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Business insurance: Certificate Holder v. Additional Insured – What is the Difference?

certificates-of-insuranceWe get asked all the time to provide certificates of insurance. There are two types: a certificate holder and an additional insured.  It is clear that most of the requests, people often think a certificate holder and an additional insured are the same thing. There is a clear, and measurable difference between these two Certificate of Insurance functions and you should know the differences.

Certificate Holder:  This is simply a proof of insurance. This simply shows that the insured does in fact maintain insurance.

Additional Insured: This is more involved.  This actually provides rights under insured policy in the event of a future claim. Some carriers will charge the insured  a premium for this privilege because they are actually conferring coverage.

Bottom line: Certificate Holder is simply proof of insurance, where as Additional Insured status gives the main contractor coverage and rights under their sub-contractor’s or vendor’s, the “Name Insured” policy.

If you are still unclear when you are asked for a “Certificate of insurance” discuss this with your licensed insurance agent who should be able to clear up any questions. We’d be happy to help too. We offer a wide variety of commercial insurance products including general liability, Business Owner’s policies, Commercial autos, and worker’s compensation. We offer a wide range of carriers for these solutions so we can give you options. We cover all NH and ME. We can be reached at www.keslarinsurance.com or 603-273-0953.

Offering Liberty Mutual Commercial Products!

liberty-mutual-logoWe are happy to announce that Keslar Insurance Agency continues to broaden our offerings to our commercial insurance clients!  Now offering Liberty Mutual Commercial insurance products to our portfolio.

About Liberty Mutual: Your insurance needs are as unique as your business. Whether you’re in manufacturing, hospitality, retail, or any other industry, Liberty Mutual have the right solutions to help protect your business. From startups to family-owned businesses and Fortune 500 corporations, Liberty Mutual’s coverages can help protect your people, property, and reputation no matter your size. Over the past 100 years, Liberty Mutual Insurance has been committed to helping people preserve and protect what they earn, build, own and cherish.

If you are interested in learning more about Liberty Mutual Commercial offerings or discussing  other business insurance coverages please contact us. We offer a large number of solutions for general liability, Business owner’s policy  (BOP), commercial auto, worker’s compensation and more. We have partnered with the leading providers of insurance in the area.  We’d love to help you! www.keslarinsurance.com or 603-273-0953.

Car Insurance Tips for your New College Student

auto insurance college driving.jpgIs your child off in college? In the chaos of it all did you consider telling your auto insurance agent to see if any changes need to be made? Once your child leaves home, their car insurance may need to change.

Child that is not bringing their car to college:

If your child is going away to college and they are not bringing their car with them, make sure they are still listed on your policy as long as they are household members, especially as they are likely to drive the vehicles when they are home from school. Additionally, removing your child from your policy can have negative effects on your child’s policy of their own later in life.

Tip: Some carriers offer reduced premiums if the child is going away to school over 100 miles away and leave their car at home.

Child is bringing their car:

If your child is bringing their car to school with them, make sure to check to see if the school allows cars on campus. Some schools only allow certain grades to have their cars due to limited parking availability. For insurance purposes, it could make a difference if your child is living on campus or way from campus. Also, it may make a difference if they are there during the school year only or year around. Note too, if you child goes to a school out of state, they may not need a separate policy in that state. Ask you agent for details on your particular situation.

Tip: Rural areas tend to have lower rates than cities; if their school is in a rural area you could potentially have a reduced premium.

Child is commuting:

If your child is commuting each day, alert your insurance carrier about the amount of driving they will be doing. It is important to check your policy and make sure that you have adequate liability coverage for your child. Additionally, many carriers offer a “Good Student Discount,” offered to students that maintain a “B” average or better during their time in school.

Tip: Make sure to review details of your policy with your child and encourage them to drive safe and understand the potential risks involved.

Always review your insurance policies with your insurance agent whenever there is a life change including new drivers, new vehicles, updates to your home, marriage and more.

Now offering Travelers Commercial Products

travelers-logo

We are happy to announce that Keslar Insurance Agency continues to broaden our offerings to our commercial insurance clients!  Now offering Traveler’s Commercial insurance products to our portfolio.

Risk is a common factor in everyday business. That’s why Travelers offers a wide range of business insurance options to help mitigate risk and protect your company.
Options include:

  • Property Insurance: Provides coverage for buildings, business personal property, and even loss of business income and extra expense.
  • Commercial General Liability Insurance: Covers damages and provides defense against lawsuits for many common types of business liabilities.
  • Workers Compensation Insurance: Help you protect your most valuable asset – your employees– with workers compensation coverage, and risk control guidance, that can keep your business running smoothly.

Whether you have a small, mid-sized, large or even highly specialized business, Travelers’ dedicated underwriting, claims and risk control services can match your unique coverage and compliance needs.

If you are interested in learning more about Travelers Commercial offerings or discussing  other business insurance coverages please contact us.  We’d love to help you! www.keslarinsurance.com or 603-273-0953.

 

Do you need Comp and Collision insurance coverage on your car?

untitled-designThere is so much to know about auto insurance it can be overwhelming to know what you need a when you need it. Often you only worry about your coverage when it is too late, and something has happened.

Let’s first review the terminology. Collision coverage will help pay for repairs to your car (as well as replacement costs, in the event your car is totaled) after:

  • Crashing into another car.
  • Crashing into an object.
  • Rolling over.

Comprehensive coverage will help pay for repairs to your car or replacement of your car after it’s been damaged by events that aren’t accident-related.Typically, with comprehensive coverage you’ll be covered for damage from the following:

  • Fire.
  • Theft.
  • Vandalism.
  • Falling (missile) objects.
  • Hitting or being hit by an animal including deer, cows, bears, moose and birds.
  • Natural disasters.

Note that not all policies are the same. Before purchasing comprehensive coverage, make sure you know what your comprehensive policy will cover.

You may find these coverages packaged together as “physical damage coverage.

When you’re shopping for car insurance remember it typically consists of two components:

  • Physical damage coverage (comp and collision) refers to coverage that pays your own costs.
  • Liability coverage refers to coverage that pays others’ costs.
  • Determining Necessity

    Because comprehensive and collision are optional types of car insurance coverage, you should consider some factors before determining whether or not you need to purchase these coverages.

    Your Car’s Value

    The value of your car is an important consideration when determining whether you need collision and comprehensive coverage. If you car is:

    • Older and/or low-value, it may not be worth purchasing these coverages, since they will only pay up to the estimated fair market value of your car. We will often ask our clients- if your car were to be totaled, could you afford to replace the car outright? If not, you may want to consider keeping some comp and/or collision on the vehicle.
    • Newer and/or high-value, having these coverages can save you from paying out significant costs to repair or replace your car (if totaled)*.

    * IMPORTANT: If your car is totaled, your collision and comprehensive insurance will only pay you the estimated fair market value of the vehicle. THE INSURANCE COMPANY DETERMINES THIS AMOUNT. If you have a loan or lease, consider gap coverage, which will pay the difference between your how much you owe and the car’s cash value.

  • Your Driving Habits. You should also consider what you put your car through on a daily basis. For example, if you drive a lot of miles, or if you park your car in a location that is especially susceptible to theft or vandalism, you might want to have comprehensive coverage.
  • NOTE: While these coverages are not mandatory in any state, they are generally required as part of a car loan or lease agreement.

Still uncertain what the right coverages are for you? Talk to a licensed insurance agent. They can discuss options with you so you can end up with the right coverages for your situation. We’d be happy to review your options for your given situation. We can be reached at 603-273-0953 or www.keslarinsurance.com. We are an independent insurance agency providing home, auto, business and life insurance in NH and Maine.

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