Coinsurance is a clause built within every property insurance policy. If you don’t carry the proper property insurance limits, this clause will cause significant headaches when settling claims. What is Coinsurance? Coinsurance is a contractual requirement within your policy that you agree to insure your property at the correct limits, typically specified by a percentage (80%, 90%, or 100%). If it’s determined that the insurance limits are less than the value of the proper

Driving company vehicles is often an essential task for restoration contractors. But cars wear down over time, so it is necessary to take preventative measures because breakdowns will happen when you least expect them. Read on for some helpful care tips for your vehicles. Fleet Maintenance Tips Avoid costly repairs by scheduling regular maintenance for your vehicles. Here are some everyday maintenance operations you should prepare: Brake inspections Oil changes Tire pressure

Construction contracts often require a subcontractor’s general liability insurance policy to name the owner or general contractor as an additional insured on a “primary and noncontributory” basis. This seemingly simple requirement can cause many difficulties and may hamper the sub’s ability to start the project. The International Risk Management Institute (IRMI) recommends that risk managers not include this requirement in contracts. Insurance agents can add wording to a cert

Many of our restoration contractor clients have equipment attached to their vehicles like welding tanks, toolboxes, and generators. We are often asked whether an auto insurance policy provides coverage for those pieces of equipment for claims involving damage to the vehicle or theft. A standard business auto policy covers loss to a covered vehicle or its equipment. A business auto policy doesn’t define “equipment” within the procedure itself. However, by looking within