on multiple factors. Small boat insurance is very different from yacht insurance, for example. However, for most types of boats, the three kinds of coverage in a basic boat insurance policy include:

  • Bodily injury liability for expenses related to the injury of another person
  • Property damage liability for expenses related to harming another person’s property
  • Physical damage for damage to your own property, including your boat and trailer.

You also may want to add additional types of coverage to your boat insurance policy in order to fully protect yourself and your property. Here are some examples of additional coverage:

  • Property coverage for equipment such as tools, life preservers, anchors and oars
  • Insurance for fishing equipment like your rods, lures, nets and tackle
  • Towing coverage when your boat becomes disabled and needs servicing
  • Medical payments coverage for hospital and funeral expenses for you or your passengers
  • Uninsured/underinsured boaters coverage if you have an accident with another boater whose insurance is not sufficient to cover damages

As with all insurance, the amount of benefit or reimbursement you have in the event of an incident is set at the time you buy your policy.

Though grilling is an extremely popular way to prepare food in the summer, it can also be dangerous. According to the U.S. Fire Administration, gas and charcoal grills account for an average of 10 deaths and 100 injuries annually. Additionally, the National Fire Protection Association reports that an average of 8,900 home fires are caused by grilling each year.

This year, keep the following safety suggestions in mind when you go to fire up your grill:

  • Make sure your grill is at least 3 feet away from other objects including your house, trees and outdoor seating.
  • Remember that starter fluid should only be used with charcoal grills and never with gas grills.
  • If you suspect that your gas grill is leaking, turn off the gas and get the unit fixed before lighting.
  • Do not bring your grill into an unventilated or enclosed space such as the garage or inside of your home.
  • Do not let children and pets play near the grilling area when cooking until the grill is completely cool.
  • Allow time for your grill to completely cool down before storing or covering it after grilling.

Grill Your Food Thoroughly

Prevent food-borne illnesses by grilling your meat to the proper internal temperatures.

  • Steaks, Roasts and Chops – 145°F
  • Poultry – 165°F
  • Groud Poultry – 165°F
  • Ground Meats – 160°F

Summer Water Safety Refresher

  • Teach children water safety and swimming skills as early as possible.
  • Always brief babysitters on water safety, emphasizing the need for constant supervision.
  • Appoint a “designated watcher” to monitor children during social gatherings at or near pools.
  • Equip doors and windows that exit to a pool area with alarms.
  • Install a poolside phone, preferably a cordless model, with emergency numbers programmed into speed-dial.
  • Post CPR instructions and learn the procedures.
  • Keep rescue equipment poolside. Don’t wait for the paramedics to arrive because you will lose valuable life-saving seconds. Four to six minutes without oxygen can cause permanent brain damage or death.
  • Keep a first aid kit at poolside.
  • Install four-sided isolation fencing, at least five feet high, equipped with self-closing and self-latching gates, that completely surrounds the pool and prevents direct access from the house and yard.
  • Maintain constant visual contact with children in a pool or pool area. If a child is missing, check the pool first; seconds count in preventing death or disability.
  • Don’t use flotation devices as a substitute for supervision. Never allow a young child in a pool without an adult.
  • Don’t leave objects such as toys that might attract a child in the pool and pool area.
  • Never prop the gate to a pool area open.
  • Don’t rely on swimming lessons, life preservers, or other equipment to make a child “water safe.”
  • Never assume someone else is watching a child in a pool area.
  • Don’t leave chairs or other items of furniture where a child could use them to climb into a fenced pool area.
  • Don’t think you’ll hear a child who’s in trouble in the water; child drowning is a silent death, with no splashing to alert anyone that the child is in trouble

Flash floods occur as a result of heavy rainfall, rapid snow thaw, city drains overflowing or dam/levee failures. They occur quickly and unexpectedly, within 6 hours of the events that caused them. Here are more facts to give you an idea of how dangerous flash floods can be:

  • Every region in the United States can be affected by flash floods, especially low-lying areas: near river beds and coastlines.
  • Cities are more likely to be affected by flash floods due to the predominant impermeable surfaces, such as asphalt, and the lack of natural drainage systems.
  • The water from flash floods can reach a height of 20 feet, which can severely damage anything in its path.
  • Just 2 feet of floodwater moving at 9 feet per second (standard speed of flash floods) is enough to sweep vehicles away, move 100 pound rocks, uproot trees or level buildings.
  • Just 6 inches of rapidly moving floodwater can sweep someone off their feet.
  • Between 2004 and 2013, an average of 75 people have died from flash floods in the United States per year.
  • Nearly all who perished during flash floods tried to outrun the waters rather than going to a higher area.
  • Two thirds of the deaths claimed by flash floods occur in vehicles, when the drivers try to pass through the floodwater.
  • Flash floods can cause extensive structural damage: 12” of floodwater on a 2,000 square foot building can cause $50,000 worth of damage or more.
  • Flash flood warnings are issued by the National Weather Service when a flash flood is imminent.

Prepare Yourself for IRS Phone Scams

Your phone rings. When you check, the caller ID shows it’s the IRS calling. (Three letters that can give you a sinking feeling in the pit of your stomach.) But you think to yourself: I don’t believe I owe any taxes. And I haven’t even submitted this year’s return. Why are they calling me? But it says it’s the IRS, so it must be them… right?

WRONG.

For a number of years scammers have been calling people across the country, spoofing the caller ID, claiming to be IRS officials, and demanding immediate payment of fines or back taxes. Their goal is to trick you into giving them personal information and/or get you to send cash.

So the REAL IRS has assembled a number of tips to help you understand what the criminals are doing and how to avoid becoming a victim of one of their scams:

  • Scammers try to scare you. Many phone scams use threats to intimidate and bully you into paying a bogus tax bill, usually through a prepaid debit card or wire transfer. They may even threaten to arrest, deport, or revoke your license if they don’t get the money. (If they don’t get through to you, they may also leave “urgent” callback requests through phone “robo-calls,” or via phishing email.
)
  • Scams use caller ID spoofing. Scammers often alter caller ID to make it look like the IRS or another agency is calling. The callers use IRS titles and fake badge numbers to appear legitimate. They may use your name, address and other personal information (even your Social Security Number) to make the call sound official.
  • Cons try new tricks all the time. Some schemes provide an actual IRS address where they tell you to mail a receipt for the payment you make. Others use emails that contain a fake IRS document with a phone number or an email address for a reply. These scams often use official-looking IRS letterhead in emails or regular mail that they send you. They try these ploys to make the ruse look official.
  • Scams cost victims over $23 million. You probably think “I’ve heard this before; they won’t fool me.” But the Treasury Inspector General for Tax Administration has received reports of about 736,000 scam contacts between October 2013 and November 2015. Nearly 4,550 victims have collectively paid over $23 million as a result of the scam. The crooks get more sophisticated every year. The communications look and sound more real all the time too. And we’ll bet that a certain number of those 4,550 victims thought they wouldn’t be scammed either.

So to protect yourself, remember the following:

  • The IRS will NOT call you to demand immediate payment. The IRS will not call you if you owe taxes without first sending you a bill in the mail.
  • The IRS will NOT demand that you pay taxes and not allow you to question or appeal the amount you owe.
  • The IRS will NOT require that you pay your taxes a certain way. For instance, require that you pay with a prepaid debit card.
  • The IRS will NOT ask for your credit or debit card numbers over the phone.
  • The IRS will NOT threaten to bring in police or other agencies to arrest you for not paying.

Phone scams first tried to sting older people, new immigrants to the U.S. and those who speak English as a second language. But it has become such a profitable enterprise, the crooks now try to swindle just about anyone. And they’ve ripped-off people in every state in the nation. Stay alert. Don’t let the next victim be you!

CLIENTS: CLICK TO SUBMIT YOUR REVIEW



Recent Reviews:


[RICH_REVIEWS_SHOW num=”200″ category=”reviews”]

RATE US WITH YOUR REVIEW, COMMENT, OR TESTIMONIAL

Your email address will not be published.
Required fields are marked *

[RICH_REVIEWS_FORM category=”reviews”]


Current Rating – All Reviews:

[RICH_REVIEWS_SNIPPET category=”reviews”]


Recent Reviews:

[RICH_REVIEWS_SHOW num=”20″ category=”reviews”]

HOMEOWNERS INSURANCE

Don‘t wait till it’s too late. Let Industrial Coverage shop homeowners insurance for you!
Click Now to start saving Money!
QUOTE MY INSURANCE
SHOP ONLINE NOW OR QUOTE BY PHONE AT (631) 736-7500
“No two homes are exactly alike. Buying a policy “off the shelf” without a plan or professional advice can result in the difference between what you really needed and what you ended up paying for being vastly different. More simply stated, it can mean the difference between what you need and what you got. Your homeowner’s policy should reflect the reality of your home’s uniqueness, your lifestyle and your financial assets.”

AUTO INSURANCE

Don‘t wait till it’s too late. Let Industrial Coverage shop automobile insurance for you!
Click Now to start saving Money!
QUOTE MY INSURANCE
SHOP ONLINE NOW OR QUOTE BY PHONE AT (631) 736-7500
“Choosing just the right automobile insurance coverage that protects your financial assets as well as your vehicle can be a confusing experience for many people. With different Liability limits, Comprehensive, Collision, Personal Injury Protection, and Medical coverages to choose from, it’s easy for most consumers to make simple mistakes that could quickly become a drastic consequence towards their financial stability and well being.

The true value of good automobile insurance doesn’t become apparent until you really need it. Whether it’s a minor fender bender or a more substantial accident, it pays to have insurance coverage you can count on.”

AUTO INSURANCE

Don‘t wait till it’s too late. Let Industrial Coverage shop automobile insurance for you!
Click Now to start saving Money!
QUOTE MY INSURANCE
SHOP ONLINE NOW OR QUOTE BY PHONE AT (631) 736-7500
“Choosing just the right automobile insurance coverage that protects your financial assets as well as your vehicle can be a confusing experience for many people. With different Liability limits, Comprehensive, Collision, Personal Injury Protection, and Medical coverages to choose from, it’s easy for most consumers to make simple mistakes that could quickly become a drastic consequence towards their financial stability and well being.

The true value of good automobile insurance doesn’t become apparent until you really need it. Whether it’s a minor fender bender or a more substantial accident, it pays to have insurance coverage you can count on.”

Business Management Liability

Management Liability Insurance covers a range of exposures faced by directors, officers, managers, and business entities that arise from governance, finance, benefits, and management activities (also called “executive liability insurance”).

Construction worker building a framed structure

These coverages may be written as stand-alone insurance policies or combined into a single, “package” policy. Management liability policy “package” policies usually contain a set of common conditions applying to all of the coverage lines purchased. In most cases, an insured must select a minimum of two types of coverage to be eligible to purchase a management liability “package” policy. This arrangement can offer meaningful premium discounts because much of the same data is needed to underwrite your insurance.


QUOTE ME NOW


Directors and Officers

Designed to protect the directors and officers of your organization from damages and defense costs due to civil claims, claims of negligence, and of errors and/or omissions.

Fiduciary Liability

There has always been potential liability for various officers of an organization as well as other persons acting in some capacity relating to an employer’s pension, savings, profit-sharing, employee benefit, and health and welfare plans. Specifically, those persons employed by organizations to design and administer such pension and employee benefit plans, including the management of the assets and liabilities of the plans, are liable to the plan beneficiaries for any breach of these fiduciary duties.

Professional Liability

Provides coverage for defense costs and awards for liability arising from improper professional practices and errors and omissions in the conduct of business activities.

Cyber Liability

A type of insurance designed to cover consumers of technology services or products. More specifically, the policies are intended to cover a variety of both liability and property losses that may result when a business engages in various electronic activities, such as selling on the Internet or collecting data within its internal electronic network.

In addition, the policies cover liability arising from website media content, as well as property exposures from: (a) business interruption, (b) data loss/destruction, (c) computer fraud, (d) funds transfer loss, and (e) cyber extortion.

Cyber and privacy insurance is often confused with technology errors and omissions (tech E&O) insurance. In contrast to cyber and privacy insurance, tech E&O coverage is intended to protect providers of technology products and services, such as computer software and hardware manufacturers, website designers, and firms that store corporate data on an off-site basis. Nevertheless, tech E&O insurance policies do contain a number of the same insuring agreements as cyber and privacy policies.

Employment Practices Liability

Provides coverage for defense costs and liability arising from allegations of improper employment practices, sexual harassment, and discrimination.

 

Auto Insurance for Business

Row of white commercial vans in parking lot

As a business owner, you need the same kinds of insurance coverages for the car you use in your business as you do for a car used for personal travel — liability, collision and comprehensive, medical payments and coverage for uninsured motorists. In fact, many business people use the same vehicle for both business and pleasure. If the vehicle is owned by the business, make sure the name of the business appears on the policy as the “principal insured” rather than your name. This will avoid possible confusion in the event that you need to file a claim or a claim is filed against you.

Whether you need to buy a business auto insurance policy will depend on the kind of driving you do. A good insurance agent will ask you many details about how you use vehicles in your business, who will be driving them and whether employees, if you have them, are likely to be driving their own cars for your business.

While the major coverages are the same, a business auto policy differs from a personal auto policy in many technical respects. Ask your insurance agent to explain all the differences and options.


QUOTE ME NOW



 

Why Is General Liability Insurance Important To Your Business?

Court looking building with Insurance engraved on it

For many business owners, general liability insurance is the first insurance policy they secure. General liability insurance provides coverage against claims in which someone is injured or their property is damaged as a result of the work or product your business performs. 

Construction, retail, and wholesale-type businesses are fraught with mishaps and accidents. This kind of insurance is designed to cover medical expenses or compensation to the claimant so that your business isn’t covering their costs directly out of pocket.

What does general liability insurance cover?

General liability insurance represents a significant portion of all the insurance issued to businesses across the country and is the foundation for most all business insurance. Typically, general liability insurance covers the following:

  • Medical costs for the claimant if they hurt themselves while at your business
  • Attorney fees to defend your business if a claim is made
  • Property damage that has occurred on your property or as a result of your product’s use or services

Additionally, general liability can cover your business’ brand. For example, a TV ad might inadvertently harm another business through its messaging, and this could be grounds for legal damages. This is called advertising injury and most general liability policies include protection of this, as well as coverage should your business be found liable for copyright infringement or reputational harm. 

A standard general liability insurance policy is broken down into 3 parts:

Coverage A: Bodily Injury and Property Damage

Coverage B: Personal & Advertising Injury

Coverage C: Medical Payments

These three parts will cover you in multiple different areas:

  1. Premises liability. A feature that protects your business should a customer or someone not employed by the company sustain an injury at your site.
  2. Products liability. A feature that protects your business if a customer experiences a bodily injury as a result of using your product or service. These features vary widely and are based on the nature of your business.
  3. Personal advertising liability. A feature that provides coverage to your business should you incur costs defending a claim of libel, slander, and certain types of copyright infringement.

Why should my business get general liability insurance?

For many business owners, the risks of not having general liability insurance outweigh the benefits. Even if you aren’t required by law to have a general liability policy, clients, your landlord, or a certifying agent for your line of work may require proof of coverage.

Because of the importance of general liability coverage, many business owners opt to start a policy at the time they establish their business. Providing proof of insurance is a great way to prove to your customers and your community that your business is reputable and ready to offer services. For general contractors, liability insurance is a critical component of protecting your personal assets in the event of a filed claim. Possession of a general liability insurance policy allows the business the ability to weather the financial burden of settling the claim without having to take out significant personal capital or capital from the business itself. The same can be said for retail and wholesale establishments. From hardware stores to nail salons, protection against claims where an accident threatens your businesses’ very existence is a necessity.

How do I get a general liability policy if my business needs one?

The agents at Industrial Coverage can quickly help to get your business insured. Because of our varied markets, a tailored insurance program chosen from a host of reliable and secure insurance companies will be selected, providing you with the additional peace of mind that comes with your liability business coverage.


QUOTE ME NOW



 

Workers Comp Insurance

A large roadway exit sign says compensation claim

Accidents happen in every industry – to every business. Workers Compensation is designed to protect your employees and your company should a workplace accident occur. At Industrial Coverage, we are experienced in providing effective, affordable Workers Compensation Insurance.

Our dedicated team is skilled at assessing risk and evaluating your workers compensation insurance needs, so we can match you with a policy that secures your business without breaking the bank. We look out for your best interests and protect your employees so you can have peace of mind knowing you’re covered. In addition, we stay informed of industry changes and regulations so we can help you in anticipating any workers compensation insurance adjustments you may need to make in the future. It’s just one of the many ways our company is committed to serving yours. Contact Us to learn more and request a workers comp insurance evaluation.


QUOTE ME NOW



 

[gsom-optin]

INSURANCE 101

Click tab to show or hide article:

DISCLAIMER: Statements on this website provide general information only as it relates to policies and coverages. All coverages are subject to the terms, conditions and exclusions of the actual policy issued so contact one of our licensed agents for questions regarding your specific needs and policy.

Protect Your College Grad With the Right Insurance



QUOTE ME NOW



Protect Your College Grad With the Right Insurance

College graduation is an exciting time in New York and elsewhere for students and their parents alike. And, while it’s easy to be immersed in graduation parties and focused on first-job jitters, it’s a time of major transitions and big decisions, and it’s essential to prepare graduates for what comes next.

One area new college graduates need to address is insurance. As insurance professionals at Industrial Coverage, we know insurance can be a confusing topic. We also know that seemingly small missed details can result in very large losses. We want to ensure your college graduate is protected before heading out into the real world, so we have compiled the following pointers.

  • Review your family’s current insurance. The first step when considering insurance for your new graduate is evaluating the coverage you currently have. Make an appointment with us. We can advise on whether it’s appropriate given the pending changes and if it will cover your son or daughter.
  • Know the law. Most states require drivers to have auto insurance and most of those have minimum policy limit requirements. Research the law in your son or daughter’s state, or consult with us to make sure they are covered adequately.
  • Read your lease. Many apartment, condominium and home rental properties require tenants to maintain a certain level of renter’s insurance, which covers the contents of the home in the event of a robbery, fire, or other loss. Make sure you know the terms of your son or daughter’s new lease, and insure them accordingly.
  • Don’t end up liable. Any home renter or owner is exposed to liability risk. To ensure there is adequate coverage in the event someone gets injured on your son or daughter’s property, speak with us about liability insurance.
  • Don’t gamble! Never go without. It’s simple: your son or daughter should always have insurance in place. Be sure to discuss with us what types they need.
  • Know your company benefits. Many college graduates move straight into the workforce and most companies have benefits. Make sure your new graduate studies the company’s human resources handbook to learn what benefits are available, when they go into effect and what their limitations are.

We at Industrial Coverage congratulate you on your child’s graduation! Please contact us with any questions or to request a review of your family’s insurance portfolio by calling (631) 736-7500 or send email to info@industrialcoverage.com.

What You Should Know About Flood Insurance



QUOTE ME NOW



What You Should Know About Flood Insurance

You’ve probably heard the horror stories before – someone loses a home due to a flood and learns after the fact that standard homeowners insurance doesn’t cover flood damage.

At Industrial Coverage, we want you to be educated about all of the risks you may face – before a loss occurs – so you can determine what insurance coverage is appropriate. Spring may be a historically prime season for flooding and severe storms but now is always a good time to review your options.

Because very few companies offer flood insurance, the U.S. government created the National Flood Insurance Program (NFIP) in 1968. Available to homeowners, renters and business owners, this insurance often is required to obtain a mortgage in areas at high risk of flooding.

But you might want to look into a policy just for peace of mind, even if you don’t live in a traditionally flood-prone area. According to the NFIP, nearly 25 percent of the program’s claims occur in moderate to low-risk areas. Check out the questions and answers below to help determine if flood insurance is right for you.

Is flood insurance available in my area?

To participate in the NFIP, a community must adopt and enforce a floodplain management ordinance with rules regarding construction in certain flood-prone areas. In exchange, the government makes flood insurance available within that community. We’re happy to help you find out if you’re eligible for flood insurance. Just give us a call at (631) 736-7500. You can also visit www.fema.gov/fema/csb.shtm.

What does it cover?

The NFIP provides coverage for both the structure and its contents. Coverage for contents is optional in some cases, so you may want to give us a call to discuss other coverage for your personal property.

Keep in mind that you typically can’t purchase flood insurance and have it take effect the next day. There is usually a 30-day waiting period. (Exceptions to this rule apply, however, particularly when the insurance is required by a lender and is purchased during the process of securing a mortgage.) If you think you need flood insurance, don’t wait to buy a policy!

What doesn’t it cover?

Generally, government-issued flood insurance will not cover the following: Buildings entirely over water or principally below ground, gas and liquid storage tanks, animals, aircraft, wharves, piers, bulkheads, growing crops, shrubbery, land, roads, machinery or equipment in the open and most motor vehicles.

How much does it cost?

As with all insurance policies, the cost of flood insurance varies depending on your situation. If your home or business is in a high-risk area such as a “special flood hazard area,” your premium naturally will be higher than those in low or moderate-risk zones. Premiums are based on how old the building is, how many floors it has, the location of its contents, your deductible and more. Renters insurance is typically less expensive, as renters generally insure their belongings and not the building.

Where can I find more information?

As always, we are happy to help you determine your insurance needs. Stop by our office, email us at info@industrialcoverage.com, or give us a call at (631) 736-7500. The NFIP website, at www.fema.gov, has plenty of answers as well.

Do You Own a Classic Car of the Future?



QUOTE ME NOW



Do You Own a Classic Car of the Future?

There’s nothing quite like driving a speedy, shiny classic car that turns heads and starts conversations. In fact, the beauty and elegance of old collectibles – like the 1964 Aston Martin DB5, the 1963 Corvette Sting Ray and the 1969 Dodge Charger – can be downright captivating.

If you don’t happen to own one of these timeless beauties, it may not mean you will never own a classic. In fact, there are many automobile aficionados and industry experts that predict we can expect a whole new generation of cars that will one day be bestowed the same level of prestige as, say, the 1969 Chevy Camaro.

If your curiosity is getting the better of you, here is a peek at the 10 models predicted by CNET’s Car Tech editors as being the vintage cars of the future. Who knows, you just may own a classic after all.

  1. Toyota Prius (first generation): Built from 1997 to 2003, sold in the U.S. from 2001 to 2003
  2. Honda Insight (first generation): Sold in the U.S. from 1999 to 2006
  3. Toyota MR2 Spyder: Built from 1999 to 2007
  4. Honda S2000: Built from 2000 to 2009
  5. Scion xB: Offered from 2004 to 2006
  6. Infiniti G35: Built from 2003 to 2006
  7. BMW 335i/N54 3-series: Built from 2006 to 2010
  8. Pontiac G8: Built from early 2008 to mid-2009
  9. Dodge Magnum: Built 2004 to 2008
  10. Chrysler 300C: Built 2005 to 2011

If any of the above-named vehicles is sitting in your garage congratulations may be in order. And if not, it’s not too late to start checking the classified and used car lots.

Regardless what you’re driving or what automobile you might have stored away, we at Industrial Coverage are here to make sure you have it covered! Contact us today.

Contact Us!

For further questions and assistance, please contact Industrial Coverage at (631) 736-7500 or info@industrialcoverage.com.

When the Kids Head to College



QUOTE ME NOW



When the Kids Head to College, Put ‘Insurance 101’ on Your Class List

It’s an exciting time when your child is heading off to ‘college’. Whether they’re headed to school in New York or all the way across the country, there are a ton of things to get done – and a ton of things to pack!

But one of the most important things they’ll need at school is something that doesn’t have to be packed at all – the right insurance coverage.

Of course, that’s what we at Industrial Coverage are here for! We’re ready to answer your questions and make sure both you and your young student are well protected. Check out the general information below and then give us a call at (631) 736-7500 to discuss your specific needs.

Homeowners Policies

  • Coverage of personal property: Most homeowners policies provide 10 percent of Coverage C (Personal Property) for your property while it is at a residence other than your residence. That means if the contents of your home are insured for $100,000, your student’s property up to $10,000 generally would be covered if they are living in a dormitory. The damage must be caused by an event covered in the policy, however.
  • Special items: Be aware that certain items, such as jewelry or expensive electronics and computers, may require special coverage.
  • Off-campus living: If your student lives in off-campus housing, such as an apartment, we strongly advise you to consider renters insurance, as your homeowners insurance generally would not apply in this instance. Check with us at Industrial Coverage to be sure. Keep in mind that renters insurance cannot be shared between roommates, so your child will need their own policy.
  • Create an inventory: It’s a good idea to keep an inventory of expensive items your child is taking to school as well as keeping photos and receipts for the items. In the event of a loss, this can make the claims process much easier.

Auto Policies

  • Coverage without a car at school: If your student will continue to drive while at home on school breaks – or if there’s a chance they could drive a friend’s car at school – it is vital that you keep them on your auto policy. They may even qualify for a distant-student or good-student discount. Check with us info@industrialcoverage.com to see if we can save you some money on your insurance.
  • Coverage with a car at school: In most instances, a car registered to you and listed on your policy will be covered if used by your student away at school, provided they are listed on your policy. Be sure to call us at (631) 736-7500 and make sure your insurance company writes coverage in the college’s state and location, however. And please let us know if your child is taking a car to school because the location of the vehicle can result in a change in premium.

Not having the right insurance can be a costly mistake – and college is expensive enough as it is. So give us a call today. Your child may be going away, but we’ll be right here when you need us! (And we won’t call you to ask for pizza money, either.)

Contact Us!

For further questions and assistance, please contact Industrial Coverage at (631) 736-7500 or info@industrialcoverage.com.

Do I Need Rental Car Insurance?



QUOTE ME NOW



Do I Need Rental Car Insurance?

You’ve probably been at the rental-car counter listening to the representative ask if you want to purchase the company’s insurance. And the thoughts start racing through your head. “Do I really need this? Doesn’t my regular auto policy cover me? What about my credit card? Why didn’t I figure this out before I left on my trip?”

At Industrial Coverage, we are here to help. And while not every situation is the same, we’ve got some general tips that will help you make an informed decision the next time you take a trip to or from New York and are standing at that counter. Please check with us at (631) 736-7500 to verify whether you’re adequately covered.

1. Know your personal auto policy.

Because insurance policies vary, it’s a good idea to give us a call – before you rent a car – to make sure you have the coverage you need. In many instances, your personal auto policy will provide coverage for a rental car – but that coverage may be limited to the value of the car you own, rather than the one you’re renting. Of course, if you don’t have a personal auto policy, you’ll need to purchase coverage from the rental company.

And keep in mind that in the event of an accident, many rental companies will charge fees beyond repair costs. They may assess a loss-of-use fee for each day the car is unusable as well as charge you because the value of the car has decreased. Not all insurance policies cover these fees.

2. Also know your homeowners or renters policy.

If you’re traveling with expensive electronics or other valuable items, you probably want to consider what coverage you’ll have in the event they are stolen. Your personal auto policy and/or credit card coverage likely won’t provide protection for this scenario.

3. Check your credit card protection.

Most credit cards will also provide some coverage, but often payment is limited to reimbursement of your personal auto policy deductible (after that policy pays for repairs). Generally, loss-of-use and other fees are not covered, but it’s important to check with your credit-card provider to determine their policies. And while some cards may offer additional protection for a fee, usually coverage is limited to damage to the car, not liability for any injuries to others. Remember, to receive any sort of benefit from your card, you must use that card to pay for your entire car rental.

4. Consider any unique circumstances.

Are you renting a car in a foreign country or for more than a week? You’ll definitely want to get confirmation of coverage from both your insurance carrier and credit card company because different rules might apply. Also, no matter where you are, vehicles such as trucks, RVs or exotic sports cars often aren’t covered under standard agreements. And if you’re using a car for business purposes your personal coverage might not apply. Finally, if multiple people will be driving the car during your trip, make sure your coverages will apply to them.

5. Learn about the insurance offered by the rental car company.

According to the Insurance Information Institute, rental companies offer four main types of coverage.

  • A Loss Damage Waiver (LDW) relieves you of responsibility if your rental car is damaged or stolen. This may also provide coverage for loss of use.
  • Liability Protection provides protection from lawsuits if you are sued after an accident.
  • Personal Accident Insurance covers you and passengers for medical bills after an accident. You may not need this if you have adequate health and auto coverage.
  • Personal Effects Coverage protects you if items are stolen from your car. You generally are covered for this under your homeowners or renters policy but keep in mind that the loss must exceed your deductible for you to receive payment. If you have a high deductible, it may make sense to purchase this coverage from the rental company.

Contact Us!

When you go on vacation, you don’t want to stress out about insurance. So give us a call before you leave at (631) 736-7500, or send us an email at info@industrialcoverage.com. Then, when you head over to the rental-car counter you can stop worrying about your coverage – and start enjoying your trip!

A Home Inventory Will Help You Know What You Own



QUOTE ME NOW



A Home Inventory Will Help You Know What You Own

Your furniture and appliances, clothing, sports or hobby equipment and electronic goods are all regarded as personal property. Like many people in New York, you may own much more than you realize.

Comparing the value of your belongings to the “contents” limit listed in your policy helps you make sure you have enough insurance to replace them if they are lost, stolen or destroyed as a result of a covered loss.

If that’s not enough to make you consider doing an inventory, having one also makes filing a claim easier.

What’s the best way to create my inventory?

The easiest way is to create a video inventory. Using a video camera, record and describe items as you walk through your house. Or, you can use a regular camera to take pictures and create a home inventory checklist.

Here are a few tips for completing and storing your inventory:

  • Add brand names and descriptions where you can, especially on large-ticket items.
  • Keep any receipts you have with the list to make the claims process easier.
  • Store your video or photo inventory offsite so you won’t lose it if your house is damaged.
  • Update your personal property records when you purchase new furnishings and valuables.

There are a number of online services and software options you can use as well to help you organize and store your inventory remotely.

How much insurance do I need?

Talk to us at Industrial Coverage to assist you in analyzing your insurance needs and help you decide how to most effectively protect your personal property.

Ask us about full value coverage which will pay for the replacement value of your personal belongings. A standard policy typically covers personal property only up to its actual cash value, determined by taking the replacement cost and deducting depreciation, which can be substantial.

Remember, your homeowners policy covers valuable items such as jewelry, art and antiques, only up to set dollar amounts. If the cost of replacing them exceeds these limits, you may want to purchase scheduled personal property coverage.

Contact Us!

For further questions and assistance, please contact Industrial Coverage at (631) 736-7500 or info@industrialcoverage.com.

Have New Jewelry in the House? Protect it!



QUOTE ME NOW



Have New Jewelry in the House? Protect it!

Ah, Valentine’s Day is near, and love is in the air. Well, love and a few other things, such as chocolates, romantic dinners, candy hearts that say “Be Mine” – and, of course, jewelry.

It’s exciting to receive jewelry from a loved one – or to give it as a gift. Not to mention romantic. But if you’re lucky enough to have some new jewelry in your New York home this Valentine’s Day, you should take a few minutes to think about something you probably don’t find exciting or romantic: insurance.

Don’t know where to turn? Don’t worry. At Industrial Coverage, we think it is exciting to help our customers protect what’s most important to them – so we’re ready to help and can answer all of your questions.

Things to consider when insuring jewelry:

  • You may need to purchase additional coverage. Your homeowners policy covers valuable items such as jewelry only up to set amounts. If the cost of replacing your jewelry exceeds that limit, you will want to purchase scheduled personal property coverage. You can check your policy or give us a call at (631) 736-7500.
  • You might want to reconsider your deductible amounts. As always, this impacts your policy premium. It’s a good idea to take a look at your deductibles whenever you make a change to your policy.
  • Do you need an appraisal? You may need to have an independent appraisal if the insurance company requires it or if you don’t know the value of your jewelry. Each item should be listed with a description and value on paper.
  • What kind of coverage is offered? You’ll want to determine if items are covered no matter where they are, whether they’re in Patchogue, or on an international trip, and if the policy offers full replacement cost. You also should ask if you will be required to replace your jewelry if lost or stolen or if you can simply keep the cash settlement.
  • Pictures can be helpful. Lost or stolen pieces of jewelry sometimes can be recreated if the jeweler has a good photograph to work from.
  • Should I go with a company that specializes in jewelry insurance? There are companies that specialize in jewelry insurance. Whether you choose one of these or a company that we represent, you’ll want to make sure they are reputable and stable.
  • Is the value of your jewelry mainly sentimental? Is an item irreplaceable? If the answer to either of these questions is “yes,” you might consider foregoing insurance. But please, talk to us at (631) 736-7500 before making that decision. That’s what we’re here for.

Of course, it’s important to store your jewelry securely when it’s not in use; a safe in your home or a safe-deposit box is best. We want your jewelry to be replaced if it’s lost or stolen, but we’d rather your sentimental and valuable pieces stay with you and your family for years to come.

Here’s hoping your Valentine’s Day is full of fun and romance. And if there’s no jewelry involved, well, there’s always next year!

Contact Us!

For further questions and assistance, please contact Industrial Coverage at (631) 736-7500 or info@industrialcoverage.com.

Figure Out Your Auto Insurance Needs



QUOTE ME NOW



Figure Out Your Auto Insurance Needs

When choosing auto insurance, you want complete coverage for the best price.

There’s a lot to think about when choosing auto insurance. In some states, to license your car you must carry liability coverage for damages incurred by others if you cause an accident or no-fault coverage to pay for medical and related expenses for you and your passengers caused by injuries from a car accident, regardless of fault; or carry both. Check with Industrial Coverage at (631) 736-7500 or info@industrialcoverage.com to see what’s required.

If you don’t have car insurance you risk paying the full cost of:

  • Medical costs due to injury to yourself or others.
  • Repairing or replacing your car if it’s damaged or stolen.
  • Damage or injury from an auto accident with an uninsured driver.
  • Damage to your vehicle when it’s parked at your home or a public place.

So, how can you tell what amount of coverage is best for you? Consider your driving profile.

  • What kind of car do you drive? Coverage on your vehicle depends on its value. The less expensive the car, the lower the insurance premium you generally pay.
  • How much do you drive? Drivers who use their car for business and long-distance commuting normally pay more than those who drive less.
  • What’s your age, gender, and marital status? Statistics show accident rates are impacted by a driver’s age, gender, and marital status. If there are multiple drivers in your household that can also affect your price. Parents can lower risk by keeping teens safer on the road.
  • Where do you live? Your location, and whether you’re a homeowner or renter, will affect your car insurance payment.
  • What is your driving record? Drivers with a history of accidents or chargeable motor vehicle violations (e.g. speeding ticket) generally pay more than those who are accident-free for several years.
  • What is your credit history? Many insurance companies consider credit history when determining an individual’s rate.

For more details, give Industrial Coverage a call at (631) 736-7500.

Ask Industrial Coverage

Industrial Coverage can help you find insurance that meets your specific needs. Here are a few things to discuss when you call (631) 736-7500:

  • How much can I afford to pay if my car is in an accident, damaged, or stolen?
  • What would my cost savings be if I raised my deductible?
  • Can I get discounts for taking safety classes or having multiple policies?
  • Will I save money if my car is stored in a garage or if I belong to an auto association?
  • How much medical and liability coverage should I have?

For further questions and assistance, please contact Industrial Coverage at (631) 736-7500 or info@industrialcoverage.com.

Summer Vacation Safety: A Little Planning Goes a Long Way



QUOTE ME NOW



Summer Vacation Safety: A Little Planning Goes a Long Way

We love it here in New York but summertime is the time for getting away! And whether your escape is by air, land or sea, Industrial Coverage can help ensure you are covered. Just because you’re on vacation, though, doesn’t mean you can stop thinking about safety. These tips will help you and your family get the most out of your trip – and help you get back home safe and sound.

Does my insurance come on vacation with me?

This is a common question. Here are some brief answers. Call us at (631) 736-7500 if you have more specific questions.

AUTO: In most instances, your personal auto policy coverages will extend to your rental car. However, give us a call at (631) 736-7500 so we can discuss your specific situation. Be sure to mention if you’re traveling out of state or internationally as that could impact your coverage.

HOME: If you rent a vacation property, your homeowners coverage may apply in certain situations. Personal items you take on vacation generally are covered, but again, give us a call at (631) 736-7500 so we can discuss your specific policy and coverage.

Before You Leave Home

  • Secure your home, and don’t leave a house key hidden outside. Ask a friend or neighbor to pick up your mail and newspaper and help with yard maintenance. This along with timers for some household lights will make it look like your house is occupied.
  • Tell a friend or neighbor about your itinerary and how to reach you in case of emergency.
  • The Privacy Rights Clearinghouse (PRC) recommends using caution when posting on Facebook or other social media websites. You don’t want everyone to know you’re on vacation!

What To – Or Not To – Pack

  • Keep a first-aid kit handy when traveling. And bring copies of any prescriptions along with enough medication to last through your trip. Be sure all important medications are with you in your carry-on luggage.
  • Don’t bring unnecessary credit cards or documents that could compromise your identity if lost or stolen.

Staying Safe On Your Trip

  • Heading outdoors? Use sunglasses and plenty of sunblock. Don’t forget that you can get burned even on a cloudy day especially in tropical locations. It’s far easier to prevent a sunburn than to treat one.
  • If you’re going to be in or around the water, use extreme caution. Always wear a life jacket when boating and don’t swim or dive alone or if you’ve been drinking. You can go ahead and swim immediately after you eat if you like because that doesn’t lead to cramping according to the American Council on Science and Health.
  • Prevent heat-related injuries by staying hydrated, scheduling activities for cooler times and dressing in light, loose-fitting clothing. Remember, never leave children or pets inside a car even if the windows are open.
  • Going to an amusement park or fair with your kids? Take a picture of them at the start of each day. Then, if you are separated, you can easily show people what they look like – and exactly what they’re wearing.

Remember, just a little extra emphasis on safety can make a big difference in how memorable your vacation will be.

Contact Us!

For further questions and assistance, please contact Industrial Coverage at (631) 736-7500 or info@industrialcoverage.com.

You Need More Than a Tarp to Keep Your Boat Covered



QUOTE ME NOW



You Need More Than a Tarp to Keep Your Boat Covered

Whether you own a Jet Ski, a small ski boat, fishing boat, or a 26-foot cruiser, knowing that you’re covered by the right insurance should give you the peace of mind to relax and enjoy every minute on the water.

What We Insure

We represent insurance companies that insure a full range of recreational boats including:

  • Bass boats
  • Fish and ski
  • Cabin cruisers
  • Sailboats
  • Pontoons
  • Jet boats
  • Ski boats
  • Runabouts
  • Jon boats
  • Personal watercraft

Why Insure Your Boat or Personal Watercraft?

In tough economic times some boaters are tempted to let their insurance coverages lapse. Should you ever need to use your watercraft insurance, however, it is one of the best investments you could make. Here are some things to consider:

  • If you’re in an accident or your watercraft is stolen, it costs money, often a lot, to fix or replace it.
  • If you or any passengers are hurt in an accident, medical costs can be extremely expensive.
  • If your watercraft is responsible for damage or injury to others, you may be sued for much more than you’re worth.
  • If you are injured by an uninsured boater, uninsured watercraft coverage will provide coverage for you.

Your Watercraft Insurance Coverage Options

Your watercraft needs protection on the water, and on land, with coverage for you, your guests and your boat. Thinking of buying a boat in New York? Check with us at Industrial Coverage to see what it will cost to insure it.

Get Started

Contact us at (631) 736-7500 or info@industrialcoverage.com. We’ll help identify the best combination of coverage, value, and price for you. And we here at Industrial Coverage can help make sure your insurance continually meets your changing needs.

Ask Us

Here are a few things to discuss when we talk:

  • Is my boat or watercraft covered for year-round use?
  • Can I get discounts for things such as taking safety classes, having multiple policies and diesel power?
  • Do I have coverage if I need to have my boat towed in an emergency?

Contact Us!

For further questions and assistance, please contact Industrial Coverage at (631) 736-7500 or info@industrialcoverage.com.

Estimating Your Boat's Value



QUOTE ME NOW



Estimating Your Boat’s Value in New York

Buying, selling or insuring a boat in New York? First you’ll need to know how much your boat and/or motor is worth. Here are a few popular pricing guides as references.

  • NADA
  • BUC

Also, you can check out the prices on boats similar to yours using these sites:

  • IBoats
  • Boats.com
  • Boat Trader

Boat Valuation and Insurance Coverage Tips

Any permanently attached equipment is included in the boat’s value, so make sure your insurance coverage amount takes that into account. Contact Industrial Coverage for a quote: (631) 736-7500. Examples of permanently attached equipment include:

  • Ship-to-shore radios
  • Depth finders
  • Loran and GPS systems
  • Fish finders
  • Radar and sonar systems
  • Electric trolling motors

For further questions and assistance, please contact Industrial Coverage at (631) 736-7500 or info@industrialcoverage.com.

Condo Unit Owner's Insurance



QUOTE ME NOW



Condo Unit Owner’s Insurance

Insuring a condominium in New York is different than insuring a home. And the biggest difference is knowing where your responsibilities begin and end. That’s why it really pays to work with a knowledgeable insurance.

Your Condo Insurance Coverage Options

Your condo association buys insurance for the building and common areas. In choosing your condo policy, you should consider the areas of the building that you own, your personal belongings and any safety systems you have in place. Industrial Coverage can assist in finding a policy that is right for you and your condominium.

Ask Your Agent at Industrial Coverage

Your independent agent at Industrial Coverage can help you find insurance that meets your specific needs. Here are a few things to discuss when you speak with us:

  • Which areas of the structure am I responsible for?
  • Can you talk me through my condo’s interior features and the things I own so I can make an informed decision about coverage?
  • Are discounts available to me if I carry multiple policies or have a security system and fire resistance?

Contact Us!

For further questions and assistance, please contact Industrial Coverage at (631) 736-7500 or info@industrialcoverage.com.

Estimate Your Home Value to Match Coverage Limits



QUOTE ME NOW



Estimate Your Home Value to Match Coverage Limits

Your home may be worth as much or more than your retirement account. As a result, it makes sense to track your home insurance as carefully as you do your 401k.

Getting Started with Industrial Coverage

If you haven’t checked in recently, you might consider contacting Industrial Coverage at (631) 736-7500 or info@industrialcoverage.com to schedule an annual review of your home’s value and contents.

We want you to be relieved knowing you’ve made informed decisions about the amount of home insurance needed to help you recover in the event of a loss. Check out the tips provided below to make sure you are prepared for the worst case scenario.

Know Your Limits

With home improvement being a national pastime and construction costs rising, it’s a good idea to check your policy limits once a year. Planning to remodel your home? Just finished adding a new deck, fence or garage in your front yard? It is time to review your policy limits.

Rebuilding Is Different Than Buying

When you review your policy with Industrial Coverage, remember that the cost to buy and the cost to rebuild are different. Consequently, you can’t rely on your home’s market value to set your insurance limits. An appropriate amount of insurance coverage will permit you to rebuild your home in the event of a total loss. That replacement value depends on the physical characteristics of your home as well as the price of labor and materials in your area. In most areas these costs increase with time.

Industrial Coverage Can Ballpark Your Coverage Needs

Industrial Coverage can estimate the typical cost of rebuilding your home based on the average costs of materials and labor. However, this number won’t reflect major upgrades made to your home or the cost of replacing your home’s unique features unless you specifically inform Industrial Coverage about major upgrades.

Be Proactive in Selecting Your Coverage Limits with Industrial Coverage

If your home is truly unique or custom built or if you’d simply like additional peace of mind knowing that you’ve selected the right amount of insurance consider asking your insurance agent. For a modest fee, you can hire a building contractor to give you a more precise estimate of the cost of rebuilding your home.

Don’t Forget to Do a Home Inventory

Industrial Coverage recommends doing a thorough inventory of your home’s contents. Compare the value of your belongings to the “contents,” or personal property limit listed in your policy and make sure these match up.

Using a video camera is the easiest way to do inventory of your home. That way, you can record and describe items as you walk through your house. A regular camera and a home inventory checklist works well, too. Share the completed list with Industrial Coverage to review and make sure your belongings are fully covered. Store your video or photo inventory off-site so you won’t lose it if your house is damaged.

For further questions and assistance, please contact Industrial Coverage at (631) 736-7500 or info@industrialcoverage.com.

Determine Your Homeowners Insurance Needs



QUOTE ME NOW



Determine Your Homeowners Insurance Needs

What’s the secret to selecting the right amount of insurance coverage? Simple – the more information you provide, the easier Industrial Coverage can create a homeowner’s policy that’s right for you…

Homeowners Insurance From Industrial Coverage Is Here to Protect You

Consider these scenarios:

  • If your home was destroyed by fire or damaged by a natural disaster you’d need money to repair or replace it.
  • If a guest in your home is injured, liability protection and medical coverage help pay expenses.
  • If you are a victim of theft and vandalism, insurance can reimburse you for your loss or pay for repairs.
  • If you are still paying for your home, your lender will require insurance.

The amount you pay for your homeowners insurance depends on many factors. Think of your personal housing situation and the assets you want to protect.

Are you a home or condo owner, a renter or a landlord? As a home or condo owner, whether you live in New York or elsewhere, you want to make sure you’re protecting your home, your possessions and yourself, family and guests in the event of damage or injury. Renters will want to protect their possessions which will not be covered by a landlord’s insurance. And landlords want to protect their properties while protecting themselves from liability. Note: Liability coverage is not included in our standard landlord policy but is available as an add-on coverage.

Do you have collections of art or other valuables? Your homeowners insurance generally covers the contents of your house. However, there are often limits on items like jewelry, paintings or other collectibles. Adding a scheduled personal property endorsement can provide coverage for your special belongings with no deductible. Creating an inventory of your home or property’s contents is a good idea.

Are you concerned about out-of-pocket expenses if your home or property becomes unlivable? You may find yourself with extra, unforeseen expenses, for repairs, replacements or living costs. Your policy can help cover those.

For more details, give Industrial Coverage a call at (631) 736-7500 or email us at info@industrialcoverage.com.

Ask Industrial Coverage

Industrial Coverage can help you find homeowners, renters, condo or landlord insurance that meets your specific needs. Here are a few things to discuss when you call us at (631) 736-7500:

How much will it cost to rebuild my house and replace my belongings if they are damaged or destroyed?

Can you talk me through my home’s features and the things I own so I can make an informed decision about coverage?

Are discounts available to me if I carry multiple policies or have a security system and fire resistance?

For further questions and assistance, please contact Industrial Coverage at (631) 736-7500 or info@industrialcoverage.com.

For many the high school experience comes with social pressures and obligations to fit in and belong, and sadly this can lead to exclusion and isolation of some students. At some point everyone probably said something in their teen years in the heat of the moment that they now wish could be taken back, but today’s teens face the added burden that if they convey those statements on social media sites like Facebook and Twitter, their words could be around for a lot longer than just the heat of the moment.

In addition to hurt feelings, cyber bullying could potentially damage someone’s reputation. With college admissions offices and employers beginning to look up applicants on social networking sites, rumors and gossip have the very serious potential to damage someone’s ability to get into the college of their choice, or find a job. For parents, this could create a potentially serious exposure to a lawsuit if their children engage in cyber bullying.

Aren’t my kids covered under my insurance?

Generally speaking, any coverage a parent has through their homeowners or renters insurance policy also provides coverage to other residents of the household, including teenage children. Standard homeowners and renters policies include liability protection for bodily injury or property damage, which would pay for the costs to cover medical bills or repair/replacement costs if a child injured a friend in a pick-up basketball game or if they were at a friend’s house and accidentally spilled soda on a $13,000 oriental rug, subject to the policy’s deductible.

But what if a child were to post rumors about other teens online that implied negative information that could damage that person’s reputation? Interestingly, a standard homeowners or renters policy would not cover these instances.

What can be done?

In order to cover claims from that kind of situation, homeowners and renters policies must have what is called an endorsement- extra language that is inserted into the policy to expand coverage- in order to have liability protection extended to cover “personal injury”.

As insurance professionals we will be able to tell you if your current insurance policy already has this personal injury endorsement by reviewing it, and if it doesn’t, we would be able to help you get one. You may be surprised to find that this expanded coverage may not cost you much in additional premium. A personal injury endorsement will pay the costs up to the limits of your policy to defend you, pay a judgment or settle a case when legal action is brought against you or your children for defamation.

Make sure that if you’re a parent, you talk to your children about social media, how they use it and what’s expected of them regarding personal responsibility. It’s critical that they understand how their use of social media not only has the potential to hurt others, but that it could impact your family as well.

Some parents choose to actively monitor their children’s use of social media, and there are various software programs available to assist those who want to closely monitor what their children do in social spaces for parents who want access to their children’s profiles. No matter what you choose to do, begin with treating others with respect as the best way to avoid this type of risk.

Be Aware of What Your Kids Are Doing Online

  • Know the sites your kids visit and their online activities. Ask where they’re going, what they’re doing, and who they’re doing it with.
  • Tell your kids that as a responsible parent you may review their online communications if you think there is reason for concern. Installing parental control filtering software or monitoring programs are one option for monitoring your child’s online behavior, but do not rely solely on these tools.
  • Have a sense of what they do online and in texts. Learn about the sites they like. Try out the devices they use.
  • Ask for their passwords, but tell them you’ll only use them in case of emergency.
  • Ask to “friend” or “follow” your kids on social media sites or ask another trusted adult to do so.
  • Encourage your kids to tell you immediately if they, or someone they know, are being cyber bullied. Explain that you will not take away their computers or cell phones if they confide in you about a problem they are having.


Sources: stopbullying.gov | trustedchoice.com

There are a wide variety of silly and somewhat funny things we can do from time to time, like telling people that dihydrogen monoxide is coming out of the sink (dihydrogen monoxide is the chemical name for water), but one thing you should avoid falling for as a consumer is being told that carrying only the state mandated minimum coverage is adequate auto insurance protection.

In an auto accident, drivers can be legally liable for their passengers’ injuries. While most states have mandatory minimum limits of liability required of all drivers, many of these requirements may not be sufficient in covering injuries sustained in an auto accident. In some states, this required amount may be as little as $25,000 per person and $50,000 total for all injuries in an accident – which may not be enough when you consider the severity of certain injuries and the number of passengers that could be involved. Remember that this limit also applies for all injuries caused by an accident for which you are liable, including passengers of other cars.

So what are the right limits? Like many answers… It depends. Everyone’s situation is different, but as an independent insurance agency we can help you understand what issues you should consider when evaluating what liability limits to purchase.

For Instance:

  1. How much would it take to compensate a victim? If you were to cause a severe, life altering injury to someone, consider how much money it would cost over time to compensate them. It’s likely higher than $25,000.
  2. What assets do you have and what is your net worth? Think about your home, your car, savings, investments, etc. Having adequate insurance to protect these assets is something you should consider.

Naturally you might wonder if increasing your liability limits will increase the price of your insurance premiums. While you’ll pay more for the additional coverage, it’s likely that it won’t be very much to raise your liability limits, and in the long run it offers you more financial protection. You may be able to offset some of those expenses by raising your deductible or through other discounts. This is where we can help identify the different options available to you.

There is no definitive rule of thumb for making sure you have “enough” insurance but it’s important that you feel comfortable with the amount you have, because nobody likes to be made a fool of when it comes to an insurance claim.



Source: trustedchoice.com

Make your selection to view secure form menus
Requires no account setup or activation
Speak With Our Insurance Professionals… Call (631) 736-7500
Quotes: Personal Insurance

Auto Insurance: Download PDF Form, Complete, Submit

Home Insurance: Download PDF Form, Complete, Submit

Motorcycle Insurance

Boat/Watercraft Insurance

Life Insurance

Excess Liability Umbrella

International Travel & Medical

Non-U.S. Residents

Services: Personal Insurance

Refer A Friend

Auto Insurance ID Card Request

Policy Change Request

Client Satisfaction Survey

Auto Renewal Survey

Homeowners Renewal Survey

Quotes: Commercial Insurance

Business Owners Insurance

Commercial Liability Insurance

Commercial Auto Insurance

Workers Compensation Insurance

Employee Benefits

Vacation Income Property Insurance

Services: Commercial Insurance

Certificate Of Insurance Request

Client Satisfaction Survey

Commercial Auto Renewal Survey

Commercial Property/Liability Renewal Survey

Do you have a mortgage? Yes? Then at some point in your home-owning life, you have received a letter telling you that your mortgage has been sold to another lender. There’s certainly nothing unusual about it when this happens, as home loans are sold every day in the United States. It is a very common practice. Typically, the letter tells you that nothing will change for you and – "you do not need to do anything."

WRONG!!! – You should contact the insurance agent that handles your home insurance.

Here’s Why: If your home insurance is part of your escrow then your agent needs to know and needs to change the Mortgagee endorsement on your policy.

Every year your insurance company sends a bill to the company that owns your loan. Your lender sends a check from your escrow account to pay for your Homeowner’s insurance for the next year. If your insurance company does not have the correct lender information the bill will be sent to the wrong company and the bill will not be paid. Believe it or not – that is not the big problem.

Here is the BIG PROBLEM. Your new lender wants to know you have insurance that will pay to replace your home in case of a total loss – they want to know they will get their money! If your new lender does not get a bill or see some form of proof that you have insurance – then the lender will put insurance in place for you. And guess what? The insurance the bank puts in place can cost up to THREE TIMES MORE than what you are paying now and that is just for your house and wouldn’t include insurance for all your belongings inside your home.

If this occurs the lender is simply going to pass the high-cost of this other insurance along to the home owner in the form of a much higher mortgage payment on your next statement, which can cause unnecessary panic and confusion.

The lesson – keep your Insurance Agent updated on any change regarding not only your home, but your lender as well. Your agent wants to be up to date and will appreciate the call and it’s a simple change that only requires a few moments to complete.

This time of year can be just great here in StateLongName. However, you won’t get much fireside snuggling done if your chimney clogs or your roof springs a leak. And while prepping your home for winter weather isn’t much fun, once you do it, your peace of mind can last all season long.

Here’s a handy checklist to make sure the weather stays outside where it ought to be.

Furnace Follies
If you have a forced-air furnace, visually inspect the outside of your system, the ducts, and other points attached to the unit. Repairing potential air leaks is easy to do with a little duct tape. It’s also a great time to clean or replace the filter according to the manufacturer’s instructions. If you can reach them, vacuum off the blower blades while you’re in there.

Winter Weather Stripping
A common source of heat loss and drafty spaces is faulty door or window weather-stripping. Check for drafts by holding a lit candle a couple of inches from the seam. If the flame moves (and you’re sure it’s not the dog breathing over your shoulder) you could have a leak. Typically these are easier to replace entirely than “spot repairing” and kits for doing so may be found at any hardware store.

Chim Chim Cher-ee
Creosote is the black, scaly deposit left behind in wood-burning chimneys. It slows airflow and is an enormous fire hazard. While the chimney is cool, take a flashlight and look for build-up past the damper (at the mouth of the flue near the base of the chimney). If you burn a lot of wood during the season–or very resinous wood like pine–cleaning the chimney is an annual must-do. This is one repair where hiring qualified professionals is best because they have the proper tools and experience to make sure it’s done right.

Stormin’ the Doors
Operational storm doors and windows prevent additional drafts and save energy costs. Make sure the hinges are lubricated and adjusted so they close properly. If you have interchangeable glass panels, make sure to install them instead of leaving the screens over winter.

Rain Gutter Braining
Clean gutters help prevent many cold weather problems from arising, such as basement flooding, siding damage, and door and window leaks. Clean gutters also help keep your foundation dry and repair-free. Plus, if your gutters are holding too much water they can pull free of eaves and fall off at any time, posing a hazard to your noggin.

Show Your Best Siding
In some cases you’ll need to hire a professional to make siding (or paint) repairs, but you can easily inspect for cracks and separations, peeling paint, or other damage that’s not difficult to repair yourself. Usually, a little caulk and some paint do the trick. But don’t leave it to chance–or leave it too long–because when water gets behind siding it’s expensive to repair as well as a health hazard.

Put a Lid On It
If possible, check your roof close up. You can use binoculars to inspect safely from the ground. Look for missing tiles, cracked shingles, and “bald spots”. If you have a composition roof past its warranty, make sure to check for brittleness, a sure sign it needs replacing. Also, if you notice lots of asphalt granules in your newly spotless rain gutters, it’s a sign your roof is eroding and needs replacing soon. Lastly, make sure to check the flashing around the edges of the roof for damage.

Taking just a few minutes this time of year to inspect your home for these common cold weather entry points and it will prevent more costly repairs, reward you with a lower energy bill, and help you have a relaxing holiday season.

Financial & General Calculators

Your final calculations are based upon the information you provide and are for general informational purposes and convenience only.

Enjoy these simple and easy to use online calculators for use at work, home and mobile.


Mortgage Calculator

Auto Loan Calculator

Car Lease Calculator

Amortization Calculator

Loan Comparison Calculator

Refinance Calculator

Interest Only Calculator

Loan Affordability Calculator

APR Calculator

Compound Interest Calculator

Simple Interest Calculator

Sales Tax Calculator




  • Communicate With Us


    We would love to hear from you! Please complete this simple form and we will get in touch with you soon.

  • Your Contact Info

  • COMMUNICATION INFO

  • This field is for validation purposes and should be left unchanged.

High Value Homes Insurance from Industrial Coverage

Spiral staircase is framed by dark stained hardwood oak floors and wainscoted walls

Your home is stunning, one-of-a-kind, a neighborhood gem. That’s why you should look closely at your current homeowners. The value of your high-end home may be more than your policy will cover.

If your homeowner’s is capped at a certain level, that’s bad news if disasters strikes, and you’re forced to rebuild. But there’s an easy, affordable solution – High Value Homes insurance.

Industrial Coverage

Yes, your house is spectacular, and it needs insurance that measures up. Click or call the professionals at Industrial Coverage for a quote on High Value Homes insurance.


QUOTE ME NOW



 

Liquor Liability Insurance in America

Eloquent bar area in a restaurant

Liquor and liability, words that unfortunately go together. Property damage, intoxication, unruly behavior, negligence . . . if you serve drinks in your business or at an event, you’re familiar with these problems. They can lead to lawsuits that can devastate your operations.

You know the risks. Now it’s time to protect yourself and your business.

Industrial Coverage

Every company that manufactures, sells or serves alcohol needs to understand the on-premise and off-site risks involved. The insurance professionals at Industrial Coverage in Patchogue, New York have the know-how to protect your investment. Before you pour another drink, give us a call.


QUOTE ME NOW



 

Apartment Owners Insurance in America

Modern styled apartment den and furniture

Owning apartment buildings can be profitable but also perilous. Storms can wreck property; renters can damage units; and liability claims can make life miserable. The result could be significant repairs and interruptions, leading to declines in rental income – your bread and butter.

If these thoughts have you tossing at night, put them to rest with Apartment Owners insurance. We cover you from natural disasters and lawsuits. We also ensure that your income continues when repairs slow you down.

Insurance Protection For Apartment Owners

Protect your income and buildings with Apartment Owners insurance from Industrial Coverage in Patchogue, New York. Our insurance professionals will provide coverage that can ease your mind.


QUOTE ME NOW



 

Salon & Barber Insurance in America

Barber stations in a line inside a modern hair salon

Why would a hair salon or barbershop need special insurance protection? Here’s why – yours is a sensitive, highly specialized business. When you work on hair, you’re dealing with appearance, image and ego. Customers want to look good, but sloppy work or negligence could potentially cause problems.

You’ve worked hard to build your reputation and your business. Don’t let it slip away. Salon insurance and Barber insurance will provide extra protection from potential lawsuits and property damage.

Call the professionals at Industrial Coverage in the Patchogue, New York, and we’ll develop a policy styled perfectly for you and your budget.


QUOTE ME NOW



 

Restaurant Insurance in America

Restaurant dining area finished in natural wood tones

It’s not always hospitable in the hospitality industry. Whether you own a restaurant, bar or catering service, exposure to risk is ever-present. Food can spoil; liquor can incite problems; property damage can interrupt business. Your operation is doing well. Protect it with Restaurant insurance.

Industrial Coverage

Don’t let problems spoil your success. All restaurant and hospitality operations differ, but the friendly pros at Industrial Coverage in Patchogue, New York know just what it takes to write a Restaurant insurance policy for your special needs. Give us call today.

QUOTE ME NOW



 

Contractors Insurance in America

Construction worker framing a building

For contractors, every job has risks. Accidents happen, equipment breaks, projects change and deadlines slip. Lawsuits can bankrupt your business and impact personal finances. That’s why reducing risk is crucial for contractors.

From small jobs to big ones, from residential work to commercial projects, operators in the construction industry count on Contractor’s insurance for protection. With margins tight on most jobs, this insurance can be priced to meet budgets, with flexibility to cover what matters most to you and your company.

Industrial Coverage

The insurance professionals at Industrial Coverage in Patchogue, New York have years of experience protecting contractors. Contact us today for a policy customized for your business.


QUOTE ME NOW



 

Earthquake Insurance in America

An illustrated ground contains cracks and collapses into the shape of a question mark

As natural disasters go, earthquakes are right up there. And if one of them destroys your home, that’s off the charts. You’ll have to rebuild; you’re still liable for the mortgage; and you’ll be living elsewhere while the digging and hammering are in full swing.

To sum up, when an earthquake hits, silver linings are scarce. But there’s an option you should consider – Earthquake insurance. If you’re anywhere near an earthquake prone area, it’s time to act – contact us today.

The Earthquake insurance professionals at Industrial Coverage in Patchogue, New York will outline your protection options.


QUOTE ME NOW



 

Flood Insurance in America

Den sofa and furnishings sit in muddy flood water

If you currently live, or are going to purchase a home, in an area which has been declared “high-risk for flooding”, then you’ll certainly want flood insurance for your property. But, what if you don’t live in an officially designated flood prone area near a stream, river or other low-lying area? Getting a flood insurance quote and purchasing flood insurance is still a really good idea. There is nothing worse than starting a life in a home and creating memories and losing it all to a flood issue.

Far too often a flood is thought of as an event which is catastrophic to a general area when nearby water ways overflow their banks. Yet a portion of a home can more commonly flood with just an inch or two of water from poor property drainage which causes the surrounding storm runoff to build up and rise until property begins to take on water. When water rises up to the property, it’s a flood and when water rises up a property only flood insurance covers the financial loss.

Your standard homeowners insurance does not have flood insurance included. Flood insurance is commonly offered by the National Flood Insurance Program or NFIP. Industrial Coverage can find you a flood insurance plan that will fit your needs.


QUOTE ME NOW


Why Flood Insurance

Far too many homeowners never think about needing flood insurance until it’s too late. There have been countless instances in America where rains cause the water to rise, or filled small streams, turning them into rivers that creep higher onto property and eventually into homes.

Torrential rains can change everything in a fairly short amount of time. Flooding is devastating, but flood insurance can help keep you afloat.

Industrial Coverage can help you with a flood insurance quote. We will search for the best flood insurance rates and proper flood insurance coverage to protect property, possessions and structures.

UNDERSTANDING YOUR FINANCIAL FLOOD RISK

Flooding can be an emotionally and financially devastating event.
Use the tool below to see how much flood damage, even from just a few inches of water, can be very costly.


Senior Driver Insurance in America

Couple driving down a tree lined street in their classic convertible

Congratulations, you’ve reached age 55, even zoomed past it. You’re still on the road and going strong. With age and a good driving record, come perks – like paying less for car insurance. It’s one of the easiest senior discounts you can access.

Industrial Coverage

If you’re 55 or older, lowering the cost of car insurance is just a click or a phone call away. Contact the professionals at Industrial Coverage in Patchogue, New York and you’ll quickly see if you qualify.


QUOTE ME NOW



 

Motorcycle Insurance in America

Clear sunny day out for a motorcycle ride wearing jeans and leather jacket

Riding the open road can be breathtaking, invigorating, but unfortunately it can be dangerous. The number of injuries of riders and theft of equipment on a national scale is simply alarming. Even with experience and concentration while traveling, motorcycle accidents occur every few seconds and theft is also on the rise.

Industrial Coverage

Before revving up your new bike, protect yourself and your hot wheels with Motorcycle insurance. The professionals at Industrial Coverage in Patchogue, New York can discuss your options from personal injury protection to property damage liability. Call us today, and we’ll get you rolling with the coverage you need.




QUOTE ME NOW




Life Insurance Knowledge Center:

Click any of the following general topics to reveal all the helpful details.


DISCLAIMER: Statements on this website provide general information only as it relates to policies and coverages. All coverages are subject to the terms, conditions and exclusions of the actual policy issued so contact one of our licensed agents for questions regarding your specific needs and policy.

THE BASICS

Choosing An Amount

It turns out that for life insurance, the solution to the puzzle of “how much” can be found with some basic calculations. The reason for purchasing life insurance, of course, is to provide your family with long-term financial security. To come up with a dollar figure that will provide that security, you should begin with a careful review of your financial situation.

Essentially, there are two categories that you should consider-what your family’s immediate needs will be if something happens to you, and what their ongoing needs will be.

  • Immediate needs can include the final expenses associated with a terminal illness, burial costs, estate taxes, the balance of an unpaid mortgage and even relocation expenses.
  • Ongoing needs might include monthly bills and expenses, mortgage payments, daycare costs, education, income replacement and retirement.

Most people aren’t so anxious to figure out how their family will replace the income lost if they die, or even to tackle such details as how much their own funeral will cost, or if the family will have to sell their home should such an event occur, and what the marketplace will be like if selling the home is neccesary. One way to start the process is to consider this basic rule of thumb for life insurance:

  • In general, most people should have life insurance that is equal to five to seven times their annual gross income.

Life insurance comes in two basic forms. There is:

  • Term life insurance and
  • Permanent life insurance (also known as Cash-Value). Knowing which one is appropriate for you means understanding what your needs are and what you are protecting.

You should elect an amount necessary to meet the needs you are trying to satisfy.

Choosing The Type

There are two basic types of life insurance, term insurance and cash value insurance. There are many variations on these two basic types. Term Policies provide life insurance for a specified period of time. These policies provide benefits in the event of death, but they generate no “cash value”. If you have a limited amount to spend, and only need the additional coverage insurance for a finite period of time (for instance.. until the children graduate from college), you may be able to get more coverage by acquiring term insurance than by with cash value insurance. Today’s term policies usually have two sets of premiums – guaranteed maximum premiums, and “current premiums”, which are usually much lower. The company cannot increase current premium above the guaranteed maximum premiums shown in the policy.

When you buy term insurance you need to make a choice as to how long you want the protection. You may renew the policy without a physical examination for the period of years specified in the policy. Some term insurance can be converted to cash value insurance up to a specified age with no physical examination. Premiums for the converted insurance will initially be higher than the premiums you would be paying for the term insurance. Cash-Value Insurance combines death benefits with a cash accumulation feature. The buyer of a cash value policy pays more in the early years than for term insurance, but the money not needed to pay for the cost of the death benefit accumulates as interest. If the policy is surrendered before the insured dies, there may be a cash value paid to the owner. In addition you can make loans from your policies cash value. This interest rate for most policies decreases after a specified number of years, and if the loan is never paid back then the amount is deducted from the policy’s benefit. As a general rule, it is not a good idea to buy cash value life if you plan to surrender early.

If all premiums are paid, cash value insurance usually lasts for the whole life of a person, and pays death benefits to the beneficiaries named in the policy upon the death of the insured. The cash value can be used as loan collateral for borrowing funds at the interest rate specified in the policy. Any outstanding loans are deducted from policy proceeds at death or surrender. Some of these products may enjoy tax advantages.

Choosing Beneficiaries

Designating a Beneficiary

A beneficiary is the person or entity you name (designate) to receive the death benefits of a life insurance policy.

Revocable and irrevocable beneficiaries
The beneficiary can be either irrevocable or revocable. Once named, you cannot change an irrevocable beneficiary without his or her consent. A revocable beneficiary can be changed at any time.

Primary, secondary, and final beneficiaries

You can name as many beneficiaries as you want, subject to procedures set in the policy. The beneficiary to whom the proceeds go first is called the primary beneficiary. Secondary beneficiaries are entitled to the proceeds only if they survive both you and the primary beneficiary. A third level of beneficiary (“final” beneficiaries) can be named as well. Final beneficiaries receive proceeds only if they outlive all other beneficiaries. Usually aunts, uncles, nieces, nephews, and charities are named at this level.

You should name both secondary beneficiaries and final beneficiaries. You may outlive the primary beneficiary, you may die simultaneously, or the primary beneficiary may be unable to collect the proceeds. In these cases, if you have not named secondary beneficiaries, the proceeds pass to your estate. Proceeds paid to your estate are subject to all the expenses and delays associated with settling an estate, whereas named beneficiaries can receive proceeds almost immediately after your death.

Multiple beneficiaries
You may name multiple beneficiaries if you choose. There are no legal restrictions–and few company restrictions–on the number of beneficiaries you can designate. The only requirement is that they must all have an insurable interest in you (e.g., spouse, child, business partner, etc.) at the time you apply for the insurance.

If you name multiple beneficiaries, you must also specify how much each beneficiary will receive. You may not want to give each beneficiary an equal share, so you must state how the proceeds should be divided. Because of the numerous interest and dividend adjustments the insurance company must make, the death benefit check often does not exactly equal the policy’s face value. Thus, it’s wise to distribute percentage shares to your beneficiaries, or to designate one beneficiary to receive any leftover balance.

How do you name or change a beneficiary?

When you buy life insurance, the insurer will provide you with a beneficiary designation form. Generally, you only need to list the names of the beneficiaries, sign the form, and date it. When changing a beneficiary, a similar form is used. It is advisable to specifically revoke any previous designations by writing this in on the change of beneficiary form. You may want to review your beneficiary designation every two or three years. Additionally, be sure to check and update your designation upon certain life events (e.g., divorce, remarriage, the birth of children, etc.).

Don’t make the mistake of thinking that you can change your beneficiary in your will. A change of beneficiary made in your will does NOT override the beneficiary designation form. If you want to change the beneficiary, execute a change of beneficiary form. Do not rely on your will to do so.

Why designating the proper beneficiary is important

Life insurance is purchased for two primary reasons: to create an instant estate to provide for your family members, and to solve cash flow problems caused by your death. To attain these goals, you want to ensure that all the life insurance proceeds are received by the beneficiary. To do this, you need to avoid estate taxes that will deplete these funds. One way to avoid taxes is to properly designate the beneficiary.

Should you name your spouse as beneficiary?

Most married people name their spouse as primary beneficiary. If your spouse is the beneficiary, then the proceeds pass free of estate taxes under the unlimited marital deduction, regardless of who owns the policy. However, if the spouse also has a sizeable estate, the proceeds will be included when he or she dies (unless, of course, they have been spent). In the later case, you may end up only postponing estate taxes, not completely avoiding them.

Additionally, if you and your spouse die simultaneously, the Uniform Simultaneous Death Act (USDA) provides that the beneficiary will be presumed to have died first. This means that the unlimited marital deduction will be lost, and the proceeds will be included in your gross estate.

Be aware, however, that if you live or move to a community property state, your spouse must give written consent before you can designate anyone else as your beneficiary.

Other things to think about

Be careful if you name your estate or your executor

If your estate or your executor is named as beneficiary on your life insurance, the proceeds will be included in your gross estate for federal estate tax purposes. If your gross estate is large enough, estate taxes must be paid. These taxes reduce the life insurance proceeds available for your family, and the process of settling the estate will delay the availability of the life insurance proceeds.

Of course, your child or spouse may also serve as your executor. In this case, he or she may be a perfectly appropriate beneficiary. Just make sure you indicate that the beneficiary is your child or spouse, and not just the executor of your estate.

Be careful if you name a creditor, or someone who will use the proceeds to do you a favor

Occasionally, a beneficiary is considered by the IRS to be for the benefit of your estate. When this happens, the proceeds from the life insurance policy are included in your gross estate for estate tax purposes. Examples of this include:

  • naming a creditor as beneficiary (in payment of a debt)
  • naming a beneficiary to receive proceeds under an agreement that requires him or her to pay your estate’s debts or expenses
  • naming a beneficiary to receive proceeds to pay alimony or support

Don’t name a minor unless a guardian has been appointed or a trust is used

Insurers generally will not make settlements directly to minors. Do not name a minor as a beneficiary unless you also appoint a guardian or use a trust.

Name a beneficiary in accordance with a divorce decree, settlement agreement, or state law

Your right to change a beneficiary may be limited by a divorce decree or settlement agreement. In some states, divorce automatically terminates a spouse’s interest. In other states, divorce allows a policyowner to change the beneficiary, even if the beneficiary is irrevocable.

Claiming Benefits

How do you claim life insurance benefits?

Life insurance benefits are not paid automatically. If you are the beneficiary of a life insurance policy, you must file a claim in order to receive any money. Often, this is as simple as contacting your insurance agent, and filling out some paperwork.

However, if this is the only step you take, you may be missing out on other life insurance benefits to which you are entitled. For example, your spouse or family member may have owned one or more group policies that pay benefits depending on how the insured person died, or in restricted amounts. If you spend time uncovering these unseen policies, you may uncover additional support funds from life insurance than you had expected.

Finding individually-owned life insurance policies

Your spouse or family member may have owned one or more permanent or term life insurance policies. Individually-owned term or permanent policies are what most people think of as life insurance. These policies are purchased by one person, and pay benefits when the insured person dies. If your spouse or family member owned one of these policies, he or she probably kept it with his or her important papers; in a file, or in a safety deposit box. However, if you know that your spouse or family member owned an individual policy and you can’t find it, call his or her insurance agent or company to check. If you’re not sure if your spouse or family member owned a policy, you can contact the American Council of Life Insurance. Its members can do a free search for you.

Finding group life insurance policies

Group life insurance policies provide coverage to many people under one policy. Group insurance policies may be issued through an employer, bank, credit agency, or other professional or social organizations, and they often pay benefits in specialized circumstances. Because the group holds the actual policy, the insured person receives a certificate of insurance as proof that he or she is insured. Look for these certificates in your spouse’s or family member’s personal papers, files, and safety deposit box. However, even if you can’t find any certificates, this doesn’t necessarily mean your spouse or loved one wasn’t insured. You should still check with your spouse’s or family member’s employer, bank, or credit agency, or study loan paperwork or purchase contracts. Read the following sections for information about types of group policies your spouse or family member may have owned.

Employer-based group life insurance

If your spouse or family member was employed at the time of his or her death, you may be the beneficiary of a life insurance policy issued through his or her employer. Because some employers offer their employees a certain amount of life insurance at no cost, you may not even be aware that your spouse or family member was insured by a group policy because he/she did not pay his/her own premiums. In addition, your spouse or family member may have had the option of purchasing additional group life insurance through his/her employer, paying the extra premiums himself/herself. Thus, before assuming that your spouse or family member did not have group life insurance, you should check his/her pay stubs, and call his/her employer.

Accidental death and dismemberment policy

Your spouse or family member may have been offered an accidental death and dismemberment policy through an employer, credit card, or bank. These policies pay benefits if an insured individual dies accidentally. This is another type of life insurance you may be unaware that your spouse or family member had because, occasionally, these policies are offered as part of a loan package, or even issued as a free benefit by banks, or as a rider to an employer-issued insurance policy. If your spouse or family member died accidentally, look for such a policy in his or her files, or contact his or her employer, bank, credit card issuer, or insurance company.

Travel accident insurance

If your spouse or family member was killed while traveling by air, boat, or train, you may be eligible to receive the proceeds from a travel accident insurance policy he or she may have purchased when buying tickets. In addition, if your spouse or family member used a credit card to purchase travel tickets, you could be automatically entitled to a life insurance benefit payable if he or she dies as a result of an accident when using those tickets. Some travel agencies and road and travel clubs also routinely issue travel accident insurance policies, and employers sometimes pay death benefits to employees who are killed while traveling on company business.

Mortgage life insurance

If your spouse or family member owned a house, he or she may have purchased mortgage life insurance. A mortgage life insurance policy pays off the balance of the policyholder’s mortgage upon his or her death. If you’re not sure whether your spouse or family member purchased such a policy, check with the mortgage lender.

Credit life insurance

Banks and finance companies routinely offer credit life insurance when someone takes out a loan, or is issued a line of credit. This insurance will pay off the outstanding balance of a loan or account if the insured individual dies. A few extra dollars is added to the monthly loan payments to pay the premiums. Many institutions try to sell this type of policy when someone finances a purchase, or signs up for a line of credit, and occasionally they add it to a contract before the individual signs it. Thus, it is likely that you won’t find out that your spouse or family member owned such a policy unless you check with credit card companies, banks, or any lenders to whom your spouse or family member owed money at the time of his or her death.

How do you file a life insurance benefit claim?

  1. Notify the insurance company that the policyholder has died

    You should contact the insurance company as soon as possible. Call the policyholder services department directly, or if the life insurance policy was issued through our agency or an employer, ask us/them to notify the company for you to begin the claims process.

  2. File a claim form

    You’ll begin the claims process by filling out and signing a proof of death form, and then attaching to it an original or certified copy of the policyholder’s death certificate. If you are too distraught to fill out the form yourself, we may fill it out for you, although you’ll still have to sign it. If there is another beneficiary named on the policy, that person must also fill out a claim form. You may also have to fill out Form W-9 (Request for Taxpayer Identification Number and Certification), which will enable the insurance company to notify the Internal Revenue Service of any interest it has paid to you on the value of the policy. To expedite your claim, follow the insurance company’s and/or policy instructions carefully.

  3. Wait for the company to process the claim

    Life insurance claims are usually paid quickly, often within a few days. First, however, the insurance company will ensure that you are the beneficiary of the policy, that the policy is current and in force, and that all conditions of the policy have been met. This is usually a simple matter, and does not delay the claims process. Claims are more often delayed because the insurance company has not received a valid death certificate. The insurance company also has a right to challenge or deny a claim if it believes that a specific policy provision has been violated.

How should you receive the life insurance proceeds?

In a lump-sum cash payment

Life insurance proceeds are often paid as lump-sum cash payments. Most people elect this form of payment because it enables them to control how the insurance money is invested or spent. In addition, if you elect to receive a lump-sum payment, you will not owe income tax on the life insurance proceeds.

Through a settlement option

A settlement option is a way of paying the proceeds of a life insurance policy other than in a lump-sum cash payment. Many types of settlement options are available, but all are designed to ensure good money management in situations where the beneficiary is unable or unwilling to manage a lump sum of cash. Either the policy owner chooses the settlement option at the time he or she purchases the policy, or the beneficiary chooses the option at the time the benefit becomes payable (unless the policy owner had chosen an irrevocable option).

If you receive the proceeds of an insurance policy through a settlement option, the insurance company will keep the policy proceeds, invest them, and pay you interest. Or, you may be allowed to withdraw part of the proceeds or receive periodic payments of both principal and interest.

Reading Policies

Most life insurance policies are filled with fine print, legalese, and technical insurance jargon. However, if you can find the time and muster the patience, it’s probably a good idea to sit down and read through your policy. If you do, you’ll understand your policy better and gain an understanding of your rights and obligations under the contract.

Here are some common provisions to look for when you read your policy:

Entire contract clause

When your life insurance policy takes effect, the application for insurance that you filled out is incorporated into the contract. The statements you made on the application become contractual provisions and can be used as evidence in a dispute over the contract’s validity. Typically, states require that a clause be inserted in your policy stating that the policy and the application attached to it together form the entire contract between you and the insurer. This clause is beneficial to you because if your insurer accuses you of misrepresentation and seeks to void the contract, they’re prevented from using other evidence outside of the contract. They can only void the contract if you made false statements on your application.

Ownership clause

A life insurance policy is a piece of property. The owner of the policy may be the individual whose life is insured under the contract, it may be the beneficiary, or it may be someone else. In all likelihood, if you are the insured, you are also the owner of the policy. As the owner, you have certain privileges of ownership, including the right to transfer or assign the policy, the right to change the beneficiary, the right to receive the cash value and dividends (if applicable), and the right to borrow against the cash value (again, if applicable).

Beneficiary clause
The beneficiary clause allows you to name the person who will receive the policy’s death benefit proceeds upon your death. The designation of your beneficiary is an important decision, enabling you to control the disposition of the insurance money. While you may designate yourself as beneficiary under certain types of retirement income policies, the beneficiary under a traditional policy will generally be either your estate or an individual. It’s usually not advisable to name your estate, however, because then the proceeds will have to pass through probate and payment of them will be held up. If you name a specific individual, the proceeds will be paid directly to him or her upon your death without delay. A beneficiary designation may be revocable (can be changed by you at any time) or irrevocable (can’t be changed). In addition, a beneficiary may be primary or contingent. Basically, the primary beneficiary is the person first entitled to the policy proceeds at your death. If the primary beneficiary dies before you (and thus before any proceeds are paid), the contingent beneficiary takes his or her place.

Incontestable clause
This is an clause that is required in most life insurance policies. Typically, it states that the validity of the contract cannot be questioned or challenged for any reason whatsoever after the policy has been in force for a period of two years during your (the insured’s) lifetime. The reason for this clause lies in the long-term nature of the life insurance contract. Its purpose is to give the insurer ample time to review the contract while providing you and your beneficiary with some assurance that you will not be harassed by lawsuits long after the policy was originally bought.

Misstatement of age clause

This is somewhat of an exception to the incontestable clause. The incontestable clause does not apply when you, the insured, misrepresent your age. The reason is simple. Because age is a key factor in determining whether a company offers you life insurance and in setting premiums, some applicants are tempted to understate their age in order to pay a lower premium. Understandably, insurers wish to avoid this. The misstatement of age clause provides that if you have misrepresented your age, the insurer will lower the face amount of the policy to the amount of insurance that the premium paid would have purchased at the correct age.

Grace period
Your policy specifies the due date for premiums (e.g., monthly, quarterly, semiannually). Whatever the due date, you generally must pay your premiums on or before that date. If you fail to do so, you will be in default and technically the policy will lapse. This rule is subject to a disclaimer, however, in the form of a grace period during which the policy still remains in force if a premium hasn’t been paid on time. For example, if you have a premium due on January 1 and don’t pay it by that date, you might have until February 1 to make the payment before the policy would lapse. If you died on January 15, the death benefit proceeds would still be paid, but minus the amount of the premium in default.

Reinstatement clause
Many life insurance contracts contain a clause allowing you to reinstate or reactivate a lapsed policy (i.e., one for which you stopped paying the premiums). However, reinstatement is not your unconditional right. If available, it will be subject to a number of very specific requirements on your part. First, if it’s a cash value policy, reinstatement will be possible only if at the time of the policy’s lapse you did not withdraw its cash surrender value. Second, reinstatement must be accomplished within a specified time period, normally five years after the lapse. Third, you must resubmit proper evidence of your insurability. Not only must your health still be satisfactory to the insurer, but other factors such as your income and personal habits must not have changed greatly either. Finally, an insurer will generally only permit reinstatement if you pay all the overdue premiums (plus interest) and if you pay (again, with interest) or reinstate any indebtedness from loans that may have existed at the time of lapse.

Suicide clause

Almost all life insurance policies exclude suicide during a specified period after the policy is issued. Under this clause, the typical period during which coverage for suicide will be denied is two years (although some policies limit it to one year). Assuming you are the insured, this means that if you commit suicide (whether by insanity or not) within two years after purchasing your policy, the insurer will not pay any death benefits to your beneficiary. The insurer would be responsible for refunding the premiums paid by you, but that would be the extent of their financial obligation under these circumstances.

Aviation exclusion

At one time, almost all life insurance policies excluded death resulting from aviation. Today, most policies will provide coverage if you die in an airplane accident, although you may have to pay an extra premium to cover the heightened risk if you’re a private or commercial pilot (or a crewmember).

War clause

During war time or when a war seems likely to occur, insurance companies may insert a war clause into their policies. This clause usually states that if you (the insured) die in a war, the insurer does not have to pay the death benefit proceeds that would ordinarily be payable under the policy. Instead, all they have to do is return the premiums you paid plus interest.

Special provisions, riders and options
Note that the provisions described here are only the ones that are more or less common to all life insurance contracts. In most cases, you have the choice of purchasing riders and optional coverages that allow you to expand your coverage and tailor the policy to your needs. In addition, certain types of policies may have special provisions of their own. Cash value policies, for example, generally include provisions relating to policy loans and the surrender of all or part of the cash value.

LIFE PLANNING

Estate Planning & Life Insurance

Life insurance has come a long way since the days when it was known as burial insurance and used mainly to pay for funeral expenses. Today, life insurance is a crucial part of many estate plans. It can:

  1. provide much-needed income that is immediately accessible to your survivors
  2. allow you to replace wealth lost due to estate shrinkage (i.e., the estate taxes and expenses associated with your death) and
  3. allow you to give money to your favorite charity.

What are the estate planning benefits of life insurance?

Life insurance can protect your survivors financially:

You can buy life insurance to help ensure that your survivors don’t suffer financially when you die. You can protect their long-term financial needs by planning so that they will have enough money to pay their bills and live comfortably for years to come. You can also use life insurance to protect your survivors’ short-term financial needs. Because life insurance proceeds normally don’t pass through probate, your loved ones will have enough money to pay their bills right away–they won’t have to wait until your estate is settled.

Life insurance can replace wealth that is lost due to estate shrinkage:

Life insurance may be the number one method of replacing wealth that is lost due to estate shrinkage. To ensure that the estate (money and assets) you leave to your survivors isn’t less than you intended, you can buy enough life insurance to cover the expenses associated with your death, such as taxes, fees, and other debts that your survivors will have to pay.

Life insurance can be given to charity:

If you want to leave money to charity when you die, consider using life insurance. Not only does life insurance allow you to make a substantial gift to charity at relatively little cost to you, but there are certain tax benefits as well. For instance, depending on how you structure your gift, you may be able to take an income tax deduction equal to your basis in the policy or its fair market value. Or, you may be able to deduct the premiums that you pay for the policy. In addition, gifts to charity may reduce estate taxes owed when you die.

Plan carefully if you expect to leave behind a substantial estate
Your survivors generally won’t owe income tax on any life insurance proceeds that you leave to them. However, they may owe estate taxes if you leave behind a large enough estate but don’t plan ahead. In general, if you’re leaving behind a taxable estate worth less than a certain amount, your survivors won’t owe estate taxes on a life insurance policy that you leave them. But, if you intend to leave an estate larger than that amount, you may want to consider the estate tax consequences of owning life insurance.

In general, to avoid life insurance-related estate taxes, make sure that you don’t:

  • Own the policy or have any incidents of ownership in the policy
  • Make the proceeds payable to your estate
  • Make the proceeds payable to your personal representative (executor)
  • Make the proceeds payable to a beneficiary to satisfy a debt or to pay alimony or support
  • Pay the premiums

Taxes & Life Insurance

How is life insurance taxed?

Historically, life insurance has been accorded liberal tax treatment. As insurance products have become more sophisticated, however, the line separating insurance products from investment products has become a bit more complicated, depending on the type of policy(s) you own. As a result, a mix of complex rules and exceptions now govern the taxation of insurance products. Familiarity with these rules will help you avoid an unwary consequences and help you plan accordingly.

Tax considerations

Taxes are typically levied whenever cash changes hands. During the term of any life insurance policy, there are a number of occasions when money can and does change hands. The only question is whether the transaction amounts to a taxable event that triggers current income tax liability. For instance, in most cases, premiums are paid with after-tax dollars. To the extent they are deemed a return of premiums, benefits paid out during your lifetime are usually paid out tax free. Typically, death benefits are received tax free by your beneficiaries after your death. But, the sale or surrender of your policy during your lifetime triggers a tax on the realized gain.

Premiums may be paid with pre-tax dollars:
If your company offers the option to purchase life insurance through a qualified retirement plan, then your pre-tax contributions to the plan (and/or your company’s contributions) can be used to buy a life insurance policy. However, not many companies offer their employees the option to purchase life insurance through their qualified retirement plan. If you do not purchase the insurance policy through a qualified retirement plan, then the premiums have to be paid with after-tax dollars.

Cash value accumulates tax deferred:

As the investment element of your policy grows, you realize gains. Generally, you are allowed to defer taxes on those gains provided you don’t sell or surrender the policy. There are a few rare–but important–exceptions.

Dividends are typically not taxable:

Dividends are paid out of the insurer’s surplus earnings for the year. Regardless of whether you take them in cash, or keep them on deposit with the insurer, they are considered a return of premiums. As long as you don’t get back more than you paid in, you are merely recouping your costs and no tax is due.

Cash withdrawals in excess of basis are taxable income:
When you begin to withdraw cash from a cash value life insurance policy, the amount of withdrawals up to your basis in the policy will be tax free. Your basis is the amount of premiums you have paid into the policy. Any withdrawals in excess of your basis will be taxed as income. If the policy is classified as a “modified endowment contract,” then untaxed earnings must be withdrawn first and taxed. Keep in mind, though, that only certain types of cash value policies even allow withdrawals in the first place.

Policy loans usually not taxable:
If you take out a loan against the cash value of your insurance policy, the amount of the loan is not taxable (except in the case of a modified endowment contract). This result is the case even if the loan is larger than the amount of the premiums you have paid in. Such a loan is not taxed as long as the policy is in place.

Interest on policy loans usually not tax deductible:
The interest on any loans you take out against the cash value of your life insurance is usually not tax-deductible.

Surrender of policy may result in taxable gain:
If you surrender your cash value life insurance policy, any gain on the policy may be subject to federal (and possibly state) income tax. The gain on the surrender of a cash value policy is the difference between the net cash value and loan forgiveness amounts and your basis in the policy. Your basis is the total premiums you paid in cash, minus any policy dividends and tax free withdrawals that you made.

Policy exchanges are typically not taxable:

The tax code allows you to exchange one life insurance policy for another without triggering current tax liability. However, you must follow the IRS’s rules when making the exchange.

Death benefits usually not subject to federal income tax:
Whoever receives the death benefits from your insurance policy (at the time of your death) usually does not have to pay federal income tax on those proceeds. Thus, if you die owning a cash value life insurance policy with a $500,000 death benefit, then the beneficiaries under the policy will generally not have to pay any federal income tax on the receipt of the $500,000. In addition, the payment of death benefit proceeds from a cash value life insurance policy to a beneficiary is usually not considered a taxable gift.

Insurance proceeds may be included in your taxable estate:
If you hold any incidents of ownership in an insurance policy, the proceeds from that insurance policy will be included in your taxable estate. Furthermore, if you gift away an insurance policy within three years of your death, then the proceeds from that policy will be pulled back into your taxable estate. Incidents of ownership include the right to change the beneficiary, the right to take out policy loans, and the right to surrender the policy for cash.

Savings & Life Insurance

Cash value life insurance provides both death benefits and a savings feature. When you buy a permanent or cash value policy, part of your premium pays for the life insurance protection and part goes toward the savings component. As you pay your premiums the savings portion is invested, and the principal and earnings accumulate as your cash value.

You aren’t required to leave the funds in the policy, however. You can sometimes withdraw from or borrow against the accumulated cash value. You can then use the withdrawn or borrowed funds to finance your retirement, pay a child’s college tuition, or assist a child with a down payment on a house, among other things. This type of insurance can be a valuable asset, both as an investment and for life insurance purposes.

Types of life insurance policies you can use to save

Whole life:

With a whole life policy, insurers generally invest the funds primarily in long-term fixed-rate securities (bonds, for example) that typically provide the policyholder with modest returns of perhaps 3 to 5 percent. Additional returns may also be achieved through dividend distributions (if applicable). Yet, because whole life premiums don’t vary in frequency or amount as they might with universal life, whole life is a more predictable product.

Variable life:

With a variable life policy, you choose how to invest the premiums from the investment choices available in the policy. You can place them in potentially higher-yielding stock and bond funds if you desire. The funds are invested at a variable rate of return. Since you control how the funds are invested, you can choose more aggressive investments if the markets are flourishing. Over the last 20 years, the return on variable life policies has far exceeded the return on most whole life policies. A variable life policy is an appropriate choice if you can tolerate the higher degree of risk. However, variable life returns depend on market conditions. Therefore, while you’ll receive strong returns when the market is soaring, your returns will drop when the market falls.

Universal life:
With universal life, the insurer invests the savings portion of your premium in a fixed-rate account that is subject to change at regular intervals. You have no control over how the funds are invested. These investments can yield fairly attractive returns when rates on fixed investments are rising. However, while you generally receive interest at close to market rates, you can’t easily predict the long-term return. Since universal life policies typically allow you to raise or lower your premiums on an annual basis, you can increase your contribution when the insurer is offering a higher return. This flexibility with premium payments is one of the primary advantages of universal life.

Variable universal life (VUL)
With variable universal life, you choose how to invest the premiums. You are given a number of investment accounts to choose from, ranging from conservative to aggressive portfolios. A VUL policy is a viable choice to consider if you can tolerate the higher degree of risk involved. However, VUL returns depend on market conditions. Therefore, when the market falls, so will your returns. VUL typically allows you to raise or lower your premiums on an annual basis. This flexibility with premium payments is a key advantage of VUL.

Advantages of using life insurance as a savings vehicle

  • It provides life insurance protection for your family.
  • You can earn money on your premium payments (depending on investment performance).
  • The cash value grows tax deferred until withdrawn or surrendered.
  • Sometimes you can withdraw from the cash value (generally up to a certain percentage).
  • You can borrow from the cash value at a relatively low interest rate (the amount you can borrow will vary by policy type).
  • You may be able to combine a policy loan with a policy withdrawal.
  • You may have a number of investment choices (depending on policy type).

NOTE: Depending on the specific type of cash value policy, some of these advantages may apply in varying degrees or not at all.

OTHER CONSIDERATIONS

Self Employment

Life insurance is meant to provide proceeds that will help to replace your income and/or pay off liabilities in the event of your death. If you are self-employed, you may have an even greater-than-average need for life insurance. Not only will you want to protect your family after you die, but you’ll want to protect the financial needs of your business as well.

Why life insurance is important

Like most people, you probably get your money by working. As long as you are alive, your income-producing capability is relatively secure, and you and your family can enjoy the lifestyle you have established. Even in hard economic times, most people are industrious enough to produce an income or manage to get by until the situation improves. When an income earner dies, however, the surviving family could face economic hard times that won’t end. The financial needs for the surviving family may include:

  • final expenses, such as burial and funeral costs
  • unpaid medical bills
  • income replacement for survivors
  • mortgage balance
  • education fund for children
  • unplanned emergency expenses

Why life insurance may be even more important for the self-employed
When the income earner is a self-employed individual, there may be an even greater need for insurance. As a sole proprietor, you are personally liable for all the debts of your business. There is no legal distinction between personal and business assets. By legal definition, a sole proprietorship terminates when the owner dies. Any losses or financial obligations at the death of the sole proprietor become the responsibility of the estate. It is possible that personal assets may have to be sold or transferred to settle business debts. Business debts may include:

  • business loans
  • mortgage or lease payments on business location
  • accrued payments due to suppliers, vendors, consultants, employees, etc.
  • taxes due to local, state, and federal taxing authorities
  • fees to lawyers, accountants and other advisors to settle business affairs

Life insurance can be used to cover these financial responsibilities, as well as to provide for the ongoing needs of your family after your death.

What to do about it
Talk to us and we will help you assess your need for life insurance and design a program to fit your specific situation.

Insuring Children

The topic of Life insurance for children is understandably a difficult issue for many parents. If your child dies, it would be a serious tragedy. But a child’s death does not normally create a unrealistic financial hardship for the child’s family. After all, the general purpose of life insurance is to replace income after a death. Unless the child is a substantial wage earner (like an entertainment star), no income is lost if the child dies. Although a child’s death does create one immediate financial problem: funeral expenses.

Isn’t it smart to buy insurance now, while the rates are low?
It’s true: life insurance policies for young children are very inexpensive. But there’s a reason for that. Children’s insurance policies are usually for smaller amounts, like $10,000 and are typically added to the parents policy in the form of a rider.

Insurance policies for teenagers and young adults are pretty inexpensive, too. In terms of insurance costs. As your child ages and you take on added financial responsibilities in order to provide for their needs and education your need to have this type of insurance on your child may also increase.

Isn’t it smart to buy insurance now, in case my child develops a medical condition?
It’s a common sentiment: you want to protect your child now, in case he or she develops a medical condition and can’t buy insurance later. If you believe your child is at risk to develop a medical condition, buying life insurance now might ease your mind. If you lose sleep over the possibility that your child will become uninsurable, then by all means purchase a life insurance policy now.

What you can do instead
If purchasing Life insurance on your child is something you are uncomfortable with, consider this:

To protect your child, you may want to purchase additional coverage on your own life and/or on your spouse’s life. As wage earners, your death would profoundly affect your child’s financial future. Make sure the coverage on both parents’ lives ensures there will be enough money for day-to-day living as well as college expenses, even if something happens to one of you.

Charity & Life Insurance

Life insurance can be an excellent tool for charitable giving. Not only does life insurance allow you to make a substantial gift to charity at relatively little cost to you, but you and the charity may benefit from tax rules that apply to gifts of life insurance.

Why use life insurance for charitable giving?
There are several advantages to giving life insurance to charity:

Life insurance allows you to make a much larger gift to charity than you might otherwise be able to afford:

Although the cost to you (your premiums) is relatively small, the amount the charity will receive (the death benefit) can be quite substantial.

The charity is guaranteed to receive the proceeds of the policy when you die:

As long as you continue to pay the premiums on the life insurance policy, the charity is guaranteed to receive the proceeds of the policy when you die. The amount of the death benefit is fixed (or in the case of cash value insurance, perhaps even increasing), and is not subject to market fluctuations or loss of principal. Since life insurance proceeds paid to a charity are not subject to income and estate taxes, probate costs, and other expenses, the charity can count on receiving 100 percent of your gift.

Giving life insurance to charity has certain income tax benefits:
Depending on how you structure your gift, you may be able to take an income tax deduction equal to your basis in the policy or its fair market value, and you may be able to deduct the premiums you pay for the policy. In addition, an outright gift of life insurance is typically sheltered from gift tax by the charitable gift tax deduction, as long as you’re giving a complete interest in the policy.

Giving life insurance to charity has certain estate tax benefits:

If you’re worried about estate taxes, you can structure your charitable gift of life insurance to meet your needs. For instance, you can structure your gift so that the proceeds of the policy are not included in your gross estate. Or, you can structure your policy so that the amount of the proceeds payable to the charity can be deducted from your gross estate.

What are the disadvantages of using life insurance for charitable giving?

Donating a life insurance policy to charity (or naming the charity as beneficiary on the policy) means that you have less wealth to distribute among your heirs when you die. This may discourage you from making gifts to charity. However, this problem is relatively simple to solve. Buy another life insurance policy that will benefit your heirs instead of a charity.

Ways to give life insurance to charity
Name a charity as beneficiary on your life insurance policy:

This is the simplest way to use life insurance to give to charity. You, as owner of the policy, simply designate the charity as beneficiary. Designating the charity as beneficiary may allow you to make a larger gift than you could otherwise afford. If the policy is a form of cash value life insurance, you still have access to the cash value of the policy during your lifetime. However, this type of charitable gift does not provide many of the other tax benefits of charitable giving because you retain control of the policy during your life. Upon your death, the proceeds are included in your gross estate, although the full amount of the proceeds payable to the charity can be deducted from your gross estate.

Name a charity as the recipient of dividends:

Another simple way of making a charitable gift is to assign the dividends on your existing policy to charity. You, as owner of the policy, simply make this designation at the time of application, or at any other time while you own the policy. By assigning your dividends to charity you are able to make a charitable gift. You retain control over the policy and its cash value during your life. You also receive an income tax deduction as dividends are paid to the charity. However, this type of charitable gift does not provide many of the other tax benefits of charitable giving because you retain total control of the policy. Proceeds are included in your gross estate, and there’s no offsetting estate tax deduction because the proceeds do not go to charity.

Donate an existing life insurance policy to charity:

In order to donate an existing life insurance policy to charity, you must assign all rights in the policy to the charity. You must also deliver the policy itself to the charity. By doing this, you give up all control of the life insurance policy forever. This strategy provides the full tax advantages of charitable giving because the transfer of ownership is irrevocable. You may be able to take an income tax deduction equal to your basis or its fair market value. The policy is not included in your gross estate when you die, unless you die within three years of the transfer. In this case, your estate would get an offsetting charitable deduction.

Donate a new life insurance policy to charity:

In order to use this strategy, you would purchase an insurance policy, and immediately assign all rights in the policy to the charity. You would also deliver the policy itself to the charity. You would pay the premiums and if structured properly, be able take a charitable deduction for those premiums. The IRS may treat this transaction as if the charity itself had purchased the policy on your life. Most states require the purchaser of a policy to have an insurable interest in the life of the insured. Since it would be difficult to prove that a charity has an insurable interest in your life, your estate could recover the proceeds from the charity, and any tax benefits you had received would be reversed. However, if the transfer were allowed to stand, and the proceeds pass to the charity as intended, you would be entitled to the full tax advantages of charitable giving.


Commercial Insurance Knowledge Center:

Click any of the following general topics to reveal all the helpful details.


DISCLAIMER: Statements on this website provide general information only as it relates to policies and coverages. All coverages are subject to the terms, conditions and exclusions of the actual policy issued so contact one of our licensed agents for questions regarding your specific needs and policy.

INLAND MARINE

Inland Marine Insurance For Your Business

If you move goods or equipment from one location to another, or have an off-premises exposure, you need the special protection of Inland Marine coverage. Inland Marine can protect many types of property including property at your location, in transit, at a customer’s location, or property of others in your care. We have numerous coverages designed to provide you with the specific protection your business needs.

The following is a list of only some of the coverages available:

  • Accounts Receivable
  • Boat Dealers and Marina Operators
  • Builders Risk and Installation
  • Camera and Musical Instrument Dealers
  • Contractors Equipment and Tools
  • Electronic Data Processing Equipment
  • Equipment Dealers
  • Exhibition
  • Fine Arts
  • Merchants Property
  • Mobile Communication Equipment such as cellular phones, CBs, etc.
  • Motor Truck Cargo Carriers
  • Physicians and Surgeons Equipment
  • Radio and TV Towers
  • Salespersons Samples
  • Signs
  • Transportation
  • Valuable Papers

PROPERTY INSURANCE

Property Insurance For Your Business

We offer a variety of excellent property coverages for your business’ buildings, personal property, and income. Most property policies include additional coverage at no charge that provides higher coverage limits than most standard policies, in addition to extra coverages normally not found. Some coverages even offer you the option to purchase higher limits.

The following list only highlights some of the coverages included:

    • Newly Acquired Property and Business Personal Property
    • Property Off-Premises
    • Outdoor Property and Outdoor Signs attached to Buildings
    • Lawn Coverage on which your property is located
    • Arson Reward information leading to an arrest
    • Extra Expenses incurred to keep your business running after an insured loss
    • Water Back-up and Overflow from sewers, drains or sumps
    • Money and Securities

LIABILITY

General Liability Insurance For Your Business

You must protect your customers from potential injury – your financial security can be put at risk if you are legally liable for damage to someone’s property or if someone is injured as a result of your business operation. No matter how thoroughly you have been trained in your line of business, you are not fully protected unless you have liability insurance.

Liability coverages often include:

      • coverage for tenants’ property damage liability
      • Medical Payments
      • Expanded Fire Damage – coverage is extended to apply not only as a result of fire, but also explosion, release of smoke from an unfriendly fire, or sprinkler leakage incidents
      • coverage is provided for additional insureds when required by written contract
      • Extended Property Damage – coverage is provided for bodily injury and property damage resulting from the use of reasonable force to protect persons or property
      • additional insured status is extended to employees who provide professional health services when this exposure is incidental

Umbrella Liability Insurance For Your Business

Umbrella policies offer additional protection for catastrophes, unusual exposures, and additional liability limits beyond underlying insurance coverages.

      • High limits – Affordable protection of $1,000,000 or more for each occurrence in excess of the underlying insurance.
      • Broad coverage – Protection goes beyond the scope of coverage provided by the underlying insurance.
      • Legal costs in addition to limits – Legal defense costs are covered in addition to the umbrella limits of liability.
      • Legal defense from the first dollar – If the underlying policy does not provide this protection, legal defense and settlement costs are covered from the first dollar.

Our umbrella policy is designed to meet clients’ needs for a well-rounded business insurance program.


Homeowners Insurance Knowledge Center:

Click any of the following general topics to reveal all the helpful details.


DISCLAIMER: Statements on this website provide general information only as it relates to policies and coverages. All coverages are subject to the terms, conditions and exclusions of the actual policy issued so contact one of our licensed agents for questions regarding your specific needs and policy.

THE BASICS

UNDERSTANDING THE BASICS

Insuring Your Home

What is homeowners insurance?

Homeowners insurance is a policy covering your home (the structure) and its contents (personal belongings). It can save you from severe financial loss if your home is damaged or destroyed. It covers your family’s possessions and can provide you with compensation for liability claims, medical expenses, and other amounts that result from property damage and personal injury suffered by others. Most lenders require homeowners insurance in order to obtain a mortgage.

For example, a homeowners insurance policy can protect you against the following scenarios:

  • A tornado or storm shattering your home’s windows or scattering your roofing shingles across the neighborhood
  • A burglar breaking into your home and stealing that figurine you inherited from your grandmother
  • Your dog biting a neighbor or delivery person
  • Physical therapy costs for a guest injured by a fall in your home
  • A successful personal injury lawsuit brought by a neighbor the last time you practiced your chip shot in the backyard
  • Damage from a vehicle crashing into your house

Homeowners insurance is also a way for condominium and cooperative unit owners, mobile home owners, and renters to protect their possessions from damage or theft, and to obtain liability coverage for property damage and personal injury suffered by others.

Who is covered?

Homeowners insurance protects more than just the owner of the house, condominium, or other property. Depending on your living situation, the following individuals are covered under your homeowners policy:

  • Named insured
    The insurance policy identifies the “Named Insured” (meaning the individual who is primarily insured under the policy), who is usually the same person named on a deed or lease as the owner or tenant, respectively. You, as the named insured, receive the most extensive coverage under your homeowners policy, for you are covered by property insurance on your dwelling and other structures, in addition to personal property and liability insurance. Named insured condominium owners and renters do not receive such extensive coverage because they do not, on an individual basis, own their dwelling or other structures.
  • Spouse
    If your spouse resides in your dwelling, then he or she is covered by personal property and liability insurance, even if he/she isn’t identified on the Declarations Page as a named insured.
  • Residents
    Individuals who reside in your dwelling are covered by personal property and liability insurance if they are your relatives (e.g., your children) or if they are under 21 years of age and in the care of any member of your family.
  • Employees
    Housekeepers, au pairs, or gardeners, for example, are covered by personal property insurance.
  • Guests and other visitors
    Your guests and other invited visitors can typically be covered by personal property insurance so long as you contact the insurance company or your agent to request coverage.

What is covered?

The property insurance section of your homeowners policy protects more than just your actual home or dwelling. In most cases, your insurance company will reimburse you for damage or theft affecting:

  • Your dwelling, any structures attached to the dwelling, and building materials and supplies that are stored near the dwelling and are used to construct, alter, or repair the dwelling or other structures on your property
  • Structures on your premises that are not attached to the dwelling, such as a tool shed or detached garage
  • Personal property such as the contents of your house like furniture, clothing, and stereo equipment, as well as outdoor items like sporting equipment and gardening tools

Generally, the coverage limit for other structures and personal property coverage is a set percentage of the dwelling coverage amount. If you wish, you can increase a policy’s preset coverage amount by endorsement (see below).

Condominium or cooperative unit coverage

If you own a condominium or cooperative unit, your homeowners insurance does not cover you for your entire dwelling space because you do not individually own the structure you live in. Instead, you are covered for your personal property and any portion of the unit you own under the terms of the condominium or cooperative documents. Renters are covered for personal property only because renters do not own any portion of the property.

Specific coverage In most cases, whether you own or rent a home, the homeowners insurance company will reimburse you for costs, expenses, and other amounts related to:

  • Loss of use
    If your dwelling is not fit to live in because of damage covered by the policy, you should receive reimbursement for your family’s or household’s living expenses while you wait to permanently relocate or wait for the dwelling to be repaired. A set coverage limit is always applied to a policy’s standard loss-of-use coverage, but it can be increased by endorsement.
  • Liability
    If you or another insured are found responsible for personal injury or property damage suffered by another person, your insurance company will offer a settlement amount owed to that person. This is only true if carelessness or negligence, rather than intentional misconduct, caused the injury or damage. If an injured or damaged person brings a lawsuit, your insurance company should pay to defend you or any other insured named in the lawsuit. For example, you may be found negligent if a meter reader was injured by falling off your tricky cellar stairs because the railing was broken (and you knew about the situation but failed to repair it). You may be found liable for intentional misconduct if you cut down a tree on your neighbor’s property to improve your view.
  • Medical payments to others
    If a nonresident requires medical assistance as a result of an injury suffered on or near your premises, your insurance company should pay his or her medical expenses. Injuries that take place away from your premises are also covered, as long as you, another insured, a household employee, or your pet caused the injury.

Open perils vs named perils
Your policy can also cover either open perils or named perils. A named perils policy specifies which perils are covered as well as which perils are not. Rather than covering a number of listed or named perils, an open perils policy covers you broadly against risk of direct loss to your dwelling and other structures, and also includes an extensive list of perils which are not covered.

What is not covered?

There is a wide variety of damages, conditions, and costs that are not covered by homeowners insurance. Your insurance policy describes a number of situations that are specifically excepted or excluded from coverage (called exclusions). Some policies contain more exclusions than others. Your policy also describes certain conditions you must meet, and duties you must perform, in order for you to be covered. Terms and limitations that were originally included in your policy can be changed by a document called an “endorsement.” For these reasons, you should carefully read your homeowners policy to learn the limitations and exclusions that apply to your specific situation. Here are just a few examples of situations when you may not be covered by a standard homeowners insurance policy:

  • Land
    Although the structures and possessions that lie upon a parcel of land are usually covered by a homeowners policy, the land itself is not. This means, for example, you’re not covered by your policy if your neighbor’s pool overflows and contaminates your untilled garden.
  • Coverage Limitations
    The Declarations Page of your policy recites maximum coverage amounts that limit what the insurance company must pay. Separate limits are set for the dwelling, other structures, personal property, loss of use, personal liability, and medical payments to others. This means that even if you suffer a loss to your personal property in the amount of, let’s say, $50,000, the insurance company will pay you no more than the policy’s stated limitation recited on the Declarations Page. If this figure within your policy is $100,000 then you’re covered for all of it. On the other hand, if it’s only $30,000 then you’ll have a $20,000 deficit.
  • Flooding
    Your homeowners policy will not cover you for damage that results from floods, waves, sewer overflows, or water seeping into your basement.
  • Business
    If you’re involved in a business activity, your homeowners policy will not cover you for liability or medical payments due other persons, even if the damage or injury occurred in your home. Other structures located on your premises that are used for business purposes are also not covered by the policy. This means your standard homeowners policy will not reimburse you for medical care required by a client who slips and falls in your home office as he’s putting his coat on the rack.
  • Your tenantsYour standard homeowners policy will not cover you for damages or injuries suffered by the tenants who rent any part of your home.
  • Other insurance
    If an injury or damage is covered by other insurance in addition to your homeowners policy, your homeowners insurance company will only pay its proportionate share of the amount due.
  • Theft by another insured
    Your homeowners insurance will not cover you for a loss caused by a theft committed by another insured person under the policy. This means your policy will not cover you if your nephew (who lives with you) steals a valuable baseball card from the family room.
  • One or two family dwellings
    Structures that have more than two family dwelling units cannot be covered by homeowners insurance
  • Cars
    Registered motor vehicles are specifically excluded from personal property coverage. Only vehicles like motorized wheelchairs and lawn mowers, which are not usually registered with the state, are covered by personal property insurance. Your car is also not covered under the “Personal Liability and Medical Payments to Others” sections of your homeowners policy because insurance companies prefer you to insure vehicles with an automobile insurance policy.

How much coverage is needed?

Your home can be insured for either:

  • Replacement Cost–pays you the cost of replacing damaged property, with no deduction for depreciation, but with a maximum dollar amount
  • Guaranteed Replacement Cost–pays the full cost of replacing damaged property, with no deduction for depreciation and no dollar limit. This coverage is not available in all states. Some insurance companies may limit coverage to 120 percent of the cost of rebuilding your home.
  • Actual Cash Value–pays you an amount equal to the replacement value of damaged property minus a depreciation allowance.

Unless a policy specifically states that p