Snyder Insurance Blog

Snyder Insurance Bloghttp://www.snyder-ins-agency.com/blog/View Snyder Insurance's Website Blogen-uspostmaster@www.snyder-ins-agency.comInsurance Website Builder - www.insurancewebsitebuilder.comurn:uuid:c5f76cd3-0a3c-40f5-b5c5-bfd8412651e5urn:uuid:3a550d0a-1d2c-4b7a-ada2-e2de01426bf1Mold Facts, property damage and related Insurance issues Mold is everywhere as over 100,000 varieties have been discovered.  It is common in the air we breathe and the food we eat.  3 things allow for mold to reproduce:  mold spores, water and food, such as wet wall board or carpet.  Mo...Tue, 29 Nov 2011 14:54:29 -0600Mold is everywhere as over 100,000 varieties have been discovered.  It is common in the air we breathe and the food we eat.  3 things allow for mold to reproduce:  mold spores, water and food, such as wet wall board or carpet.  Modern pollution polices define mold as an irritant and a contaminant.  Toxic mold is a greater health concern.  If you can see mold or smell it you have a concern. Pollutants mean any solid, liquid, gaseous or thermal irritant contaminant including smoke, vapor, and soot fumes acids, alkalis, chemical and waste.  Some contractors and transportation companies carry pollution liability coverage to protect us from events that are sudden and accidental.   Pollution headline stories are long term expensive remediation and have other adverse consequences for our environment.   Are molds a health concern?  If mold growth is active, extensive and persistent it has the potential to cause health problems for some.  The most common reactions are allergic causing, sneezing, coughs and eye irritations.   Certain individuals with respiratory conditions such as allergies, asthmas or chemical sensitivities or those with weakened immune systems are at risk.  Infants, young children or the elderly are in general at greater risk to mold. Is mold damage to your property covered under a typical special form business owners or homeowner’s policy?  This type of claim is normally a first party potential loss. There is no universal answer, however some mold claims maybe covered and others not.  Coverage depends on each policy’s language, endorsements and exclusions.  Do you need or want mold coverage?   Insurance companies expect the insured to read and understand their policies.  Policy holder naivety is never a covered claim.  An experienced insurance agent is often helpful in answering this coverage question. Insurance policy exclusions are important to review when determining mold coverage.   Water damage to property resulting from maintaince problems, continuous or repeated seepage, leakage, humidity or condensation, landscaping or drainage problems are not.  Carriers do not allow you to buy back this coverage.  Flood water damage is a common exclusion, but the peril of flood can be repurchased from special flood insurance programs.  $540 is the average cost for flood insurance depending on a designated flood map indication and the properties closeness to water. Sudden and accidental water damage from broken water pipes, sewer backups or failure of sump pumps is a covered peril, especially if sewer back up/sump pump failure is purchased by endorsement or a rider.  It’s important to review the sublimit and in some cases additional limits are available for more premiums.  Mold developing from water damage may be covered.  However, with the rise in mold claims some policies specially exclude this loss or limit the amount of recovery.    A special stand alone mold policy is available as a last resort, but these range from $5,000 to $25,000 and are more expensive in older buildings or more humid property locations, such as Louisiana. Beyond 1st party mold damage is the realm of the potential 3rd party recovery from mold damage.  Check with your HAVC contractor to determine if they have pollution liability coverage and specifically mold property damage coverage.  Many policies have a limited fungus and mold damage limit and this could be too low.  A certificate of insurance will show proof of coverage and can be request prior to entering a contract. Awareness is the key to protection.  Review your insurance policy and look at the property section for mold coverage or exclusions.  Consider your circumstances and determine what your risk tolerance is for a mold loss. What steps are in order once water damage occurs?   What steps can be taken prior to mold claim?  Where can tests for mold or should one be obtained?   Once mold occurs who are the best contractors to remediate the damage or is it possible to do it yourself? Take advantage of the experienced Snyder agent force to answer your mold concerns.  Our experience can help you unravel the peril of mold. Larry Van Alstine Account Executive Snyder Insurance Springfield, ILurn:uuid:ac23615c-0f78-44a0-949f-6626301b43ebEmployer Beware!As a business owners who employs individuals in the work place, are you aware of the rising numbers of claims against employers?  Claims range from wrongful termination to sexual harassment and discrimination.  Insurance coverage against th...Thu, 18 Aug 2011 09:47:34 -0500As a business owners who employs individuals in the work place, are you aware of the rising numbers of claims against employers?  Claims range from wrongful termination to sexual harassment and discrimination.  Insurance coverage against these types of claims is called Employment Practices Liability Insurance (EPLI).  More than likely your current policy does not include this coverage as typically EPLI is NOT included in most insurance policies.    As an employer you are at risk!  The average defense cost for an EPLI case costs over $45,000 ($250,000 trial)!  For more information <a href="http://siagroup.wordpress.com/2011/03/09/the-importance-of-epli-coverage/">click here</a>. To make sure that you are covered against potential claims, call me today and ask about EPLI coverage! Shawn Maxson Account Executive <a href="mailto:shawn.maxson@insurewithsnyder.com">shawn.maxson@insurewithsnyder.com</a> 309-664-1866urn:uuid:67a54bd9-97ba-44b7-8d31-3159a468305fWhat Does An "Independent" Insurance Agent Mean?This week is the annual convention of the Independent Insurance Agents of Illinois. What does "independent" mean in the insurance world? It means that we are free to represent many different insurance companies as opposed to a captive agent who ...Thu, 08 Oct 2009 03:14:23 -0500This week is the annual convention of the Independent Insurance Agents of Illinois. What does "independent" mean in the insurance world? It means that we are free to represent many different insurance companies as opposed to a captive agent who represents just one company. For instance, an agent for Allstate insurance represents just that company where at Snyder Insurance, we represent more than 50 different carriers. At the convention we have the opportunity to meet with representatives from companies we would possibly like to represent in the future. We would choose those companies based on the type of business they like to write, their financial stability and their reputations in terms of claims service and ease of doing business. It's also a time when we meet with our current companies including their marketing representatives, their underwriters, and their loss control people. During the year we do meet with most of these people on a regular basis, but the convention could be the place where additional people from our agency get to interact. For instance, this evening I met our new underwriter from one of our carriers. He's been with that company for many years but he was just assigned our agency because our underwriter retired. He's based in another state so I wouldn't have had the opportunity otherwise. There are many educational sessions at the convention. As licensed professionals we are required to have 24 hours of continuing education every two years. The education courses keep us up-to-date on insurance issues, and give us opportunity to learn something new. There are many different lines of insurance, so it takes considerable effort to remain current in the various areas. In general there is a lot of talk and many presentations on the state of the insurance industry. In this time of economic crisis, many of our clients are impacted in their businesses by the costs to do business and possibly their lack of incoming business. Bottom line, as we meet in the insurance industry we try to figure out how to best insure our clients with the most comprehensive coverage at affordable prices. Not always easy. We figure out new ways to help our clients minimize their claims experiences which help keep their insurance costs down. And, we discuss new ways to bring the best in customer service to our clients so they'll want to keep doing business with us. It's a busy week, but it's great to be working for an independent agency. Sally Hershberger Snyder Insurance Marketing Directorurn:uuid:6e9e70c4-efb3-4fd7-974b-e80271dcebc1Bloggers--Liability Coverage Up to Par??Snyder Insurance has been given a great new tool. Our web site company has given us the feature to be able to blog right here on the site. So, welcome to our first blog.Over the past several years, millions of people have begin writing weblogs (or "b...Mon, 24 Aug 2009 14:03:50 -0500Snyder Insurance has been given a great new tool. Our web site company has given us the feature to be able to blog right here on the site. So, welcome to our first blog. Over the past several years, millions of people have begin writing weblogs (or "blogs," as they are more commonly known.) There are as many reasons for blogs as there are blogs. Some people keep them as a journal to let distant friends and relatives know what's happening in their lives. Others write about subjects that interest them, everything from gardening to NASCAR. Blog often act as forums for people's opinions or news reporting. These types of blogs invite controversy; in extreme cases, they may invite lawsuits if a person or organization takes offense at a particular post. If that happens, can the blog's author count on his insurance coverage to pay for his legal defense and judgments? Unfortunately, if he has a typical homeowner's insurance policy, the answer is probably no. This policy pays amounts for which the policyholder (the insured) is legally liable, plus the costs of legal defense, for bodily injury or property damage done to someone else. The policy defines bodily injury as meaning bodily harm, sickness or disease; it defines property damage as injury to, destruction of, or loss of use of physical property. Neither of these definitions includes saying or publishing something that injures another's reputation or feelings. Consequently, the policy is unlikely to cover a blog post. For example, if Joe writes in his blog that Bob sleeps with a teddy bear, and Bob sues him for invading his privacy, the homeowner's insurance will not pay for Joe's legal defense or for any judgment against him, because Bob suffered neither bodily injury nor property damage. Insurance companies may offer special personal injury coverage that they can add to homeowner's policies. This coverage pays for the insured's liability for several offenses, including oral or written publication of material that disparages someone's good or services. For example, imagine that Joe writes in his blog that the meatloaf at Bob's Diner tastes like gravy-covered roadkill. Bob suffers an immediate loss of business, and he sues Joe for libel. The court awards Bob $200,000. If Joe has personal injury coverage, his insurance will pay for his lawyers and the $200,000 judgment (or his limit of insurance, whichever is less.) Another potential source of coverage is a personal umbrella policy. An umbrella provides additional insurance in situations where a loss has used up the amounts of liability insurance under homeowner's or auto policies. It also covers some liability losses that those policies do not cover, such as personal injury losses. Umbrellas typically carry a deductible of $250 or $500. In the previous example, if Joe does not have personal injury coverage with his homeowner's policy, but he does have an umbrella, the umbrella will pay for his defense and $199,750 of the judgment ($200,000 minus the $250 deductible.) If he does have the coverage on his homeowner's policy, and the court awards Bob $1,000,000 the homeowner's policy will pay until its limits of insurance are used up, and the umbrella will pay the rest. Blogs are fun and interesting, and they can be informative. However, in a litigious society, it is very possible that something posted in a blog can result in a lawsuit against the writer. Everyone who writes a blog should consider that possibility and think about buying some extra insurance. If you are unsure is  you are adequately covered, please contact your insurance agent directly. Sally Hershberger Snyder Insurance Marketing Director & Webmaster