Month: April 2018

Think you don’t need renter’s insurance. Maybe you should reconsider.

Posted on by Brad Smith

Insurance agent’s sell renters insurance based on cost. It’s easier that way, as the cost for renter’s coverage is insignificant when packaged with an existing auto policy.

But cost is not the real story. Property coverages are great, but the exposure that concerns me the most is liability.

Let’s say you have $25,000 worth of personal property. If you get a renters policy and it’s covered, great. If you have fire and all the property is lost your renters policy will pay. If you don’t then you lose $25,000. With or without a renter’s policy you know what your exposure is.

But what will happen you invite your neighbor over for coffee….. We all know the McDonald’s coffee story. If you don’t have a renter’s policy, you will be the one on the hook. With a renter’s policy, your exposure should be covered or at least significantly mitigated.

Will attorney’s fees be covered in the event of a frivolous lawsuit?  Most likely!

The bottom-line is simple. When we know the cost of a potential loss, we can better evaluate the risk-reward. Liability exposures are much more difficult to evaluate and there is no reasonable way to discern the value of an insurance policy. We live in one of the most litigious countries in the world.  Don’t underestimate the value of the renter’s liability coverage. More importantly, don’t pass on a renter’s policy based on the fact that you are willing to underwrite your own property risk. By doing that you are underwriting your liability exposure too.



 TruePoint Insurance offers many great options that allow renters to protective themselves from both property and liability exposures.  Call us today at (502) 410-5089, or visit our website and try out our Instant Online Rater where you can access real insurance quotes in real-time whenever or where you like.

Renter’s Insurance, another reason why we are insuringky.com

 

Do I Need Flood Insurance?

Posted on by admin

flood insurance, KY flood insurance. buy flood insurance, FEMA national flood insurance programs. do i need flood insruance Flood insurance isn’t usually a standard part of a homeowners or renters insurance policy. While not everyone needs to buy a separate FEMA flood insurance policy; however, the worst thing you can do is wait for a rainy day before you find out if you need it. 

TruePoint Insurance provides flood insurance to many in Central Kentucky.  Covering much of the area between Louisville and Lexington.  Some people are more prone to a flood than others and only some must have it. 

We’ve heard many times in the past, “I don’t need flood insurance, I already have a homeowner’s insurance policy.   Our response is always the same! 

At other times we have been asked, “Does my homeowner’s policy provide flood insurance?”  homer's insurance doesn't cover flood, flood insurance is a separate policy, call 502-410-5089 to learn about the National Food Insurance Program

We quickly respond, “No!”

“How can you tell without looking at my policy?”

“Because flood insurance requires a separate policy.”  “Always!”

1. High-Risk Areas

If you live in a high-risk area for flooding, you want to purchase a flood

learn how the FEMA National Flood Insurance Program can help me
FEMA National Flood Insurance Program

insurance policy to protect your assets. You also want to if you’re at moderate risk for flooding. It’s important to discuss your risk with the insurance company, so you can determine exactly what risk you have for flooding. 

2. Could be Required

Those who live in an area at a high risk for flooding may be required by the lender to have flood insurance. You should contact your lender to determine what type of coverage you need in addition to a standard homeowners insurance policy. Keep in mind, you could experience legal troubles in addition to financial ones if you’re caught without flood insurance.

3. Flooding in the Past

Flood Zone, Flood Zone C, Flood Zone A, Flood Zone X, Flood Insurance. Kentucky Flood insuranceEven if you don’t live in an area prone to floods, if you’ve had flooding in the past, you don’t want to take any chances. It’s beneficial to have flood insurance just in case it should happen again in the future. 

4. Whether You Rent or Own

It doesn’t matter whether you rent or own. You can obtain flood insurance, no matter what. The coverage is a bit different when you rent, so make sure you read the details of your policy to ensure you have all the coverage you need in the event of a flood. 

                            Learn more about FEMA’s                                  National Flood Insurance Program

To get a quote for flood insurance from TruePoint Insurance, call or visit either of our Kentucky offices: 1085 Eagle Lake Drive in Lawrenceburg or 6287 Taylorsville Rd in Fisherville. Or call (502) 410-5089.

Risk Transfer for Registered Investment Advisors

Posted on by Brad Smith

Investment Advisor. New York Stock Exchange.
New York Stock Exchange

 

As an investment advisor, your clients expect you to wear many different hats. Any of which would keep you busier than a three-legged cat in a sandbox:

Psychic: You’re expected to generate returns with 20/20 foresight.

Mind Reader: Investments within the tolerances of each investor’s unique goals and constraints.

Rocket Scientist: Manage risk using the qualitative and quantitative tools available to you.

When it comes to managing investments, it is critical to engage a professional. While not always obvious at first, risk management is much more than picking stocks. Failure to engage the services of a good investment advisor may be disastrous in the end.

 

Risk Management for Investment Advisors

As an investment manager, you are a risk manager. But risk comes in different shades. Your business is exposed to many different risks that can and should be managed. There are various paths and options to managing your business risk. But, it’s hard to envision one without the services of a specialized insurance agent.

 

E&O or Professional Liability coverage is one of the first risks that advisors seek to transfer. Your risk certainly doesn’t stop there, additional applicable coverages are considerable. Find the gaps in your business risk by consulting with a qualified insurance agent.

 

TruePoint offers a unique understanding of your industry. We understand risk management from both the advisor and insurance side. Contact us today.

 

TruePoint Insurance, we are insuringky.com

Insuring Unmanned Aircraft (Drones) Part 3 of 3

Posted on by Brad Smith

Hoovering Drone

In part 1 and 2, we discussed the expanding risk and challenges represented by Unmanned Aerial vehicles (UAVs). This part provides some guidance regarding the use of drones.

As mentioned in part 1, UAVs are classified as aircraft. Therefore, the final authority in the United States on the commercial and recreational use of UAVs is the Federal Aviation Administration (FAA). Yes, the regulator that oversees all manner of commercial and private aircraft is also responsible for UAVs.

While much progress is being made, the FAA is still scrambling to determine adequate rules for the widening use of UAVs. This is quite difficult because it is attempting to evaluate the scope of challenges UAVs represent at the same time that businesses and individuals are exponentially inventing different ways for using them.

A primary concern of the FAA is with the possibility of UAVs interfering with the operation of airplanes. The earliest actions revolved around protecting flight crews and passengers from dangerous invasion of airspace by UAVs. Another concern has been the potential use of UAVs in terrorist acts, so initial actions were to secure the airspace around airports and large public spaces.

Drone Mapping

It will take a while to develop suitable rules concerning the commercial use of UAVs. In the meantime, businesses are required to secure an exemption under Section 333 of the FAA rules and regulations in order to legally operate UAVs. The exemption includes nearly three dozen conditions and limitations on the use of UAVs for business purposes. Failure to secure an exemption and then to adhere to the limitations can result in fines, loss of the exemption and even criminal penalties. Business use of UAVs will eventually involve far more regulation, particularly the need to secure special flight (pilot) certification.

The exemptions, which are already difficult to administer for commercial UAV use, would be impossible and impractical for overseeing recreational use by individuals. In December 2015, the FAA will require all UAV owners to register the aircraft and, after 12/21/2015, newly acquired UAVs must be registered BEFORE being flown outdoors. The registration will result in the generation of a unique ID number which must be marked on the applicable UAV.

Hobby and recreational UAV operators must follow other rules of operation such as the following:

  • UAV operators aged 13 and older must register the aircraft with the FAA
  • Don’t fly above 400ft
  • Don’t fly within 3 miles of an airport/landing strip
  • Keep you craft within line of sight
  • No night flying
  • Don’t fly in areas with flight restrictions (stay away from all airports and large public places such as stadiums, etc.).
  • Fly safely (not near pedestrians, wildlife, buildings/property, etc.

Registrations must be renewed within three years of initial registration as well as with any newly acquired UAVs. Individual owners should make sure that they keep up to date with regulations as they are developed.

For additional information related to TruePoint’s insurance options:

TruePoint Insurance

http://insuringky.com

COPYRIGHT: Insurance Publishing Plus, Inc., 2015

All rights reserved. Production or distribution, whether in whole or in part, in any form of media or language; and no matter what country, state or territory, is expressly forbidden without written consent of Insurance Publishing Plus, Inc.

Insuring Unmanned Aircraft (Drones) Part 2 of 3

Posted on by Brad Smith

 In part 1, we began our discussion of the challenges represented by UAVs. Compared to radio-controlled, model aircraft, UAVs are, often, larger, more expensive craft and may be equipped with extensive photographic and computer components. They are used in ways that substantially increase the chance of loss because they are used in different settings. Originally UAVs were used in the following, non-military ways:

 

  • storm chasing 
  • mapping
  • documenting land use changes
  • agriculture
  • search and rescue

However, eyes continue to be opened about the, nearly, endless versatility with these devices. Today, interest in the commercial uses of drones is viral. Companies are developing or actively using drones for the following:

  • realty inspections
  • pipeline inspections
  • fast food delivery
  • monitoring crops
  • filmmaking
  • insurance claims inspections
  • surveillance
  • wildlife monitoring
  • news reporting on hazardous incidents and traffic reporting
  • package delivery

The increase in the number of UAVs and their use around people will generate way more incidents involving injuries and collisions (with persons and property), dropped packages, flight malfunctions, accidents with other aircraft, etc.

Insurance companies are in the forefront, determining how current or new products have to be changed or developed in order to handle additional loss exposures that will be created by growing personal and commercial UAV use.

Besides exposures involving injuries, damage or destruction to UAVs and to other property; UAV risks will also involve personal injury such as invasion of privacy, trespass, etc. They may also expand cyber liability risks as UAVs will face hacking threats. They may also create broader threats of terrorism.

UAVs are a part of a changing risk landscape and, again, insurance professionals will take the lead in responding to the challenges they pose.

Access the third and final post for this series on Unmanned Aircraft at:

https://www.insuringky.com/blog/insuring-unmanne…ones-part-3-of-3/

COPYRIGHT: Insurance Publishing Plus, Inc., 2015

All rights reserved. Production or distribution, whether in whole or in part, in any form of media or language; and no matter what country, state or territory, is expressly forbidden without written consent of Insurance Publishing Plus, Inc.

Insuring Unmanned Aircraft (Drones) Part 1 of 3

Posted on by Brad Smith

Unmanned Aerial Vehicles – Part 1

For most of us, our relationship with aviation is passive. We, except for rare instances, are involved in flight as passengers, not as flight crew. We board aircraft, take our seats and allow pilots to transport us, handling all of the complexities of air travel.

Whether air transport involves moving people, goods or both, its efficiency in reducing the time it takes to travel over long distances from weeks and days to hours is rivaled only by its potential severity of losses.

Protection against loss involving cargo or passengers is handled by aviation insurance which is designed to respond to low frequency but high severity accidents. Currently such policies are now being asked to handling an emerging, different exposure; unmanned aerial vehicles (UAVs).

UAVs, aka drones, were developed initially for research, exploration and military use. In recent years, they have been increasingly exploited for personal and commercial use. Initially the potential for loss was low, similar to use of hobby, radio-controlled (RC) planes, copters, etc. But the situation with UAVs is transformative. RC aircraft are used recreationally. They are operated chiefly in wide open, isolated areas with little chance of interaction with persons or property. Losses usually involve damage to the aircraft. Injuries to persons typically are restricted to first aid for cuts, bruises and similar, fairly minor harm. Protection is adequately handled by homeowner policies or by specialty coverage provided by recreational RC flying clubs. That is NOT the case for UAVs.
For more information, please see Unmanned Aerial Vehicles – Part 2

https://www.insuringky.com/blog/insuring-unmanne…ones-part-2-of-3/

 

COPYRIGHT: Insurance Publishing Plus, Inc., 2015
All rights reserved. Production or distribution, whether in whole or in part, in any form of media or language; and no matter what country, state or territory, is expressly forbidden without written consent of Insurance Publishing Plus, Inc.