The term personal development, although used often, seems to be thrown around rather loosely. I found it best defined in an article from Wisdomtimes; “the idea of personal development is about harnessing and enriching the innate potential of the individual to ultimately become a realized, happier, and balanced person in a chaotic and ever-changing world.”  In many professions you are mandated to keep up on your CE (continuing education) but I feel just as important is having some standard of personal development. I am grateful that here at VAST we take great pride in both, and really invest in the … Continue reading

How important is it when choosing an insurance carrier that they be admitted (standard market) vs. non-admitted (excess or surplus lines)? Although it may be important, it may not be as important as choosing an insurance company with financial stability. For example, an admitted company with an A.M. Best rating of C may be more of a risk than a non-admitted carrier with a higher A.M. Best rating. Typically, insurance will not be placed with a non-admitted carrier unless it has been declined by admitted carriers (the agent is required to do their due diligence in seeking a standard market … Continue reading

Time management, how important is it? Let’s take a moment to compare time and money, as we all know the importance of money. We budget our money carefully to be sure there is enough for the necessities and some to have a little fun; so why would you not do the same with your time? Especially when money is dispensable, but time is something you never get back. Below are some tips, tricks and thoughts to get you thinking about your time. Failing to plan is planning to fail. Make a to do list (break tasks down into small steps). … Continue reading

VAST is very much invested in each of its employees in ways not all employers are. Being an employee of a company that truly cares about you in all aspects of life is refreshing and motivating. They care, support, and encourage you to grow not only in your career, but also as an individual. For example, what employer pays you to read a book?  VAST does! Each year, management carefully selects a book for the employees to read that is focused on personal and business development. Once read, you do a report on the book that helps to identify the … Continue reading

When working in a professional environment, meetings are going to be inevitable. Despite their necessity, there are advantages and disadvantages. The disadvantages (ie time and money) however, will pay for themselves if the meeting is constructive and purposeful for all those involved.  Here at VAST, we feel it is critical to have each meeting run at a high level. That happens when we capture and incorporate team building, share information/results, and work at problem solving. Below are a few examples of some of the meetings that our team has that help with our unity and success, as well as tips … Continue reading

Insurance policies are primarily written on an occurrence basis or claims made basis. The most common of the two is occurrence simply because what you see (or pay for) is what you get – regardless of when a claim is filed the policy that was in force at the time of the claim would respond. An occurrence policy can be cancelled (no strings attached) and claims can continue to be filed if the claim occurred during the time the policy was in force. The more complex of the two is claims made. Unlike the occurrence policy where the policy that … Continue reading

It is hard to believe that the holiday season is upon us. With all of the magic and joy the holiday brings it is important to be reminded that it also brings an increased risk of fire or loss. So while you are sipping on your hot cocoa and dancing around the Christmas tree while decorating, please remember these tips and reminders for this season so you don’t become one of the statistics below [statistics from the National Fire Protection Association report from November 2017]. Tips and Reminders Chose a tree that is fresh, trim base of tree to increase … Continue reading

Prior to working in the insurance industry, I purchased insurance because I had to. I did not really understand the ins and outs of what I was purchasing or exactly what risks it would or would not protect me from. An insurance policy can be intimidating and sometimes confusing, but it is important to understand your coverage prior to a loss rather than after the damage is done to avoid unexpected gaps. There are three commercial property forms (basic, broad and special) that identify the causes of loss (or perils) for which coverage is provided. The basic and broad causes … Continue reading

As the insured, you have the option to insure your building(s) with a valuation method that best suits what you desire to receive in payment at the time of a loss. The chart below provides a brief summary of the two most common valuations and a claim scenario to help understand the differences. There are additional valuation methods that are less common. Please feel free to reach out to your insurance agent to review your current valuation or look at other possible options.

Now that we have reviewed the basics and importance of business income coverage, we will now cover extra expense.  Equally as important as business income coverage and often an enhancement to the business income coverage, extra expense coverage is designed to cover necessary expenses (in excess of normal operating expenses) that a business incurs to continue operations after a covered loss. Extra expense coverage is most valuable for those businesses that cannot afford to suspend operations while their damaged property is being repaired or replaced, and are able to continue operations from a temporary location. If your business provides continuous … Continue reading