Astra Insurance Agency

What is Water Backup? Water backup is a term commonly used in the insurance industry. It refers to incidents when something stops dirty drainage water or sewage from naturally flowing through the pipes that exit your home. When this stoppage occurs, the water has nowhere to go and creates a flooding situation in your home, usually the basement. The pipes carry dirty water out of your home. It could be dirty water from your kitchen and bathroom sinks, dishwashers, washing mach...ines, bathtub drains, and toilet sewage. If your home is prone to floods, you probably also have a sump pump. The sump pump sits below your basement, collects excess water from drains, and pumps it out and away from your house to the city's sewer main line. When these two systems fail, water backup can occur. It is important to know that homeowners are responsible for the pipes that run to and from their homes to the city's lines. Pipe blockage in those lines could happen from numerous things, such as: Tree roots. Trees, shrubs, and plant roots grow towards moisture. They can crack and sever pipes causing blockages. Clogged drains. From grease, paper products, silt, debris, and other things. Sump pump failure. If you have a sump pump failure, the water will back up. Old sewer lines. Rust, corrosion, and aging can cause cracks and breakage in pipes. Combined pipelines. Stormwater from gutter systems and rainwater lines are sometimes combined with raw sewage lines into the same pipe. Heavy rains and hurricanes fill these lines with more than they can handle. If these lines overload, the contents can dump sewage into basements and other low-lying drains. City main line blockages. The city's sewer and water lines can become blocked, causing backup into your home. To protect you from the financial blow from water backup damage from water lines, sewer lines, and failed sump pumps, the industry created a water backup endorsement.

Hazard Insurance As a condition for the loan, the SBA requires borrowers to maintain hazard insurance on all pledged collateral. If the borrower’s business is located in a state that requires additional coverage, such as wind, hail, or earthquake, the borrower must provide a separate policy Binders approved within 15 Minutes!... Message or email me for details #sbaloans #hazardinsurance #binders #astrainsurance See more

Irrevocable Trusts vs Revocable. Understanding the differences... An irrevocable trust is simply a type of trust that can't be changed by the grantor after the agreement has been signed and the trust has been formed and funded. For the most part, it's forever. You can't take property back that you've placed into it. You can't act as trustee and manage the trust's assets. You form the trust and step aside for all time. A revocable living trust becomes irrevocable when the gra...ntor dies because he's no longer available to make changes to it. But a revocable trust can be designed to break into separate irrevocable trusts at the time of the grantor's death for the benefit of children or other beneficiaries. Revocable Living Trusts A revocable living trust is a type of trust that can be changed at any time. If you have second thoughts about a provision in the trust or if you change your mind about who should be a beneficiary, you can modify the trust's terms with a trust amendment. You can revoke or undo the entire trust if you decide that it just doesn't serve your purposes any longer. #astrainsurance #insuranceagent #irrevocabletrust #attorneys #revocabletrust #propertyinsurance #homeowners

What does business personal property insurance cover? BPP policies aren’t one-size-fits-all. They vary from insurer to insurer. But a business personal property insurance policy typically covers: Office supplies: pens, ring-binders, paper, books, staplers, scissors... Electronics: servers, PCs, printers, keyboards, laptops, tablets Furniture: couches, shelvevs, desks, chairs, meeting room tables Furnishings: pillows, lamps, curtains, blinds, rugs Tools: lawnmowers, trimmers, drills, saws, vacuums, janitors’ carts Some BPP policies can also cover your stock inventory stored at your office or warehouse. As well as items you lease, but don’t own. See more

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Why Do Contractors Need a Construction Bond? Contractors, especially those who build large homes, do large remodels, or who go after business contracts are usually required by state or local regulations to put up a construction bond. This acts as an assurance to the owner of the project that the contractor will fulfill the terms of the agreement and complete the project.... That the job will be completed That the materials ordered by subcontractors and labor performed will have been paid for In a way, surety bonds act like an insurance policy for the agency or owner of the project that the project will be completed within the time allotted, with the approved construction, and with the materials agreed to by the client and the contractor. Surety bonds help both the contractor and the agency, company owner, or homeowner who will need a project done. If a contractor has sudden cash flow problems or he or she abandons a project altogether, construction bonds can replace the contractor or help the contractor with cash flow. 3 Types of Construction Bonds 1. Bid bonds. Bid bonds are essential for contractors who are bidding on large projects, because in reality, contractors who want to do large projects can’t do them without a bid bond. Bid bonds are a guarantee that the contractor has the financial and employee resources to complete the project. If the contractor backs out of the project, or does not move on to the next step, which is a performance bid, the company that guaranteed the bond will find another contractor to complete the project. 2. Performance bonds. Performance bonds are the second step in the bond process. Once a contractor accepts a bid and agrees to work on a project, the performance bond is put in place. Performance bonds work to protect the client or agency if the contractor does not follow through on the project. For example, if the contractor fails to finish the project, the bond company would hire another contractor to complete it. If the contractor does shoddy work on the project, uses defective parts or materials, or does not live up to his or her part of the contract, the bond ensures that the work is done to complete the terms of the contract. 3. Payment bonds. Depending on both the size of the contract and the contractor, sometimes a payment bond will be asked for, especially if the contractor has had problems in the past with paying bills on time. Payment bonds protect suppliers from contractors who don’t pay for their materials on time from suppliers.

Contractors! Contractual risk transfer is commonly used in subcontracting, supplier or sales agreements, lease agreements and other situations. For example, your company manufactures machinery and you hire contractors to install the machines at customer sites. You may want the contractor to be responsible for the risks associated with the work that they do on site, so you enter into a contract to establish responsibility. The agreement between your company and your contracto...r states that if something goes wrong during the installation work, such as accidentally damaging the customer’s property, the contractor is responsible for the damages. Without a contract, the damages, legal costs and other expenses might be borne by you. When you sign a business contract, consider whether part of the agreement should lay out who's responsible if something goes wrong. These conditions aren’t always obvious and can differ depending on your circumstances, so it is important to get professional legal guidance. Depending on how the negotiations go, your business may end up taking on less exposure through the process of contractual risk transfer #contractor #nychuildings #construction #contracts #insuranceagent #generalliabilityinsurance #workerscompensation #constructionclaims #waiverofsubrogation #primaryandnoncontributory #hammerclausenyc #astra

Who needs E&O insurance? You need errors and omissions insurance if you’re in the business of providing a service to clients for a fee. E&O insurance is typically customized to meet specific needs of a business or industry. For example, a printer has different risks than an electrician. Both have the need for liability insurance, yet each needs a completely different type of coverage.... E&O insurance policies usually cover: You, the business owner Your salaried and hourly employees Any subcontractors working on behalf of your business What does E&O insurance cover? Most errors and omissions insurance policies cover the following, up to the limits of the policy: checkmark Judgments Covers the decision of a court or judge, up to your policy limits checkmark Attorney fees Covers your attorney fees for defending your business in court, up to your policy limits checkmark Court costs Covers your business defense case court costs, up to your policy limits checkmark Settlements Covers the cost of settling a plaintiff’s claims out of court, up to your policy l

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Audits Always request a worksheet from your auditor!! Why is it important you have a copy of the worksheet? Worksheets show how the auditor classed your business; They show the total rating payroll used in generating your audit;... Worksheets show a detailed description of your business; Specific information gathered about your business will be shown on the worksheet. Without worksheets, you will just receive an audit statement, a bill, from the insurance with no explanation as to the information used or how that audit statement was developed. The insurance company wants you to pay the bill and move on. & Audit Errors On Subcontractors- Always secure COI on all Sub Contractors* Uninsured subcontract labor is a legitimate additional premium generating item. However we find many errors occur when an insured subcontractor is mistakenly included in your uninsured contractor list. It is always a better practice to use insured contractors when possible. Don’t forget to get that certificate of insurance! It’s your only proof that your sub carried workers comp and it’s your ticket to not being charged for his or her work comp exposure. #audit #workerscompensation #contractors #insuranceagent #premiumaudit #subcontractors #nycbuildings #investors#astrains See more