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What is a Certificate of Insurance?

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Insurance PolicyInsurance of all kinds is generally intangible. Whether you are talking about life insurance, auto insurance, home insurance or flood--you can’t hold insurance and you can’t sense it. Upon entering a vehicle or premise, you won’t even know insurance is “present” unless someone tells you.

Generally, it doesn’t matter that you can’t touch, feel or sense an insurance policy. As the insured you pay your premium when it is due and you know that, should disaster strike, your policy will be useful. You have proof of your payments and somewhere, where you store your most important documents, a copy of a policy.

But there are times when you need some sort of physical proof that you are insured and if you don’t have a policy or if you need something with a current date proving that you are still consistently paying your premium, it is then that a certificate of insurance is a useful tool.

The Certificate of Insurance

A certificate of insurance is a document issued by an insurer that discloses details about your insurance coverage, depending on the type of insurance you have. It can disclose the owner of the policy’s information, information about the insured property or person (if it is a life insurance policy) as well as the amount of insurance and the incidents that are covered.

 This certificate can come in handy when you are getting a loan, registering a car or have any need to prove to a person or business that certain liabilities you are exposed to are covered. You may be able to use a copy of your policy to this end but depending on the date of your policy, you may be required to show something more current that also serves as proof of recent payment.

It is important that you do not confuse a certificate of insurance with an actual policy. While neither is necessary to actually get the benefits of your policy, the certificate gives just a basic overview of your benefits. It does not spell out any requirements, exemptions or stipulations that may be within your actual policy document. Relying on your certificate of insurance as a guarantee of insurability is not a good idea.

Lastly, a certificate of insurance is not considered a bi-lateral contract. You cannot write directives or assignments on it and have them considered binding. It is simply a message to interested parties that you are currently insured.

Call us to get a free insurance quote at (817) 626-3339 or complete an online quote form.



Posted On 8/20/2010 12:13:13 PM



How did they know about that claim?

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Insurance claim formTo get an accurate claim history on consumers, many insurance companies use a service called CLUE (Comprehensive Loss Underwriting Exchange). CLUE is a centralized database that provides a seven year history of auto and homeowner insurance claims. The database enables homeowner and auto insurance companies to exchange your claim history. The CLUE database is maintained by ChoicePoint, a consumer reporting agency. 

Information provided on the reports include the date of the loss, the type of loss, the name of the insurance company, policy number, the amount paid, and other general information. As with any report that is collected by a consumer reporting agency, you have the right to obtain a free copy annually. Information on how to obtain your CLUE report can be found on the CLUE Reports website. 

Your insurance premiums are determined by the information provided on these reports, therefore, it is recommended to check them periodically. In the event you find a discrepancy on your report, you have the right by law to dispute it. Checking your CLUE report prior to shopping for insurance coverage will give you the time needed to fix any discrepancies before purchasing a policy.



Posted On 7/9/2010 3:27:46 PM



Is your Fort Worth Small Business Prepared for Disaster?

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Earthquakes, hurricanes, tornadoes, floods – all can be devastating if not fatal to a small business.  Disasters can prevent access to your business, can destroy vital records, and may even put employees in harm’s way.  According to the American Red Cross, as many as 40% of small businesses do not reopen their doors following a disaster. Planning ahead and taking the necessary precautions can prevent your business from becoming just another statistic.

Below we have listed some steps to begin a disaster recovery plan:

Phone Lists. Compile a list of emergency numbers for employees so they know who to contact in the event of a disaster. The phone list should include emergency management agencies, key personnel, utility companies, insurance company/agent, suppliers, contractors, and the landlord if applicable. 

Create an immediate response plan. Educate employees whom they should notify in the event of a disaster and what steps to take to prevent injuries or further property damage.

Develop a communication plan and venue. Decide what method would be best to communicate with your employees, vendors, and customers in the event your premises are inaccessible. Ideas could include email, website, or an offsite phone messaging system.

Keep duplicate records. Regularly back up your computer files offsite. Also talk to your software providers to see if there is a way to access that data outside of the office.

Create an emergency kit. Have emergency supplies available – water, first aid kit, and tools. Be sure all employees are aware where the kit is stored.

Review your insurance policy. In addition to insurance for your property, talk to your agent about Business Interruption insurance. This valuable coverage keeps income coming in when business comes to a halt.



Posted On 6/14/2010 11:17:17 AM



Fort Worth Insurance

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All About Insurance has been providing Fort Worth businesses with comprehensive commercial insurance policies since 1995. Our highly experienced agents understand the unique needs and exposures each type of business faces. We work one-on-one with our business clients to provide coverage for their business autos, operations, products, assets, employees, and more.

We work with leading insurance companies and have successfully saved customers 20% or more on their business insurance policies. As an independent agent, we have the ability to shop multiple carriers’ rates and coverages which gives us the distinct advantage to provide the best coverage for the best price. Our experienced agents’ primary goal is to make sure you have the protection your family or business needs to get you back to where you were before the loss.

All About Insurance pays attention to the little details... that is what defines our superior service.



(Photo source: PreservationNation.org)



Posted On 5/27/2010 9:22:16 AM



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Posted On 5/24/2010 9:49:08 AM



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