So, you have a commercial policy, but need protection for non owners insurance. It does not matter if you live in Anaheim CA or Moreno Valley CA, protection doesn’t follow you.
Unlike on an auto policy, non owners insurance refers to your customers property. This depends on what type of industry you are in.
For example, if you were in the automotive industry, your product would be automobiles. If you were a farmer hauling crops, then you would be looking into agri business insurance.
Dealers Insurance protection – the Beginning
Not a common piece of information, but good to know. You might need this coverage and have no idea how it actually works.
For this article, we will talk about the relationship of musical instruments and cameras for dealers.
This coverage over view will explain the actual description and function of the form.
So, continue reading on. Even if you do not have a music or camera market, you may know someone who does.
This information is invaluable so pass it on. It may help protect someones livelihood and passion.
Insurance – Camera and Musical Dealer Coverage
Property means something different in this policy language.
Unlike in your personal insurance, property does not mean “yours”.
This form is for camera and musical instrument dealers.
This is to cover stock and to protect customer’s property in the care and custody for repair.
Covered property includes:
- your stock in trade. This consists of cameras or musical instruments. Related equipment and accessories.
- similar property of others in your care, custody and control.
Sold property is not covered under this program. Sold items include the following:
- evidences of debt
- notes or securities
- office supplies
- improvements and betterment’s
- machinery and tools
- property in the mail
- property in the course of illegal transportation or trade.
Building Loss Protection
There is protection for a loss that involves a collapse of a building or structure.
This coverage also applies to loss caused by perils listed on your form.
Again, review this information. Make sure you have the right forms attached to your policy.
You can also get an extension of coverage for theft and damage to buildings.
This is helpful if you are looking for that extra layer of protection.
Insurance Coverage Payout
Your insurance would pay for the damage caused by direct theft.
It also covers for attempted theft to that part of any building containing covered property.
It also includes equipment withing the building used to maintain or service the building.
This is only if you own the building or are liable for the damages of it.
Meaning, if you can not be name in a lawsuit for these damages then you are not responsible.
Policy Coverage Extensions
The extension will not coverage damage by fire.
Damage to glass or to lettering or artwork on glass will not have coverage.
Covered causes of loss are risk from direct physical loss to a covered property.
There are exceptions though. These exclusions are below:
- government action
- nuclear hazard
- war and military action
- water, flood, surface water, tides, waves, overflow of a body of water, or spray.
- theft from an unattended vehicle
- marring, scratching, exposure to light, breakage of tubes, bulbs, lamps or articles. Glass is the main component.
- delay, loss of use, loss of market or other consequential
Professional Insurance Consultation
Always consult with a professional in this area. Someone who has the expertise to direct you with the right provider and coverage.
Many packages are available along with forms.
The details are in the forms and policy language. This can sometimes get confusing. This is not something you want to have any doubt about. Most of your questions can help you protect your future. So, having said that, just ask away.
A good piece of advice is to look closely at your coverage options and exclusion areas.
Gaps in Insurance Coverage
If you have questions or this is your first time buying this type of coverage, get your answers first.
Many people will buy coverage to learn later on that it had holes in it.
This is not a good scenario at all. Who wants gaps in their coverage, especially during a loss.
This is why policy review is critical. Take those extra minutes to research, those extra minutes can save you huge in the long run.
Also, have a few set of eyes look at your policy. A policy analysis is not a bad way to further protection.
General conditions will exist on your policy.
These general conditions are brief and are all common conditions.
These are in the property insurance field.
Policy conditions will vary industry to industry. Make sure there is no gaps in coverage.
This information will be listed in your underwriting sheets from the carrier.
If the name insured commits intentional fraud, then coverage is null.
This means that no coverage is available. There is a section in your policy that will go over fraud acts.
Your policy will also be null for concealment or misrepresentation.
Not to mention, possible jail time, depending on incident or conviction.
Fraud on any level is wrong. It just does not cost the person committing fraud, but also the pool of population that will come into contact with this market.
Online Insurance Activity Database
Every carrier for the most part will use a consumer reporting system.
This system reports all activity like driving record, accidents and so forth.
It will also include any loss history reported to your carrier. This can include theft, collision or comprehension.
This system is used as apart of the rating factor system.
No one may take legal action against the insurance company.
This is under the marine coverage part.
There are examples where you can bring a lawsuit against the insurer.
This is you are within the 2 year time frame and you have complied with all terms.
There are restrictions and policy underwriting guidelines. These can be found on your policy declaration pages.
Look for the carrier guidelines. This will distinguish what rights you as the insured have and the duties of your insurance company.
No Benefit to Bailee
This coverage will not provide any coverage to a bailee.
No person or organization other than the name insured.
They must have custody of the covered property to benefit with coverage. So, again, this is based on the possession of other’s peoples property.
Whether they be autos or other type vehicles.
Loss During Policy Period
The policy period is on your declarations page. It will show the start and cancel date of coverage.
This coverage will only apply during that period.
- Once the policy expires and the policy does not renew, protection will stop.
- If a loss should occur outside this time frame, no protection is available.
- Remember, your declaration pages are a great resource to many questions.
- It provides an overview of some of the most common questions you may have.
A valuation clause states that the value of property will determined as of the time of loss.
The value will be the east of the following amounts:
- actual cash value of that property
- cost of restoring property to its condition before the loss
- cost of replacing property with property that is identical in face value.
These are some of the general conditions you will find on your policy.
After you review conditions of your policy the next step is coverage forms.
These forms will add on coverage that is not currently found on policy.
There are forms that can take an exclusion extension and make it active.
- The only areas you can not change are those found in the main guidelines.
- These guidelines are from the company standards. They can not have an endorsement like you can do on an auto policy.
- These exclusions are acts of God, flood and earthquake to name a few.
- If you want to add this type of coverage you would need a separate policy.
These exclusions are in place because a lot these programs are federal or state led.
This means government agencies offer coverage through their network or market partners.
This is to create a large enough pool of the same type of catastrophic risks.
It would be to large of a risk to take on as an individual company or provider.
Your local agent can provide this type of coverage. Just ask for it.
Affordable California Car Insurance
Not all providers are the same. Education is key and comparing programs is a must.
You need the right information to make the best decision. This process should be easy and affordable. Service is a priority and helping people stay protected is our top concern.
Comparing car insurance no car coverage and price is important.
If you need help finding a special policy feature or program contact us.
We can help find the best coverage for cheap car insurance and non owner auto insurance sr22 quotes.
sr 22 insurance Service Areas: Anaheim, Orange, Moreno Valley, Fullerton, Huntington Beach, Corona & Santa Ana.
Non Owners Insurance – Dealer Coverage