Protecting Your Assets. Insurance for the Diplomatic Community. Martin Koles Aquilan Worldwide Risk Management LLC 131 Alta Ave., Yonkers, NY 10705 718-830-5311; [email protected] Scope. Why you need insurance. What types of insurance are available.
Why you need insurance
What types of insurance are available
How much insurance is required important to have for special circumstances
Strategies for getting the best coverage and price
(let the buyer beware)
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For Information Only
Who is Insured
Types of Insurance
How Much Insurance
How Are You Protected
Description of Operations
Your Name and Address
Mold & Mildew
Wind or Hail
REQUIRED BY LAW
Autos - Workers Compensation
REQUIRED BY CONTRACT
Premises Lease - Leased Equipment
PROTECT GOVERNMENTAL ASSETS
Buildings – Homes – Contents – Art - Extra Expense
PROTECT PERSONAL ASSETS
Defense and Indemnification
Snow & Ice
All Risk Worldwide
Persons enjoying immunity from the jurisdiction of the host country’s laws are nonetheless obligated to respect those laws.
While you may have full criminal immunity and may not be arrested, you can be sued.
Does not extend to your landlord.
If you lease premises, your landlord will require liability protection as a condition of occupancy.
If you lease equipment, the lessor will require loss protection.
Don’t sign any lease until it is reviewed by your attorney and insurance representative.
Sample Simple Lease protection as a condition of occupancy.
Tenant shall obtain and keep in full force and effect a policy of comprehensive general public liability and property damage insurance on an occurrence basis with a broad form contractual liability endorsement. Such policy shall provide that Tenant is named as the insured. Landlord, Landlord’s managing agent and any Lessors and any Mortgagees shall be added as additional insureds. Such policy shall include a provision under which the insurer agrees to indemnify and hold Landlord, Landlord’s managing agent, and such Lessors and Mortgagees harmless from and against all cost, expense and/or liability arising out of or based upon any and all claims, accidents, injuries and damages.In addition, the policy will not be cancelled by the Tenant unless replaced on the same date, without any lapse in coverage, with an insurance policyoffering protection to the Landlord and the named insureds in accordance with the provisions of this Lease. In addition, upon receipt by Tenant of any notice of cancellation or any other notice from the insurance carrier which may adversely affect the coverage of the insureds under such policy of insurance, Tenant shall immediately deliver to Landlord a copy of such notice. The minimum limits of liability under the policy of insurance required to be carried shall be a combined single limit with respect to each occurrence in an amount of not less than $5,000,000 for injury (or death) to persons and damage to property, which amount shall be increased from time to time to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by prudent landlords of first-class non-institutional office buildings. All insurance required to be carried by Tenant pursuant to the terms of this Lease shall be primary and be effected under valid and enforceable policies issued by reputable and independent insurers permitted to do business in the State and rated in Best’s Insurance Guide, or any successor thereto as having a general policyholder rating of “A” and a financial rating of at least “VIII”.
to protect the landlord
against all claims and damages
on a primary basis
with a reputable insurance company
Commercial Lease Pitfalls protection as a condition of occupancy.
Overly restrictive language
Excessive Limits of Insurance
Auto protection as a condition of occupancy.Insurance
Applies to business autos and individual owned autos.
The Auto Policy protection as a condition of occupancy.
Workers Compensation protection as a condition of occupancy.
Special Circumstance Insurance protection as a condition of occupancy.
Personal Insurance protection as a condition of occupancy.
Strategies for Success protection as a condition of occupancy.
Insurance companies have no loyalty to you
Agents vs Brokers
Evaluate your needs and design the policy you need
Bring on the competition
It’s not just the cost- negotiate coverage
Insurance for the protection as a condition of occupancy.