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What is an Umbrella Policy?
An Umbrella Policy provides additional insurance above and beyond underlying coverages found on a General Liability, Automobile or Workers' Compensation policy. If a claim were filed, the Umbrella Policy coverage would be activated once the underlying policy(ies) paid its limits of liability.
Does Business Income coverage apply to "bad debts?"
No; there must be physical damage to the premises in order for Business Income coverage to respond.
Does my General Liability policy provide coverage for faulty workmanship?
You're responsible for guaranteeing the quality of your work, though your policy may respond to "additional damage resulting from the work performed."
Does my General Liability policy provide coverage for houses I am building for other people?
No; you or the homeowner must purchase a Builders Risk policy to cover the dwelling during construction.
Why did my insurer include my "subcontracted" cost when they did my Liability audit?
Probably because you did not secure "Certificates of Insurance" from these subcontractors. If you have no proof that they carried their own insurance, then your insurer will treat them as if they were your employees.
When do I need to purchase Workers' Compensation Insurance?
Most states require you to purchase Workers' Compensation insurance as soon as you have employees. These states also consider a corporate entity to have employees as soon as the corporation is formed.
Workers' Compensation insurance provides medical expense and disability income for injured employees as required by state laws. In addition, the insurer will defend any claim, proceeding or suit against the insured for benefits payable under the policy.
How does an insurance audit work?
At the end of the policy term, the insurance carrier will review the policy and either charge or credit the policyholder based upon an audit of estimated figures. Examples of estimated auditable items include sales and payroll. Audits can be performed on-site by an auditor or via mail or telephone.
Turner Barker Insurance is a subsidiary of Gorham Savings Bank.
Insurance products are offered through Turner Barker Insurance.
Product offerings and insurance sold are not deposit obligations of, nor
guaranteed by the Bank and are not covered by Federal Deposit Insurance.
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