It Pays to Bundle Your North Carolina Insurance

National Insurance Companies are beginning to ‘strongly encourage’ North Carolina customers to bundle their insurance needs, or face the possibility that they may be dropped. Most insurance companies are no longer writing just homeowners policies in North Carolina. To entice NC homeowners into purchasing policies, rates have been decreasing for years.

The losses suffered by insurance companies for these discounts has hit an all time high. To combat the losses, insurance companies are increasing their rates or getting rid of discounts. Even though there is that possibility that bundling may be a requirement in the future, there are many reasons it pays to do it.

1. Cost savings. Often you will find reduced premiums when you bundle, up to 30% for most people. Insurance companies offer a discounted rate for automobile insurance when you allow them to insure your home.

2. Efficient. You will only have to deal with one insurance company and one independent Agent. Having one independent Agent handle all of your needs is efficient.

3. Better protection and coverage. One independent Agent can make sure all of your assets are well protected. An informed Agent will be able to help you properly insure your home and automobiles.

4. Strength in numbers. Having bundled insurance will allow one independent Agent to help you if several of your assets are damaged in one incident.

5. Personal touch and understanding. Having a personal relationship with your independent Agent makes a huge difference in service. When you have a need, won’t you prefer to speak to someone who knows you and understands all of your assets? Bundling your insurance needs is easy and practical.

Contact us today at 704-684-0082 for help bundling all of your insurance needs or complete our online quote forms.

North Carolina General Liability Insurance

Does your business have enough liability coverage?  Can your business ever have too much?

It’s true—today, even the smallest of mishaps can result in large lawsuits. That's why all of us at Marshall Insurance take your protection seriously.

General liability insurance, along with property and worker's compensation insurance, is a crucial tool for most businesses. Liability insurance specifically protects the assets of a business when it is sued for something it may have – or have not – done to cause personal injury or property damage.
NC general liability insurance coverage addresses accidents stemming from on-site accidents, as well as any injuries or damages incurred as a result of using goods or services sold on-premises.

In addition to the financial limits of the policy, it coverage can be designed to cover supplemental payments for attorney fees, court costs and other expenses associated with a claim or the defense of a liability suit.

At Marshall Insurance, we’re experts on determining the exact protection you and your business needs. The amount or level of coverage a business may require relies on a few key factors: perceived risk and the state in which you operate.

Our highly skilled agents strive to help you consider all aspects of your business to ensure that you are secure with the most appropriate policy available.  From first considering the amount of risk associated with your business – to then addressing North Carolina-specific regulations, we help to customize a policy plan that works for you.

You can learn more about general liability insurance coverage for businesses by speaking with one of our trusted agents today.  Contact us for more information and one of our dedicated insurance experts would be happy to take your questions and provide you with a free liability insurance quote right now!

Do you need an Umbrella Policy?

You’ve got it all covered…..you have a policy for your home, for your cars, your ATV and motorcycles, even the boat are well insured. While it looks like you have all the coverage you need; perhaps you should consider… an umbrella. No, we don’t mean to protect yourself during the summer afternoons, but a liability policy that fits with your primary policies.

Your primary insurance limits quite possibly provide more coverage that you’ll ever need, however, circumstances could involve a type of loss that is not completely covered by a primary policy. Umbrella or excessive liability coverage respond to an eligible loss only after the primary insurance has paid its limit. 

 

For example, your young driver is coming home on a rainy evening and loses control of the vehicle. They cause a chain collision damaging several cars and injuring dozens of others. If you don’t have enough primary coverage, any shortage may have to come out of your personal assets.

A NC Umbrella Policy  generally provide additional liability coverage for the following underlying policies:

• • Personal Automobile
• • Homeowners
• • Recreational Vehicles
• • Watercraft
• • Personal Liability

The additional coverage may often extend to providing for related expenses such as the cost of providing a court defense if the need arises. So before you get caught in a storm, call us for an assessment of your risk and your needs. You just might need an umbrella.

Auto Insurance: What is Comprehensive & Collision Coverage?

Comprehensive coverage pays for loss or damage to your vehicle caused by fire, theft, vandalism, hail, windstorm, riot, falling objects, flood, collision with an animal, and more. Your policy contract outlines the specific events that are covered.

Each Comprehensive claim is subject to a deductible (the amount you will pay out of pocket). You should choose a deductible that meets your financial needs; the higher the deductible, the lower the cost for carrying for this coverage.

Collision coverage pays for accidental damage to your vehicle caused by upset or collision with another vehicle or stationary object.

Each Collision claim is subject to a deductible (the amount you will pay out of pocket). You should choose a deductible that meets your financial needs; the higher the deductible, the lower the cost for carrying this coverage.


Do I have to carry both comprehensive and collision?

If you are financing or leasing your vehicle, then most likely the answer is yes. Most companies with a financial interest in your vehicle require you to carry both comprehensive and collision coverage, but you should refer to your lease or finance agreement to be sure.

Although Comprehensive and Collision coverage are frequently written together, it may be possible for you to carry either coverage by itself.

Insurance for the NC Auto Service & Repair Industry

Eligible Risks
Repair shops Service Stations Auto Equipment Installation Auto Glass Installers Body Shops Gas Stations Car Washes – Prefer fully automatic with attendant	Quick Lube Shops Tire Dealers – Excluding recapping, re-treading and used tire sales Convenience Stores with Gasoline Sales – (CPP on 24-hour stores subject to underwriting approval; not writing Workers Compensation.)
Incidental Exposures – Less than 10% of total receipts (unless otherwise noted)
Car Sales (up to 25 per year) – with no sales of rebuilt vehicles Towing Associated with contract Work Parking Lots or Garages Radiator Repair Shops (for all lines except Workers Compensation) Roadside Service Sales of Mobile/Motor Homes or Camping Trailers
Ownership/General
Experience – At least three years in business Financially stable operation Full-time/year-round operation Owners actively involved in dy-to-day operation, with favorable attitude toward safety/controls Good housekeeping/maintenance is critical Tanks that meet all current EPA/UST technical requirements Depending on the occupant/values – Central Station Intrusion Alarm may be required Favorable Motor Vehicle Reports (MVRs) Paved or unpaved parking lots in good condition
Body Shops
UL-approved spray booth; adequate ventilation; explosion-proof lighting and fixtures Proper storage of flammables and rags Separate body-work and spray-painting areas (e.g., spray booth, welding curtain, separate building, interior wall, etc.) "No smoking" policy enforced Favorable Motor Vehicle Reports (MVRs) Call us today at 704-684-0082 for a quote!

Consent to Rate Letter -North Carolina

Insurance rates in North Carolina can be confusing, especially when working with an online company. Using an independent insurance agent can help in navigating your way through these tough times in the insurance industry. As claims rise and underfunding prevails, the insurance companies are looking for new ways to increase their rates outside the scope of what is regulated by the state.

Each state is different in how it determines its rates. In North Carolina, for example, the insurance rates are set by the North Carolina Rate Bureau. The Bureau tells the insurance companies the maximum rates they can charge consumers for home and auto policies. Your insurance company can decide they want to charge you a higher rate depending on several factors. But, they can’t charge this additional rate without your consent.

Consent to Rate Letter

That’s where the “Consent to Rate” letter comes into play. If the insurance company deems you a high risk, a “Consent to Rate”letter will be mailed to you. The letter will basically ask you to give the insurance company permission to charge you rates on your policy that exceed the state maximums. When you sign and return this letter you are essentially giving the insurance company your permission to be charged rates higher than those established by your insurance commissioner. This letter can be held in your file until the insurance company deems it necessary to use.

Why the Higher Rates?

Why would your insurance company ask to charge you a higher rate? There are a few factors they consider before mailing the Consent to Rate letter. Insurance companies are singling out high risk insurers for numerous reasons:

-Your home is located in a storm area susceptible to tropical storm surges or hurricanes.

-Your insurance company deems you high risk because of numerous claims

-Some insurance companies are looking at your credit score to determine their risk in insuring you

Why do I pay for Uninsured and Underinsured Motorists coverage?

Over the past few years, North Carolina auto insurance rules have changed in regards to Uninsured and Underinsured Motorists coverage. While it used to be an optional coverage, it is now mandatory. A lot of people may wonder why it is an important coverage to have. Simply put, it will provide you with better protection in the event that you are involved in an accident with someone who does not have enough insurance to cover the claim.

A prime example of a claim that would require Uninsured and Underinsured Motorists coverage would be a hit and run. Even if you see the person drive off and you report it to the police with vivid details of the vehicle they may never catch who hit you. Without having any information on the other driver, you will have to pay for your own damages and expenses which could run into a lot of money out of your pocket. That is where your Uninsured and Underinsured Motorists coverage will come into play.

Unfortunately, even though there is a law in place a lot of people out there on the road do not carry insurance or they do not carry more than the minimum requirements. The minimum will only cover partial damages and most likely would not pay enough if they were involved in an accident. That is one of the reasons people tend to flee accident scenes.

To make up for other people’s lack of insurance, your policy includes coverage for those times when you are involved in an accident you have no control over. Hopefully it never happens to you, but if it does you can rest assured that your Uninsured and Underinsured Motorists coverage will have your back. Call our office with any questions you may have about your current auto insurance policy.

Certificates of Insurance and You

We receive dozens of requests a day for certificates of insurance from and for our clients. A certificate of insurance (also know as an insurance certificate or COI) is a document showing evidence of insurance for one party that can be provided to another party. The certificate shows which coverages are in place (general liability, workers compensation, commercial auto, professional liability, etc), the time period of the policies, the carrier, and the broker or agent.

The certificate is only evidence of insurance coverage at the time the certificate is issued – it is not an insurance policy nor does it provide the certificate holder with any rights.

Why am I being asked to provide a certificate of insurance? 
 
Typically a construction or vending agreement will require the party providing the good or service to provide a certificate of insurance. While the contracts you sign with a general contractor or vendor may have specific insurance requirements, the COI is another way to show that you have the required coverages in place to fulfill contractual compliance during a specific period of time. If your agreement is for a period exceeding the term of your (typically) annual policy, you will probably be asked to provide an updated certificate every year.

Why should I request a certificate of insurance?
  
There are a few reasons to request a certificate of insurance. Unfortunately, not everyone is honest. If you’re looking into hiring a contractor for a home renovation, they are probably advertising that they’re licensed and insured. Ask for copies of both – it’s not an inconvenience to the contractor and if they balk then it should raise a flag regarding their credibility.

Are you a contractor that occasionally has to hire subs? If you’re not asking for a certificate of insurance from these subs, then you’re on the hook for any payments made to them for your general liability and workers compensation. This always creates an issue during the audit process so make sure you request them upfront!

Just because someone has insurance, it doesn’t necessarily mean it’s adequate. An electrical subcontractor could burn down a $2,000,000 commercial office building and if he only has a $500,000 general liability limit there are undoubtedly going to be some problems. What if that same contractor doesn’t have commercial automobile insurance and one of his employees injures a homeowner while renovating their kitchen? If the certificate you’ve received looks fishy – send it to your local insurance agent for review and guidance – that’s why we’re in show business!