3 Common Insurance Needs for Nonprofits

Nonprofit organizations tend to have small operating budgets, requiring administrative teams to maximize every dollar spent. Large, unexpected expenses can quickly drain any financial reserves and cause the organization to fail. The right insurance policy can help guard against the more common risks and exposures, but with so many options to choose from, it can hard to determine where to spend the funds. Here are some crucial needs for non-profit insurance.

1. General Liability

There is the potential for many accidents on your organization’s property, and general liability addresses slip-and-fall situations. Any damages incurred or ordered to be pay to victims of an incident (such as a vendor, associate, supplier, visitor, etc.) are covered through the policy. This isn’t going to address employees, as this is what workers’ comp insurance is for. It would step in for volunteers.

2. Property Insurance

Whether you rent a space or own a property, incidents like earthquakes, fires, vandalism, storms, or else could cause serious damage to your structure and property contained within. Basic property coverage will repair or replace owned property, from the building to fixtured, equipment, or inventory.

3. Auto Insurance

Any owned, hired, or employee/volunteer vehicles should be covered under an auto insurance plan. Your state of operations will generally have a minimum required coverage amount, as these policies pay for injuries, death, and property damage for involved parties.

Speak with an agent about other forms of insurance that will protect your nonprofit. The right policy is crucial to your success.

How Guaranteed Replacement Cost Works in Homeowners Insurance

When you bought a home, you undoubtedly purchased insurance to protect that investment. Most homeowner’s policies are similar in how they calculate coverage amounts, what types of events and damages are covered or excluded, and how they shield owners against liability. However, there are some things you need to watch out for, especially if it has been a while since your purchase. One of those is the use of guaranteed replacement cost in insurance and how it can help you recover after a catastrophic loss.

What Is Guaranteed Replacement Cost?

A homeowner’s policy limits can be based on several factors: The purchase price, market value, mortgage value and replacement cost are common valuation methods. However, if a structure is completely destroyed, the actual cost to rebuild may go beyond those stated limits. Increased demand for supplies and labor after a major disaster are perfect examples of what can drive construction costs up. This may leave you with a gap between what your policy will pay and what it will cost to rebuild. Guaranteed replacement cost enhances a policy to fill that gap.

What Benefits Does It Provide?

In addition to paying above policy limits, there are a few other advantages to guaranteed replacement costs endorsements. For example, it covers updates to bring your home into compliance with building codes that have been enacted since your home was built. It is also generally more affordable than directly increasing coverage limits.

Guaranteed replacement cost is one tool that homeowners can use to protect their investment. Talk to your agent about whether it is a good choice for your policy.

Why You Should Consider Purchasing Yacht Insurance

When you are planning a day on the water with your yacht, the last thing you want to think about is something potentially going wrong.  Unfortunately, incidents do happen and it is really important to be prepared for the worst.  If you own a yacht and you live in California, you should consider CA yacht insurance.

What is Protected Under a Typical Yacht Insurance Policy?

Yacht insurance provides protection that falls under two categories.  The first is physical damage.  This part of the policy covers your boat, its machinery, its sails, and any other equipment on board. If any of these things are damaged by an incident like an accident or a rough storm, this part of the insurance will prevent you from having to cover the damages out of pocket.

The other part of the policy covers liability.  This refers to legal obligations that can occur with third parties.  It applies when you cause damage to someone else’s property with your boat or injure/kill someone with your boat.  For example, let’s say you get into an accident with another boat and you seriously injure someone on that boat.  This person could sue you but the liability part of your yacht insurance will cover the legal costs.

Owning a yacht has many upsides but is not without risk.  Make sure you are protected and purchase yacht insurance today.

Rent Default Insurance Coverage

When it comes to concerns related to becoming a landlord, there are few greater worries than that of not bringing in rental income. Most people can’t afford to miss one month of rental income, let alone six months to a year. And unfortunately, this is more common than one might think. The good news is that loss of rent insurance can be found on such sites as https://www.rentrescue.com. While it may not cover all rental income losses, it does cover a lot of them.

Tenant Abandonment

There are several reasons why a tenant may abandon their rental property. Some of these reasons include:

  • Military Deployment
  • Family Emergency
  • Serious Illness
  • Imprisonment
  • Death

Although individual policies vary, loss of rent insurance may pay anywhere from 1 – 6 months of lost rent under these kinds of circumstances.

Eviction

Evictions happen, and they happen for a number of different reasons that range from selling a property to not adhering to noise curfew regulations. Under some circumstances, landlords may get reimbursed for the total amount of rent after a resident is evicted.

Legal Fees

Landlord and tenant arguments sometimes lead to legal action, which comes with pretty hefty fees. Whether it’s attorney fees, filing fees or court costs, an insurance policy could help with some of these expenses.