Missouri Public Entity Insurance
During the winter while traveling the snowy streets of Missouri, you may see signs at local hardware stores for road salt, including a price per pound. This is seen as a one-size-fits-all product with little distinction among options. Road salts melt snow and ice. Most are quite similar.
Unfortunately, many shopping for Public Entity Insurance approach purchasing their policy the same as purchasing road salt and other commodities. Governmental, municipal type entities in the Southwest Missouri area may have good intentions and sincerely have the best interest of their constituents in mind. However, there is a definite lack of education, explanation and clarity because the right insurace policy is far from being road salt. When shopping for insurance, it is vital that you understand security, deductibles and coverage options fully.
All coverage is not the same. Your agent will conduct a full review and explain the many differences to you to make certain that you receive the best possible Public Sector Insurance. There are programs available to meet the particular needs of public entities and the specific exposures that they face.
Public entities are faced with unique situations on a daily basis. For example, municipal type entities that have embedded or non-embedded water entities requires failure to supply coverage. However, this may not be consistent from one policy to the next.
In some cases, failure to supply may be excluded from general liability unless such a failure is determined to be accidental or sudden. This means that if a claim arises from an event where the water is shut off intentionally, such as to repair a break in the line, there may be issues because the shut off is intended and purposeful. Talk to your agent to make sure you understand the wording of your policy to make certain it is not so limiting and you are fully covered in every instance.
Another type of coverage that you will need to go over closely with your agent is the valuation of your emergency service vehicles, such as ambulances, fire trucks and other rescue vehicles. Programs are available that offer valuation at either a guaranteed replacement cost or at an agreed value. Think about this part of your Public Entity Insurance policy carefully because the equipment that you use may cost hundreds of thousands of dollars to replace.
It is often not the best idea to choose a program that offers actual cash value, which applies depreciation to the value of your claim. Although you may save money on the front end when purchasing your policy, you may not have enough to cover your loss when you file a claim.
In addition to the right amount of coverage for your emergency service vehicles, you should also make sure you have the best coverage for your emergency service equipment. This can be achieved through an inland marine policy.
Guaranteed replacement cost will replace your damaged equipment and save you from financial loss due to depreciation. The potential savings are so small that they pale in comparison to the cost of replacing expensive emergency equipment.
Entities with Water Exposure
Water testing errors and omissions coverage is another aspect of Public Sector Insurance that must be carefully considered for water-related exposures. Whether your public entity handles waste water or clean water, a typical general liability policy may exclude this type of professional liability.
You need coverage that includes errors and omission related to the appropriate water activities. This should include property damage and bodily injury.
Understanding Your Deductible
In addition to obtaining the coverage that best meets your needs, you should also consider the difference in deductibles, especially when it comes to public official management liability, property and law enforcement liability. The difference between a deductible of $5,000 and a deductible of $1,000 can add up in a hurry after only a few claims.
Your agent will look over your loss history and take into consideration the average number of claims you have filed compared to the deductible difference. This is a great way to determine if a low priced policy with a high deductible is right for you.
Coverage You Can Count On
Capstone Insurors of Missouri offers coverage through MOPERM. This means that you can obtain a wide range of coverage at a consistent and affordable price. We are a full service insurance that is dedicated to customer satisfaction. Our agency has grown from a single agent to the quality office that it is today. We work hard to stay abreast of the latest Public Sector Insurance trends to ensure each and every one of our clients are provided the best possible coverage.
Do not waste another minute without the right coverage in place. It only takes a moment of your time to complete the free quote form. Act now before it is too late.