Davis & Massey Insurance Agency Products
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The typical homeowners insurance policy covers the house, the garage and other structures on the property, as well as personal possessions inside the house such as furniture, appliances and clothing, against a wide variety of perils including windstorms, fire and theft. The extent of the perils covered depends on the type of policy. An all-risk policy offers the broadest coverage. This covers all perils except those specifically excluded in the policy.
Homeowners insurance also covers additional living expenses. Known as Loss of Use, this provision in the policy reimburses the policyholder for the extra cost of living elsewhere while the house is being restored after a disaster. The liability portion of the policy covers the homeowner for accidental injuries caused to third parties and/or their property, such as a guest slipping and falling down improperly maintained stairs.
Condominium Unitowners Insurance
Sometimes referred to as a HO6 policy, named from the ISO form that it is usually written on, this policy provides coverage to the owner(s) of a condominium or cooperative unit. It is often misunderstood that condo units are covered under a master policy. While a condo building should be covered by the association's insurance policy, contents and the interior of the units are the responsibility of the individual owners. The extent of the owner's responsibility should be outlined in the association's master deed or bylaws. The HO6 policy should also cover liability and medical payments. You should speak to your insurance agent for more details about this type of policy.
Rental properties are important investments and can be a good source of income. If you own a rental property you should have Rental Property Insurance, or also called a Landlord Insurance Policy. Rental Property Insurance is commonly written on a DP3 or DP1 form. They are designed to protect certain risks such as damage to your property, damages you could be legally obligated to pay, loss of rental income, or more. You should ask an agent about the different type policies and what coverages you may need.
A Landlord Insurance Policy probably does not cover your tenant's personal property. It is important that the tenant obtain their own insurance in the form Renter's Insurance.
Wind and Hail insurance is offered on many types of property coverage. Often a policy will include damage caused by wind and hail. However, in some areas of coastal counties in South Carolina, wind and hail insurance is excluded from the policy.
If the peril of wind and hail is not covered by a Homeowners or Property insurance policy, you may have the option to purchase this coverage through the South Carolina Wind & Hail Underwriting Association (SCWHUA). Check the Horry County Territory Map to see where wind and hail coverage is available through SCWHUA.
Flood insurance covers direct physical loss caused by "flood." In simple terms, a flood is an excess of water on land that is normally dry. Here’s the official definition used by the National Flood Insurance Program.
A flood is "A general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more properties (at least one of which is your property)." There are several different causes of a flood. You can learn more about flood insurance here or get a summary of coverage here.
An umbrella policy provides additional layers of liability protection. If the liability limits are exhausted on your home, auto, or other underlying insurance policy, your umbrella insurance policy takes over and provides you with additional protection. The cost is minimal compared to the comfort of knowing you're covered.
Auto insurance protects you against financial loss if you have an accident. It is a contract between you and the insurance company. You agree to pay the premium and the insurance company agrees to pay your losses as defined in your policy.
Bodily Injury Liability, Property Damage Liability, Medical Payments, Comprehensive, Collision, and Unisured / Underinsured Motorist coverages are typically offered by a basic auto policy. You should ask your agent about optional coverages such as rental reimbursement or roadside coverage.
Motorcycle insurance can cover a moped or a highly customized three wheel hog, and just about anything in between. Coverage on a motorcycle is similar to an automobile policy. Most carriers offer Liability, Medical and Physical Damage. You should ask your agent if you need additional coverages such as coverage for custom parts and equipment or roadside assistance.
Boats and personal watercrafts are not typically covered under your Homeowners policy. A boatowners policy can insure you against most risks of owning and operating your boat, its motor and its trailer. A Boat Insurance policy will often include Liablity, Physical Damage, and Medical coverage. When obtaining a Boat Insurance policy or quote you should ask your agent about optional coverages such as Towing or Roadside Assistance. You may also be entitled to discounts for a Boater's Safety course or a Multi-Line discount if you insured your boat and home or auto together.
General Liability insurance covers claims of bodily injury or other physical injury or property damage. It is frequently offered in a package with Property insurance to protect your business against incidents that may occur on your premises or at other covered locations where you normally conduct business.
Crime-related losses are not typically covered by most property insurance policies, crime protection insurance is a necessary component for any business. Unfortunately, the majority of businesses don't purchase enough crime protection.
Crime Insurance can offer protection to organizations from loss of money, securities, or inventory resulting from crime. Common Crime insurance claims allege employee dishonesty, embezzlement, forgery, robbery, safe burglary, computer fraud, wire transfer fraud, counterfeiting, and other criminal acts.
Employment Practices Liability (EPLI)
If you are a business owner the chances are that your current General Liability Insurance does not cover Employment Practices Liability.
EPLI provides protection for an employer and its employees against claims made by current, former or potential employees for actual or alleged discrimination (age, sex, race, disability, etc.), wrongful termination, sexual harassment, and other employment-related allegations.
Doctors, lawyers, engineers, insurance agents and other professionals are expected to have extensive training or technical knowledge in their area of expertise. Professional Liability Insurance, sometimes called Errors & Omissions insurance (E&O) is a class of insurance that indemnifies the insured for third-party liability claims due to the failure to, or improper rendering of professional services. Professional Liability Insurance is a separate coverage. It is not covered on a Business Owners Policy or a Homeowners Policy.
Common types of bonds are surety and fidelity, however they come in many types. Insurance bonds are normally three-party contracts in which one party agrees to guarantee the act, performance or behavior of a second party to a third party. A Surety bond is a written agreement wherein one party, called the surety, obligates itself to a second party, called the obligee or beneficiary, to answer for the default of a third party, called the principal. A Fidelity bond is often used to reimburse an employer for employee theft or embezzlement.
Special event insurance is liability protection for organizations, individuals, groups, bands, friends, clubs, religious entities, and companies that host activities that are not included in their General Liability Policy. This coverage may be required by the facility, auditorium, park, city or state authorities. This protection can be purchased for events lasting one day to several days for things such as weddings, parties, business meetings, plays, concerts, or fund raising events.
Disclaimer: No coverage may be bound or altered via email, voice mail, or other forms of messaging. This website is meant to provide general information. Actual policy forms, conditions, and endorsements take precedent.
