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The Insurance Experts - Paschall Insurance Group

Understanding Boat Insurance

Details: Published on Tuesday, April 24 2018 14:47

It's one of the most important things associated with owning a boat, but insurance policies can be confusing. Here's what you need to know before you sign on the dotted line.

1. What should a boat insurance policy include?

Coverage for the boat, engine, boating equipment, dinghies, and trailer. Medical payments coverage for onboard injuries and liability coverage for any property damage or bodily injury you are legally responsible for.

2. What does "Actual Cash Value" or "Agreed Value" mean?

Policies are written as either "Actual Cash Value" or "Agreed Value."

Actual cash value:

For total losses, your payout is based on the current market value of your boat. For partial losses, you receive the value of the loss less depreciation and the deductible.

Benefit: You pay less up front.

Downside: You pay more to get back on the water after a loss.

Agreed value:

For a total loss, you are paid an agreed policy value, which means you know how much you'll get in the event you lose your boat. Partial losses are subject to the deductible and some items will also be adjusted for depreciation. All losses on boating equipment are replaced "new for old" after the deductible. For example, if your 5-year-old GPS is stolen, it will be replaced with a brand new one (of like kind and quality).

Benefit: You pay less out of pocket in the event of a partial loss and you know exactly how much you would receive in the event of a total loss.

3. Is the trailer covered?

If your boat has a trailer, don't assume it will automatically be covered under your boat policy. Physical damage to the trailer is covered under the policy; however, third-party property damage or bodily injury that happens while trailering is not. This is usually covered under your auto policy — check with your auto carrier.

4. What happens if the owner isn't driving and there's an accident?

If the boat is being operated by a family member or other person using the boat with your permission, and without compensation, they are covered under the conditions of the policy. If you "rent" or "lease" your boat to others, then coverage does not apply. Also, liability coverage is not provided for a paid captain or crew.

5. Additional options are available:

Personal effects coverage:

For non-boating equipment such as personal computers or clothing, and for boat-related items not considered boating equipment such as fishing or watersports equipment.

Depreciation waiver:

For boats less than 10 years old, you can eliminate any depreciation that otherwise would have been applied to a claim.

Ice and freeze damage:

Where freezing is a common occurrence, this endorsement protects boats against damages that may occur if the boat is not properly winterized.

Guide coverage for boats under 27 feet:

For those operating a fishing guide service, make sure you are protecting your business and clients with the proper coverage.

In Case of a Tornado...

Details: Published on Tuesday, April 10 2018 13:58

The following is a brief guide on protecting yourself and your family in the event of a tornado.

Warning/Watches

Remember that a watch means that weather conditions are favorable for tornadoes and a warning means one has been spotted in your area.

Learn the warning signals used in your community. If a siren sounds, that means stay inside and take cover.
Consider setting up a neighborhood information program through a club, church group or community group. Hold briefings on safety procedures as tornado season approaches. Set up a system to make sure senior citizens and shut-ins are alerted if there is a tornado warning.

Seeking Shelter

Do NOT try to outrun a tornado. Instead, stay calm and seek shelter.

At home or work, seek shelter in the central part of the building, away from windows. Basements are the best havens. If this is not an option, take cover in the bathroom, closet, interior hallway or under a heavy piece of furniture.
If you are in your car, abandon your vehicle and seek shelter in the nearest ditch if no other facility is available.
People living in mobile homes should vacate the premises and seek shelter elsewhere.

Protecting Your Property

If a tornado watch has been issued, move cars inside a garage or carport to avoid damage from hail that often accompanies tornadoes. Keep your car keys and house keys with you.
If time permits, move lawn furniture and yard equipment such as lawnmowers inside. Otherwise they could become damaged or act as dangerous projectiles causing serious injury or damage.
Make an inventory of your possessions and store it off the premises. If your belongings are damaged, this list will help facilitate the claim filing process.

7 Tips for Choosing a Roofing Contractor

Details: Published on Wednesday, April 04 2018 14:05

Did you see our Facebook Live Video from last Tuesday? If not, you should really take the time and watch it. We had one of our Trusted Roofing Contractors, Jeff Geyer w/ C&G Roofing come in and discuss all things related to storms and roofing. The Q&A was very informative and of course came at just the right time - Spring storm season! Jeff also left us with some tips we thought would be beneficial to add to our blog...

1. Is the roofing contractor local & how long have they been in business? A company with an established business is likely to be around when you need them. If you have a warranty, you want to make certain someone is around to honor it, should there ever be a problem.

2. Make certain the roofing company is insured. This protects consumers from contractors that aren't experienced in the industry. Ask about insurance, particularly liability and workers' compensation. A roofer without insurance coverage can leave you open to all sorts of risk; from damage to your property to liability for personal injury. ALWAYS ask for a CERTIFICATE OF INSURANCE.

3. Check with the Better Business Bureau. This is where you'll find those unhappy customers, if there are any. Remember that any company that deals with a larger volume of customers may get a few complaints but what is important is how they handled those complaints.

4. Look for a roofer that has good communication skills. You want someone that you can talk to about your project, that will readily answer all of your questions and that will keep you informed every step of the way. Poor communication can lead to misunderstandings and a job you may not be happy with.

5. Check to see if the contractor is part of the local industry associations. A strong established contractor should be a member of trade associations. In our area it is The North Texas Roofing Contractors.

6. Avoid Storm Chasers. Steer clear of the knock-on-the-door, "We are in your neighborhood" roofers. This is just canvassing and selling. If you are approached by this technique, call your insurance agent and ask for a recommendation. Pick a roofer from a referral or a sign in your area that has a satisfied client on the other end.

7. Look for a contractor who is a certified installer of the products they offer. Certified contractors can offer stronger warranties on the products they install and they also follow stricter installation guidelines.