Reposted article written by Joe Friedman for Boating Magazine - October 2014
Insurance Assurance
While it may sound like the same thing, buying boat insurance is an entirely different animal from buying car insurance or a homeowner's policy. Here's the lowdown on properly insuring your boat.
THERE ARE ONLY TWO ways you can be sure you are getting the best insurance policy for your boat: Pick the best underwriter and pick a knowledgeable agent. It's just that simple. Most important, do not let price enter into the search. At the end of the day, the extra bucks don't mean a thing when your boat hits a rock.
For example, I know of a very well-heeled guy whose four-year-old $81,000 boat was continually serviced and pampered by a first-class yard. Money was never an object. Circumstances developed in which the boat was wrecked, not due to anything he did wrong. His insurance company, a well-known underwriter, refused to pay off saying it wasn't properly maintained. It took him a year of persistent pestering, cajoling and threatening before it finally paid him the policy's "agreed value" plus an additional $3,000 for accumulated expenses.
Another guy made the unfortunate mistake of assuming that a longtime friend who handled his home and auto policies could also write a policy for his boat. Wrong. The policy as written did not take into account one of the basic caveats of marine insurance "agreed value" as opposed to "actual cash value". To his dismay and surprise, when his $100,000 boat sank, the company offered him $68,000 because that was the value at the time of the incident. When choosing an agent for marine insurance, that person should have familiarity with boats as a bare minimum and, more important, represent a recognized, well respected marine insurer.
How do you effectively find the right underwriter and agent? Between the yacht club/marina bar, the boatyard and the internet, you should be able to come up with the right combination. Ask the guy who handles your personal policies (health, auto, business) if he has experience with boats or if he knows someone who does. Chat up the owner/manager at your yard and find out which company pays the best with the least hassles. Visit as many online forums as possible and she what people are saying - good or bad - about a broker, agent or underwriter. Post your own inquiry on a forum that seems to be on the right page - not one with guys trying to be funny or letting off uncontrolled steam. The information is out there, and it's up to you to do your homework.
Here are some of the things you should be looking for when purchasing a policy. If you plan to leave your "home" cruising grounds, be sure you're covered. This is especially true if you plan foreign cruising to the Caribbean, Canada or Mexico. You might need an endorsement. Look for an arbitration clause under the claim settlement section. It's your guarantee that, when you get into a difference of opinion, you'll have a third party to help make a fair call. See what the deductible is and if it varies depending on the claim issue, like hurricane coverage. Understand what salvage is and how it affects your claim.
Your boat is probably the second-largest investment you'll ever make. Take time to explore and understand your insurance options, and remember, price should not e the issue.
Does everyone need insurance? Yes....and no. At some point, insuring a boat is just a waste of money. As the value of the craft approaches the cost of the annual premium, it's time to re-evaluate. Even so, you should never be without adequate liability insurance. Accidents to happen, and you could be in a situation in which someone is seriously hurt or you caused major damage to another boat or facility. A minim coverage of $500,000 is recommended, and based on your individual situation, it could be considerably higher. We live in a litigious society, and your agent should be able to suggest meaningful coverage to keep you protected in case of an accident.
Boating Magazine.com October 2014
As the article states... buy your boat insurance from someone who knows boats and has a good understanding of the special coverage available for watercraft. While boat insurance is offered by many insurance companies, not all policies are the same. Choose one who has a marine division so your claim isn't being handled by the same adjuster who also works on home or auto claims.
Tom Ditzel
Lawley Genesee
Foremost Marine Insurance Specialist
585-344-9505
800-807-1055 Ext 6505
tditzel@lawleyinsurance.com
Wednesday, June 24, 2015
Wednesday, August 13, 2014
Lawley Genesee Insurance partners with Nationwide AgriBusiness
Lawley Genesee Insurance is proud to partner with Nationwide Agribusiness, the nation's number one farm insurer. We want to protect Rural America.
Reasons to Choose Nationwide Agribusiness
Friday, May 16, 2014
Eight Surprising Comprehensive Auto Insurance Perils
Even the most careful drivers occasionally get
into accidents -- that's why auto insurance was created. But your car can be
damaged even if you're not in a crash -- which is why there's comprehensive
auto insurance. Comprehensive is an optional coverage, and without it, you
might just be left holding the bag financially, according to the Insurance
Information Institute.
Simply put, comprehensive is coverage for events "other than collisions." And here are eight things that you might not realize are covered by your comprehensive auto insurance policy.
Simply put, comprehensive is coverage for events "other than collisions." And here are eight things that you might not realize are covered by your comprehensive auto insurance policy.
1. Earthquakes and
Floods
Homeowners insurance policies may exclude earthquakes and flood, but your comprehensive auto insurance is truly comprehensive when it comes to disasters. Hurricanes, tornadoes, volcano eruptions, earthquakes, and floods -- they're all covered.
2. Fire, Even When Caused by a Car Defect
Vehicle fires occur every 96 seconds in the United States, according to the National Fire Protection Association, and although non-crash fires are rare, some are caused by electrical problems or a defective fuel system. Indeed, nearly every major car company has recalled one of its vehicles due to a fire-related defect. A new study from the Highway Loss Data Institute shows that the claim frequency for vehicles with fire-related defects -- prior to a recall -- is 23 percent higher than for other vehicles.
3. Rodent Damage
A squirrel snuck into your garage and gnawed through your car's wiring system? Unlike homeowners insurance, which excludes damage caused by pests, your comprehensive auto policy may provide coverage; check your policy carefully to be sure.
4. Meteorites and Asteroids
Okay, there's a pretty slim chance your car will get hit by an asteroid, but it's not out of the realm of possibility, and if it happens, you would be covered by your comprehensive policy. More importantly, the coverage extends to almost any type of falling object, including hail, trees, and the neighbor's kid's baseball.
5. Riots
Unfortunately, every now and then, a victory celebration or peaceful protest can get out of hand and morph into a full-blown riot. If your car were to get caught in the middle, any damage resulting from the incident -- from being flipped or from such things as explosions, fire, and smoke -- would be covered. The same goes for acts of vandalism.
6. Deer, Birds, or Other Animal "Contact"
Watch out for that deer! An estimated 1.22 million deer-vehicle accidents occurred in the United States between July 1, 2012, and June 30, 2013. But deer aren't the only animals that can damage your car. Bears have a habit of breaking into cars around national parks, looking for food that visitors leave behind. Your trail-mix supply might be a goner, but with comprehensive auto insurance, you won't have to "bear" the damage alone.
7. Theft
According to the Federal Bureau of Investigation, more than $4.3 billion were lost to motor vehicle theft in 2012, and the average dollar loss per theft was $6,019. Nobody wants his or her car to be a crime statistic, but at least you would be covered if your car disappears in the night.
8. Broken Windshield
A cracked or shattered windshield is a fairly common occurrence. If a piece of gravel or other road debris suddenly puts a ding in your vehicle's windshield while you're driving, it can quickly spread and become a large and dangerous crack. In fact, in many states, it is illegal to drive with a cracked or broken windshield. Not only is such damage covered by your comprehensive policy, but also many companies offer the option of no-deductible coverage for glass damage specifically.
Check with your insurance professional to find the best auto coverage for your situation; in many cases, a policy that combines liability with comprehensive and collision coverage provides the full breadth of insurance coverage you need, especially on a newer car.
Homeowners insurance policies may exclude earthquakes and flood, but your comprehensive auto insurance is truly comprehensive when it comes to disasters. Hurricanes, tornadoes, volcano eruptions, earthquakes, and floods -- they're all covered.
2. Fire, Even When Caused by a Car Defect
Vehicle fires occur every 96 seconds in the United States, according to the National Fire Protection Association, and although non-crash fires are rare, some are caused by electrical problems or a defective fuel system. Indeed, nearly every major car company has recalled one of its vehicles due to a fire-related defect. A new study from the Highway Loss Data Institute shows that the claim frequency for vehicles with fire-related defects -- prior to a recall -- is 23 percent higher than for other vehicles.
3. Rodent Damage
A squirrel snuck into your garage and gnawed through your car's wiring system? Unlike homeowners insurance, which excludes damage caused by pests, your comprehensive auto policy may provide coverage; check your policy carefully to be sure.
4. Meteorites and Asteroids
Okay, there's a pretty slim chance your car will get hit by an asteroid, but it's not out of the realm of possibility, and if it happens, you would be covered by your comprehensive policy. More importantly, the coverage extends to almost any type of falling object, including hail, trees, and the neighbor's kid's baseball.
5. Riots
Unfortunately, every now and then, a victory celebration or peaceful protest can get out of hand and morph into a full-blown riot. If your car were to get caught in the middle, any damage resulting from the incident -- from being flipped or from such things as explosions, fire, and smoke -- would be covered. The same goes for acts of vandalism.
6. Deer, Birds, or Other Animal "Contact"
Watch out for that deer! An estimated 1.22 million deer-vehicle accidents occurred in the United States between July 1, 2012, and June 30, 2013. But deer aren't the only animals that can damage your car. Bears have a habit of breaking into cars around national parks, looking for food that visitors leave behind. Your trail-mix supply might be a goner, but with comprehensive auto insurance, you won't have to "bear" the damage alone.
7. Theft
According to the Federal Bureau of Investigation, more than $4.3 billion were lost to motor vehicle theft in 2012, and the average dollar loss per theft was $6,019. Nobody wants his or her car to be a crime statistic, but at least you would be covered if your car disappears in the night.
8. Broken Windshield
A cracked or shattered windshield is a fairly common occurrence. If a piece of gravel or other road debris suddenly puts a ding in your vehicle's windshield while you're driving, it can quickly spread and become a large and dangerous crack. In fact, in many states, it is illegal to drive with a cracked or broken windshield. Not only is such damage covered by your comprehensive policy, but also many companies offer the option of no-deductible coverage for glass damage specifically.
Check with your insurance professional to find the best auto coverage for your situation; in many cases, a policy that combines liability with comprehensive and collision coverage provides the full breadth of insurance coverage you need, especially on a newer car.
Copyright © 2014 International Risk Management
Institute, Inc. (IRMI). All rights reserved.
Monday, March 17, 2014
Why You Need Uninsured Motorists Coverage
With all the different factors that
enter into the automobile insurance purchasing process, it is important for you
to be well informed in order to make intelligent decisions. One such decision
concerns whether to purchase uninsured motorists (UM) and underinsured
motorists (UIM) coverage.
UM coverage provides insurance
protection for bodily injury, and in some states property damage, caused by a
motorist who is not insured. This coverage allows you to collect from your own
insurance company as if it provided liability coverage for the negligent and
uninsured driver. In contrast, UIM coverage provides insurance protection for
bodily injury, and in some states property damage, sustained by you when a
motorist who has liability insurance (but is still not sufficiently insured)
negligently causes an accident. The following list provides reasons why you
should procure UM/UIM coverage.
§
The
chance of a negligent uninsured motorist hitting you is greater than you might
think. In some states, up to 26 percent of all drivers lack automobile
insurance. The countrywide average is 14 percent.
§
UM
and UIM coverage is broad, since it provides benefits for you and your family
members' injuries sustained (a) in your own covered auto, (b) in autos you do
not own, and (c) as pedestrians.
§
The
cost for this coverage is very reasonable, compared to liability coverage and
physical damage coverage for your own car. The increased costs for higher
UM/UIM limits are quite affordable for most people.
§
If
your car is damaged by an uninsured driver, the deductible for UM property
damage, if available in your state, is normally only $250. This amount is often
considerably less than your collision coverage
Friday, August 16, 2013
Protect Yourself with Renters Insurance
Several recent studies have indicated that only a third of
all tenants have renters insurance. Respondents to these surveys often indicate
that they believe the coverage is too expensive or that the coverage is
provided by the landlord. Yet both of these assumptions are incorrect.
First, the average renters premium is approximately $185 per
year. In other words, you can get protection for your personal property and
personal liability coverage for as little as $15 per month. Second, your
landlord will likely have insurance, but it will only cover the house or
apartment structure itself along with the landlord's personal liability.
So here are some tips for you to consider concerning this
essential coverage.
- Create
an inventory of everything in your apartment and list the estimated cost
of replacing each item. Think in terms of replacement cost, without
factoring in any depreciation. This will help you determine the amount of
coverage to purchase.
- Take
pictures of your more valuable items and store these off-site, such as in
a safe deposit box at your bank, at a friend's home, or in an online cloud
storage website.
- Shop
around for coverage. Get quotes from at least three reputable insurance
agents and verify whether coverage is for 6 months or 1 year. Consider
getting coverage with your auto insurance company since you may be
eligible for a car/renter's discount.
- If
your financial condition is solid, consider a higher deductible for your
contents since this can reduce your premium significantly.
- Ask
about other discounts, such as ones for smoke alarms, sprinkler systems,
nonsmoking households, and security systems.
- If you
have high-value jewelry items, you may want to schedule those on a
separate policy or an endorsement to the renters policy for broader
coverage.
Copyright 2013
International Risk Management Institute, Inc.
*****
*****
Tuesday, January 29, 2013
Protect Your Interests after an Auto Accident
While we certainly hope that you are never involved in an auto accident, we realize that they do happen. That's the reason we're in business; that's the reason you trusted us to find the right auto insurance for you. If you are ever involved in an accident, the following suggestions will help the claim process move ahead smoothly. Please print this out and keep a copy in your glove box.
Lawley Genesee Insurance
- Make sure that everyone is unhurt—in your car and any others involved. If anyone is injured, call 911 immediately. Even if you think your injuries are minor, it is probably a good idea to have them checked out—either at the hospital or with your family doctor. A seemingly minor injury could turn out to be more serious.
- Call the police. They can help defuse a difficult situation and ascertain who is at fault. Make sure that police on the scene get the names, addresses, and phone numbers of all other involved parties. Ask for a copy of the police report from the officer.
- If you happen to have a camera with you—or a smart phone—take some photos of the vehicles involved, the general area where the accident occurred, and skid marks.
- If possible, safely move the cars out of the way of traffic.
- Do not admit or discuss liability with anyone other than staff at our office or your insurer.
- Get the following information about everyone involved in the accident: name, address, driver's license number, license plate number, description of car, e-mail address, all phone numbers (home, work, and cell), and auto insurance information. Also, obtain contact information from any witnesses to the accident.
- Report the accident immediately to our office. Claire Gerlach 800-860-5741 (716-849-4354)
- While the details are still fresh in your mind, write your own account of the accident. Be sure to make note of anything the other involved parties said about their injuries or about how they may have contributed to or avoided the accident.
IRMI Copyright 2013
Lawley Genesee Insurance
Wednesday, October 24, 2012
Avoid Turkey Fryer Dangers
With Thanksgiving fast approaching, thoughts turn to turkey, dressing and pumpkin pie. Delicious deep-fried turkey, historically prevalent in the southern states, is growing in popularity around the country thanks to celebrity chefs such as Emeril Lagasse. The only problem is that the turkey fryers used to create this succulent dish are unsafe and not certified by Underwriters Laboratory.
Turkey fryers are devices, resembling a large commercial coffee pot, that are filled with oil heated to 350 degrees Fahrenheit. Turkeys are placed in this hot oil to fry the birds. The big problem, though, is that people often fill the fryers too full of oil, and it overflows when the bird is placed inside. This cascading oil hits the heating flames below, causing an instant fire. In addition, the turkey fryers are often quite unstable and easy to tip over. Lastly, many of these fryers lack adequate thermostat controls. Thus, the units have the potential to overheat the oil to the point of combustion. For these reasons, UL does not certify any turkey fryers with its trusted UL mark.
UL and other safety organizations strongly urge people to discard their existing turkey fryers. But for those people who insist on using their turkey fryers, UL offers the following tips:
• Always use turkey fryers outdoors a safe distance from buildings and any other burnable materials.
• Never use turkey fryers on wooden decks or in garages.
• Make sure the fryers are used on a flat surface to reduce the chance of accidental tipping.
• Never leave the fryer unattended since most units lack proper thermostat controls. If people do not watch the fryer carefully, the oil will continue to heat until it catches fire.
• Never let children or pets near the fryer when in use. Even after use, never allow children or pets close to the turkey fryer. The oil inside the cooking pot can remain dangerously hot for hours after use.
• To avoid oil spillover, do not overfill the fryer. Test it beforehand with water.
• Use well-insulated potholders or oven mitts when touching pot or lid handles. If possible, wear safety goggles to protect eyes from oil splatter.
• Keep an all-purpose fire extinguisher nearby.
Copyright 2010
International Risk Management Institute, Inc.
Turkey fryers are devices, resembling a large commercial coffee pot, that are filled with oil heated to 350 degrees Fahrenheit. Turkeys are placed in this hot oil to fry the birds. The big problem, though, is that people often fill the fryers too full of oil, and it overflows when the bird is placed inside. This cascading oil hits the heating flames below, causing an instant fire. In addition, the turkey fryers are often quite unstable and easy to tip over. Lastly, many of these fryers lack adequate thermostat controls. Thus, the units have the potential to overheat the oil to the point of combustion. For these reasons, UL does not certify any turkey fryers with its trusted UL mark.
UL and other safety organizations strongly urge people to discard their existing turkey fryers. But for those people who insist on using their turkey fryers, UL offers the following tips:
• Always use turkey fryers outdoors a safe distance from buildings and any other burnable materials.
• Never use turkey fryers on wooden decks or in garages.
• Make sure the fryers are used on a flat surface to reduce the chance of accidental tipping.
• Never leave the fryer unattended since most units lack proper thermostat controls. If people do not watch the fryer carefully, the oil will continue to heat until it catches fire.
• Never let children or pets near the fryer when in use. Even after use, never allow children or pets close to the turkey fryer. The oil inside the cooking pot can remain dangerously hot for hours after use.
• To avoid oil spillover, do not overfill the fryer. Test it beforehand with water.
• Use well-insulated potholders or oven mitts when touching pot or lid handles. If possible, wear safety goggles to protect eyes from oil splatter.
• Keep an all-purpose fire extinguisher nearby.
Copyright 2010
International Risk Management Institute, Inc.
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