What is Diminished Value and is it Covered?
Posted: January 15, 2013
Has your care ever been in an accident and you were told that your vehicle has diminished value (DV)? This refers to an autos automatic decrease in resale value after it has been damaged in an accident. There are several different types of DV claims: Inherent DV: This describes a wrecked vehicle which is then repaired and is less valuable than an undamaged vehicle. The...
Is your hobby considered a business? - Part 2
Posted: January 14, 2013
If you are involved in a special hobby or activity, you may depend on your homeowner (HO) insurance policy to handle a potential loss. A HO policy usually includes a definition of “business.” This term is so broad that nearly any activity can qualify as a business. In such a case, a hobbyist should contemplate on whether or not business insurance is necessary. Let’s say...
Is your hobby considered a business? - Part 1
Posted: January 14, 2013
Have you ever thought about how your hobby can affect your insurance needs? Hobbies often require a large investment in private property and may even create some legal responsibility to other persons or their property. Hobbies typically involve an interest or activity undertaken for pleasure by either collectors or enthusiasts. A collector collects property that is of attraction to him or her. This includes people...
VRP Insurance wants to discuss leased equipment
Posted: January 11, 2013
At some point in time, contractors and subcontractors will have to use rented or leased equipment when taking on a job. The users will comply to an equipment contract which asks for required proof of protection from the rental company such as a "certificate of insurance". The rental company may also want to be named as an "additional insured" in order to protect their legal...
VRP Insurance wants to discuss liquor liability
Posted: January 10, 2013
Many businesses are exposed against lawsuits covered by a standard, general liability policy. However, business owners often fail to notice their responsibility for losses related to circumstances involving alcohol. A typical liability policy for a business generally excludes coverage contrary to the law and sales to minors. The policy's exclusions apply solely to businesses that make, distribute, sell, serve or furnish alcoholic beverages. Ultimately, companies...