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Posts published in “Real Estate”

Tips To Keep Your Children Safe While Travelling

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Accidents do happen from time to time and even though we sometimes like to believe it only happens to others, unfortunately, this is not the case as it can happen to anyone and much of the time through no fault of our own. Here are a few important things to ensure your family will be safe when traveling.

Keep Your Children Safe While Travelling

Here are the some best tips of keep your children safe while travelling:

1. First and foremost – Children should always use an appropriate car restraint until they are old enough or tall enough to wear a regular seat belt that fits properly across their chest and not around the neck.

2. It is best for newborn babies to use an infant car seat as these are specifically made for small babies to keep them snug, but there are really good brands of convertible car seats that can be safely used for children from newborn to around 40 to 45 pounds. Check that the bottom harness buckle does not fit above the shoulders.

4. Children under 12 should always be seated in the back seat in the appropriate child restraint depending on their age size and weight. For children under 3 years old, it is much safer to position the seat in the center of the back seat.

5. Always choose a convertible car seat that accommodates children in the rear-facing position for as long as possible as this is the safest way for children to travel.

6. A best convertible car seat should also accommodate older children up to 65 pounds or more in front facing position.

7. After children have reached the weight or height limit for a harnessed car seat then they should be OK to use an appropriate booster seat with a regular seat belt and should remain in one until they have reached a size where just the regular seat belt can be used safely which means the belt sits comfortably across their chest and not around their neck.

8. Because car seats have a use by date, it is best to avoid buying a used one unless it has been thoroughly checked by the appropriate authorities.

9. Before using a car seat, read the instruction manual carefully and make doubly sure that it is installed properly and if in doubt again seek the advice of professionals in this field. When properly installed the seat should not be able to move more than one inch in any direction.

10. Install car seats in the back seat whenever possible and certainly not in front of an airbag, as this will cause terrible damage if it is deployed.

11. A 5 point harness is safer than the overhead types and carefully following the instructions on how to use the harness properly is also important. When used properly there should be no or very little slack when pinched and the top buckle should be at armpit level for the most protection.

12. If a car seat has been involved in a previous crash it is best to replace it, as there is a good chance that it has been weakened in places and a second crash may have devastating results.

Note To All Drivers:

Always remember that a vehicle is a lethal weapon that will cause a lot of carnage if not used properly.

So for the safety of you and your passengers always drive with the utmost care and stay focused on your driving and what lays ahead of you. The first lesson I taught my children when learning to drive was – although you may be a really good driver, always watch other drivers carefully and do not assume you have the right of way even if the law says you do.

Apartments – Condominiums – Commercial Buildings – Industrial Buildings – Shopping Centers – Office Buildings

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Rental Property Owners, Real Estate Developers and Property Managers should have an accurate survey of each property they own or that is in their care, including inventories of furnishings and equipment.  At Commercial Insurance Resources we analyze each risk to  establish insurable interest to facilitate and arrange placement of insurance to minimize controversy and confusion if a loss occurs.  Property, General Liability, Business Income (Loss of Rent) and Professional or Errors and Omissions Liability, Workers Compensation are a few of the coverage’s every Property Manager should consider.

Smaller rental properties are generally eligible for a Businessowners Package policy.  It is the most convenient and cost effective way to combine a number of coverage’s in one policy. Larger rental properties if not eligible are written on the Commercial Package Policy (CPP).  The following coverage’s are then bundled together.

Property insurance provides coverage for Your Building(s) or the Building(s) you manage.  Machinery and equipment used to maintain the property manager can be included with the Building coverage.  Property Managers may have an office and need to cover Business Personal Property You own .  Business Personal Property includes furniture and fixtures, machinery and You made to the building if You rent.

Business Income (Loss of Rents) coverage pays for the loss of rent due to a covered cause of loss when the tenant cannot occupy the building or space rented up to one year.

Boiler and Machinery a.k.a. Mechanical Breakdown coverage insures against equipment breakdown that is typically not covered by property insurance policies, warranties and service contracts. Coverage includes losses incurred from the failure of boilers, pressure vessels and a variety of mechanical and electrical equipment.

Commercial General Liability is designed to cover the bodily injury and property damage liability exposures related to operating Your business.  The basic areas covered by the Commercial General Liability include Yourownership or use of the premises You own or rent, coverage for definedContractual Agreements, coverage for Products manufactured, sold or distributed by You. Personal and Advertising Injury Liability of the insured, and Medical Payments coverage.

Most package type policies will automatically include the above coverage’s along with each company’s additional coverage, extension of coverage, or limitation of coverage,  each specific to the respective insurance company.  Many of the additions, extensions, or limitations can be increased to meet Your specific needs.  Some of the additions, extension, or limitation are shown under Optional Coverages.

Real Estate Errors & Omissions insurance is typically purchased to protect a business or individual from claims that are made for services that were not provided and mistakes or errors that were made.

Business Auto Coverage provides coverage is available for;

  1. Scheduled autos
  2. owned autos only
  3. All autos owned, leased or hired by the insured, and autos owned by employees or partners and used on behalf of the insured. The third option provides the broadest protection.

Optional physical damage coverage’s available include Collision and Comprehensive, that applies to loss from any cause except collision or overturn.  Specified Causes of Loss coverage, is a less expensive alternative to comprehensive coverage, and pays for loss caused by Named Perils.

Many Property Owners do not maintain a fleet of vehicles and they and their employees use their personal vehicles in the course of theirProperty Owners business.  Hired and Employers Non-Ownership auto liability is either provided separately on a Business Auto policy provided by endorsement to the General Liability policy.

Workers Compensation provides coverage to your workers injured while performing work on Your behalf.  Workers Compensationincludes Employers Liability, protecting You against claims brought by Third Parties for Your negligence to your injured worker.

Every State has enacted Workers Compensation laws making this coverage mandatory.  Five States, North Dakota, Ohio, Washington West Virginia and Wyoming are monopolistic States.  Workers Compensation insurance is paid to the State.   If you are working in one of the aforementioned States, You still have to provide Employers Liability coverage either through Your workers compensation policy or YourGeneral Liability policy known as Stop Gap Coverage.

Before commencing work in any State, always be aware of that States Workers Compensation laws.

Commercial Umbrella policies provide additional Liability insurance protection over your primary Commercial General Liability, Business Auto and Employers Liability insurance policies.

Optional Coverages to be considered, is not an all inclusive list, but a summary of some of the more common policies or endorsements.

Directors  and Officers Liability Coverage insures corporate directors and officers against claims, usually brought by stockholders, alleging loss due to mismanagement.

Employment Practices Liability coverage is available for the legal costs to defend claims against sexual harassment, wrongful termination and discrimination, and the actual legal liability for such acts.

Ordinance or Law Coverage applies when laws require undamaged portions of a building be torn down.   Coverage includes costs of demolition of the undamaged portion of the building covered and the increased cost of construction required to bring a damaged building up to current code.

Special Events Liability Coverage is available for festivals and similar events.  It should be considered to shield the standard operation’sGeneral Liability limits from being exhausted by a special activity.

Utility Services—Time Element Coverage provides coverage if a covered cause of loss or insured peril damages the off-site utility service provider location and/or power lines forcing a disruption of power to the insured’s operation.

Internet (Cyberspace) Liability offers both first- and third-party cyber coverage as separate coverage parts. First-party coverage is available for extortion, business interruption, loss or damage to a network, extra expense and e-theft. Third-party liability is available for electronic media content, privacy liability and security liability.

Scheduled Property Coverage insures specifically identified and described and a limit of insurance assigned to it. Coverage applies on premises, off premises and in transit.

Employee Theft and Forgery is a modified version of the commercial crime coverage. Most package policies provide a limitation for this coverage.

Outdoor Trees, Shrubs and Plants Coverage is very limited in the standard Commercial Package Policy or the Businessowners Policy in both limits and perils insured.  Your are able to choose an aggregate limit, as well as a per-item limit and insured for the same perils as yourProperty policy.

Flood Coverage applies to direct loss or damage by flood to buildings and their contents on either a replacement cost or an actual cash value basis.

Commercial Insurance Resources is an independent insurance agency, representing many National and Regional Insurance Companies specializing in providing real estate owners the finest coverage needed at an affordable price.  Our success is our ability to continually surpass our client’s expectations.  We only work with companies that maintain an A.M. Best rating of A- or better.  Many factors are considered by A.M. Best when assigning ratings, and one of the most important factors, is the ability of an insurance company to pay claims.   “A” rated companies have a greater ability to pay claims in the future due to policyholder reserves, overall pricing of insurance, investments and profit or loss.