H&K Insurance offers its customers a variety of specialty coverages to make sure that they are properly insured when special circumstances arise. These specialty coverages include flood and earthquake insurance along with a variety of additional policies that provide needed protection to both homeowners and business owners when unusual events occur. All of these coverages should be carefully reviewed and proper limits of protection chosen to meet your needs. We can certainly help you to understand your potential exposures and guide you to a limit that you feel is adequate for your situation.
As we pointed out in our blog, New England might be susceptible to an earthquake similar in magnitude to those that struck New Zealand and Japan in 2011. To reiterate:
We wanted to make sure that you understand that while a standard home insurance does not cover flood damage, it should still be a part of your insurance portfolio. Here are some additional facts relating to flood insurance that all of our customers need to know:
An often-overlooked coverage on many policies, debris removal can be a very expensive portion on even seemingly small claims. We can no longer just come in with a backhoe and a dumpster and haul away the remains after a loss. There are many hazardous materials that need to be dealt with by someone certified to dispose of them. The presence of some of these materials may be known, while others may only be discovered at the time of a loss. The cost for debris removal can often run higher than the actual loss, and in the event of a total loss can be vastly under insured.
Ordinance & Law Coverage provides coverage for three types of losses due to the enforcement of building ordinances or laws; 1) the value of undamaged property that must be demolished, 2) the cost to demolish the undamaged portion and remove the debris, and, 3) the increased cost to rebuild the property to meet newer codes.
This type of loss can be one of the hardest to prepare for. While the insurance policy provides for replacing buildings and property damaged in a loss, what about the time that your business is closed to make these repairs? How do you pay for this? Just because your business is closed does not mean that all of your expenses stop. The cost of materials may be saved while production is stopped and many employees will not have to be paid during an extended shut down, but some key employees will need to continue working to prepare for reopening. If there are loans outstanding, interest will still need to be paid and some contracts will still require payment, such as advertising contracts. Another issue that you could be facing is obligations to major customers that can no longer be met. What if your largest customer accounted for 50% of your sales? Assuming that they cannot wait around for you to reopen, they will find another source for the product that you are supplying them. There is no guarantee that they will come back to you once you are up and running again. There is coverage available for all of this. A good disaster plan along with carefully planned insurance coverage will go along way to assuring that your business will survive.
In this day and age everyone is exposed to the internet and all its inherent dangers. Cyber Liability Coverage protects businesses and individual users from Internet-based risks, and more generally from risks relating to information technology infrastructure and activities. Risks of this nature are typically excluded from traditional commercial general liability policies.
Directors & Officers Liability Insurance (often called D&O) is liability insurance payable to the directors and officers of a company, or to the organization(s) itself, as indemnification (reimbursement) for losses or advancement of defense costs in the event an insured suffers such a loss as a result of a legal action brought for alleged wrongful acts in their capacity as directors and officers. Such coverage can extend to defense costs arising out of criminal and regulatory investigations/trials as well; in fact, often civil and criminal actions are brought against directors/officers simultaneously.
It’s important to have coverage for awards and settlements arising out of wrongful act allegations and lawsuits brought against an organization’s board of directors and/or officers. This can include private companies, non-profits, community associations, healthcare, etc.
Employment Practices Liability is an area of United States law that deals with wrongful termination, sexual harassment, discrimination, invasion of privacy, false imprisonment, breach of contract, emotional distress, and wage and hour law violations. Employment Practices Liability is part of professional liability.
* All of these descriptions are meant to provide a starting point for discussions. We want to provide you with the best possible protection at the best possible price. Please call and speak to your representative to review any or all of these important coverages.