insurance for education

insurance for education
""... Is not that the insurance company work?" "

This question has me often through out my career. The quick answer is "No." "But let me explain why.

Although some companies the ratings on a side-by-side with the dreaded "loss prevention inspection", which most companies do not. The responsibility to ensure your property is always lands right back on you. This is a big responsibility for the Most business and property developers, because if you're like me, you're the expert on what you know, not what you do not. As an entrepreneur, you are busy building your widget with your company, the sale of the mouse traps or do whatever it is that you do. So, unless you are in the States / construction industry on a daily basis, you are probably only a slim, if not no idea what it costs to replace that You build.

In recent years, construction costs have increased significantly. It is in this spirit that I urge all my customers that own buildings (any kind) to the border is that on their property to ensure that they are insured for a full "replacement cost" value .

There are a number of resources that are used to the replacement cost value. The best method is to contract a qualified expert. A list of assessors can be found in your local yellow pages. I recommend my clients to do this exercise every 3-4 years.

Why so often?
As recently shown to me in a "Cost Index" "That was me by one of my insurance brokerage represents in the last 3 years the average cost for construction is around 35% in Canada. In large cities and centers, the "booming" "It can even be much higher increase than the average. In rural areas, it might require additional costs for the transportation of materials and additional labor costs.

This means that in 2005, if your house was worth $ 1,000,000, it is now worth at least $ 1350000th The cost of a $ 1,000 assessment * does not sound so bad compared to a possible loss of $ 350,000 from the pocket in the event of a total loss. Even in the case of a partial loss could be costly disadvantages are insured (see my article on the co-insurance).

To add to the notes, re-construction costs are still higher than the construction cost because the additional costs of factors such as debris removal and compliance with laws (eg setbacks, sprinkler systems, construction materials, easements, etc.) that do not exist when the building was originally built. To make sure that your local assessor and well in the city by-laws exist to ensure that nothing gets forgotten.

* Check with appraiser for the actual cost, since it varies depending on a number of factors.

Gabe Lanteigne is a commercial Property & Casualty Insurance in British Columbia, Canada. He can be reached gabe@acdinsurance.com