types of Automobile Insurance coverage should I consider?
Injury/Property Damage Liability - The bodily injury component of a
personal auto policy protects you against causing injury or death to someone.
The property damage liability component offers protection against damage or
loss of use to a person's property. These coverages are generally written
- Collision -
This covers loss to your automobile caused by collision with another
vehicle or object.
Payments - This pays for medical and funeral expenses resulting from an
auto accident, regardless of fault. It also covers injuries sustained by
passengers in your car or while you are operating someone else's car (with
their permission), as well as injuries you or your family incur as
- Other than
Collision - This covers damage to a vehicle caused by an event other than a
collision or overturn such as fire, theft, vandalism and falling
Injury Protection (No-fault) - Personal Injury Protection (PIP), also
called no-fault, enables auto accident victims to collect directly from their
own insurance companies for medical and hospital expenses regardless of who was
at fault in the accident. However, victims might still be allowed to sue the
negligent party if the amount of damages exceeds a certain
Reimbursement (Extended Transportation) - This coverage reimburses you for
a rental car if your vehicle is disabled due to a covered loss. It pays all or
part of your rental car costs.
- Towing and
Labor - This coverage pays for towing and labor costs each time a covered
auto or non-owned auto is disabled, up to the stated amount.
- Underinsured Motorist - Underinsured motorist coverage applies
when a negligent driver is responsible for damages beyond the limits of his or
her auto policy. This coverage can be added to your policy to supplement
uninsured motorist coverage.
Motorist - This coverage pays for bodily injury if you are hurt by an
uninsured motorist, hit-and-run driver or driver whose insurer becomes
What is Dwelling Fire insurance?
- This policy
provides property coverage for a dwelling and its contents in case of fire. It
is often used to insure a second property such as a camp, or is purchased by
those unable to afford or qualify for a traditional homeowners policy.
- Do I need
separate Flood insurance?
homeowners policies do not cover water damage resulting from a flood, surface
water, waves, tidal waves, overflow of body of water or spray from any of
these. You must purchase a separate flood policy. There is a 30-day waiting
period between the time the policy is purchased and the coverage goes into
- What types
of Homeowner Insurance coverage should I consider?
- This refers to a group of polices designed to cover your home and
personal belongings against loss and provide you with liability protection for
injuries sustained by a second party. Along with houses, coverage forms are
also available for renters, condominium and townhouse owners, and mobile home
- Loss of Use
- This covers expenses you might incur in living elsewhere while your home
is being repaired following an insured loss.
Payments - This coverage pays the medical expenses of individuals resulting
from an accident that you caused.
Structures - This refers to structures on your property other than the
dwelling itself, such as a garage or storage shed. Coverage is included in your
Liability - This provides coverage if a claim is made or suit is brought by
an injured party because of bodily injury or property damage caused by a
Property - This coverage reimburses you for personal property that is
damaged, lost or stolen.
Limits - "Underlying Limits" are the basic liability limits covered by a
standard auto or homeowners policy. You can obtain higher limits by purchasing
an umbrella policy. However, before you do so you must have minimum liability
amounts on your standard policy. Minimums vary among insurers, but are usually
$250,000 per person and $500,000 per occurrence on bodily injury liability, and
$100,000 for property damage liability under an auto policy. Personal liability
insurance limits must be at least $300,000 under a homeowners policy. If you
have a watercraft liability exposure, you are usually required to carry at
least $300,000 in liability coverage.
- Self-Insured Retention - The self-insured retention is the
amount of the loss you pay before an umbrella policy responds. It only applies
if a loss is excluded from coverage under the primary policy, but not under the
- What is a
Tenant Homeowners policy?
- This is a form
of homeowners coverage for renters. It protects personal property much like a
homeowners policy and provides similar personal liability coverage. The actual
dwelling is not covered because as a renter you do not own it.
Collections / Jewelry
What is an Inland Marine policy?
homeowners policy, while very broad in scope, contains designated limits for
certain items such as jewelry, silverware, antiques and collectibles,
computers, sporting and hobby equipment, and some items of clothing. An Inland
Marine policy provides specific higher levels of coverage for such items with
limits identified for each. This policy covers the items wherever they happen
to be anywhere in the world.
Boats / Yachts
What is Recreational Vehicle coverage?
- A recreational
vehicle policy provides basic liability coverage for boats, jet skis,
snowmobiles, all-terrain vehicles (ATVs) and other recreational vehicles.
Additional insurance, including collision and other-than-collision coverages,
to protect the vehicle itself is suggested. With boats, the cost of the
additional coverage depends on the value and size of the craft; its equipment;
the engine's horsepower and whether it is an in-board or out-board; With jet
skis, the cost depends upon the value of the machine and its engine power.
Other circumstances affect coverage options for ATVs and snowmobiles. Contact
your account manager for more information.
What is a Personal Umbrella Policy?
- A personal
umbrella policy provides coverage in case of a catastrophic claim, lawsuit or
judgment after the limits of your homeowners or auto policy are
Do I need Workers Compensation
- While workers
compensation is generally thought of as a business coverage, it also applies if
you hire someone to work on or at your home. Homeowners policies sold in New
York State automatically provide an endorsement that covers minors you hire to
perform certain tasks at your home, like mowing the lawn. Professionals hired
for more significant jobs should be covered under their own workers
compensation policy. If you have domestic employees like housekeepers,
gardeners, etc., you should obtain a separate workers compensation policy to
adequately protect yourself in case they are injured or killed on the
Please Note - The above information is a broad overview of selected
topics, and is for discussion purposes only. Please contact your Private Client
Insurance Services Account Executive for more detailed information.