Peninsula Excess Insurance Brokers thanks you for your continued good business with the RESA Insurance Program. In an ongoing effort to keep our customers informed, we would like to review the Top 5 Frequently Asked Questions in the program and the answers.
How is Staging Inventory defined?
To clarify C N A’s definition of Staging Inventory, it is defined in the policy as property owned by you or the property of others for which you are liable and located anywhere within the policy territory. (United States) This can be your owned inventory, rented inventory or borrowed inventory for which you are liable. Coverage can be in your storage area, being transported to a home, in a home or anywhere else along the way and is covered by the broad terms and conditions of the insurance policy.
Is customers property in my care, custody and control covered?
The C N A policy does provide coverage for this in the property floater form. This would be considered property of others for which you are liable subject to the terms and conditions of the insurance policy.
Can we use independent contractors?
C N A does allow you to use a small amount of independent contractors such as bringing in another company to paint a small wall or clean up a floor. They use the benchmark that you can not sub contract out more than 15% of your receipts in a year. An example of the formula to go by is if you have $100,000 in receipts your sub contractor’s costs should not exceed $15,000.
What is non-owned auto liability and why do I need it?
If you or your employee is involved in an at fault accident, it is highly likely that their policy limits will be exhausted and your company could be sued or brought into the claim. This coverage provides a $1,000,000 liability limit for your company. This will not cover the employees or your vehicle coverage, it protects your company only.
What if I need proof of insurance coverage for a customer, rental company or landlord?
Simply contact our office at Shana@pen-ex.com or Deanna@pen-ex.com and they will issue you a certificate of insurance evidencing that you have coverage in place. They will need the person requesting name and address. This person is requesting so that if your insurance cancels they are notified, thus the reason their contact information is needed.
Contact Janessa DiCesare at Peninsula Excess Insurance Brokers, Inc.
877-438-7369 Ext. 105 for a quote
- RESA Ambassador Shares Her Experience in Leadership Roles - October 5, 2021
- Making Houses Into Homes For The Holidays - January 10, 2018
- RESA® Phoenix Chapter Holiday Gathering - December 27, 2017
