Category: Commercial Insurance

Flood Policyholders: Read Your FEMA Letter

Flood Policyholders: Read Your FEMA Letter     In an effort to comply with the Homeowner Flood Insurance Affordability Act (AFIAA), FEMA has begun mailing letters to all flood policyholders.  The purpose of these letters are to efficiently communicate flood coverage provided to the policyholder. We at Beckerman strongly recommend reading them upon receipt.  There are three main points that these letters are trying to convey...

What You Need To Know about Co-Insurance on Property Policies

If tangible property is an integral part of business operations, understanding the co-insurance clause in property insurance is important to ensure that, in the event of a total-loss, a claim payout will be equivalent to your purchased limits. This applies to a variety of property policies and adhering to the co-insurance clause is beneficial for both the carrier and the insured. It is important to...

A Guide to Reduce and Prevent Workers Compensation Claims

Managing the costs of all the insurance policies necessary to ensure a business is fully protected can be overwhelming.  Specifically when rates and premiums increase even with no losses or lapse in coverage.  Workers Compensation however, offers the opportunity for a business owner to decrease their premium through the Experience Modification Rating, (EMR).  For companies that qualify for an EMR, it would be prudent to...

Protecting Your Property Interests: Property, Business Personal Property, Tenants Improvements and Betterments and Inland Marine Coverages

How many types of property do you see in this picture? While “Property Coverage” seems straight forward enough to mean a policyholder’s property is protected, there are different categories of property. These categories are named under different coverage types with different limits.  Knowing the differences, as well as understanding what limits are needed, can help business owners assess their business’s risk exposures and insurance needs....

What Property Should Contribute to BPP Limits?

Anyone familiar with either a commercial property, business owners or commercial package policy has become acquainted with a limit known as Business Personal Property.  This is coverage that protects a policyholder’s tangible, movable property that is necessary to business operations, in the event of a covered loss.  That may seem like a straight-forward definition, however many business owners seek more clarification and ask, “What Materials...