FAQs

A loss resulting directly from the peril of a flood, which is defined as water rising from the ground, is generally an exclusion under your homeowners policy and other property insurance policies, especially if you are at high risk or in a federally mandated flood zone. (Click Here to Learn More)

A broker of record is an agent designated by the policy holder to represent and manage the policyholder’s insurance policy. The broker of record receives copies of all communications to the policy holder as well as all quotes, policies, and notices on behalf of the policy holder. They obtain and evaluate insurance quotes and policies and recommend changes to existing policies. A broker of record letter is used to legally establish the relationship between the broker, policyholder and insurance company. Such a letter can be used to designate a broker of record for the first time or to replace an existing broker of record with a new one.

The competition is tough due to the economy and many insurance agents are trying to get into the community association insurance arena, even though they don`t have the experience or the markets that we have. Your best direction is to pick a broker with the experience to handle and service your association,as well as the property markets that your association needs. Too many agents in the market on your behalf can actually hurt your chances of getting the best programs.

In our opinion, it is necessary to purchase workers compensation insurance as soon as a business hires its first employee. Workers comp protects a business when an employee is injured on the job, and pays for the employee’s injuries and rehab. However, workers compensation is legally required for non-construction businesses that have 4 or more employees, and for construction businesses that employ more than one person.