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Business | All Safe Insurance

Business

Business Insurance/ Commercial Insurance

All Safe Insurance has been a leading provider of insurance solutions for all types of businesses throughout Southern Florida for many years. We’ve worked side-by-side with our business partners in and around one of the world’s most challenging insurance marketplaces.

At All Safe Insurance, we are specialists in serving your insurance needs by offering a full range of insurance solutions. We are ready to help in selecting the proper solutions for your unique business situation and risk tolerance.
Insurance comes in many different “shapes and sizes” and at All Safe Insurance, we’ll tailor a program specific to your business needs. Price, coverage and your company’s specific requirements are considered when developing a risk management plan designed just for your needs. Transferring risk is the name of the game!

Commercial AutoCommercial Auto insurance is one of the most important insurance policies to get right the first time. All Safe Insurance Group will help select the option that best applies to your business needs. This insurance program provides coverage to, not just your business autos, but also for employees autos used for business purposes, and also autos that are rented or hired. The insurance coverages may include liability, physical damage, PIP, UM, towing, roadside assistance, car rental expense and more.

 

 

 

 
Worker’s CompensationWorker’s Compensation is a mandated form of insurance for businesses covering workers injured in job-related accidents. Allsafe Insurance can help keep your costs down by providing safety controls, claims management, policy analysis and a good “back-to-work” strategy. We have access to just about every worker’s compensation insurance carrier in Florida and the expertise for insuring a business of any size.

 

 

 

 

 
Condo & Homeowner's

Condo Association Insurance – Get your Master Property Insurance Quote now!

Regardless of the size of your condo association or HOA, our insurance partners will ensure your community association gets the right coverage.

Simply fill out the form a financial service partner will contact you directly and can often provide a Condo Association Insurance quote on the spot.

About HOA Insurance and Condo Association Insurance

If the condo building is not covered for an amount that will adequately replace the building in the event of a total loss, there can be major problems, even if the condo building is not completely destroyed.

By not insuring for the amount the condo building is valued at, you can trigger a condo association policy’s co-insurance clause. Co-insurance states that if the insured condo association has not properly valued the replacement cost of the building, the insurance company can reduce a claim settlement to reflect the proportional amount that you insured, and then reduce it further by whatever the penalty is in the contract. An example of how this works is if the actual replacement cost of the building is $1,000 and you only insure it for $800, you have now only insured to 80 percent of the building’s value. You now have a $300 loss. They will say that you underinsured by 20 percent, so if there is a 150 percent co-insurance penalty, you will be penalized 30 percent on your claim settlement. They will pay you only $210. Now subtract your deductible and that will be the check that you receive.

On the other side, if the building is overvalued, you may be paying money for condo association insurance coverage that is not necessary, which will end up wasting the condo association’s money.

How is a lay condo board supposed to come up with a proper valuation for the cost of rebuilding? Our solution to this problem is to provide the board with a Marshall and Swift replacement cost worksheet so that you can feel comfortable with value used to protect your condo association assets.


How To Buy Condo Association Insurance

Purchasing condo association insurance is one of the most important buying decisions the board will make. The decision addresses risk management and must meet or exceed any insurance requirements mandated by the state and the HOA’s governing documents.

Step #1: Start Early. Begin the process at least 90 to 120 days prior to the renewal date by ordering updated loss histories from all insurance carriers who have provided coverage for the Condo Association for the past three to five years. While requesting the loss history, don’t forget to confirm with the current agent/broker his opinion as to whether the current insurance carrier will be offering a renewal.

Step #2: Check Loss History Accuracy. Losses can be miscoded (like “Mold Claim,” when it wasn’t), or a loss that should have been attributed to a different insured or a loss that continues to appear on the loss history even though the insurance carrier successfully subrogated against the negligent party (got repaid). It’s also possible your carrier’s version of your loss history doesn’t really reflect today’s condition of the property. If your HOA has taken steps to improve the property since the losses occurred, write a narrative about those steps taken and attach it to the loss history. If a particular problem has since been corrected, make sure the carrier knows it.

Step #3: Assemble a Complete Bid Package. Preparing a complete bid specification will make the evaluation process easier. The bid package should include:

Brief description of the property including the number of units, year built, type of construction, overview of amenities (pools, spas, etc.) and any other structural improvements the HOA may have an insurable interest in;

Copies of the governing documents;

Copy of the site plan;

Current three year loss history on the prior carrier’s letterhead;

Copies of the declarations page from the current year;

Copies of the HOA’s most current financial statement and budget; and

Current appraisal (if available).
Steps #4: Assign the Markets. An condo association insurance carrier will only release a premium quote to one agent. If more than one agent wants to use the same insurance carrier, you’ll have to assign which person will access that market on your behalf.

Step #5: Evaluate the Insurers. While there are five well-known insurance rating organizations, most HOAs rely on AM Best. The letter grade ratings (A through F) and financial size categories (Roman numeral I through XV) can give you a quick barometer of a carrier’s health. In addition to the financial ratings, the board will want to consider the carrier’s experience with HOAs. A carrier who is new to the homeowner association market is probably not a good fit.

STEP #6: Is the Agent Qualified? Consider years of experience insuring Condo Associations and HOAs and involvement in industry trade organizations like California Association of Community Managers (CACM), Oregon Washington Community Association Managers (OWCAM) and Community Associations Institute (CAI). The agent/broker professional designations should include CPCU (Chartered Property and Casualty Underwriter), ARM (Associate in Risk Management), CIC. (Certified Insurance Counselor), and CIRMS (Community Insurance and Risk Management Specialist).

STEP #7: Use a Spreadsheet. Even the most experience risk manager will create a “line by line” comparison of the coverages and benefits being offered by the various companies offering a proposal. A visual representation of this type will easily illustrate the merits or deficiencies provided by one proposal over another and will tell you if a certain proposal is competitively priced only because the agent/broker has omitted an important insurance coverage.

STEP #8: Let Price Be the Last Consideration. Price is important but don’t fall into the trap of going to the “bottom line” first. If you do, you may forget the number one goal of buying insurance: protecting the HOA’s assets. Be certain that you’re getting what you need before signing the check.



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