….. MOST RECENT POSTS AND INSURANCE INFORMATION
Bonds versus Insurance Policies
While bonds are sold by licensed insurance brokers, but they aren't actually insurance. You see, with insurance, a person or business pays a premium to the insuring company which transfers most (if not all) of the risk from the customer purchasing the coverage to the insurance company. In the event of a claim or loss, the customer is only responsible for paying the deductible since the … [Read More...]
Legal Title versus Equitable Title
This may be a short article, but it’s an important one – especially with regards to insuring seller-financed ‘wraparound’ mortgages. Since the insurance industry is founded on the principals of risk, contract law, and civil liability, properly insuring properties purchased in this manner can be a challenge, especially when titled in a trust, and the issue of ‘legal‘ title … [Read More...]
Understanding Your Insurance Score
What Is An Insurance Score? How Is It Determined? How Does it Affect My Premium? Your insurance score is a snapshot of your specific ‘insurance risk’ at a particular point in time – but it is important to know that it is not the same thing as your credit (FICO) score, although they are similar in nature. As a standard underwriting consideration, an ‘insurance score’ is a rating used … [Read More...]
1099 ‘Subcontractor’ vs. W2 ‘Employee’
As someone who specializes in commercial insurance and risks, one of the most common statements I hear clients make is that they don’t have any employees, they only use ‘subcontractors’. They assume that by paying people on a 1099-basis that they are being smart and hiring ‘independent contractors’; thereby avoiding the many entanglements that may arise from hiring someone as a … [Read More...]
