Assessing Your Need for Business Insurance on Key People

June 6, 2019 | 145 views

Companies need a wide range of business insurance products. Luckily, there are plenty of products on the market that can provide you with all of the protection you need. As a business owner, you probably spend a lot of time building up your company. It may be dependent on you. Or, you may have important employees. If they are not there, your company could not run. This is the time you may need to consider key person insurance. Do you need it?

Spotlight

PCF Insurance Services

PCF Insurance Services is a risk management, benefits design, and insurance brokerage services company that harnesses the power of its Agency Partner network to provide world-class service and unparalleled solutions to its clients. PCF Insurance’s growth is fueled by its proven practices; innovative, data-driven strategies; entrepreneurial spirit; and the strong local relationships of its Agency Partners, but the driving force behind its success is its people. At PCF Insurance, we are propelled by people.

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PCF Insurance Services

PCF Insurance Services is a risk management, benefits design, and insurance brokerage services company that harnesses the power of its Agency Partner network to provide world-class service and unparalleled solutions to its clients. PCF Insurance’s growth is fueled by its proven practices; innovative, data-driven strategies; entrepreneurial spirit; and the strong local relationships of its Agency Partners, but the driving force behind its success is its people. At PCF Insurance, we are propelled by people.

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inredisputesblog | May 21, 2019

Typically, a fire insurance policy pays a policyholder for the actual cash value or the replacement value of the property destroyed. But in 20 states, if there is a total loss, the amount the insurer must pay is equal to the value of the property at the time the insurance policy was issued. What happens if the policy covers a multi-building complex and one of the buildings is destroyed? The Eighth Circuit Court of Appeals recently addressed this issue. In Norwood-Redfield Apartments Limited Partnership v. American Family Mutual Ins. Co., No. 18-2618 (8th Cir. May 16, 2019)(Unpublished), the appeals court affirmed a judgment in favour of the insurance company denying the policyholder’s claim to recover the full value listed on the policy of an entire complex of buildings when only one of the buildings was destroyed. The policyholder sued its insurance carrier after a fire destroyed one of the buildings out of 32 in the complex. The insurance carrier paid nearly $3 million for the loss, but the policyholder wanted the policy limits of over $31 million.

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