When Lightning strikes, buildings catch fire, vehicles crash, lawsuits filed, or any number of catastrophic events occur, it is critical that individuals, families, and businesses are able to rely on their insurance coverage to protect them from severe financial loss. This is the focus of our mission at Reagle & Padden, to guide our customers in the selection of insurance products to fit their unique exposures. Some examples:
Sewage backs up into a building causing thousands of dollars in damages. Not all personal and business policies automatically cover this exposure. Coverage for it often has to be added to the policy.
A business has to close down for weeks or months while fire damage is being repaired. In addition to the insurance paying for the fire damage, is there coverage for loss of business income and extra expense during the shutdown? This is a very important coverage that needs be included in the property policy.
An employee is severely injured in a work related accident. In addition to receiving workers compensation benefits the employee decides to sue the employer for gross negligence. In order to be covered for this the employer must have a specific type of additional coverage in their workers compensation policy.
A hunter is using his personal ATV on land other than his own and runs into another hunter causing serious bodily injury. If the ATV is not scheduled in the hunter’s auto policy, there would be no coverage for the accident.
Running a business out of your home is not automatically covered by your homeowners policy. Business operations, other than incidental offices, are generally excluded.
Design services offered to a customer by a sheet metal manufacturer would generally not be covered by the manufacturer’s product liability. Separate errors and omissions liability would need to be purchased.
The directors or officers, (owners/stockholders), of a closely held family business are sued by a competitor for unfair trade practices, such as using ill-gotten proprietary pricing information to under bid the competitor. General Liability will not cover this, but Directors and Officers Liability may provide defense costs and coverage.
These are just a few examples of how we can guide you in the right direction when it comes down to helping you determine your risks and how best to cover them with the right insurance products.