My insurance coverage is up for renewal and I thought I would get some opinions on coverage. I “needed” insurance when I first put this policy in place but now that its up for renewal I really think I’m being soaked here. I read through the previous posts on Insurance and understand the discussions regarding self-insuring PO owns and loss of income. I plan to call Kurt Kelley and Chris Hollars as contacts others have recommended but am hoping to get some opinions from park owners, not just agents looking out for their bottom line (nothing personal, we all have to make a living).
I’m just curious, is there a rule of thumb the experts (Frank, Dave, et al) have developed for $ per space?
Not being a proud person, I’m going to provide the actual detail of my coverage so you can tell me where you think I’m overpaying for things I don’t need. Or, maybe worse, need to beef up things I don’t have. I apologize in advance if this offends anybody or is too much information.
42 space park
8 PO homes
Revenue around $160k
State of WY
Here’s how the policy reads:
Coverage
A. Buildings - $65,000
B. Business Personal Property - $5,000
C. Loss of Income - ACTUAL LOSS SUSTAINED
D. Employee Dishonesty - $50,000
A. Buildings
Business Liability
General Aggregate - $2,000,000
Products - Completed Operations Aggregate - $1,000,000
Personal and Advertising Infury - $1,000,000
Each Occurence - $1,000,000
Damage to Premises Rented to You - $50,000
Medical Expense Limit - NOT COVERED
Hired / Non-Owned Auto Liability - $1,000,000
Employee Benefits Liability - $1,000,000
DEDUCTIBLES
Deductible applicable to Coverage A, B, and C is - $1,000
Deductible applicable to Coverage D - $1,000
PRICE BREAKDOWN:
Commercial Property Coverage Part - $382
Commercial General Liability Coverage Part - $1,626
Commercial Crime Coverage Part - $50
Commercial Inland Marine Coverage Part - $0
Commercial Auto (Business or Truckers) Coverage Part - $130
Commercial Employee Benifits Liability Coverage Part - $150
Commercial Garage Coverage Part - $0
Equipment Breakdown Coverage Part - $0
Commercial Umbreall Coverage Part - $0
Total Premium - $2,338
Policy Fee - $412
Total Charge - $2750 (plus they charge me a $80 broker’s fee on top of this)