Hello and Welcome back to another edition of insurance answers, I'm your host Billy Bray. We get a lot of questions asking about what the difference is between flood insurance and water damage. A lot of people think it’s the same thing while others are not so sure. Here's an easy way to remember what flood insurance is, flood insurance is rising water from the ground. If you have a pipe break in your warehouse and then the water rises, that is NOT flood insurance. That is water damage. What if you have some backup in your sewer and drain? It could be caused by floods and rising water, but it is a separate sub-limit on your property insurance policy. You want to make sure you understand the difference and you want to ask yourself, “do I have a backup of sewer and drain?” It doesn’t happen very often but when it does you are going to need it remediated. Another question you want to ask yourself is, “Do I have water damage for a broken pipe, a bursted pipe, or something that busts out of the sheetrock?” You’ve got to go do remediation. And finally, ask yourself, “do I have flood insurance?” It is really important to understand the difference and if you don't know, contact your broker and ask them to explain it to you. If you get nowhere with them, contact us and we will be happy to assist you.

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Here at Outsourced Risk Managers, we want to simplify the claims process for you. We won’t even not charge a fee for this service, we are going to make sure that we're your advocate. We will make sure that your claim gets paid accurately, fairly, and timely. By doing this without charging you a fee, we need to be your broker. That way we can have control of your policies. We will be able to understand your underwriter, and so that we can talk directly to your insurance company. We are your advocate, we are your broker. To get started, fill out the form and we will be in touch with you once we receive it back.

Hello and welcome back to another edition of insurance answers, I'm Billy Bray. We are going to be talking about what umbrella liability coverage is. Most people have insurance policies that have a set limit of coverage. Sometimes it's $500K, sometimes it's $1M and in some cases it's even $2M. But you never have one policy that takes you to $5M or even $10M (with the exception of you having a very captive or a very sophisticated program.) What we recommend is to buy a liability umbrella that umbrellas over the top of your general liability, workers compensation, other liability policies, ect... You can buy an umbrella for $1M or even $2M or really any increment that you want. We've got some clients that have as much as $35M. I believe that we even have someone that has a $50M liability tower. With that said you can get as much as you want in many cases. If you're a company that has a high risk of your workers getting injured on the job. it can get very expensive and very hard to procure, however it's doable in most cases. As the “umbrella tower” gets higher and there's more insurance, each layer gets less expensive because it's less likely to be claimed. When this happens the underwriters give a little bit of a credit, if you're thinking “man I've got a million dollars if I need $10M it's going to be ten times the cost,” that’s not really the case because it's on a sliding scale. Which means that it may be only twice as much or three times as much. But what’s important to know is that it won't be linear math where it's going to be ten times as much. Don't be afraid to explore for it, you don't have to buy it but it is recommended and it can come in very handy for a company that is in commercial auto. It's very smart to have and it's good for your workers compensation to go over it in the case that there's a really bad claim. Workers compensation a lot of the time stops at $1M and sometimes people only have $100K or even $500K. I can’t stress enough that you should look into that. All of these questions are good questions to ask your broker, if you need help understanding or would like assistance click the link below and we'll be happy to assist as well.