Managing your Claims after a Catastrophic Weather Event
Catastrophic weather events in the United States are on the rise – hurricanes, wildfires, tornadoes, ice storms – all cause significant property damage to owners. The toll is both financial and emotional for individuals dealing with the aftermath. Here are some...
Property Insurance: Matching Exclusions – what are they?
Most property insurance policies contain a provision that obligates the carrier to “repair or replace and insured’s damaged property with material of LIKE KIND and QUALITY or with SIMILAR MATERIAL. For all intents and purposes this is fine it’s when there is a...
Holiday Safety
By Tom Klonowski Let’s keep everyone safe this holiday season! The holidays are a time for family and friends to be together and celebrate, but they are also the time of year we see far too many insurance claims come across our desk here at Power Risk...
What is an “Excess Lines Insurance Carrier” and why are they important?
Excess or surplus lines insurance carriers are “non-admitted insurers” and that simply means they sell policies that are not backed by your state. These carriers typically don’t fall under traditional insurance regulations. Although some states do regulate...
Why you should have a High Limit Umbrella Policy
One word: Litigious The hospitality industry is inherently a target for lawsuits – many of them frivolous, some valid and serious. Often, the restaurant or bar ends up on the “paying end” of the suit resulting in 5, 6, or even 7-figure payouts for...
Machine Shop Employee Safety – Avoiding Back Injuries
After health insurance, Workers’ Compensation insurance is often one of the biggest hits to the budget for machine shops and small manufacturing firms – especially if strong safety programs are not in place resulting in a series of losses. One of the biggest...
Indiana Liquor Law
Author: Mario Iveljic Business Risk Manager and Insurance Coverage Lawyer Restaurant and bar owners – do you think you’d have insurance coverage in this situation? You own 2 bars. Your employees at Bar 1 serve a patron with alcohol. Police are forced to remove the...
Illinois Condo Associations – Understanding your property Insurance Deductibles
Whether you are on the board of a Condominium or Homeowner’s Association (HOA) or own property in one, you should take the time to understand the By-Laws of the Association and how the insurance policies in place for that Association work at the time of a claim. ...
Illinois Flood Insurance – Do you need it?
According to the Illinois Department of Natural Resources, Illinois has one of the largest inland systems of rivers, lakes, and streams in the U.S. – with nearly 15% of the total land area of 7,400 square miles subject to flooding. The total stream flow in IL averages...
Illinois Homeowners Association & Condo Association Insurance Requirements
In the state of Illinois, Homeowners Associations (HOA) and Condo Associations - organizations that are typically governed by the owners and/or residents within a neighborhood or gated community are required by law to carry specific types of insurance: Property...