Specialty liability insurance can be a jack of all trades providing liability coverage where you need it. Specific examples would be for vacations, weddings or errors & omissions.
Three Tips To Help Your Vacation Get Off To A Worry-Free Start
With vacation season in full swing, you may be in the process of planning an annual getaway. While most people spend lots of time looking for ways to maximize their budget, one costly decision is often left to the last minute—whether to buy the optional insurance offered by a rental car company.
“Deciding whether to buy ‘damage waivers’ or insurance at the rental car counter can be a confusing experience—especially if you don’t know if you’re already covered by your personal Auto insurance policy,” said Rick Crawley of the Progressive Group of Insurance Companies. “Optional rental car insurance can cost between $7 and $25 per day, depending on the rental car company, vehicle make and model and type of waiver. Those daily charges can significantly add to the cost of your rental.”
Follow these three tips, courtesy of Eaton Insurance, to help you decide whether or not you should buy the coverage:
- Consult with an independent insurance agency – like Eaton Insurance. As licensed insurance professionals, independent insurance agents and brokers can review and evaluate your policies to find out if the coverage you have on your personal vehicle provides protection for you in a rental car.
- Check with your credit card company. Some credit card companies provide coverage at no charge if you use their card to charge the cost of the rental. However, some restrictions may apply so be sure to ask for a description of the exact coverages provided.
- Take your personal Auto insurance policy and details of your coverages with you to the rental car counter. You may be asked a question that these papers can help answer—or, if you’re in doubt, you’ll have your agent’s name and phone number readily available. “We want people to have the information they need to make more informed decisions about car insurance,” said Crawley.
“Knowing whether you need to buy additional coverage can save you money and give you peace of mind so you can enjoy your vacation. Don’t start off your trip questioning your decisions—take control by talking with your independent agent or broker and knowing the answers to those inevitable questions.”
Wedding insurance are policies specifically designed to protect you from financial loss in one of two ways.
- in the event your wedding must be cancelled or postponed due to circumstances beyond your control
- if one of the major elements of your wedding is lost or damaged such as these:
- wedding attire
- rented transportaion
Most policies respond in the event of a cancellation or postponement resulting from causes ranging from such common concerns as adverse weather and illness, to events that are rarely considered, such as unemployment, military deployment, or acts of terrorism.
In addition to providing coverage for cancellation and postponement, many wedding insurance policies include coverage to protect your wedding photography, wedding dress and attendant clothing, jewelry, and gifts from damage or loss.
Some wedding insurance programs also provide the ability to purchase liability and property damage coverage that protects the wedding couple against claims for damage to the premises and/or property rented for the wedding reception, as well as host liquor liability.
Also known as Errors and Omission (E&O) insurance, this protects against lawsuits against you against mistakes and errors. For example, let's say a private investigator is hired by a large company to conduct multiple background checks and mistakenly overlooks negative marks on several potential employees. The company hires these individuals, then learns of the mistakes and fires them after putting them through the expense of training. The company then sues the private investigator for his mistake. Private investigator insurance would cover defense costs as well as any settlements or judgments ruled in the plaintiff's favor.