Do I Need Flood Insurance?

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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.

Getting the Right Type of Life Insurance for Your Family

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Life insurance comes in many forms, term life insurance, whole life insurance and universal life insurance
Life Insurance

No one likes to think about death, but it’s necessary sometimes. Because of this, it’s important to make sure you have the right type of life insurance for you and your family. Heaven forbid if you died an untimely death and left behind various expenses on your family. Not only will they be suffering emotionally from losing you, they will also be suffering financially.

To make sure your family will not have to go through such atrocities, it will behoove you to get life insurance. There are many types of life insurance

The Life Insurance application is the beginning of your process to a life insurance policy
Life insurance application

available; Term Life Insurance, Whole Life Insurance, and Universal Life Insurance lead the way. This makes it vital to consult with some reliable and experienced.  Finding an insurance agent to lead you in the right direction is the first step.

If you live in Central Kentucky or the surrounding areas, there is an insurance company that has highly professional and experienced agents.  These agents work to help you manage all risk.  Don’t underestimate the value of having assistance from someone with insights into other aspects.  When considering life insurance those providing guidance must understand your complete risk profile.

Life insurance policy

TruePoint Insurance can lead you in the right direction by giving you free quotes, consulting with you on the various types of life insurance available, point out all that is covered, and show the amounts covered with these different life insurance choices. That way, you can properly choose the right one that’s suitable for you and your loved ones. You will never be caught off guard when working with us making sure expenses and financial security are covered if death occurs.

Conclusion

Death is sure to happen to us all, and no one can predict his/her time of death. However, if you live in Kentucky, whether it’s Fisherville, KY or other areas in this state, you can ensure your loved ones are not going through financial perils if and when death occur when working with our insurance agents. We are fully trained, licensed, and experienced insurance agents who know the ins and outs of life insurance, and we work hard for our clients. So, contact TruePoint Insurance today!

Do you need business insurance?

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do i need business insurance? What will happen if I don't?
Do I need business insurance?

Does your business have commercial insurance?  Some businesses are required to have insurance, others are not.  How do I determine where my business falls. If you are required to have businesses insurance, you likely know. A governmental body may require your business to have a license. If that’ the case, it’s very likely that you couldn’t get your license unless you had prior proof of insurance.  Truckers, plumbers, insurance agents, and real estate agents are a few examples.
 
If I am required, what types of insurance will I need?
There is a purpose behind governmental units requiring businesses to carry insurance. They do so because of their charge to protect consumers.  As a
Commercial Insurance and Business Liability insurance, what is the difference
Commercial Liability Insurance

result, when insurance is required, it is, most likely to be a Liability coverage.  The two most common forms are General Liability (GL) and Professional Liability. Many contractors are licensed by the state.  In Kentucky, this is done by the Department of Housing, Building, and Construction.  Plumbers are governed by a subdivision of the department, the Division of Plumbing. The Division of Plumbing has as many requirements. The one we are focusing on is the requirement to provide proof of insurance.  It is a state mandate that all Kentucky plumbers have in place a general liability policy. The policy must have a minimum limit of $250,000.
Many industries revolving around motor vehicles use a different form of liability insurance.  One example is Truckers. Their liability protection comes from policies identified as Trucking or Non-Trucking Liability. They are very specific coverages that are part of the Commercial Auto Policies (CA). 
Auto dealers, garages, and body shops are protected by two liability policies created specifically for them. Dealer customers test drive vehicles and there is a very high turn over. Garages test drive customer vehicles, some even tow the client’s cars. These are a few reasons this group needs specialized coverage. Garage Liability and Garage Keepers Insurance have characteristics that appear like a blended GL and CA policy. 
Professional Liability Insurance has long been associated with services industries. It goes by many names; errors and omissions (E&O), medical malpractice, directors, and officers. This coverage protects businesses against claims of negligence.  Kentucky Insurance Agents and Real Estate agents are two examples of businesses required to have E&O coverage.
 
Why are we still here if insurance isn’t required?
If anyone ever tells you that you don’t need insurance don’t ask why just run!  I recently I saw someone involved in the insurance industry proposed the following absurdity. They suggested that risk change if your business operated online and didn’t have employees. Actually, they went as far as to say that such companies had little need for commercial insurance.
WHAT! 
Be sure to get their E&O info before taking there advising.
Before deciding to waive the insurance coverage, step back. What could go wrong today and how will I pay for it. Reconsider all your risk. Think about the online company, the one that has no risk. The one that doesn’t need commercial insurance. a
Consider the following: Do you have customers, clients, consumers, or readers?  If you answered no then are you really in business?
Could you make a mistake that would cause financial loss, or negative impact a customer? It is most likely insurable!
Could a vendor, affiliate, or other business relationship impact your business? Could one cause a temporary shutdown of your business? In most cases, you can protect yourself with insurance!
Ever heard of Cyber Liability?  What exposures do you have when someone hacks into your system? Cyber risk can be defended.
Everyone has risks, even an online business.  When you start to consider cyber exposures you very quickly release that this could be a very significant exposure.  If you’re interested in reviewing your risk profile feel free to give us a all.  (502) 410-5089. Some form of commercial insurance is needed by almost all businesses.   That’s why it is so important that you find an insurance agency that you can trust.  No insurance premium versus the option of no insurance company. When you have a claim, what is the highest the loss can be? When I do the math, those are odds that I don’t like. 
give us a call, we’re TruePoint Insurance. An insurance agency that’s committed to doing insurance your way. We know our role, and it’s not to sell insurance.  We help businesses like yours every day.

Take control of your insurance

Posted on by Brad Smith

Instant online insurance quotes in real-time from a real insurance agency

Family Feud-The Insurance Addition:

100 people surveyed

Reasons people overpay for Home & Auto Insurance:

The #1 Answer:  I Don’t Know

The #2 Answer: Unwilling to talk to an Insurance Agents

Afraid of insurance agents?
Taking control of your insurance starts with finding an agent that you can trust

 

Maybe it’s time to experience TruePoint’s Customer Service.  Visit our site at www.insuringky.com for an instant online home, auto or home & auto package quote.  Instant insurance quotes in real-time, 24/7 without an agent.

Our customer focused approach puts you in the drivers seat.  In addition to instant online quotes, our clients have online access to all of their important personal insurance documents.  Stop worrying about getting pulled over by police with an expired certificate of insurance.  As long as you have a cell phone you can deliver acceptable proof of insurance any time night or day.  Maybe you have water standing in your basement.  You want to check your insurance policy but it has been ruined by the water.  Don’t go all weekend worrying if you have water backup coverage, visit the TruePoint Customer Portal to access the information that you need.  TruePoint provides full service insurance and risk management assistance to individuals and businesses in Kentkucky, Southern Indiana, the South Carolina Low Country and Coastal Georgia.

 

 Residents in Kentucky and Indiana should call:      (502) 410-5089
 Residnets in Georgia or South Carolina shouild call:     (912) 330-1265
 or visit our website at www.insuringky.com

or visit our website at www.insuringky.com

Auto Dealer Operations

Posted on by Brad Smith

Auto Dears....Keeping Americans on the Road. Keeping them in business are the many insurance agents and companies that specialize in auto dealer insurance.
Auto Dears….Keeping Americans on the Road

Garage operations are businesses that have hybrid coverage need. With such businesses, the lines between the general liability for the operations and the automobile liability exposures blur and overlap. A general liability policy does not provide enough coverage and a commercial auto policy provides too much. Fortunately, there is a way to properly handle this need. The Auto Dealers Coverage Form contains premises liability, products liability, automobile liability, and automobile physical damage coverage. Operations that should be protected by this policy include the following:

  • franchise and non-franchise auto dealers
  • truck dealers
  • motorcycle dealers
  • snowmobile and recreational vehicle dealers
  • new and/or used trailer dealers
  • vehicle repair shops
  • service stations
  • storage garages and
  • public parking places

Car dealers and garages need commercial insurance modified to meet their needs. TruePoint specializes in Kentucky and Georgia Auto Dealer Insurance.
Need help finding the right Dealer or Garage insurance?

The Auto Dealers Coverage Form is flexible, having the ability to cover a wide variety of automobile loss exposures. Besides covering vehicles that are owned by the covered business, it may also cover vehicles that are non-owned (rented or borrowed), trucks and other non-private passenger vehicles, trailers and mobile equipment. Coverage may even apply to vehicles that are privately owned by employees, but were involved in a work-related loss; says an employee who has a collision in his personal car while returning from picking up lunch for his boss and co-workers.

An Auto Dealers policy may also be written to customize how coverage applies to different types of vehicles. For instance, Joe’s Towing Service has a fleet of four tow trucks, as well as a sedan used by the owner. The towing service also does repairs and regularly has customer vehicles on their premises. Rather than having both liability and physical damage on all cars the services either owns or handles, Joe selects the following:

  • Liability and Physical Damage – for his two newer tow trucks and his sedan.
  • Liability only – for his two, older tow trucks
  • Physical Damage Liability only – for vehicles belonging to customers

Like other types of policies, an Auto Dealers coverage form also provides legal defense coverage. In other words, the policy handles the costs associated with defending the policy owner against claims and lawsuits. This protection does not affect the separate limits of insurance that are selected for the liability coverages.

COPYRIGHT: Insurance Publishing Plus, Inc. 2016

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 the written consent of Insurance Publishing Plus, Inc.