WinsurTech Blog | Insurance Concepts and Practical Solutions

What is AUTO Personal Insurance (ACORD NY 90)?

Author - Webner
09/10/2020
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4:57 am
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0 Comments
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ACORD AL3, Insurance
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Post Views: 659

Introduction

Automobile owners buy auto insurance policies to decrease the costs associated with getting into auto accidents. Instead of paying out of pocket for accident losses, people pay annual or monthly premiums to insurance companies, therefore the companies become responsible to pay all or most of the costs related to the accidents or other vehicle damage.

Auto insurance premiums differ depending on age, gender, years of driving experience, accident and moving violation history, and other factors.

Coverages included in an AUTO Personal Insurance Policy

In substitution for paying a premium, there is an agreement between the […]

What is Inland marine Personal Insurance (ACORD 81)?

Author - Webner
09/08/2020
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5:13 am
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ACORD AL3, Insurance
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Post Views: 679

Introduction

Personal inland marine insurance acts as an extension of the homeowner’s insurance policy to offer additional coverage for personal belongings ranging from jewellery to collectables, musical instruments, cameras, and fine art. Personal property can also be damaged or destroyed while being transported, that’s where personal inland marine insurance kicks in. One’s personal property is precious and valuable and hence requires adequate insurance protection, which personal inland marine can provide.

What does an Inland marine Personal Insurance policy cover?

Covered property damages in a Personal Inland Marine Insurance Floater are as follows:

What is Auto Commercial Insurance (ACORD 127)?

Author - Webner
09/04/2020
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4:32 am
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0 Comments
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ACORD AL3, Insurance
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Post Views: 665

Introduction

Commercial vehicle auto insurance is defined as a coverage policy that covers the physical damage and liability coverage for amounts, situations, and usage not covered by a personal auto insurance policy. This type of business insurance policy includes many types of commercial vehicles that are used for business purposes, including company vans, to a wide variety of commercial trucks used in transports and other business vehicles.

What does an Auto Commercial Insurance Policy Cover?

Commercial vehicle insurance, like the personal auto policy, provides similar coverages such as liability, collision, comprehensive, medical payments (or personal injury […]

What does EXCESS Commercial Insurance (ACORD 131) mean?

Author - Webner
09/02/2020
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5:23 am
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ACORD AL3, Others (General)
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Post Views: 895

Introduction

Excess Liability insurance is defined as a type of coverage policy that provides limits that exceed the underlying liability policy. It does not concern the broader range incidents covered by the primary insurance that means it does not expand the stated coverage but provides higher limits on top of the original policy. The primary goal of Excess Liability insurance is to close the coverage gaps and to offer an extra layer of reassurance in case the underlying insurance is exhausted of all possible resources.

How does EXCESS Commercial Insurance Policy work?

When someone reports a […]

What does General Liability Commercial Insurance (ACORD 126) mean?

Author - Webner
08/31/2020
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4:39 am
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0 Comments
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ACORD AL3, Insurance
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Post Views: 575

Introduction

Commercial General Liability (CGL) insurance is defined as an insurance policy that covers a business for bodily injury, personal injury, and property loss caused by the business’s operations, outcomes, or injuries that occur on the business premises. This liability insurance is also considered as comprehensive business insurance, though all risks a business may face are not covered by this liability insurance. Business companies can add other companies or individuals they contract with to their commercial liability insurance policy as an “additional insured.”

What does a Liability Commercial Insurance Policy Cover?

Commercial general liability policies […]

What is Commercial Property Insurance(ACORD 140)?

Author - Webner
08/27/2020
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4:31 am
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0 Comments
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ACORD AL3, Insurance
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Post Views: 927

Introduction

Commercial Property Policy is defined as an insurance policy for businesses and other organizations that covers damage to their buildings and contents due to a covered cause of damage, such as a fire. The policy may also cover loss of wages or other increments in expenses that result from property damage(PD). Generally, standard or nonstandard forms are used to write Commercial property policies.

Commercial property insurance is used to protect any commercial property. Commercial property insurance covers commercial property from such hazards as fire, theft, and natural disaster. A variety of businesses, including manufacturers, retailers, service […]

Workers Compensation Commercial Insurance(ACORD 130)

Author - Webner
08/25/2020
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5:18 am
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0 Comments
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ACORD AL3
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Post Views: 611

Introduction

Workers Compensation Commercial Insurance refers to an insurance policy that protects employees under state laws. This insurance policy provides medical care, death, disability, and rehabilitation benefits for employees who are injured or killed while on the job. The insurance provider agrees to pay all compensation for damages related to the insured employer’s state’s workers’ compensation laws without any consideration of liability. Workers’ compensation coverage premiums frequently vary as per the employer’s payroll and the type of tasks its employees perform.

Workers Compensation Commercial Insurance Policy Coverages

Workers’ compensation policy coverage provides compensation […]

Some Important Insurance Definitions

Author - Webner
08/21/2020
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5:14 am
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0 Comments
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Insurance
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Post Views: 666

What is Insurance?

Insurance is defined as a contract in which an individual or organization receives financial protection and reimbursement of damages from the insurer or the insurance company. On a basic level, Insurance is some form of protection from any unpredictable financial losses. The insurance industry is built on policyholder’s confidence that insurance contracts will be fulfilled and eligible claims paid. Here we will discuss some important terms that are widely used in the insurance field.

Insurance Carriers

An insurance carrier is an insurance company also called an insurance provider, one which provides an […]

What does Package Personal Insurance (ACORD 86) mean?

Author - Webner
08/19/2020
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4:41 am
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0 Comments
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Insurance
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Post Views: 530

Introduction

A Package Policy is a type of insurance policy that usually includes more than one kind of insurance coverage. The most common Package Personal Insurance Policy combines property coverage, such as for buildings or business contents, with liability coverage or such as premises liability or product liability.

One advantage of packaging coverages is the cost. When a single company can provide coverage for several lines of business, such as property, liability, business income, and so forth, they can offer pricing considerations.

How does a Package Personal Insurance Policy work?

A Businessowners Policy (BOP) is the […]

What is Inland marine Commercial Insurance(ACORD 152)?

Author - Webner
08/17/2020
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6:08 am
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0 Comments
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Insurance
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Post Views: 1,009

Introduction

As we know, “marine insurance” is a coverage policy that covers products when transported over water. Unlike marine insurance, inland marine insurance covers goods, materials, and equipment when transported over the land. This transportation may be via truck or train—or while temporarily warehoused by a third party.

This insurance can cover a wide range of specialty equipment and products, including:

Computers, everything from servers to laptops.

Communications and networking equipment.

Construction and contracting equipment.

Medical and scientific equipment.

Photography equipment.

Coverages included in an Inland marine Commercial Insurance Policy

When weighing the need for […]

Why accident with animal is a non-collision loss?

Author - Webner
08/17/2020
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4:52 am
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0 Comments
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Insurance
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Post Views: 361

Auto policies mostly come with a higher deductible for collision than for “other than collision” losses (OTC or comprehensive coverage). Insurance companies know that you will have a greater opportunity to avoid accident with other vehicles or objects than with free-moving animals that react unpredictably to lights, motion, and sound. So by treating collision with an animal as a non-collision loss, a lower deductible will apply, hence it is good for you (courtesy insurance companies […]

What does Package Commercial Insurance (ACORD 125) mean?

Author - Webner
08/13/2020
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5:51 am
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0 Comments
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Insurance
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Post Views: 513

Introduction

A commercial package policy abbreviated as CPP is an insurance policy that combines coverage for multiple hazards, such as liability and property risk. This coverage policy provides businesses to take a flexible approach to obtain insurance coverage policies. The advantage of CPP is that it may allow the businesses to pay out a lower amount of premiums than if they purchased a separate policy for each risk. It varies from the business owner policy (BOP) because the CCP is customizable and flexible, while BOP allows a set of policies that cannot be changed.

How does a […]

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