Insurance Solutions Services
1. General Liability & Property
Property: Covers your office contents (ie: computers, desks, furniture, software, & inventory). Can include coverage for building if you own it and also loss of income due to property damages.
General Liability: Business’s liability caused by your work to another party.
2. Workers Compensation
Workers Compensation: Workers’ compensation is a form of insurance providing wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee’s right to sue their employer for the tort of negligence.
Workers’ comp insurance provides five basic benefits: 1) Medical care 2) Temporary disability benefits 3) Permanent disability benefits 4) Supplemental job displacement benefits 5) Death benefits
3. Bonding
Bonding: Bond insurance (also known as “financial guaranty insurance”) is a type of insurance where by an insurance company guarantees scheduled payments of interest and principal on a bond or other security in the event of a payment default by the issuer of the bond or security.
We Will Build The Right Solution For Your Business
Insurance Solutions is a dedicated brokerage agency originally established in 1998 and introduced Nevada’ s first competitive Workers’ Compensation product to the State Insurance Compensation Fund!
Our primary mission is to work diligently and professionally on behalf of our clients. We are a capable, dependable, comprehensive and resourceful agency striving to provide great value-added services to client relationships in the following business insurance coverage arenas:
- Workers’ Compensation
- General Liability
- Business Auto Liability
- Property & Inland Marine/Equipment Cyber Liability
- Bonding
- Employment Practices Liability Professional Liability
- Pollution & Environmental Liability
Insurance Solutions was started in 1994. In July of 2014 it was purchased by Jerry Austin and Wes Ingram.
General Coverage Definitions
Business’s liability caused by your work to another party.
Additional liability limits to existing policies that may exhaust their aggregate policy limits. Must be purchased prior to such loss & policies must be specifically scheduled as “underlying”
Coverage for company employees that get hurt while performing their job duties.
Covers your office contents (ie: computers, desks, furniture, software, & inventory). Can include coverage for building if you own it and also loss of income due to property damages.
Equipment coverage. Covers equipment you own and can extend to cover equipment that is rented/leased.
Coverage for materials at a job site, in transit & at a temporary location.
Covers company owned autos, as well as company hired/non-owned vehicles used in the course of business.
Available for legal costs to defend claims involving sexual harassment, wrongful termination and discrimination including legal liability for such acts.
Coverage for a company’s liability and losses regarding a data breach as a result of their operations.
Insurance that indemnifies the insured for third-party liability claims due to negligence in the performance of professional services. Professionals include doctors, lawyers, engineers, CPA’s and others.
Protection against loss from disruption of boilers & machinery by an Insured peril.
Coverage for theft by employee and/or officer.
Coverage for damage to your work while it is in the course of construction. Coverage ends when project is completed.
DISCLAIMER: This list does not encompass all forms of coverage available in the industry nor does it guarantee such claims will be covered. Please contact us for more information.
Glossary of Terms
Commercial insurance is divided into two main categories: property insurance and casualty insurance. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril. The term “property insurance” includes many lines of available insurance. Commercial Property, Inland Marine, Boiler and Machinery, and Crime are the most common commercial property coverage lines. Each of these property coverage lines is described below.
COMMERCIAL PROPERTY
Coverage Sections, limits of Insurance, and Coinsurance Buildings you own or lease as a part of your business, your business personal property, and the personal property of others make up the basic coverage sections of commercial property insurance. Commercial property insurance can be sold separately as an individual line policy (referred to as a monoline policy), or it can be sold as part of a Commercial Package Policy (CPP), which combines two or more commercial coverage parts such as commercial property, general liability, and commercial auto.
Covered Causes of Loss
Whether or not a property loss is covered depends upon the policy language, exclusions, and endorsements. You can choose the covered causes of loss in your property policy. Causes of loss are divided into two main categories: specified perils and open perils.
Valuation Types
Commercial property coverage will include a provision to determine what valuation method is to be used to pay the loss. The most common policy valuation method is Actual Cash Value (ACV). Unless otherwise defined in the policy. ACV is considered to be Fair Market Value in California. There are two other methods of property valuation: agreed value and replacement cost. Agreed value waives any coinsurance penalty and pays 100% of the stated amount (agreed upon amount) for any covered loss. Replacement cost covers the amount it takes to replace your property with new property of like kind and quality up to the limits of insurance. Like ACV. replacement cost is subject to coinsurance.
Coverage forms and Endorsements
There are various coverage forms and endorsements in addition to the basic property coverages already discussed that can customize coverage in a commercial property insurance policy. The following are the most common coverage forms and endorsements used in commercial property insurance:
Added to a policy for a one-year minimum term to cover a new building or structure under construction or an existing structure undergoing additions, alterations, or repairs. Cancellation is allowed on a pro rate basis upon project completion; however, midterm cancellation will result in a short rate penalty. A reporting form or renovations form allows coverage to be carried according to the stage of completion (i.e., as more of the project is completed, more value is reported, resulting in the proper amount of coverage for each stage of construction
Covers your legal-liability for loss or damage to real and personal property of others as the result of your negligent acts and/or omissions. The loss or damage must be caused by a covered peril (including loss of use). The loss must be accidental and the coverage most often is purchased for tenants in commercial buildings.
Provides coverage if the enforcement of any building, zoning or land use law results in loss to the undamaged portion of the building (Coverage A); demolition and removal costs of undamaged parts of the structure (Coverage B); or any increased cost of repairs or reconstruction (Coverage C). Replacement cost must be in effect for Coverage C to be applied .
Usually added by a lien holder. Covers all permanently installed improvements and betterment, which cannot be removed when a tenant vacates the building.
An endorsement that provides additional limits on personal property inventory during a designated period of time. This is specifically used to cover fluctuating inventory values before and during peak shopping seasons.
Automatically adjusts the limits of insurance to keep up with inflation. The adjustment can be tied to the construction cost index in a regional area or a specified percentage per year. This endorsement can be very important in helping to maintain adequate coverage limits, which can protect against potential coinsurance penalties in a property loss.
Insurance that covers other losses stemming from a direct loss by a covered peril to business property. Business interruption, extra expense, and loss of rents and rental value are the most common time element coverage’s. Business interruption coverage replaces lost business income after a covered loss. Certain key employees can be named, allowing the employer to continue to pay their salaries until the business restarts operations after a loss. Extra expense coverage mainly applies to service or product related companies where the business must continue to ensure the survival of the company. Extra expense can pay for office spac:e, equipment rental, advertising, or most costs considered reasonable for keeping the company operating after a covered loss. Loss of rents and rental value cover loss of rental income to the property owner caused by damage or destruction of a building rendering it unfit for occupancy.
CRIME
Crime insurance provides protection for the assets of your business including merchandise for sale, real property, money and securities. It is considered a property insurance line. Based on the crime coverage that you purchase, it is possible to be covered for the following causes of loss: robbery, burglary, larceny, forgery, and embezzlement. Specialty coverage parts can be added based _on need and exposure to loss such as mercantile open-stock, burglary insurance, mercantile robbery insurance, mercantile safe burglary insurance, money and securities broad form policy. office burglary and robbery insurance, and storekeepers burglary and robbery insurance.
DISCLAIMER: This list does not encompass all forms of coverage available in the industry nor does it guarantee such claims will be covered. Please contact us for more information.
Glossary of Terms Continued
Actual Cash Value
Unless otherwise defined in the policy, Actual Cash Value in California means Fair Market Value. The Fair Market Value of an item is the dollar amount that a knowledgeable buyer (under no unusual pressure) is willing to pay and a knowledgeable seller (under no unusual pressure) is willing to accept.
Agent
A licensed individual or organization authorized to sell and service insurance policies for an insurance company.
Aggregate limit
The maximum dollar amount of coverage in force for a property damage policy or liability policy. This maximum amount can be figured on a per occurrence basis or as a general aggregate for the complete policy term.
Agreed Value
A method of loss valuation where the insured and the insurer list an agreed upon amoun- to be paid in case of loss. This valuation method is most comm-n in property insurance when insuring valuable artwork, antiques, or classic autos. A professional appraisal is usually required.
Arbitration Clause
A clause in an insurance policy that allows the insured and the insurer to each appoint an arbitrator if they cannot agree upon an appropriate claim settlement. Once the arbitrators have been selected, they in turn appoint an independent umpire. If the arbitrators disagree, then the umpire decides which claims settlement to support. The final decision is binding.
Betterment
A situation that occurs in a loss when an old piece of property is replaced by a brand new item. The insured is put in a better financial position than they were before the loss occurred, and consequentially may have to pay the difference in price for the betterment.
Binder
A short-term agreement that provides temporary insurance coverage until the policy can be issued or delivered.
Broker
A licensed individual or organization who sells and services insurance polices on your behalf.
Broker-agent
A licensed individual who can act as an agent representing one or more insurers, and also as a broker dealing with one or more insurers representing your interests.
Cancellation
The termination of an in-force insurance contract by either the insured or the insurer before its normal expiration date.
Claim
Notice to an insurance company that a loss has occurred that may be covered under the terms and conditions of the policy.
Claim Adjuster
The person who evaluates the damage caused by a covered loss and determines the amount to be paid under the policy terms.
Claims Made
A liability insurance policy where coverage applies to claims filed during the policy period no matter when the loss occurred subject to a retroactive inception date.
Coinsurance
An insurance clause that defines the amount of each loss that the company pays according to the amount of insurance carried, divided by the amount of insurance required. This basic formula relates ro a contracted percentage of coverage that must be required to prevent a coinsurance penalty. Combined Single Limit When bodily injury liability and property damage liability is expressed as a single sum (limit) of coverage.
Commerdallines
Insurance coverages for businesses, commercial institutions, and professional organizations, as contrasted with personal insurance.
Commission
A portion of the policy premium that is paid to an agent by the insurance company as compensation for the agent’s
work.
Concurrent Causation
Occurs when two or more perils cause a loss. When only one of these perils is covered by the insurance policy, the court generally rules that the entire loss is covered. Many insurance companies have reworded their policies ro clarifY that only a loss attributed ro a covered peril is indeed covered.
Conditions
The portion of an insurance contract that sets forth the rights and duties of the insured and the insurer.
Coverage
Protection that is provided under an insurance policy.
Declarations (DEe) Page
Usually the first page of an insurance policy that contains the full legal name of the insurance company, the policy number, effective and expiration dates, premium payable, the amount and types of coverage, and the deductibles.
Deductible
The amount of the loss that the insured is responsible to pay before benefits from the insurance policy are payable.
Depredation
The actual or accounting recognition of the decrease in value of property over a period of time according to a predetermined schedule.
Earned Premium
The portion of the policy premium paid by an insured that has been allocated to the insurance company’s loss experience, expenses, and profit year to date.
Endorsement
A written agreement that changes the terms of an insurance policy by adding or subtracting coverage.
Effective Date
The starting date of an insurance policy: the date the policy goes in to force.
Exclusion
A contractual provision in an insurance policy that denies or restricts coverage for certain perils, persons, property, or locations.
Experience Modification
The adjustment of premium resulting from the use of experience rating. Experience rating plans reflect an insured’s past loss experience (usually from the past three years) and uses this experience to modifY and determine the premium for the current policy year
Expiration Date
The termination date of coverage as indicated on an insurance policy.
Flat Cancellation
Cancellation that takes place on the policy effective date. No premium charge is made; however, other charges (i.e., service: may apply.
Fraud
An intentionally deceptive act committed to obtain an unfair or unlawful advantage. Fraud usually involves monetary gain.
Hazard
A circumstance that increases the likelihood or potential severity oj a loss.
Indemnity
In a property and casualty contract, the objective is to restore an insured to the same financial position after the loss that the insured had prior to the loss. In the most basic sense, indemnity i: compensation for a loss.
Independent Adjuster
A person or organization that provides claim adjusting services to different insurers on a contract basis.
Insurable Interest
Any interest (most commonly ownership) that a person, company, or corporation has in a subject of insurance such as a business, building, or auto, which can be damaged and may cause the person, company, or corporation financial loss or other tangible deprivation. Generally, an insurable interest must be demonstrated when a policy is issued and must exist at the time of loss.
Insurance
A method of shifting risk from a person, business, or organization to an insurance company in exchange for the payment of premium. The insurance company commits to be responsible for covered losses.
Insured
The policyholder(s) entitled to coverage under an insurance policy.
Insurer
The insurance company who issues insurance and agrees to pay for losses and provide covered benefits.
Insuring Agreement
The portion of an insurance contract that describes what is covered. The insuring agreement usually states the perils insured against, the person(s) and/or property covered, the property locations, and the period of the contract.
License
A certificate of authority issued by the COi to an insurer, agent, broker, or broker-agent to transact insurance business.
Limits of Insurance
The maximum amount of benefits the insurance company agrees to pay in the event of a loss.
Loss of Consortium
A potential situation in any bodily injury claim (including Workers Compensation claims) where a spouse contends that the bodily injury of their partner deprives them of the natural affection (spousal duties), help, and companionship of said spouse.
Loss Payable Clause
A provision that authorizes the insurer to make a loss payment to a person, company, or organization (loss payee) other than the insured. The loss payee must have an insurable interest (such as a lienholder for business personal property or a mortgagee on real property).
Managing General Agent (MGA)
An agent contractually authorized by an insurance company to manage all or part of the insurer’s business activities. An MGA can manage the marketing, underwriting, policy issuance, premium collection, appointing and supervision of other agents, claims payments, and reinsurance negotiations of an insurance company.
Material Misrepresentation
A factual falsification made in such a manner that the insurance company would have refused to insure the risk if the truth had been known at policy issuance. A material misrepresentation gives an insurance company grounds to rescind a contract.
Nonrenewal
The termination of an insurance policy on its normal expiration date.
Occurrence
A liability insurance policy that covers claims arising out of occurrences that take place during the policy period, regardless of when the claim is filed.
Peril
Cause of loss.
Personal lines
Insurance written on the personal and real property of an individual (or individuals) to include such policies as homeowners insurance and personal auto insurance, as contrasted with commercial lines.
Policy
A contract that states the rights and duties of the insurance company and the insured.
Premium
The monetary payment that an insured makes to an insurance company in exchange for the contract indemnifying the insured against potential loss. Simply put this is the payment made by the insured to keep an insurance policy in effect.
Producer
A term used by the insurance industry fa refer to agent, brokers, broker-agents, and solicitors. Pro Rata Cancellation
A cancellation of a policy by an insurance company that returns the unearned premium to the policyholder (the portion of the premium for the remaining time period that the policy will not be in force).
Provisions
The statement of policy conditions in an insurance policy.
Public Adjuster
A licensed person or organization that represents the policyholder by contract in property damage claims negotiations with an insurance company.
Quotation
An estimate of the cost of insurance based on the information supplied to the agent, broker, broker-agent, or the insurance company.
Recision
The cancellation of an insurance policy back to its effective date resulting in a return of all premium charged.
Regulations
Requirements developed by the CDI that implement laws passed by the legislature. Regulations go through a public comment process and must be approved by the state Office of Administrative Law.
Reinstatement
The restoration of a lapsed or canceled policy.
Renewal
The continuation of an insurance policy (offer of renewal) into a new term from the same insurance company that issued the existing policy.
Replacement Cost
The amount that it costs to replace lost or damaged property with new property of like kind or quality in the local market.
Schedule Rating
A method of pricing property and liability insurance. Schedule Rating uses debits and credits to modify a base rate figured by the special characteristics of the risk exposure. Insurers develop Schedule Rating because actuarial experience shows a direct relationship between certain physical characteristics and the possibility of loss. Most schedule rating plans must be filed and approved by the CD.
Self-Insured Retention (SIR)
The portion of a property or liability loss retained by a policyholder.
Severity
The size of a loss. Loss severity is used as a factor in establishing premium rates.
Short Rate CanceUation
A cancellation initiated by policyholder request in which the premium returned is subject to an administrative penalty.
Sistership liability
Exists when a manufacturer refuses to withdraw a product as ordered by a government agency or company management. Once a defective product has been identified and recalled, an insurance company excludes all other claims arising from the defective product due to the negligent failure of the company to take the product off the market.
Split limits
The technique for expressing limits of liability coverage under a particular insurance policy by stating separate limits for different types of claims growing out of a single event or combination of events. Coverage can be split (limited) per person, per occurrence, between bodily and property damage, or in other ways.
Subrogation
The process of recovering the amount of claim damages paid out to a policyholder from the legally liable party. When a company pursues the legally liable third party, they are required to include the policyholder’s deductible in the recovery process.
Underwrite
The process to evaluate the insurance application and independent sources in order to verifY the information provided and to determine the acceptability of the risk.
Underwriter
The person who performs the undetwriting process to accept, reject, or modifY risks on behalf of the insurer.
Unearned Premium
The portion of the written premium applicable to the unexpired or unused part of the policy period for which the premium has been paid. For example, in an annual premium policy 11/12 of the premium is unearned at the end of the first month of the policy.
Waiver
The relinquishment of a known right, which may be expressed or implied.
Written Premium
The total premium on all policies written by an insurer during a specified period of time, regardless of what portion has been earned.
DISCLAIMER: This is a summary of terms commonly used in the industry. It does not guarantee such instances will be covered or be available to a specific risk. Please refer to your specific policy for information or contact us for more information.
Commonly Used Terms
A document providing evidence that certain general types of insurance coverage and limits have been purchased by the party required to furnish the certificate.
The entity that is provided a certificate of insurance as evidence of the insurance maintained by another entity.
A person or organization(s) who is required under a written contract to be included or added as an insured under the policy at the request of the named insured.
An agreement between two parties in which one party agrees to waive subrogation rights against another in the event of a loss.
This term is commonly used in contract insurance requirements to stipulate the order in which multiple policies triggered by the same loss are to respond. For example, a contractor may be required to provide liability insurance that is primary and noncontributory. This means that the contractor’s policy must pay before other applicable policies (primary) and without seeking contribution from other policies that also claim to be primary (noncontributory).
Modifies a general liability insurance policy to provide that the general aggregate limit applies separately to designated construction projects. This enables a contractor to comply with contractual requirements to maintain a specified amount of insurance applicable to a specific project. However it usually has a capped limit for policy period as specified on specific endorsement.
A person or entity that is entitled to all or part of the insurance proceeds in connection with the covered property in which it has an interest.
A centralized insurance program under which one party procures insurance on behalf of all (or most) parties performing work on a construction project or on a specific site. Also commonly referred to as Owner Controlled Insurance Program (OCIP) or Contractor Controlled Insurance Program (CCIP).
A generic term used to refer either to an insurance company claims department or to a third-party (TPA) claims administrator. They are directly responsible for handling claims.
A survey of the financial records of a person or organization conducted annually (in most cases) to determine exposures, limits, premiums, etc.
Often ordered on mid- and large-size commercial accounts. A loss control specialist employed by the insurer typically completes this report by physically inspecting the operations to be insured.
DISCLAIMER: This is a summary of terms commonly used in the industry. It does not guarantee such instances will be covered or be available to a specific risk. Please refer to your specific policy for information or contact us for more information.
Certificate of Insurance Request Form
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Address:
8930 W Tropicana Ave. Suite #6
Las Vegas, NV 89147
Phone:
Fax:
702.631.0561