The difference between firearm insurance and firearm business insurance is based on the use that the weapons receive. Therefore, a business working with firearms should not be satisfied with firearm insurance and should get firearm business insurance too.
Simple firearm insurance protects the bearer from accidents and liability by damages produced with the gun. However, if the firearms are used as part of a business like in sporting firearm commerce or collector’s exhibitions, there is another kind of policy that needs to be purchased. Moreover, there are actually two different policies that are known as firearm business insurances.
Firearm Insurance
Firearm insurance protects the owner and or bearer of the weapon from damages caused by its use or misuse (depending on the extension of the insurance contract). The average policy includes only accidents caused by the use of the gun, however, some insurance policies may include other risks like damage to properties when using the weapon reasonably, etc.
Under no circumstances an insurance policy will cover for the illegal use of a firearm that results in damages to people or possessions. However, damages caused when using a firearm to defend oneself are usually covered by firearm insurance policies as the self defense is an exception that excludes the misdemeanor from most actions that would otherwise constitute a crime.
Firearm Business Insurances
As explained above, there are two different types of firearm business insurances. Neither of them has to do with actual firearm insurance and should complement it. These insurances protect the holder, user or transporter of any damages caused to the weapon or by the weapon under its commercial use. Since firearms can be used commercially in different ways, more than one insurance policy had to be created.
Collector policies are firearm business insurance that protect the owner against damages when the weapons are not fired or used. This includes the use of weapons only for exhibits, and needs also to protect the goods while they are in route to a show or exhibition against: fire, flood, theft, damage, explosion or other accidental damages that may render the firearm useless for the commercial purpose covered.
Sporting firearm business insurance, on the other hand, protects weapons that are used for competitive shooting, target shooting, hunting or any other LEGAL use that implies firing the weapons. It obviously protects both the weapons and other possessions and people from the damages caused by the firearms.
On both cases, it is very important to obtain, prior to the insurance contract, an appraisal of the firearm value, especially when the weapon is an antique. It is advisable to get it from a third party and not to resort only to the insurance company’s appraisal specialists even if your are asked to provide a value yourself for the insurance contract as price variations can occur and you should be protected of that too.
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By: Hilary Bowman
Differences Between Firearm Insurance and Firearm Business Insurance
Home Insurance Claims – Tips For Filing And Winning
The process of filing home insurance claims can mean only one thing, you have suffered a loss of some sort. Now the work begins. Acquiring home insurance is easy, with the help of your insurance agent or broker. Obtaining a quote and policy activation can happen very quickly. However, things do not go quite so smoothly when you try to file a claim on your home insurance. It can be in some cases, be shocking at how your once accommodating agent can all of a sudden seem a bit jumpy upon hearing the word “claim” mentioned.
A best case scenario is, the claim form is completed and the insurance adjuster has viewed the damage and assessed the claim as appropriate, then it is just a matter of waiting for the check to arrive from the insurance company, which is usually a reasonably smooth procedure.
However, winning a home insurance claim is not always so straightforward. The insurance company will be looking to find ways to throw out your claim in some cases. The main reasons they will use to reject your claim are that you are not adequately covered, your time period for filing has expired or that what you are asking for exceeds the claimable amount as detailed on your policy.
For these reasons, it is essential that you understand exactly what your policy states and covers. The policy itself is a binding agreement between you and your insurance company. You should read all the fine print and know exactly what you are covered for and what deductibles and exclusions exist. It is extremely important that anything you don’t understand and any questions you have to ask be brought up at the time of taking out your policy.
Here are some tips to help you win a home insurance claim. First of all, evaluate your claim situation. Is this claim your first within the initial two or three years of the policy? If the answer to this question is yes, then ask yourself about the harm done to your property. Is your home vastly damaged? If you do not consider the damage to be great, it may well be better not to make a small claim at all. Lets face it, you never know what’s around the corner and you may be wise to save your insurance claim in order to declare something bigger in the future. Insurers are less likely to grant many small claims for damages than one large one.
Following an incident where losses or damages have taken place, you should call your agent to make a report and ask him to forward a claim form to you. Absolutely be able to document all items and property damaged or lost. Make sure you know how long you have to make the claim and where it should be submitted to once it is completed. Even if you are confident about filling in the claim form, make any queries you have in writing and take instruction and guidance from your agent. Ensure you do it right and you will be safe in the knowledge that everything is documented as it should be.
You can expect a successful result if you submit your filing in a timely manner before expiration. Your knowledge of the terms and conditions of the coverage you have in your policy will play a huge part in you filing a accurate claim, this can not be over emphasized. If you are really not happy with the insurance claims adjusters assessment, you may want to consult/hire a independent private claims adjuster. You have that right. All in all as the homeowner, don’t give up if your if your claim is disputed, you have to stay on top of your policy terms and sometimes insurance companies as well to be win home insurance claims.
By: Rhonda Strump
Insurance For the Community
It might be unusual to think about, but insurance is actually a good idea for the entire community. When most people think of insurance, they think about how it can benefit them or their company on an individual basis. However, insurance also helps to benefit the same time, since whatever affects the individual also affects the entire community. Here is a look at how.
Providing for the future
By taking out an insurance policy against fire or flood or other property damage, you are not only taking care of your business in the present, but also safeguarding it for the future. Doing this shows that you have a stable business and company. A company that stays around has an impact on the community. On a personal level, having life insurance helps a man or woman to provide not only for their family while they are alive, but also for a period after they have died. Relieving the community of expenses
Many insurance policies can help remove the burden of caring for an individual from the community. For instance, workman’s compensation insurance, disability insurance, maternity coverage, health insurance, and life insurance can all take care of a person, and/or their family, in a different instance where they would normally rely on the community to do so. This can help to prevent poverty and the reliance upon public aid in the event of an injury or disaster. Often, many of the natural disasters that would normally impoverish families would have less of an impact if the families had insurance.
Help maintain the standard of living
Insurance helps to make sure that individuals, families, and businesses aren’t left penniless after a disaster. By doing so, they are able to maintain the current standard of living for those people.
Balance payments
Without insurance, the cost of things would shift dramatically. For instance, should a company have several debtors bankrupt out of loans; they would be forced to raise prices to make up for the difference. Then they would have to wait for money to come in again to be able to drop prices. This could have a huge impact on the market. By having insurance, losses like these are absorbed so that their impact on society is much less.
Reduce losses
Insurance also helps to reduce the actual calamities that it is designed to pay for. For instance, take discount car insurance. Because premiums for car insurance go up when there is an accident, many drivers are more careful while they are driving. By driving more carefully, there are fewer total accidents on the road.
Insurance equals equality
Having insurance allows small businesses to compete with larger businesses because the insurance helps to eliminate some of the risk. This can allow for more competition in the market and make it easier for small business owners to stay in business.
Having insurance is not beneficial just for the individual who carries the policy. Instead, it is beneficial to the entire community as a whole.
By: Sarah Martin