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Scurich Insurance Services has been serving the Monterey Bay Area since 1924. Our mission is to partner with our customers and provide them superior service and value. We are a member of United Valley Insurance Services, Inc., a cluster of over 70 California Independent Insurance agencies, which produced over $530,000,000 of annual premium last year. At Scurich Insurance Services we understand your business and our community. Our customers look to us for comprehensive solutions. We have established relationships with more than 40 of the nation’s leading insurance providers, which allows us to deliver multiple, competitively-priced options and a team of experts to guide you through the process. When you need to file a claim, change a policy or process a certificate you can depend on Scurich Insurance Services to respond quickly to your request. SERVICES In order to provide value added benefits to our customers that go beyond the insurance policy Scurich Insurance Services offers the following additional services: Safety Programs – English and Spanish OSHA Compliance Safety Policies – English and Spanish Online OSHA 300 Log Safety Posters and Payroll Stuffers - English and Spanish Certificates of Insurance – If received before 3:30pm done the same day Risk Management Consulting Brokerage Services Represent most major insurance companies to better market your account. Safety tapes/DVD’s BUSINESS LINES Commercial Commercial Packages Business Auto Workers Compensation Umbrella Bonds Directors & Officers Professional Liability Employment Practices Liability Personal Auto Home Umbrella Recreational Vehicles Boatss Life & Health Individual Medical Individual Life Group Medical Group Benefits

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Posts tagged with Losses - Losses

THE ABC’S OF HOLD HARMLESS AGREEMENTS

Author TonyScurich , 10/31/2016
Bookmark and Share Because construction projects are complex operations involving a number of subcontractors under your supervision, onsite accidents or injuries resulting from their work can easily lead to litigation against you. To protect yourself against claims, losses, and expenses if disputes arise during the project, make sure that all subcontractors sign a “Hold Harmless Agreement” clause. The terms of these clauses will vary from state to state. In some cases, this clause will protect the contractor from claims by corporations or companies that did not sign the agreement. There are three types of hold harmlessagreements: Under the Broad Form, the subcontractor assumes all liability for accidents due to negligence of the general contractor, and combined negligence between the two parties. Because of its sweeping terms, this form is relatively rare – and some states prohibit it. With the Intermediate Form the subcontractor takes on all liability for accidents and negligence, but will not be held accountable for the general contractor's actions. It doesn’t matter whether the incident was the subcontractor’s fault. If both parties were negligent, the subcontractor assumes liability all for its acts or omissions. Intermediate form agreements are relatively common. A Limited Form agreement makes the subcontractor liable only for the proportional part of its responsibility for a mishap. Other parties – such as subcontractors – will be held liable under their hold harmlessagreement(s) for their corresponding part of the accident or negligence. The type of agreement that’s best suited for your needs will vary depending on the nature of the project and state laws. As always, we stand ready to offer you our professional advice.

Five Steps To Stay In Business After A Disaster

Author TonyScurich , 9/23/2016
Storage Fire In Watsonville, CA Three out of five firms that suffer a major disaster go out of business or are sold. Preparing your business to survive a disastrous event involves a multi-step process: assessment, planning, implementation, testing, and documentation.
  1. Assessment: Brainstorm and list all potential losses. Then rate them on a 1-10 scale, with 10 being the most disastrous and 1 having the least impact on the business.
  2. Planning: Formulate a comprehensive, detailed action plan, using both in-house and outside sources. The plan should include both steps to prevent the loss and remedies to take if the loss occurs. Be as specific as possible.
  3. Implementation: Act on the plan. Determine what steps you must take to now insure a positive outcome if disaster strikes; Who will be accountable for taking these steps when and to whom will they report?
  4. Testing: For example, if you're planning to deal with a computer crash, data recovery is essential. Test back-up media regularly to ensure that they will be available when needed. All too many businesses lose data due to malware or mechanical breakdown only to find that their backup is either corrupted or unavailable when needed.
  5. Documentation: Put the details of the plan (who, what, when, and where) in writing. Keep one copy in the office, another on the computer, a third off premises - and make sure that every manager knows these locations. Finally, review and update the plan every six months.

Although nothing is foolproof, implementing these five steps can go far to prevent a disastrous loss, or at least, mitigate its impact.

To learn more about developing a disaster plan for your business, feel free to give us a call at any time.

 

How Well Do You Know Your Insurance?

Author TonyScurich , 9/7/2016

With so many demands on their time, many business owners find it difficult to learn enough about their insurance programs.

You've probably found yourself asking questions such as:

  1. Do I have the right coverages to protect my business from financial loss?
  2. Do I have any exposures to loss that aren't covered and should be?
  3. Exactly what am I buying?
  4. Am I getting the best value for my premium dollar?

As insurance professionals, we help you answer these questions because we:

  • Offer policies providing protection against a wide variety of risks that can threaten your business - everything from Accounts Receivable and Business Interruption through Employment Practices Liability and Glass Insurance to Theft coverage and Workers Compensation.
  • Recommend an insurance company (from among the quality carriers that we represent) that will provide quality protection.
  • Make it a point to learn how your business works so that we can pinpoint potential sources of loss.
  • Design a program that minimizes the impact of these losses (incidentally, we don't always recommend insurance).
  • Provide comprehensive protect that's tailored to your needs - and your pocketbook.
  • Work with you to make sure that your coverage stays updated as your business grows.

In short, we take over one phase of your business for you, and work with you to accomplish your first goal - protecting your profits.

To help us help you make sure that your business insurance makes business sense, please feel free to get in touch with our agency's professional at any time.

We're here to serve.


Demand For Contractors Professional Liability Rises

Author TonyScurich , 8/12/2016
New approaches to building projects, as well as new techniques, are leading to increased demand for Professional Liability insurance for contractors. A few years ago, people would shake their heads at the idea of this coverage, asking how contractors could be held liable for professional risk when they don't provide professional services. However, there has been a blurring of the once-sharp lines between contractors and architects and designers, as more and more contractors are being drawn into the design process. Under the traditional "design-bid-build" method, a project would be designed, bids put out, and the project built. However, the spread of the "design-build" concept - which decreases the amount of time, and the cost, of the project involved - has meant that medium sized and large contractors often take the design responsibilities in-house, and even subcontract them to design firms. These contractors' biggest exposure is for claims filed against them for project delays and cost overruns. However, traditional General Liability insurance offers coverage only for Bodily Injury and Property Damage, and does not cover financial or economic losses. Contractors Professional Liability insurance fills this gap. Because these policies are relatively recent, only a limited number of insurance companies offer them. These companies haven't paid enough claims for underwriters to establish the underwriting history and set standard rates - which means that policies are usually negotiated on a case-by-case basis. The amount of insurance can be up to $50 million; if a contractor needs more capacity, coverage can be added through excess layers. If your firm is (or might be) taking on project design responsibilities, a comprehensive Contractors Professional Liability policy can help protect your pocketbook - and provide peace of mind. To learn more, just give us a call.

Builders Risk Insurance: A Must-Have

Author TonyScurich , 8/1/2016

Your last newsletter discussed the benefits of Building Ordinance insurance. If you're planning to build on your property or adding to an existing structure, a related policy - Builders Risk - can protect you from losses during construction, helping make sure that you finish the project.

The amount of coverage should reflect the total value of the completed structure (including the costs of material and labor, but not the value of the land). In most cases, the construction budget will be the best source for calculating this amount. The policy is usually written for a period three months, six months, or 12 months. If needed, the term can be extended once. Builders Risk covers damage to the insured structure(s) from a wide variety of causes, ranging from natural disasters (wind, lightning, hail, and lightning) through accidental events (fire, explosion, or vehicle accidents) to human activities (such as theft and vandalism). Coverage usually also includes:
  • Fire department service charges for saving or protecting property from a covered cause of loss.
  • Removal of debris from property damaged by a covered loss.
  • Losses from the backup of sewer and drains.
Most policies exclude losses from earthquake, flooding employee theft, mechanical breakdown, contract penalties, war, government action, or faulty design and workmanship. You might be able to add coverage for some of these exclusions - such as earthquakes and flooding - if the building is in an area that's prone to one or both of these natural disasters. Bear in mind that this policy does not provide Liability coverage for accidents or injuries on your property. We'd be happy to tailor a comprehensive Builders Risk product that fits your needs - and budget. Just give us a call.

Saying 'I DO' To Wedding Insurance

Author TonyScurich , 7/22/2016
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As the average cost of getting hitched keeps rising (to $27,000 in 2012), more and more couples are using Wedding Insurance to protect their investment against mishap - and help ensure peace of mind on this special day.

Wedding policies will reimburse you for losses due to:
  • Weather: The cost of rescheduling if the event has to be postponed because of rain or other bad weather.
  • Illness or injury to the bridal party. The expenses of postponing the wedding if essential people (such as the maid of honor or best man) can't be there.
  • A missing celebrant. Some of the costs if your minister, justice of the peace, rabbi, or other celebrant doesn't show up.
  • Missing vendors. Some, or all, of the expense (including rescheduling) if the caterer, florist, photographer, or other key vendor is missing in action.
  • Damage to the venue. Your losses if fire, electrical or mechanical outage, or going out of business makes the wedding or reception site unusable, forcing you to reschedule. (This coverage might not apply if the sites already carry insurance).
You can also buy coverage "riders" for a variety of other risks, ranging from a military service call-up to the bride or groom and damage to a wedding gown or tuxedo, to stolen or damaged gifts, and cancellation of your honeymoon due to illness, bad weather, or other mishap. If you're holding the ceremony in your home, you might also want Liability insurance in case a guest gets hurt or injures someone. Premiums can range from $100 to $1,000 (if you buy Liability coverage and host an open bar). We'd be happy to tailor a Wedding policy to meet your needs, and budget. Just give us a call.

That's Hot! Home Insurance Technology Trends

Author TonyScurich , 7/20/2016
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If you want to insure a mansion or a priceless art collection, don't be surprised if a certified thermographer shows up at your door, infrared camera in hand.

Thermal imaging cameras are among the latest high-tech tools Homeowners insurers are using to help stem losses before they become catastrophes, saving policyholders from heartbreak and companies millions in damage claims. One major insurance company is using thermal imaging cameras for its high-value homes, letting inspectors "see" hidden hot or cool spots. A hot reading might indicate a fire hazard from an electrical malfunction, while a cool reading could come from a leak. In one case, the camera detected a cool spot in a ceiling due to a leak caused by a faulty 37-cent clip in an upstairs ice maker. If the ceiling had collapsed, it would have caused $125,000 in damage. High-tech devices aren't limited to the high-end market. One insurer offers an online risk-assessment tool that its Homeowners clients can use to find the risks for flooding, wildfire and storm surge, based on their address. This company also provides its clients inexpensive alarms that can detect potential water leaks before they can cause extensive, and expensive, damage. Insurance companies are exploring new technologies. One insurer has patented a data recorder that can be installed in building to analyze potential causes of damage or destruction. Another company has filed a patent for a system that would use spectroscopy to identify chemical changes caused by wildfires and other natural disasters. If such a change were detected and confirmed, the company could speed up the claims process.

Lack Of Qualified Workers Raises Safety Concerns

Author TonyScurich , 6/24/2016
Layoffs during the recession have resulted in a shortage of qualified workers in specialized areas of construction - and the problem will probably get worse as the industry picks up during the recovery. In this environment, some contractors might be tempted to stretch their hiring standards to fill out a project roster, increasing the danger of losses from on-site injuries and defect claims, among other risks. The past two years have seen a sharp drop in the unemployment rate for former construction workers, but not a corresponding increase in construction industry growth. This means that these workers who have been unemployed are often finding other types of work, becoming full-time students, or have given up looking for a job in the building trades industry. Because each construction company works in a unique environment and culture, a worker from one firm going to another might not have the required expertise. What's more, construction is a profession that takes time to learn. Tight profit margins and financial problems can pressure smaller and midsize contractors into cutting corners by hiring inexperienced workers. This increases the risk of on-site accidents and injuries --and leads to poorer quality work that can easily result in costly and annoying defective construction claims (see the article "Construction Managers E&O Insurance: Nobody's Perfect! " In addition as the building industry comes out of the recession, OSHA has become far more aggressive and vigilant in monitoring worker safety. The bottom line: Avoid the temptation of hiring inexperienced workers as a way to save money, and you'll keep your risk of on-site accidents and injuries - not to mention your insurance premiums - under control. What's not to like?

The ABC'S Of Construction Liability Insurance

Author TonyScurich , 6/22/2016
No matter how large or small the job in the building trade is, it's always the best policy to carry insurance again liability for losses from injuries, accidents, or property damage during construction. Residential building contractors need a Liability policy to protect them from lawsuits from homeowners for construction-related losses, or from workers injured on the job. Make sure that your contract requires every sub to carry their own Liability insurance and exempt you from responsibility from damage they might produce during construction. The amount of coverage you need will depend on the size of the contract. As a rule of thumb, it's wise to have two or three times the size of the project budget. Commercial contractors usually carry millions in Liability insurance. Contractors with higher risk of damages (for example, roofers or contractors in highly specialized trades) often take out higher coverage. Your Liability policy will set coverage amounts (limits) for both each occurrence and overall (aggregate) values. Limits are also set for: 1) fire damage to property under construction; 2) medical expenses for injured workers on the jobsite who might not be covered under Workers Compensation; and 3) personal and advertising injury (claims that promotion or advertising caused a financial or personal loss to the owner of the home or building). While many contractors pay their Liability premiums up front, those with cash flow problems others prefer to finance them through an indemnity corporation with a down payment and monthly payments over six months to a year. As always, our insurance experts stand ready to help you find comprehensive Liability coverage at a rate you can afford. Feel free to get in touch with us at any time.

My Employees Are Honest - So, Why Do I Need Insurance?'

Author TonyScurich , 6/13/2016
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Fraud and embezzlement in the workplace has become an epidemic, costing American businesses an estimated $400 billion a year (6% of total revenues), according to The Association of Certified Fraud Examiners. Smaller firms are particularly vulnerable, because they're less able than their larger counterparts to afford extensive safeguard or to absorb the losses. What's more, one in four workers who rip off their employers have been with the company more than ten years.

Employee Dishonesty insurance can protect your business from financial loss due to the fraudulent activities of an employee or group of employees. This coverage is also called Crime Coverage, Employee Dishonesty Bond, Fidelity Bond, or Crime Fidelity insurance. The policy applies to acts by all current and former employees, as well as partners, trustees, and directors, together with volunteers, seasonal employees, and temporary workers under your control. Covered losses can include: 1) theft, robbery, burglary or embezzlement of money, securities, or physical property of the business; 2) forgery or alteration; 3) fraudulent transfer of funds; 4) computer fraud; and 5) counterfeiting cash or money orders. The amount of coverage you'll need varies with the loss exposures your business faces. As a rule of thumb, companies that handle cash and securities, need at least 20% of their annual revenue in Minimum coverage for fraud and theft losses is usually $100,000 and many policies will cover $500,000 without significant additional premiums. You can also set specific coverage levels for depositor's forgery, computer, and funds transfers. Depending on your situation, you can buy Employee Dishonesty either on a stand-alone basis or as an add-on (endorsement) to your Business Owners policy or other Commercial insurance coverage. For more information on protecting your business against light-fingered employees, just give us a call.