How To Know If Your Dealing With A Licensed Insurance Agent Or Company

September 23, 2011 Leave a comment

Today is this world, it seems like some one is always out to scam or cheat someone else. We all know its very important to protect your identity and other financial information. We all need to be skeptical, and must protect ourselves as best as we can. So how do you know if your dealing with a legitimate agent or company when shopping for insurance? You have to give out a lot of information when shopping for insurance. It’s always good to double-check if that person or company is licensed before you do so.

How Do I check If a Company or Person Is Licensed?

It’s very easy to check if an agent is licensed or if a company has a certificate of authority. You can simply do this by contacting the department of insurance in your state. For example in Colorado, its DORA- Division of insurance.  From here you can see if they’re licensed and what lines they authorized to transact business in. It also shows the dates of inception and expiration of their license or Certificate Of Authority.

The division of insurance also requires agents to pass a mandatory test, and also pass a credit and background check. They require insurance companies to get a Certificate Of Authority, and to prove solvency and stability  in order to write insurance in their state.  Some companies are Surplus and Excess and do not have to got thorough the process of getting a Certificate Of Authority. These companies  write unusual risks or hard to place, and are considered non-standard markets. In most states, the commissioner has a list of Surplus and Excess companies they find the most trust worthy.

Other Ways to Verify Acknowledgement and Recognition

  • Most agents must go through the process of being appointed by an insurance company. This includes license check with the state, background check, and credit check.
  • Check the financial score of an insurance company by visiting AM Best.
  • Check with the BBB.
  • See how long a company or agent has been in business. A new or small company or agent is not necessarily negative.
  • Meeting an agent or company rep in person is always a good idea.
  • See if the agent and/or company has any past or current complaints with the division of insurance.

Most of all if its to good to be true, or you feel uncomfortable, don’t give out your personal information! Check with the State Department of Insurance first. As always if you have more questions please call us during normal business hours.

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Colorado earthquakes and your Home Insurance

September 17, 2011 Leave a comment

Recently in Colorado, we have been getting a lot more seismic activity. It seems like we have been getting a lot more earthquakes lately. So what does this mean for your homeowners insurance? Lets first take a look at recent incidents.

Latest notable earthquake activity

-Sept 16, 2011, located below the Colorado border.  3.8 magnitude.

-Sept 12th, 2011, location near Craig Colorado. 3.7 magnitude.

-Sept 11th, 2011, location near Kiowa Colorado. 3.9 magnitude.

-Aug 22, 2011, 9 miles outside of Trinidad, 5.3 magnitude.

Other notable older earthquakes

-1967, near Denver, Colorado. 5.3 magnitude.

-1973, northwest corner of Colorado, 5.7 magnitude.

Largest Earthquake in Colorado History

In 1882 the state experienced its largest earthquake, which occurred in now what is Rocky Mountain National Park. It read a 6.5 on the Rictor scale. By far the biggest earthquake in Colorado history.

What does this mean for your Homeowners insurance?

A standard homeowners insurance policy does not cover earthquakes. You must by a separate insurance policy, known as earthquake insurance. This policy would provide coverage for your dwelling and contents, if an earthquake were ever to occur.

Should I buy earthquake insurance with all this seismic activity lately in Colorado?

Event though we have had a lot of activity lately, I don’t think people should be out panicking about this. I believe by looking at the plates, the chances of a big enough earthquake to come along, in a high populated area is very unlikely.  My professional opinion is that buying earthquake insurance at this time is most likely unnecessary.  We have never had an earthquake that has caused a significant amount of property damage or has hurt or killed anyone in our Colorado history. This is something that could change down the road, depending on what happens.

If you are interested in purchasing Earthquake insurance, and feel there is a need for it, please contact us during or normal business hours.

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Get A Quote From Us!

August 25, 2011 Leave a comment

We are a full service national insurance agency. We are also locally owned and family operated. We are insurance brokers and independent agents, who have the comprehensive resources to put together policies with the best coverage at the lowest cost. So call today. We can give you a quote on just about all your insurance needs. We also started in 2007 and have been growing through this recession thanks to great clients and neighbors in the Colorado area. Be apart of our family today!

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What does the First Named Insured Mean?

June 28, 2011 Leave a comment

Unless you are in the insurance business or are really an educated business person or professional, first named insured probably is meaningless to you.  Well it is very basic, but the first named insured is the the person, firm, or organization specifically designated by name on the Declarations Page of the policy.  The First Named insured is the key person and the primary individual with changes to a policy or when a decision is made.  In Commercial Lines insurance, the First Named Insured has certain rights and duties that do not apply to any other named insureds.

Any rights are designated to the First Named Insured such as the right to cancel, increase the premium, decrease the premium, change the policy, the right to receive any return of premiums.   The duty to make the premium payments in a timely manner are all up to the First Named Insured.

Contact Denvers Insurance with any questions, hppt://denversinsurance.com, or call 303-219-4985.

 

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What about you, have you had problems with personal slander or copyrighting an idea?

June 28, 2011 Leave a comment

Most businesses advertise their products in order to make the sales they need for continuation.  But when advertising and when copyrighting a product, one must be careful to insure against another business intruding on your territory.  This could be considered an advertising injury which will be discussed below.

There is also the problem of libel and slander against a person which is called personal injury. There exists in the insurance business an Insuring Agreement where a policy provides protection for liability arising out of offenses such as libel and slander which is a personal injury.  A personal injury as distinguished from bodily injury includes false arrest, detention, imprisonment, malicious prosecution, wrongful entry, eviction, or invasion of privacy.

Advertising injury includes using advertising ideas in the wrong way or a style of business, infringement of another’s copyright, title, or slogan in the insured’s advertisement;  violation of privacy, as well as libel or slander.  The coverage of personal and advertising injury does not include the wrongful pricing of goods, or services;  insureds in the media, or as an internet search, access, content, or service provider;  and loss arising out of an electronic chatroom or bulletin boards the insured hosts or owns.

So to protect yourself, especially if you are a Professional, make sure you have a Personal and Advertising Injury policy set up an in insuring agreement.  This would be considered a Commercial General Liability coverage.

Contact us at Denvers Insurance (303) 219-4985 for more information and to ask any questions you may have.  We enjoy helping you.

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Did You Hire An Employee Or An Independent Contractor

June 28, 2011 Leave a comment

Before you go out and hire an independent contractor, or give the next 10-99 to your contractor, there are some things you need to know. Because that person might be an employee not an independent contractor. In this blog I am going to explain what the difference is. This is very important, because the last thing you need is government agency bullying you, and fining you.

What is an employee?

An employee is one who is scheduled specific hours by the employer and is required to work those hours.    This person  is eligible under certain requirements to benefits as designated by the employer.  An employee is eligible for sick leave, medical insurance, dental insurance, and 401Ks etc. through the employer.  An employee is also eligible for Workman’s Compensation if such need should arise.  The employer will pay the employee’s income taxes such as social security and state taxes.  Usually an employee is paid a salary or by the hour.

What is an independent contractor?

An independent contractor is one who works for an individual or company but is not scheduled or required to work certain hours.  An independent contractor is totally independent as to his or her work schedule and does not receive any form of benefits from the employer.  There is no Workman’s Compensation, no medical insurance, no dental or 401K eligibility.  An independent contractor is responsible for paying his or her own taxes such as social security and state taxes.  The most common form of compensation for the independent contractor is being paid by the job.

 

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Loss Of Business Income Insurance Coverage

June 27, 2011 Leave a comment

In the event of a large loss, it is most likely a business will not be able to do daily operations. Sometimes a business is shut down due to a claim. This can be a couple of days, of even sometimes up to a year. Sometimes a loss can result from another loss. This is called an indirect loss. Such indirect loss could be losing business income from a big loss.  Since your business can no longer operate, it is only natural for this to happen.

What is business income loss insurance?

This coverage supplements your business income from an indirect loss, when a direct loss occurs and effects your revenue. This coverage is usually good for up to 12 months of lost income. Business income can be considered any type of revenue from daily operations. The insurance company has to indemnify all losses, but no profit can be gained from the insurance company. This unless it is apart of daily operations income.

Why is this so important to have on my insurance policy?

Incidents that result in business losses, can be unforeseen. If your operations are stopped due to an insurance loss, it is a must you  protect the businesses income. This simply can be done, by buying a business owners policy, that has loss of business income, included in it. Always make sure that this coverage is good for 1 full year.

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Negligent Fire Works On 4th July Fires Up Millions In Property Damage And Bodily Injury Each Year

June 25, 2011 1 Comment

Independence Day is one of my most favorite days of the year. We celebrate our great Country. We get together with friends and family, enjoy that out doors and bar-b-que. We enjoy the All Star GAme on TV, and sit back relax and drink beer. But there is one thing we all forget. The fact that millions of dollars of property damage and bodily injury occurs each year due to fire works.

According Rocky Mountain Insurance Information , In 2009, fireworks started an estimated 18,000 reported fires, including 1,300 structure fires, 400 car fires, and 16,300 outside and other fires. These fires resulted in one death, 30 injuries and $38 million in property damage (National Fire Protection Association latest data).

On the 4th of July, there are more reported fires then any other day. This makes it difficult for fire and police departments, to respond to emergencies.

Our advice at Denvers Insurance Agency and The Ahbe Group is to leave it up to the professional’s. Keep in mind that the most commonly injured person from fire works, are young children, usually from a sparkler. Sparklers can burn up to 1200 degrees.

Our advice for the fourth of July is to be safe, and leave the fireworks to the pros. Here is a list in Colorado of upcoming fire work displays for 2011, courtesy, The Denver Channel.

 

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Why Buying Insurance Online is A Bad Idea

June 24, 2011 Leave a comment

It seems like very day, we see tons of TV ads for auto insurance companies. This either can involve a cartoon, a little lizard, or even a perky little brunette. All of them advertise how you can buy a policy online. They advertise how you can get discounts for buying online. They advertise it like gold and glitter. In this blog, I am gonna go past all the excitement about buying a policy online, and actually tell you why its a bad idea.

  • The information they ask can be very hard to understand. Most of the time consumers enter in information incorrectly, which will give you an inaccurate quote.
  • Most companies, shows the lowest price. This usually means the lowest coverages.
  • Most quotes you get off the internet, are the bare minimum liability coverages. This is bad, because if you get in a bad enough accident, you personal assets could be at stake.
  • Most companies don’t include coverages such as uninsured motorists property damage, and also uninsured or under insured motorists coverage. With a lot of drivers uninsured or under insured, this coverage is a must.
  • If you have a newer car and has a lien or lease on it and its needs comp and collision coverage, a computer can’t understand this.
  • An online quoting system might not know if towing and rental car reimbursement is something you should or shouldn’t have on your policy.
  • Most consumers don’t understand what some coverages mean and what it does. When a consumer doesn’t understand a coverage, they don’t buy it. This could be costly, because a consumer might need it.

I could continue on with many points, but in conclusion, a computer can’t think, and counsel you into the right policy. Only a human can. When it comes to insurance, every person is different in needs. Only an experienced  broker like us, can give you advice and steer you in the right direction. A computer can’t give you advice on how much coverage you should buy, if its ideal to carry a 1000 dollar deductible or a 500 dollar deductible. It can”t answer questions such as, what if I drive my friends car, will my policy follow me to that policy?

Please feel free to leave a comment. We can write insurance in 45 states.

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Understanding An Indirect Loss On An Insurance Policy

June 22, 2011 Leave a comment

When a loss occurs, and a claim is filed, the is more underneath the problem than first understood. That loss could be a pipe breaking in your house, a fire in the kitchen or any other type of occurrence. During this time all that is on the policyholders mind, is the loss at hand. But there is another loss creeping up on them, most of the time realizing it at the last second.  This is known as an indirect loss.

What is an indirect loss?

An indirect loss is a loss that occurs because of another loss.  It is an underlying loss that takes place because of a larger loss.   On a homeowners, loss of use of a home would be an indirect loss.    An example of this is, Johnny’s house catches on fire, because of the smoke, Johnny cannot stay in the house.  Johnny has to rent a hotel room because of the smoke in his home.  This is an indirect loss.

An example on an auto insurance policy is when Judy crashes her car and has to have it repaired.  She rents an auto to use while her car is being repaired because she doesn’t have a car to drive back and forth to work.   The expense of the rental car is an indirect loss.

An example of an indirect loss for a business is lack of business income.  Because of a loss, the business can no longer gain income and therefore profits are hurt.

In conclusion, an indirect loss comes from a bigger loss.

 

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