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Showing posts from 2007

Nevada DMV requires a Nevada insurance policy.

We are an independent insurance agency and periodically we receive telephone calls from people who have moved to Nevada from another state. They are calling us because they want to insure with the same carrier. We spoke with someone whom moved to Nevada early in the year and they registered their vehicle and made an address change with their out-of-state insurance company. Unfortunately they did not realize at the time, that their Nevada registered automobile needed to be insured by a Nevada insurer. The result was a $250.00 dollar fine. Thus, whether your moving into Nevada or a moving to another state, remember to check with the state's department of motor vehicles department to ensure you are following the law. Fortunately most States have a website. In Nevada that link is http://www.dmvnv.com/ .

Auto Insurance Claims

One of my clients asked me what his rights were when filing an auto insurance claim. I explained to him that as a policy owner he has certain rights. First, every state has laws protecting consumers. Second, when you purchase insurance you enter into a legal contract between you and your insurer. Thus, the policy (contract) defines your rights and obligations of the insurance company. If you have any questions regarding your rights as outlined in your automobile insurance policy, talk to your insurance agent or company representative. You may also feel compelled to contact your state insurance department. In Nevada, the Nevada Department of Insurance can be reached at (775) 687-4270 or on the web: http://doi.state.nv.us .

The Low-Down On Mold

By Michelle Deininger, InsWeb The issue of mold in homes has been getting a lot of attention lately – with good reason. Homeowners face costly repairs when property is damaged by mold growth, and, in some cases, families experience serious health problems related to mold. As the problems mount, insurance companies are confronting rising claims costs and, sometimes, disagreements over who is responsible when mold attacks. First, the bad news: As a general rule, mold is not covered by homeowners insurance policies. Standard homeowners policies cover disasters and accidents, but aren’t designed to cover cleaning and maintenance, which is the category mold falls into according to insurers. An exception: In cases where mold results from some accident or disaster (such as bursting pipes), repairs and eradication may be covered. In addition, mold can cause serious health problems for people who suffer from asthma or have allergies (an estimated one in five of us), and can worsen cold sy

Angora Wildfire - Consumer Information

SOUTH LAKE TAHOE , CA How to Avoid Being Scammed During a Disaster June 29, 2007 09:37 AM PDT As the rebuilding process begins after the Angora wildfires in Lake Tahoe , be extremely cautious when hiring contractors. Unscrupulous contractors may take advantage of people who have experienced a catastrophic event. Take your time in choosing true professionals to repair your home. Immediately report any suspicious behavior to your local police, sheriff's department. Be cautious of flyers and business cards left on your doorstep. Nine Checks to Not Get Scammed... Get estimates from several licensed, bonded contractors. Check their credentials with your local Better Business Bureau or Home Builders Association. Ask your neighbors what they're paying for similar work. Inspect contractors' licenses and proof of liability insurance. Get a contract in writing. Avoid paying money up-front. Some reputable contractors will require partial, up

Obtaining worker's compensation insurance in Nevada

How do I obtain workers’ compensation insurance in Nevada? Nevada law requires all business owners in the State of Nevada to obtain and maintain workers’ compensation coverage, especially those with one or more employees. There are very few exceptions to this requirement. Business owners failing to comply with this law face fines up to $10,000, may have their business ordered closed until the insurance has been obtained and be held financially responsible for all costs associated with an employee who sustains a work related injury when the employer has no workers' compensation insurance coverage. Since January 1, 2000, Nevada no longer provides workers’ compensation through a State fund. However, employers may obtain workers’ compensation insurance from a private insurance company authorized to provide workers’ compensation in Nevada by the Division of Insurance (DOI). If qualified, an employermay be self-insured through an approval process overseen by the DOI. For smaller bu

Business Insurance - What types?

What types of property insurance should I consider buying? The best thing to do is to take a complete inventory of all your business property, determine all of its value and decide if each is worth insuring. Then check to see that the items on the inventory list are included in the basic business property policy and covered for the correct amount. If not, ask your Trusted Choice® agent about the cost of purchasing additional coverage to meet your needs. You also need to consider your business situation. Are you planning a major expansion? Does your inventory have a decidedly peak season (like a toy store in December)? Or does it fluctuate throughout the year (like a clothing store)? Is your liability limit high enough in light of the new job contract you just signed? Business policies are designed to be added to or subtracted from to meet your needs. Be sure to discuss changes to your business with your Trusted Choice® agent so that he or she can help you ensure your policy still p

Nevada Div. of Insurance - Finacial Responsibility

FINANCIAL RESPONSIBILITY To ensure that innocent parties are adequately compensated for their injuries, Nevada law requires that all registered owners of a motor vehicle have security for tort liability arising from the use of their motor vehicles. For most Nevadans, security will be in the form of an insurance policy. Nevada law requires that the insurance policy must minimally provide coverage in the amount of $15,000 for bodily injury or death of one person in an accident, $30,000 for bodily injury or death of two or more persons in an accident, and $10,000 for injury or damage to the property of others. This coverage is generally described as 15/30/10. When you have liability coverage, your insurance company will pay for the victim's damages up to your policy limits. If you choose, you can increase your coverage for added protection. The penalty for not having liability auto insurance is severe. Nevada Revised Statute 482.480 states that if you are the owner of a motor

Nevada Division of Insurance - Tort System

THE TORT SYSTEM Insurance provides protection to consumers by assuming certain risks and promising to pay for financial loss. The type of insurance you buy will be based on how the financial loss can occur. In Nevada , legal and financial responsibility is based upon the law of negligence. A negligent act which causes damage is legally known as a tort. If an accident is your fault, that is, you are negligent, you are responsible for bodily injury and property damages suffered by the innocent party. Source: Nevada Division of Insurance

Nevada Division of Insurance - Credit Scores

Credit Scores – Credit scoring/insurance scoring is a mechanism by which insurance companies determine eligibility and pricing for automobile and homeowners’ insurance. The legal authority typically cited for the use of credit scores for the purpose of insurance is the federal Fair Credit Reporting Act (FCRA). The FCRA “allows” but does not mandate the use of credit information in the acceptance and pricing of insurance. The insurance industry generally favors the use of credit scores to determine the price to charge someone for insurance. They believe credit scores are a good predictor of losses, increase the availability of insurance by providing fair rates to all and are not based on an individual’s gender, age, or national origin. The insurance industry maintains that credit scores indicate how an individual manages his assets and is an inexpensive tool that is not directly subject to manipulation by the consumer. Some of the factors that may negatively affect a person’s cred

Nevada DMV - Rules Re: Insurance Cancellation

Canceling Your Insurance or Registration If you drop the liability insurance on any vehicle for any reason, you must also cancel the registration by surrendering the license plates. If you cancel your insurance, it is extremely important for you to do the following: If you cancel your insurance because your vehicle is not in use, you must cancel your Nevada registration. If you sell your vehicle, you must remove the license plates, then cancel your Nevada registration. The license plates do not stay on the vehicle. You will receive credit toward registration of another vehicle for the unused portion of the canceled registration. You may qualify for a refund under certain limited circumstances. If you have personalized plates and wish to keep them, you may do so by bringing the rear plate to the DMV and scraping off the decal in person. Source: www.dmvnv.com

Introduction

This blog was created to post insurance related information. For the most part this blog is a way for a low-tech. insurance agent (thats me) to provide insurance related information to consumers. My goal is to create a one stop (mostly Nevada specific) insurance information source. Most of the information is obtained from government and non-profit websites, so this information is directed towards educating the insurance consumer. Philosophy: As a recently converted (about 3 years ago) independent (represent multiple insurance carriers) insurance agent, I have developed more of a risk management philosophy. From this viewpoint, purchasing an insurance policy is a strategic decision aimed at an individual or business (risk sharing arrangement with an insurance carrier). Many times this concept is lost because some insurance is mandatory, however, in most cases insurance policies are packaged to include additional coverages that can be customized (inexpensively) to meet your specific