Protecting Your Big Day; What Wedding Insurance Covers

What Wedding Insurance Covers;

Advice for your big day.

From a sudden vendor cancellation or damage to your treasured white gown, wedding insurance can protect against unforeseen problems, while also giving loving couples peace of mind.

What Protection is Provided? What Wedding Insurance Covers:

For the happiest day of your life, you must be covered! Wedding insurance protects an engaged couple’s investment in the event of circumstances outside their control and provides reimbursement for incurred expenses.

Typical Wedding Insurance Coverage Options

Most policies will cover the following losses:

Venue

Policy covers the costs of unavoidable cancellation (damage to the venue) and if the venue is in an unusable condition. Some policies will also cover the rehearsal dinner site as well.

Attire

Policy pays to repair or replace special attire they are lost, stolen or damaged.

Military or job transfer

Policy covers the postponement of the wedding due to a bride or groom being called into military duty or forced to make a last-minute job transfer.

Weather

If weather conditions prevent the couple or relatives whose presence is essential to the wedding or a majority of the guests from arriving to the wedding site, policy covers the cost of rescheduling the event, including all details, such as flowers and food.

Tips to Consider

• Do extensive research on the vendors you select before signing on the dotted line.
• Keep your deposits small, as most are non-refundable, to protect against a large loss if you need to reschedule or cancel your wedding.

Additional Wedding Insurance Coverage Options:

Photography

Covers the cost of retaking photographs if the photographer fails to show up or if image negatives are lost, stolen or damaged.

Videographer

Policy pays to have a video montage created, video compilation of photographs or retaking the video using restaging techniques if the video is damaged.

Gifts

Policy pays for the cost of repairing or replacing non-monetary gifts that are lost, stolen or damaged.

Personal Liability

Policy covers bodily injury or property damage caused by accidents that occur during the wedding.

Honeymoon

Certain policies include optional travel insurance for the honeymoon.

Have one less wedding day worry!

Get more information on what wedding insurance covers, or get a free cost estimate.

Contact Davis & Towle: 603-225-6611 

 

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Airbnb Hosting Hazards and Short-Term Rental Risks

Airbnb Hosting Hazards and Short-Term Rental Risks

Airbnb Hosting Hazards & Short-Term Rental Risks

Properties, second homes and spare rooms that are otherwise vacant can easily be transformed into a source of income these days. So yah, sometimes it’s hard to say no to a little extra cash in the pocket. But the benefit of Airbnb hosting and other short-term rental situations, don’t come risk-free. 

If you decide to rent out your home, spare bedroom or other accommodation, you should do so cautiously. It’s important to be aware of these and other common pitfalls so that you can successfully manage the risks of renting your property on a short-term basis.

Potential Insurance Gaps

Standard homeowners and renters insurance policies are designed for personal risks, not commercial use.
If you are considering renting your property through Airbnb, your first step should be to contact your insurance broker to review your current coverage. Each insurer and policy have their own restrictions and possibly exclusions. If you don’t discuss your plans with your agent to make sure you are adequately covered, you could end up financially vulnerable.

In our experience, most insurers at this time exclude coverage for property while it is being used specifically as an Airbnb rental. Safe to say – carriers will have to assess this trend in property use and, as it develops, adjust their coverage options to reflect the level of risk.

But what about  Airbnb provided protection?

Airbnb backs every one of its bookings with its host guarantee program at no cost. They claim that this program will reimburse eligible hosts for damages up to $1 million. However, Airbnb readily admits that its host guarantee is not insurance and should not be considered a replacement or stand-in for homeowners or renters insurance.

Moreover, payments through the host guarantee are subject to a lengthy list of terms, conditions and exclusions. Hosts should go through all of Airbnb’s host guarantee to fully understand when coverage will be available, and when it will not apply.

Airbnb Risks to Condo Owners Or Renters

While Airbnb opens its services to condo owners and renters, multi-unit buildings often have restrictive bylaws, association rules or lease terms that could impact one’s ability to host guests through Airbnb.

In many instances, commercial activities like renting out accommodations—even for short period of time—are forbidden by lease or condo board policies. In some cases, hosts will need to contact their landlord or condo board before subletting or renting out any accommodations. Failure to do this can result in eviction or other forms of legal action.

Even if you are allowed to rent out your condo or apartment through Airbnb, hosts should be aware that doing so can cause tension with neighbors. There’s the potential that your guests may not be respectful to property in common areas. You can picture it; acting inappropriately, being noisy…making people generally uncomfortable.

 

local laws and renting on airbnb

In response to the rising popularity of Airbnb, many states, cities and towns are moving to regulate short-term property rentals through their municipal codes or zoning regulations. In some cases, home rental services like Airbnb could be prohibited altogether.

If you break these local regulations, purposely or otherwise, you could face penalties and fines. As Airbnb states, alignment with laws and regulations is the responsibility of those renting out accommodations.

airbnb risk summary

Again, you’ll want to minimize potential financial fallout by reviewing your current coverage, making the proper adjustments, or purchasing additional protection.

To discuss these options further, contact Davis & Towle Insurance Group today. We’re here to provide honest insight and meet your specific needs.

 

 

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This Risk Insights is not intended to be exhaustive nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel or an insurance professional for appropriate advice. © 2016-2017 Zywave, Inc. All rights reserved.

5 Boating Safety Rules That Everyone Should Follow.

5 Boating Safety Rules That Everyone Should Follow.

5 Boating Safety Rules That Everyone Should Follow.

Don’t let an accident wreck your fun! Use these boating safety tips.

Every summer, our team gets calls from customers after a fun weekend on the water takes a turn for the worse. Often, these accidents could have been prevented with just a few simple boating safety rules. Here are a five of the precautionary tips that we consider fundamental to managing a safe nautical adventure.

  1. Life Preservers Aren’t Just for Kids. It’s not enough to just have life jackets on board — wear them! In an accident, people rarely have time to reach for a life jacket. This rule applies to adults, not just children: More people in their 30s die in boating accidents than any other age group. Life vests have come a long way in style. Today, you can even get vests for your water-loving dogs!
  2. Give your boat the attention it deserves. When you're out on the water, make sure your gas tanks are vented and bilges are free of vapors, oil, waste and grease. Carry a charged fire extinguisher. Have your boat's operating systems checked yearly by a certified marine technician. The Coast Guard Auxiliary and United States Power Squadrons also offer free vessel safety checks.
  3. Watch the Back of the Boat. Carbon monoxide kills in minutes. So tell your passengers where your exhaust pipes are located and turn off your engine when people are in the water, and don't let passengers "ski" or “teak-surf” by holding on to the back of the boat. Both Washington and Oregon made teak-surfing illegal in the last few years, after several tragic deaths. Carbon monoxide detectors are standard on most new boats; older boats install devices for less than $100.
  4. Alcohol and Boating Don't Mix. More than 50 percent of drowning’s result from boating incidents involving alcohol. You don’t drink and drive, so don’t boat and drive.
  5. Don't go, unless you know. Never leave shore without checking the weather and water's conditions. Check the local weather, sea reports and boating forecasts. As the operator of the boat, you have a responsibility to pay attention to the weather and should not head out if adverse conditions are expected. The National Weather Service has this great interactive marine forecast map you can check out before your next trip.

 

As a boat owner, affordable boat insurance is fundamental to your financial safety. Most home insurance policies have limited coverage for boats. If you own a boat, watercraft insurance is your best bet: It covers theft, damage, and injuries or accidents while you’re on the water, as well as some of your expensive water-sports gear.

Protect your nautical investment with us. Use the quote form to the right our give us a call, to have a Davis & Towle Insurance Group agent provide you with a competitive boat insurance quote.

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Identity Theft 101

Identity Theft 101

If any crime were to be known for its tendency to “lurk”, it would be identity theft…and nobody likes a lurker.

For much of the not-so-distant past, the fear of identity theft was often subdued by an internal voice saying, “that will never happen to me”. But times…they are a changing. Passively assuming that your personal information is safe from ID thieves and hackers, is a devil-may-care approach to life in 2017.

According to a 2016 Identity Fraud Study, released by Javelin Strategy & Research, 13.1 million American consumers were victims of identity theft in 2015. In total, the victims had 15 billion dollars stolen from them. This makes a grand total of $112 billion stolen by identity thieves over the past six years.

We suggest getting to know the enemy first. This will help with proactively defending yourself from identity theft. It’s hard to ever entirely remove the chance of becoming a victim of ID theft. Thus, it is also wise to prepare yourself for a smooth recovery should your personal information be stolen.

First, Get to know the enemy.

We categorize identity theft into two groups:

  • True name identity theft means that the thief uses personal information to open new accounts.
  • Account takeover identity theft means the imposter uses personal information to gain access to the person’s existing accounts.

This video (a resource provided by BestIDTheftCompanys.com) discusses the common forms of identity fraud, and the modus operandi used by these criminals.

Now, it's time to take some preventative measures.

Take steps to protect yourself from identity theft:

  • If a business contacts you for personal information, look up the official number for the company online, and call to verify the request.
  • As a general rule of thumb, don’t respond to unsolicited requests for personal information (your name, birthdate, social security number, or bank account number) by phone, mail, or online.
  • Collect mail promptly. Ask the post office to put your mail on hold when you are away from home for several days.
  • Shred receipts, credit offers, account statements, and expired cards, to prevent “dumpster divers” from getting your personal information.
  • Install firewalls and virus-detection software on your home computer.
  • Create complex passwords that identity thieves cannot guess easily. A random string of letters and numbers is ideal.
  • Order your credit report once a year and review to be certain that it doesn’t include accounts that you have not opened.

Keep an eye out for signs that could aid in the early detection of identity theft.

Identitytheft.gov provides this list of events to watch out for. They could indicate that someone has stolen your information:

  • You see withdrawals from your bank account that you can’t explain.
  • You don’t get your bills or other mail.
  • Merchants refuse your checks.
  • Debt collectors call you about debts that aren’t yours.
  • You find unfamiliar accounts or charges on your credit report.
  • Medical providers bill you for services you didn’t use.
  • Your health plan rejects your legitimate medical claim because the records show you’ve reached your benefits limit.
  • A health plan won’t cover you because your medical records show a condition you don’t have.
  • The IRS notifies you that more than one tax return was filed in your name, or that you have income from an employer you don’t work for.
  • You get notice that your information was compromised by a data breach at a company where you do business or have an account.

Last but not least...

Initiate damage control

Experiencing any of the list items above, or noticing that your wallet or other personal information is lost or stolen, should trigger you to act.

  1. Contact the key companies on this list for clarification on suspicious activity, or to report a concerning incident: https://www.identitytheft.gov/Top-Company-Contacts
  2. IdentityTheft.gov is the federal government’s one-stop resource for identity theft victims. If you are a victim of identity theft, get help with the recovery process here: https://www.identitytheft.gov/Assistant
  3. This free download is the easiest way to get insight on the best course of action, from the experts. It walks you through the appropriate actions to take based upon the information that was lost or stolen: Identity Theft Recovery

Don’t make the mistake of assuming that your personal information is secure, these days. These are different times. Fortunately, identity theft protection is available as an endorsement on most homeowners’ policies at a small cost. If you’re interested in learning more about this coverage, call Davis & Towle Insurance Group at 603-225-6611 or e-mail info@davistowle.com

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