Archive | January 2012
January 18, 2012  

1985 Product Liability Insurance

I’ve been in the insurance industry just short of five years now helping business owners with their insurance needs. If I could turn back the clock 27 years, it would be a dream for me to write product liability insurance for this awesome product, the music vest. Treat your eyes to this gem:

–JK

January 10, 2012  

Large California Traffic Ticket Fines Effective 01/06/2012

If you’re a California driver, pay close attention to this one. The Golden State of California is broke and is looking for ways to pay some bills. Aside from raising taxes like our brilliant politicians up in Sacramento like to do as a “solution” to all our fiscal problems, they looking to the highways to generate some revenue for their pockets.

Take note of the following California traffic ticket fines which took effect on Friday, 1/6. Sorry, I’m a few days late on this. I received this information from an email. Apparently, these details were taken from an article in the L.A. Times. I tried to find it but no luck. If you come across the story, please send to me so I can give some credit to where it’s due.

Rumor has it that the California Highway Patrol is under pressure to issue a lot more tickets than last year with at least 30% increase in fines over 2009, so beware of radar guns, highway and traffic cameras installed everywhere and the tougher enforcement of parking rules.

Traffic Ticket Fines (Effective 01/06/2012)

  • VC 12814.6 $214 Failure to obey license provisions
  • VC 14600(A) $214 Failure to notify DMV of address change within 10 days Note: The fine may be reduced with valid proof of correction.
  • VC 16028(A) $796 Failure to provide evidence of financial responsibility (insurance) Note: This fine may be reduced with proof of insurance on or after the violation date.
  • VC 21453(A) $436 Failure to stop at a red signal.
  • VC 22349 $214 Unsafe speed, 1 to 15 miles over the limit.
  • VC 22350 $328 Unsafe speed, 16 to 25 miles over the limit.
  • VC 22450 $214 Failure to stop at a stop sign.
  • VC 22454(A) $616 Passing a school bus with flashing red signals.
  • VC 23123(A) $148 Driving while using a wireless phone not hands free, first offense.
  • VC 23123(B) $256 Driving while using a wireless phone not hands not free, each subsequent offense.
  • VC 23123.5 $148 Driving while using a wireless device to send, read or write text.
  • VC 23124 $148 Minor driving while using a wireless phone.
  • VC 22500 $976 Parking in a bus loading area.
  • VC 22507(A) $976 Violation of disabled parking provisions, first offense.
  • VC 22507(B) $1876 Violation of disabled parking provisions, second offense.
  • VC 26708 $178 Unlawful material on vehicle windows.
  • VC 27150 $178 Adequate muffler required.
  • VC 27315 $148 Mandatory use of seat belts.
  • VC 27360 $436 Mandatory use of passenger child restraints. Note: This fine may be reduced by completing a court authorized child seat diversion program.
  • VC 27400 $178 Headsets or Earplugs covering both ears.
  • VC 27803 $178 Violation of motorcycle safety helmet requirements.
  • VC 34506 $616 Commercial Driver – Log book violation.
  • VC 4000 $256 No evidence of current registration. Note: The fine may be reduced with valid proof of correction.
  •  VC 4159 $178 Notify DMV of change of address within 10 days. Note: The fine may be reduced with valid proof of correction.
  • VC 5200 $178 Proper display of license plates. Note: The fine may be reduced with valid proof of correction.
  • VC 9400 $178 Commercial weight fees due. Note: The fine may be reduced with valid proof of correction

So what do you think? Will these California traffic ticket fines convince you to be more cautious on the road?

-JK

January 6, 2012  

My Business Will Be Closed For Termite Fumigation. Am I Covered By My Insurance?

I received an interesting call this week from a client with a really unique question, definitely the first I had ever been asked this one: “My business will be closed for three days for termite fumigation, am I covered by my business insurance?”

Not a bad question actually.

This insured is a local hair salon which is located in a four-story building where the ground floor consists of retail shops and the upper floors are all residential condominiums. The building needs to undergo termite tenting and the business on the ground floor will be forced to close their doors for three days. There are three businesses total, but one of them is a restaurant and the homeowners association can only afford to pay one days worth of income for the restaurant, and the restaurant only.

What about the other two days and the other two business tenants??

This is when my client called to ask if his policy would provide such coverage.

The answer to this question is unfortunately, no. There is no business income/interruption coverage provided by a property insurance policy. The tenting of the building for termite fumigation purposes is not a covered cause of loss. Not to say that there are no carriers out there who offer some kind of special endorsement for something like this, but it’s very unlikely. I am not aware of any myself and even ran it by the carrier underwriter to be certain.

However this homeowners association decides to handle it has yet to be determined, but insurance isn’t the solution to the business closures in this scenario.

–JK