Bruce Klineman is an insurance agent with Neace Lukens, which was founded on the expertise of the industry’s best agents. These agents help businesses in nearly every industry develop specialized solutions tailored for their needs. They do it with a focus and devotion to lifelong learning. Bruce specializes in Commercial P&C and Employee Benefits insurance and will assist in evaluating what type of policies a business should consider.
There are several types of industries that end up paying much higher premiums than they should by purchasing their insurance for items on a blanket basis instead of a scheduled basis. In some cases the “blanket” rate per $100 of value is 2-3 times higher than that of a “scheduled” rate. This equates to a BIG premium difference, especially if a company has high values.It is highly recommended that businesses with contents that are not confined to a particular location schedule their inventory, as well as those pieces of equipment not easily replaced. This can be accomplished by providing a list complete with the year, make, model, serial number and value. Inventory services like Hartman Inventory could provide this invaluable service.
In addition to the premium difference, scheduled policies provide other coverages such as unnamed premises, business travel expenses, exhibitions, and transit coverages. Blanket limits usually exclude newly acquired premises, and those items referenced in the preceding sentence.
Industries best suited for a scheduled policy are as follows:
- Architects/Engineers/Surveyors/Construction
- Art Galleries
- Communications/Technology
- Libraries
- Medical offices with lots of equipment or machines
- Museums
- Photographers/Videographers
- Restaurants(especially caterers)
- Video Services
Check your policy; are your items insured on a blanket or scheduled basis?
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