frequently asked questions

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Oil & Gas

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Professional Designations

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Commercial Insurance

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Commercial Surety

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Employer & Individual Benefits

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Personal Insurance

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Oil & Gas

Do you have a question regarding Oil & Gas Industry Coverage?

If you have a question that is not covered in our Frequently Asked Question list below, please contact us

Professional Designations

What is a CIC designation?

Certified Insurance Counselors (CIC) - A Prestigious Designation and the Most Practical Continuing Education. The Certified Insurance Counselors (CIC) Program has been the insurance industry's premier, proven source for practical, real-world education since 1969.

Visit the National Alliance for Insurance Education & Research site for more information.

What is a CRM designation?

The Certified Risk Managers (CRM) designation demonstrates knowledge in all areas of managing risks, hazards, and exposures.

Visit the National Alliance for Insurance Education & Research site for more information.

What is a CIRS designation?

The Construction Risk and Insurance Specialist (CRIS) designation demonstrates knowledge in all areas of risk management for the construction industry.

Visit the National Alliance for Insurance Education & Research site for more information.

What is a CLU designation?

The Chartered Life Underwriter® (CLU) designation is the undisputed professional credential for persons involved in the life insurance business.

Visit the Financial Industry Regulatory Authority (FINRA) site for more information.

What is a LUTCF designation?

The Life Underwriters Training Council Fellow (LUTCF) designation is conferred by the National Association of Insurance and Financial Advisors (NAIFA). The LUTCF designation represents accomplishment and professionalism, helping life insurance professionals to establish strong and lasting client relationships.

Visit the National Association of Insurance and Financial Advisors site for more information.

What is a SGS designation?

Earning the SGS designation means you are a member of good standing with the Texas, and National Association of Health Underwriters. It also means you have completed an 8-hour CE course entitled “Texas Small Employer Health Benefit Plan Specialty Certification”. You must also satisfy a renewal 5-hour CE course every two years to renew your SGS designation. Someone with this designation is abiding by all of the requirements of the Texas Insurance Code Sec. 1501.351 (c). They also must on inquiry and request by an employer be able to explain each health benefit plan established by the commissioner of the Texas Department of Insurance.

What is a MHP designation?

Earning the MHP designation means that you’ve acquired the knowledge and skills to pursue a management position in the health insurance industry. You’ll learn about management roles and organizational structures of managed care, as well as its operation and administration. And, you’ll understand the unique developments and trends that have shaped managed care, as well as the policies and processes of the regulatory arena and evaluation measurements that determine the quality of managed care plans.

Commercial Insurance

What is fire legal coverage?

Fire legal coverage provides coverage for you if you rent a business space and are held responsible for fire damages to that rented space. It does not apply to all business risks.

What is the difference between Replacement Cost (RC) and Actual Cash Value (ACV)?

Replacement Cost is the current cost to replace property. Actual Cash Value is the replacement cost less depreciation.

What does 80% co-insurance mean?

Insurance carriers require that an insured party insure at least 80% of the property's value in order to collect a partial loss in full. This is the way the insurance company encourages all insureds to adequately insure their property in relation to other insureds.

Does my policy cover physical damage to a vehicle I rent?

This damage will be covered only if that type of coverage is purchased.

Can other people drive my business vehicle?

Other people may drive your vehicle with your permission. It is important that they be listed on your policy if they are regular drivers of the vehicle.

How does an audit work?

At the end of the policy term, the insurance company will review the policy and either charge or credit the policyholder based upon an audit of estimated figures. Examples of estimated auditable items include sales and payroll. Audits can be performed onsite by an auditor or via mail or telephone. A premium is charged for audit estimations.

Why do I need certificates of insurance from sub-contractors?

An audit may require you to show proof that sub-contractors had their own insurance coverage. The sub-contractors' certificates of insurance will prevent you from being charged for their exposure.

What is General Liability?

General Liability provides coverage if you are liable for damages to other individuals arising from your premises, general operations (ongoing and after completion) and products manufactured or sold.

What does Products/Completed Operations mean?

Products/Completed Operations refers to the liability coverage for damages caused by your operation or products after the point at which you no longer have control of them.

What is Business Interruption/Extra Expense coverage?

Business Interruption/Extra Expense coverage provides coverage for income loss and the expense of establishing a temporary site during repairs due to damages related to a fire or compensable loss.

What is the difference between "Named Insured", "First Named Insured" and "Additional Insured?"

Named Insureds are those listed by name in the relevant block of the policy's declaration page. Although the named insured is commonly one person, partnership, corporation or other entity with insurable interests, multiple named insureds may be included.

First Named Insured is the first "named insured" listed on the policy declarations (front page of the policy). This insured acts as the legal agent for all named insureds in initiating cancellation, requesting policy changes or accepting any return premiums. The first named insured may also be responsible for payment of the premiums.

Additional Insured is an entity to which a policy's coverage is extended. An additional insured must be added to the policy prior to a claim being paid. There must be a tied to relationship between the additional insured and named insured. Being an additional insured on another's policy does not eliminate the need for someone to have his/her own Commercial General Liability policy.

Commercial Surety

Do you have a question regarding Commercial Surety?

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Employer & Individual Benefits

Is it possible to buy an individual medical plan that includes coverage for maternity?

Not at this time, but if the new healthcare law goes through to full implementation all plans will have to cover maternity as of January 1st, 2014.

Can individual dental coverage be purchased with no waiting periods?

Yes. There are companies that will cover all services from day one with reimbursement for major services (crown, bridges, etc.) being covered at a lower percentage the first year.

What is the return on investment when purchasing disability insurance?

Significant in most cases and can be as high as 100 to 1. Group disability coverage is much more affordable than individual however.

What are the advantages of purchasing H S A (Health Savings Account) qualified medical plans?

The premiums are generally 15-20% lower than co-pay plans and the income that is deferred to and used out of the H S A is tax exempt.

Personal Insurance

Do you have a question regarding Personal Insurance?

If you have a question that is not covered in our Frequently Asked Question list below, please contact us

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