June 24, 2021
Commercial and Residential Property Insurance, Auto Insurance, and General Liability.
(Additionally Insured / Insurable Interest / Loss Payee / Landlord / Lien Holder)
Most people only buy insurance when it becomes a necessity or when being validated. I as an Agent see people buy insurance on necessity and then on price primarily, very few treat it any different.
People usually buy insurance when a situation or scenario arises that causes them to validate the insurance or must have to move forward. For example, you cant drive your car without insurance so that is necessity for you to own and operate a vehicle. This is validated by the Department of Motor Vehicles (DMV) and many other regulatory agencies. Or another example is your homeowners insurance being validated for a bank that holds your mortgage which is a loan at the end of the day and required for you to live in your home if owned. A business may have their General Liability or Property insurance validated for a lease, a sale or contract to take place.
Why would other people want to validate your insurance? That is because in most cases they have insurable interest meaning whatever is being insured; a commercial property, a home, a car, a consumable product, etc. They too want to be protected. The bank often gives loans for assorted reasons, first off to make interest dollars and secure activity. So in essence their money and well-being are also on the line; not just the insured or homeowner or business owner that is getting a property or a car owner who is financing a car into monthly payments
This is usually when we get a phone call from individuals saying “hey we need insurance ASAP with so-and-so listed!”; often a bank with loan number and specific wording and clauses. Etc.
Without this insurance validated with the interested party listed on a certificate of insurance or documentation, you can not move into your home, drive your new car off the lot, or really do much of anything business-wise. Therefore, most people hate insurance as it’s mandatory in these cases and most people don’t know much about insurance and feel taken advantage of as they buy last minute impulsive and shop solely on price. This does suck for everyone, like waking up for work but we all must do it!
Homes and commercial property closings will be contingent on this insurance validated and to drive your car off a lot. This is the most common and overlooked, under-discussed place where insurance saves the day and comes through for you! Do not panic when and if you find yourself in this position. We and many others can help most cases, day of to put in place! Make sure you use an independent broker as they will have numerous markets and can do the shopping for you! We have rating systems that run your insurance quote with each carrier and can take the best priced for you each year!
The truth is if your lucky and in majority will never have to pull a serious claim on their insurance which is ideal for your rate and insurance history and score. In cases, you must file a claim you will see insurance come to the rescue. However, where insurance saves the day every time for everyone is for validating these insurable interests. It allows you to keep driving, keep living in your home, run your business, move into a lease, or rent. Insurance is the step taken to protect yourself, others, and investments. It is never really a fun topic or the most ideal way to spend your time, but like I tell our clients at least you do not have to do it every day like we do! We can handle the BS for you and take care of!
Call us anytime we are here for you and happy to help!
We do our best to make it easy, painless, and affordable.
Ready to learn more about insuring your cannabis & hemp products? Then contact us at (720) 999-3345 or at info@CannabisInsuranceBusiness.com. You can also learn more about CIB at https://cannabisinsurancebusiness.com/about
Colorado-based and pushing the industry further one step and state at a time. Proudly serving all 50 states.
Pushing the industry further one step and state at a time. Proudly serving all 50 states. – Cannabis Insurance Business of Loveland Colorado
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