Specialty Insurance

Specialty Insurance for the Greater Philadelphia, PA area

Protection is offered for 3rd party, bike, driver, and guest riders. It is similar to auto coverage, except there is no limited tort option, only full tort.

Of the 8.8 million motorcycles in the US, there are many types, including, scooters, mopeds, dirt bikes, trikes, regular bikes, and street bikes. Most of the vehicles you would consider insuring have only 2 wheels, except the trike. Golf carts, ATVs, and snowmobiles would also be included in this product type.

  • Specialized Coverage: Allowed up to $25k in medical payments coverage with Progressive
  • Roadside Assistance: Sign and drive with Progressive
  • Transport Trailer Coverage
  • Year Round Coverage
  • Contents: Covers hunting and camping gear

Most common accessories added to policy:

  • Wheels
  • Chrome accessories
  • Handle bars
  • Engine mods
  • Electronics
  • Saddlebags

Not adding additional accessory coverage will be problematic. Progressive does not deduct for depreciation.

Uses include fishing, sailing and boating. Of the 12 million registered boats, there are many types, including personal watercraft (typically up to 50 feet in length), pontoon boats, bass boats, and jetskis. 

Boat Protection:

  • Fuel Spill Liability: Coverage for fuel spills when insured is legally responsible for damaged to 3rd party.
  • Water Sports Liability: Knee boarding and tubing.
  • Fishing Equipment Coverage: Progressive pays up to $10k for lost or damaged equipment.
  • Trailer Trip Interruption Coverage: Mechanical breakdowns and sudden accidents.
  • Propulsion Plus: Failure caused by mechanical breakdown to the outboard motor or the upper and lower unit of your inboard motor.

In the event of a loss, Progressive with compensate you with replace, agreed value, or ACV.

  • Total Loss Replacement: Available for new boats up to 1 year old. Will replace with new model year boat protection against depreciation.
  • Agreed Value: Stops the clock on depreciation. You get what is on the policy.
  • ACV: The lessor of the market value less remaining useful life.

Personal Liability Umbrella Policies are protection from lawsuits when the insured is legally obligated to pay after loss. It provides a level of security with higher limits for personal injury coverage, worldwide coverage for incident traveling abroad, vacation coverage, et cetera. The umbrella provides asset preservation in the event of an unforeseen accident above and beyond primary underlying coverage.

In 1995, 1.6 million households had assets over $1m.
In 2004, 8.2 million households had assets over $1m.

Who needs a Personal Liability Umbrella Policy?

  • Anyone who owns assets; it is not just for the rich.
  • Those entering retirement; it protects the lifestyle that they earned.
  • Homeowners, especially those have pools on their property.
  • Owners of large dogs.
  • Long drivers; more time on road means a greater chance of an accident.

One the key elements of the Personal Liability Umbrella Policy is that it provides Personal Injury coverage, which includes libel, slander, and false arrest. Liability losses can strike an insured in a variety of ways:

  • Backing out of driveway, Dr. Jones strikes a bicyclist.
  • Named insured rents a car in Germany and causes a serious accident; the underlying auto policy does not respond. Umbrella would pay the damages.
  • Someone jumping off named insured’s diving board is seriously injured during a dive.

Standard property insurance policies do not cover flood or rain damage losses. For properties and tenants in high-risk flood zones, lenders and building owners will require flood insurance. Floods can happen at any time and virtually anywhere. Poor drainage systems, rapid accumulation of rainfall, snowmelt, and broken water main lines can all result in flood losses. As a result, flood insurance is recommended as a perfect compliment to the homeowners policy.

Cost of flood insurance for those in a moderate-risk flood zone can be as low as $500 per year. A contents policy only can cost less than $250 per year.

If a property is located in a high-risk flood plain, one way to reduce the cost of flood insurance is through obtaining an elevation certificate from a land surveyor. If the base flood elevation is greater than the mapping base flood elevation, one could save as much as 50% in premium cost. The average cost of a certificate is a $500 one time cost.

This type of coverage applies to certain insurable personal property types when underlying limits may be problematic in the event of a loss.

Inland Marine coverage will offer open peril coverage with no deductible anywhere in the world with the appropriate limits needed per the established asset valuation.

The single purpose form covers one class of property such as jewelry.

Asset classes that may need specific coverage include: 

  • Coin collections
  • Musical instruments
  • Cameras
  • Guns
  • Art collections
  • Silverware
  • Jewelry

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