Do I need to buy rental car insurance?  It’s a common question and we were confident in telling clients not to think twice about renting that car on vacation.  After all, it had made sense for so many years that your personal auto policy would pick up the slack if you damaged a rental car in your possession.  It wasn’t until the last 3-4 years that this has changed.  The following are three costs that will be passed along to you if you were in an accident with a rental car. Diminished Value – this is a fun term that … Continue reading

Most Medical Professional Liability policies are written as “Claims Made coverage” today.  There are other options in the marketplace including Occurrence coverage and Modified Claims Made coverage.  Claims Made policies can offer benefits including reduced costs early in a physician’s career, flexibility as your career progresses, but Tail Coverage should always be top of mind.   The following items will help you navigate the benefits and concerns of a Claims Made policy. Substantial Savings – Claims Made Medical Malpractice policies typically “step up” the premium from year 1 – Year 5 often called a mature rate.  Malpractice claims have a longer … Continue reading

You’ve probably heard a friend, family member or neighbor talk about the value of separating an accident prone teen driver off onto their own auto policy.  It’s a common problem and an even morecommon question that parents of newly licensed drivers ask.  In general, we usually find the effect of this to be adverse.  Here’s why: Credit – in many states (including Michigan) insurance carriers use your credit to develop what is called an insurance score.  Your rates are often largely determined by this number.  Younger drivers generally don’t have as solid of credit as their parents do.  Worse credit … Continue reading

As an advisor to physicians throughout the state of Michigan, I often receive similar questions when physicians purchase or renew theirMedical Malpractice policy.  As a physician, we realize you have to make many decisions every day based on the facts you receive.  The five following questions will give you an overview of the information you need to make the decision regarding your Medical Professional Liability coverage in Michigan. What type of policy is right for me and my practice as a physician in Michigan? Occurrence Coverage, Claims Made Coverage, Modified Claims Made Coverage What limit of liability should I choose? Do defense costs (attorney … Continue reading

When you think of an umbrella, the first thing that comes to mind is an object that shields you from the rain.  There are other kinds of umbrellas out there, and yes, they are a form of insurance.   Insurance umbrellas also give you protection, but not from the elements created by Mother Nature.  Following are five reasons everyone should carry an umbrella policy. Peace of mind – you might trust yourself, but can you trust your sixteen year old driver?  Or the neighbor who invites their friend to your house for a get-together?  Remembering that an umbrella provides liability protection for incidences that happen at … Continue reading

Many clients ask me what they can do to accumulate discounts on their home insurance to lower their rates.  There are a variety of ways to do this while making your home a safer place for you and your family.  We have highlighted some big ticket savings below: 1.  Install Central Alarms – the higher your home’s security level, the better off you are in terms of suffering from a theft claim.  This has an impact on your insurance rates!  The better the alarm type, the greater the discount. 2.  If you aren’t using your woodstove, take it out of … Continue reading

In today’s economic climate, the majority of people are looking for ways to save money.  Unfortunatley, there are no coupons for insurance. However, there are ways to save money on your auto insurance rates.  The following are five ways to reduce your auto insurance rates. Review your collision options (did you know there are three levels in Michigan?) Work on your credit.  Sorry to say it, but credit plays a big role in determining insurance rates.  They call it an insurance score (but it uses credit as one determining factor.) COMBINE, COMBINE, COMBINE!  Multi policy discounts (MPD’s) are where it’s at.  I … Continue reading