Understanding the Ins and Outs of Planned Unit Development Coverages

Investing in multifamily properties can be a great way to see a decent profit on your future. Planned units are a popular option these days and finding the perfect luxury community to invest in can help you reach new levels with your endeavors as an entrepreneur. Of course, this journey is not without many obstacles. With this type of arrangement, the units are owned by both the renters and the individual who owns the community. The property managers, however, are responsible for taking out a comprehensive insurance package that covers the residents and their needs.

Who Insures What?

An interesting point to understand about planned unit development coverages is that some costs are covered by the residents themselves. Typically, these packages will take care of individual insurance needs and coverage for the unit. As the property manager, you’ll need to focus more on the paperwork and other administrative errors that can occur. E&O insurance helps to protect you when important info is omitted from an official document. This type of protection will also protect the business owner from any allegations of negligence. Additional points to keep in mind when exploring your insurance options include:

Protect Your Investments

While purchasing real estate can be an amazing way to take advantage of exciting financial opportunities for your future, you need to make sure you are taking the time to go about the process in the right way. Look over your options and discover comprehensive protection.

Knowing How to Cover Gaps in Your Insurance Coverage

Purchasing an insurance policy may bring you peace of mind, but your liability policy may leave expensive gaps or exclusions. There are coverage limits as well, and resolving an incident could exceed what your insurance policy provides. When this happens, an excess liability or umbrella policy could help make up the difference.

Knowing the Difference

Though the terms are sometimes used interchangeably, there are noted differences between excess insurance vs umbrella coverage. With umbrella policies, the insured is given higher liability limits as well as a broad scope of coverage for the policy itself. Umbrella coverage can usually fill in gaps like coverage territory, such as moving from a national scope to a worldwide application. With an excess liability policy, the insured is provided additional coverage beyond the financial limits established by the underlying policy. However, because the financial limits are extended, the policy may be more restrictive when written.

Paying Attention

Either policy you choose, you need to carefully read through to find out inclusions and exclusions. The policies themselves don’t follow a standard format, making it easier for you to overlook a crucial detail or simply assume a situation is covered.

The distinction between the two policies can become blurred, especially when agents are talking to you about the benefits of carrying additional coverage. With this information, you should have a better understanding of what policy will best cover your liabilities.

Commercial Dump Truck Insurance

Commercial trucks provide a variety of essential services throughout the country. They transport everything from dry goods to fuel to motor vehicles. One type that delivers more on a local level but is still critical to infrastructure is a dump truck. The standard version has the dump bed mounted on the same body as the cab, but there are also dump trailer versions that can be hauled with a separate truck-tractor. These are all considered a heavy-duty commercial vehicle and require specialized insurance.

Typical Dump Truck Policies

Dump truck coverage is a particular line of insurance geared towards these unique vehicles. General liability insurance is typically required in order to operate one of these trucks. This protects you in the event an accident causes bodily injury or damage to the property of others. This would be the bare minimum of coverage and would not cover you or your truck. This is why you should consider these additional options as well:

  • Physical damage – can be collision, comprehensive or both. These will cover the cost of damage or loss to your truck due to various circumstances.
  • Medical payments insurance – covers the cost of your medical bills if you are injured because of an accident.

If you drive or operate a dump truck then it is important to understand your insurance requirements and options. A knowledgeable agent will help cater a policy to your situation.

Can You Get a Ticket When Your Car Slides on Ice?

Winter weather often leads to accidents that are beyond the fault of any of the drivers involved, and it’s fairly common for law enforcement to take that into account when weighing whether to give a ticket at the scene of an accident. That means many people find themselves getting a lot of benefit of the doubt, but it doesn’t change the fact that in at-fault insurance states, someone is still liable for the accident. Whether there’s a ticket issued or not, insurers will look at accident reports and other evidence to determine who is on the hook for the costs associated with the crash. In some situations, though, the police do issue tickets, which greatly simplify claims related to sliding on ice.

Too Fast for Conditions

If a citation is issued to either party in an accident, it’s usually driving too fast for conditions. This is the go-to justification for writing a ticket for reckless driving, failure to stop, or other related citations. It’s less likely to happen when weather is more severe, and extenuating circumstances like ice that causes vehicles to stop almost completely before drifting forward uncontrollably do reduce the likelihood of a ticket being involved, but technically any accident that is related to ice can be attributed to that vague cause, driving too fast for conditions. When it comes to fighting those tickets, the question is often whether the driver could possibly know conditions were bad enough that their precautions were still too fast for them.

How Much Does Boat Insurance Cost?

It is difficult to specify how much your boat insurance will cost. The average rate can start as low as a few hundred dollars per year but can also run you as much as several thousand dollars, depending on the types of insurance you obtain, as well as your own risk profile.

Factors That Effect Insurance Costs

There are a number of factors that impact your rates, including the following boat characteristics and your intended use:

  • Type of boat – If your boat is a yacht, your rate will look different than if you have a speedboat.
  • Size of boat – The rate for a large boat can differ significantly from that of a small boat.
  • Age of boat – Older boats will typically cost less to insure than a comparable newer boat.
  • Where you sail – The places you travel with your vessel can affect how much you pay for insurance.
  • Boat usage – If you use your boat only a handful of times a year, it will cost less to insure than if you live aboard your boat.

An insurance company or broker will also examine your driver’s license record, history of boating insurance claims, skill level and whether you have taken any safety courses. Your age and gender also affect your rates.

When you purchase a boat, obtaining insurance is a requirement. Boat insurance costs will vary based on your vessel’s specs, as well as your own usage and risk profile. Proper insurance, however, gives you peace of mind so you can enjoy your new investment.

Protecting Your Personal Watercraft Rental Business


With the arrival of the summer boating season, rental companies are preparing for the influx of tourists clamoring to get out on the water. Taking on the business of renting watercraft comes with inherent risks. Weather hazards, craft issues, operator errors and other boaters all have the potential to pose a significant legal and financial burden.

When the craft you offer for rent includes personal watercraft, you require protection designed specifically for these types of boats. Standard boat insurance does not cover sea-doos, jet skis, or wave runners.

Procuring the Right Coverage

Your insurance for your rental craft should cover your business and your customers in case of accidents and injuries. A good insurance policy offers coverage for:

  • Hull damage – Repairs and replacements for damaged boats can be costly. If your personal watercraft property is damaged, you need to be sure that your policy protects your investment.
  • Watercraft damages – As the owner of a personal watercraft rental company, you are entrusting your property to the care of someone else while they operate your boats. A good insurance policy offers protection in the event a renter is injured, or another person’s property is damaged, while the machine is in use.
  • Liability – A good liability plan is necessary to protect your company against accidents and injuries occurring on the premises.

Insuring jet skis, see-doos and wave runners is a special consideration when you operate a personal watercraft rental company. To stay afloat, make sure your business and your customers are protected as the summer season gets underway.

The Importance of Avoiding Cross-Contamination

When most people go to a restaurant, they just want to enjoy delicious food and don’t worry too much about how their meal is prepared. Unfortunately, many individuals don’t have the luxury of mindlessly eating anything that sounds good. Because of food allergies and other health conditions, some people must stay away from ingredients that are found in many dishes in the average American restaurant. Now more than ever before, restaurants need to be vigilant in protecting their customers by avoiding cross-contamination.

Common Ingredients That Threaten Restaurant Customers

Even for a perfectly healthy person, ingredients like raw meat, seafood, and eggs can harbor bacteria that may cause illness. It is critical that restaurant employees practice proper sanitation after handling raw ingredients so that bacteria from these foods do not contaminate any other ingredients or dishes. Celiac is a condition that causes severe reactions to any contact with gluten. Any wheat-based product, or even those that contain traces of gluten, like soy sauce, are very dangerous to individuals with celiac disease. Other extreme sensitivities or allergies may include:

  • dairy
  • peanuts
  • soy
  • shellfish

Restaurants should be careful to keep these ingredients separated from all others unless they must go into a dish together. Blue Sky Insurance Agency asserts that even the most stringent practices to prevent cross-contamination can leave room for unfortunate outcomes, so having an insurance policy in place to protect against related claims is a good idea.

The Importance of a Whistleblower Policy for Nonprofits

Protecting your company can often prove difficult. This is because business owners do not always know which methods are most effective for reducing threats. Nonprofits tend to suffer the most, as there are a number of heavy regulations already dictating what these organizations can and cannot do with available capital. This is where a concept like a whistleblower policy can prove advantageous.

Protection and Enhanced Security

According to major outlets, a nonprofit whistleblower policy can be incredibly helpful when it comes to making a business owner aware of issues and violations that might impact the future of the organization. What’s more, nonprofit whistleblowers are protected under the law from repercussions. This means someone who points out a major violation will not need to worry about losing his or her job due to making this point of concern known. Additional points of the policy to consider include:

  • Exposure of fraud and corruption
  • Response to internal and external abuse
  • Encourages an honest and open workplace

Encourage Communication

Having discussions with your team about the importance of speaking out when a violation occurs is key to your overall success. Take time to keep your staff informed about encouraging whistleblowing. A focus on this can reduce the odds of internal issues and help your employees feel protected and provided for at all times.

The Blackmail Clause in Your Insurance Contract

Individuals secure insurance policies in the hopes that when the time comes, the provider will be issued the funds needed to rebuild or pay for claims of damages against the individual. However, insurance providers underwrite policies to take care of both the insuring company and the insured. Unfortunately, the benefit of the insurer sometimes outweighs the needs of the insured. This is commonly seen with the inclusion of the hammer clause in a policy.

Understanding the Blackmail Clause

Because of the way the hammer clause is enacted, it is also referred to as the blackmail clause. This is a settlement cap provision or a consent to settlement provision that the insurer includes in the policy. It carries the power to force the insured to settle, by putting a cap on the amount of indemnification that the insurer is willing to give. The insurer gets to decide what the settlement is worth and place the cap accordingly. The way the clause is written, the insured must either accept the settlement cap or be personally responsible for the defense costs of the claim.

Who the Clause Benefits

The purpose of insurance is to indemnify policyholders from the risks that are included in the policy. For this reason, the hammer clause is most beneficial to the insurance company. Always be aware of the fine print and how it can impact your claims and payouts.

Do You Carry the Right Real Estate Insurance?

When your business is the buying and selling of properties, your customers rely on your judgment for a lot of important decisions. Not only do you need to be able to give them accurate information about properties and the positions of each seller, but most clients also depend on your judgment and your assessment of the current marketplace for at least some of their decisions. That makes the right professional insurance for real estate agents and brokers very important to the protection of your business, but which one do you need? Brokers and agents do not need the same coverage options or limitations.

Upgrading Your Business Insurance

According to Highland Risk, brokers require more comprehensive and wide-ranging coverage than agents do. That’s because real estate brokers take on more professional risks than their agents, who are essentially salespeople working under them. Brokers are responsible for the agents under them, shielding them from certain kinds of liability. The exact coverage a broker needs is quite variable, it changes according to their need for property insurance for an office site as well as the size of the team of agents operating under them. In addition to E&O coverage that reflects their role, brokers generally also need to carry general liability insurance like other business owners.