The Mysteries of Florida Work CompSaturday, October 28th, 2017
“ I have exempted myself from workers comp but my contractor will not accept it, Why NOT?”
The answer may not be palatable to many of you but it is the truth. Most everyone uses the term “Worker’s Comp Insurance” but in truth Worker’s Comp encompasses not one but two coverages. Workers compensation coverage and Employers Liability.
To explain this we must go back to English common law that in essence says if the Employer provides “statutory “ benefits to its injured employees, the employee is bared (with few exceptions) to file suit against the employer. When you are signing the State Exemption you are agreeing to take care of yourself and you agree to hold your employer “harmless“
That exclusion indeed takes care of the Work Comp, for a problem for the employee. BUT what it does not address the fact that a spouse, significant other or even a third party you have a constructional relationship can and will sue the employer for your injury.
Nusurance works with many contractors that work for mega cable companies, and it seems that the larger the contractor, and the more or smarter the attorneys the more they realize that the Work Comp Exclusion will not help should the spouse sue. Because Florida Statute 440.10 in part states that the primary contractor is responsible for any subcontractors who are injured and have no work comp insurance, this gives the green light to the spouse or other third party, to sue the primary contractor.
Have a question on your business insurance – Call me – Christopher Kazor, CIC – 813.514.6982
Bobbles Bangles Bells and Your Jewelry
Many folks are confused
How much coverage do I have for my jewelry?
This question is a very common, and the simple answer is “it depends on how the loss occurred.” Under Coverage Part “C” of your “Standard” Homeowners policy known as the “HO3” will protect your jewelry for all causes of loss except THEFT. Up to the limit of the coverage “C” which is 50% of your dwelling coverage.
Let ‘s assume your dwelling is covered under Part “an” is $300,000. Then the “Standard” Homeowners policy then you will provide you with a bag of money with a value of $150,000 for all of your personal property. That is all of your stuff. Furniture, TVs, clothes; everything that is not glued and screwed to the dwelling itself.
Florida insureds take note; it is important to understand the Citizens Insurance only offers 25% of dwelling, when taken out please take the time to talk with an agent and review your coverage.
Should you have a fire and a $9,000 necklace is destroyed then you can include the necklace within your Coverage “C” bag of money up to the $150,000 limit. However, should the $9,000 be stolen then your loss would be subject to a sub-limit of $1,500 for ALL JEWELRY.
Fortunately, there is an insurance product to cover this gap, the PAF or Personal Article Floater. A separate policy but for many companies incorporated in the base Homeowners policy, you essentially remove your items out of your coverage “C” and insure them on the PAF.
Most PAF policies require a current appraisal and the item or items are insured up to the appraised value. Next Month we will tell you more about the PAFs but should you have questions now, call us at 800 604 7249
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Forced placed insurance is not for YOU!Wednesday, February 5th, 2014
Forced placed insurance is not for YOU!
I have been in the insurance business since 1978. One of my biggest frustrations is that so many folks think that we here at Nusurance are only trying to sell policies to rip them off. In June of last year a gentleman who was frustrated with Florida’s high cost of insurance decided as we call it “Go Bare” and let his policies lapse. When we called him to follow up he informed us that the Bank had “Given” him coverage at one third of what we were charging him.
His home was insured for $188,000 and the balance of his loan was only $55,000. On the phone he says he was told by the customer service representative that this was the same kind of insurance as we had sold him. Now frankly this was true but what the service rep failed to explain was although the coverage was the same the policy would only cover for the limit of $55,000. The $55,000 was only to cover “Their Interest” which was $55,000.
On January 18 of this year, his home burned to the ground. He called me last week to see what I can do. He was told that his mortgage was paid off and he would be receiving a satisfaction of mortgage letter. But that is the only thing he would receive from the insurance. His home would not be replaced, his personal property would not be replaced and he would have to pay for the hotel his family has occupied for the last week. Under a standard homeowners policy his home would be replaced up the policy limit, he would be able to go shopping for all new persona property up to ½ of the limit for his home and we would have an additional bag of money of at least 10% (up to 30%) to pay for his hotel and expensed he incurred while out of his home.
Of course he is now looking for someone to sue, we have our communication and copies of quotes we have sent him he beef is with the bank but unfortunately the person was truthful, the coverage was the same what was omitted was the limit and the person who was to be covered. Here the bank was “the person” covered for their interest and THEIR INTEREST ONLY! His policy had been lapsed for over 7 months – we had called him and quoted alternatives, there was nothing else we could do.
Posted in Homeowners Insurance, Riskywire | 479 Comments » Thursday, January 9th, 2014
NuSurance with the Help of Build-A-Bear® Workshop Gives Smiles to Boys and Girls from The Boys and Girls Clubs of Tampa Bay for the Sixth year
Posted by Kazor Information Network on Jan 02, 2014 | Comments Off
NuSurance Corporation, insurance agencies for today’s world, who specializes in Florida Business Insurance, and Build-A-Bear® Workshop delivers smiles and bears to 20 children from The Boys and Girls Clubs of Tampa!
Tampa FL December 31, 2013
It was smiles and fun for some 20 children from the Boys and Girls Clubs of Tampa Bay as Nusurance Corp invited them to “experience” making their own bear. Christopher Kazor, CEO of NuSurance Corp said “it is the excitement of creating, stuffing, naming and adopting your furry friend. Whether you are eight or eighty and you have never had the experience, you need to.”
Next the children waited in line to have the bear stuffed to that exact huggable firmness, which of course they tested for each of their bears so it was “just right.” Then they give each of their bears a personality by selecting costumes; there were football outfits, formal wear and pink and blue princess dresses. The children actually became stylists and fashion designers.
The best part of the event was the last – the adoption ceremony – very special and momentous for little ones as the children get to not only officially name their fuzzy charges, but also adopt them to take home. The most solemn part of the ceremony was the pledge each child gave to care for and love their special bears.
The event has become an annual affair held at the Build a Bear ® Workshop at the Westfield Mall in Brandon, Florida.
David Armstrong, Unit Director at the Boys and Girls Club in Brandon FL said, “The kids came back to the Club Friday very excited and cheerful. You would have thought it was Christmas morning and they all just got exactly what they wanted from Santa.”
“We are extremely happy to sponsor this event and we want to thank the companies we represent as well as our Insureds.” NuSurance plans to expand this annual event to every city where NuSurance has an agent.
For more information contact CP Kazor atNuSurance.com – Phone 813 514 6982
“We love sponsoring these parties for the Boys and Girls Clubs. This is our 8th party in six years and it is as fun for us as it is for the children.” After the children select their “bear skin” each child then waited with bated breath for the “Heart ceremony”; each select a small heart then recite; “Rub the heart to warm it, place it on your back so your bear always has your back, place it on your knee so it’s never needy then kiss the heart for luck and into the bear it goes.” The choosing of the heart for the bear is very important because the children select it to define what their bear is all about. The heart of course is the life of the bear
Business owners – What exactly is the statute of repose?Saturday, October 26th, 2013
What exactly is the statute of repose?
Beware you may not like what you read here.
OK, that project is done; let the insurance lapse until we get another
job. Regrettably, this seems to be the attitude of many in the
construction – service business. Unfortunately, we are living in
extremely litigious times, and when there is an issue with a construction
site or a product defect, attorneys are diligently looking for anyone to
Enter the statute of repose. The what?
According to uslegal.com, a statute of repose provides a date upon which
the action no longer exists, whether it has accrued by that date or not;
it entirely cuts off an injured person’s right of action even before it
accrues. It is a stricter deadline than a statute of limitations because
it may not be tolled by fraud, discovery of injury, etc.
Note the definition states the statute of repose is a stricter deadline
that the statute of limitations, which incidentally are different in every
state. (Click here for your state). If you are in go out of business; do
not think for a minute that once you are out of business you are immune
from a lawsuit from your past work.
If you were required to maintain a license; there is a reasonable chance
you can be hunted down and sued for something you did or failed to do
First, if you are in business you must maintain a General Liability policy
without a lapse even through the slow times.
“Quitting the Business. What to do? This would be an excellent time you talk
with both your attorney and your insurance agent. If your business is sold,
acquired, or taken over by a family member have, your attorney draft into the
agreement that you become a director emeritus (for life). This way anything
that would come to haunt you from your past you will have defense and coverage
to pay a claim.
Going out of business is more problematic, you may be eligible to purchase
a discontinuation of operation policy. If that is not available it may be
advisable to maintain a minimum policy in force to survive the statute of
What is the difference between Business Income Insurance – Business Overhead Insurance – Key Person Insurance.Wednesday, June 26th, 2013
What is the difference between Business Income Insurance – Business Overhead Insurance – Key Person Insurance.
A newsletter of NuSurance Corp
(C) NuSurance Corp
As those who know me know, I love to talk about insurance and will take any opportunity to field questions. Just recently I had a physician ask me what they needed to adequately protect the practice. This is truly an open-ended question of which I could talk for hours but the question more specifically is how to protect the business from interruption.
What could interrupt the practice’s daily operation?
1. Weather, Fire or some other peril or natural disaster could render the physical plant (office) useless.
2. The Disability of the Principal.
3. The Death of the Principal.
Those of you, who live in Florida or any coastal state, realize that Mother Nature can be a bitch (sorry but true.) Those living in Florida in 2004 – 2006 remember the devastation that occurred. Not only were homes impacted but also businesses, big and small. The business owners relied on coverage called, Business Interruption Insurance also known as Business Income Insurance and some insurance academics refer to it as Time Element Coverage. That is you are covering the loss of time, since we all know time is money.
Whatever name you prefer, it refers to a property insurance coverage that will cover the loss of income that a business suffers directly from a natural disaster, arson, or even terrorism, if you have selected that coverage. This policy comes in two parts, one defining how the income will be calculated as well as how it will be paid out. The other part will be a list of things that can happen to the practice that will trigger the payment. The list of Perils are usually Basic, Broad, and Special or what is known as “Open Perils” with the latter being the broadest and what all should consider.
Once one of those perils damage the facility, in whole or in part, and make it inoperable, the coverage will “Trigger”. After a negotiated waiting period, which was selected at the time of application, usually three days, the policy will then pay monies to cover the business expenses and even the profits of the business until which time the damaged facility can be repaired or replaced, or the practice is moved permanently to another location.
This coverage may be purchased by adding it to a BUSINESS OWNERS POLICY (BOP) or to purchase it on stand-alone basis. Generally, for most practices, adding it to your BOP will be the most efficient way to add this valuable coverage.
Three notes here, first, if you are adding this to your Business Owner Policy, make sure the limit are sufficient to cover a time frame that you think will be reasonable to replace your facility or repair it. Second, ask your agent if “Extra Expense” coverage is available. Finally realize that one of the major flaws for flood insurance is there is NO business interruption contained in the policy.
The Disability of anyone is devastating. But for a business owner this can be excruciating, if they have neglected to purchase Business Overhead Expense (BOE) or Business Expense Insurance Coverage. This is sold by a licensed life and health agent and is considered a “Health” related product. A disability insurance policy is needed to replace the income of a person but a business owner must have two. One policy is needed to cover the loss of their income and the second is to cover the business overhead. Upon the disablement of the principal (as defined in the policy), the policy pays a monthly benefit based on actual expenses, not anticipated profits. These policies are designed for businesses that rely on a few people (or one person) to produce revenue.
Please Note – It is extremely important to request an explanation of the definition of “disability” as this is a price point issue and if you are not careful the cheapest option may become a very expensive decision.
Finally the ultimate, death of the principal obviously can cripple a business. Here the big question is what are the desires of the principals and the families? The desires are expressed in what I call a business will, purchase agreement or perpetuity plan. Strangely enough insurance agencies must have a perpetuity plan before a company will contract and let an agency market their insurance product. The plan outlines what will happen after the principal passes. Who will ultimately run the business? Do you have a friendly competitor? If you are a sole practitioner, perhaps you may want to engage in an agreement for them to purchase your practice after your death. Partners or other stockholders absolutely must have a purchase agreement if that is the desire of the principal. Whatever the agreement, make sure the agreement is funded and the best funding mechanism is a “Key Person” life policy.
I know the next question is what about the deductibility of these policies? And this is where I refer you to your accountant.
For more information contact Nusurance and we can have an agent cover any questions you may have.
Christopher Kazor, CIC, LutcfPosted in Commercial Insurance, Riskywire | 6,377 Comments »
Happy Hurricane SeasonWednesday, June 29th, 2011
OK folks, here we go again. June 1, 2011 stared another Wind Storm season. Most media outlets, TV Stations and newspapers are distributing Hurricane Preparedness List and Tracking maps. Go out today to pick one up and do what they tell you.
Stock up on food, water, and batteries; make sure you have at least a 30 day supply of your prescription. My personal favorite, always make sure you have a hand cranked can opener. But I want to address a few things that are not listed in those publications.
If you have to evacuate make sure you take the right things. Your jewelry, your computer, big screen TV and sound systems are things that will be covered by your insurance. What you need to keep safe are your memories like wedding pictures, art work (if not specifically added on your policy) and keepsakes.
Things that need to be done prior to the storms hitting include:
First, Digitize your photographs, scanners are only a few dollars, spend a weekend scanning all your pictures into your computer. A Back-up/off site program such as Carbonite or Mosi will cost you less than $50 per year, well worth the money.
Second, Open a Gmail or Yahoo Email account. Remember to use a strong password. Scan your important document and store them on you online account. As long as you use a strong password it would be secure.
Third, Purchase a strong plastic storage box; the ones with the locking top are best. Should you have to evaluate take your pictures and keepsakes put them in the box, put your name and a contact number inside, snap it shut and then duct tape the top in place. The duct tape will make the storage box water tight. If it is lost chances are it will stay intact until someone finds and opens it.
Please be vigilant, remember for less than $15 you can purchase a weather band radio. Let’s hope we have a very un-eventful hurricane season.
For information or to review your insurance please call us at 800 604 7249 or drop us a note.
Christopher Kazor, CIC – NuSuranceHomeowners Insurance, Riskywire | 3,880 Comments »
Having great Homeowners insurance is no reason to invite trouble.Sunday, May 15th, 2011
Riskywire, A newsletter of the Nusurance Agencies
So you are getting ready to go on vacation, you have stopped the mail, stopped the daily newspaper, put the dogs in the vet and asked a neighbor to pick up any packages and any of those pesky free weekly newspapers.
Excited about vacation, sure so now both you and your kids post on your face book page that you will be visiting grandma for the next two weeks. To make matters worse you keep every one posted on your progress and what you see on your twitter account and pictures of were you are 1000 miles away.
No problem right. – Well before you go on vacation we want you to check out http://robmenow.com. What a great source. For thieves! When you tell the folks on Twitter you are on vacation you “have told the world.”
Other Tips –
- Do not post your exact date of birth.
- Do not post your home city or state
- Use your office address and zip code if you work in a secure office
- Never post your home address or zip code.
- Know your friends – do not blindly allow or accept friends.
Questions? Contact us.
To sign up for The Riskywire Newsletters Click Here
Christopher Kazor, CIC. Lutcf
Posted in Riskywire | 4,636 Comments »