Tag: Risk

Boat Rental Insurance

Should You Get Boat Rental Insurance

When you plan to spend time outside and rent a boat, make sure you protect your assets before hitting the water. Obtain boat rental insurance to minimize potential risks.

Do You Need Insurance for a Boat Rental?

Even though you are not the boat owner, you are held responsible for accidents during the rental period. Insurance for boat rentals protects you from having to pay out of pocket for any repairs, replacements or damages that occur while you have use of the vessel.

Does Your Current Boat Insurance Cover Your Rental?

Every insurance policy differs, so you need to check your specific protections. Typically, the policy you have on the boat you own will not provide safeguards for a rental vessel. You likely need to obtain additional coverage.

Where Do You Purchase Boat Rental Insurance?

You can often purchase coverage directly from the rental company. However, you may want to consult with your insurance agency first to see if you already have watercraft coverage on your existing policy. Rental insurance is also available from credit card companies. If you pay with a credit card, you can often access their insurance coverage option.

Enjoy your water adventures by preparing for any unexpected situations. Obtain adequate boat rental insurance to reduce potential risks.

Sewage Industry

Handling the Unique Risks of the Sewage Industry

Some industries tend to be a bit messier than others. When your profession revolves around the installation of septic tanks and sewer lines, you know a few things about how nasty a job can get. While taking proper precautions when it comes to safety should always be a top concern for you as a business owner, you must also take a closer look at the unique risks facing you and your employees. Without the right insurance, you could be putting yourself in a precarious position.

A Focus on Specific Risks

When it comes to finding appropriate insurance for private sewers, there are a few factors to take into consideration. For example, the men and women who work for your company as techs are exposed to an array of dangerous chemicals and substances on a routine basis. Your coverage should always include such exposures and any other industry-specific risks that may impact an employee’s health. Additionally, coverage for injuries and property damage during installation of sewer features is essential. Other industries involved with this level of insurance can include:

  • Portable toilet rental companies
  • Private sewer operators
  • Grease and sludge removal

A Cleaner and Safer Tomorrow

Though it may be gross at times, the installation of sewer systems is essential for society to function. Keep your own business operational by adhering to all of the right points when selecting insurance.

Financial Institution Bonds

Understanding the Types of Financial Institution Bonds

Financial institutions often use bond instruments as an alternative risk transfer method in areas where insurance is less cost-effective than the protection offered by those bonds. There are four common types of financial institution bond, as well as the selection of specialty instruments tailored to the organizations that contract for them. If you’re trying to decide whether you need to buy each kind of bond, it helps to understand what they are used for.

  • Form 14 for investment banks, stock exchanges and brokerages, mutual funds, and institutions with similar exposure
  • Form 15 for mortgage and real estate investment trusts, small business finance companies, and lenders
  • Form 24 for large-scale financing companies including national banks, U.S. divisions of foreign banks, title insurance companies, and similarly structured institutions
  • Form 25 for insurance firms and reinsurance companies

Most of the time, a well-designed bond in one form is all you need, since each option is built for a completely separate class of business.

What Do These Bonds Cover?

Bonds are generally written to be robust and comprehensive, to make it easier for you to cover everything with one cost-efficient purchase instead of shopping for a patchwork coverage made up of smaller bonds that each suit one purpose. In general, their provisions take care of employee theft, errors and omissions, forgery, embezzlement, and fraudulent trading practices. When combined with the right insurance package, they help create a robust risk management plan that takes care of your company and your clients.