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Spring
Rains Bring Flowers and Storms
The rapidly
changing weather we experience in spring causes a wide variety
of storms marked by wind and rain and possibly hail, sleet
and lightning. If your property is damaged during a
storm, what can you do?
Give prompt notice
to you agent. Our telephone number is (330)
948-1375. If the storm occurs outside of our normal business
hours, our new voice mail telephone system will not only give
you the option of leaving a record message but also lists
the home phone numbers of our agents.
Try to protect
your property from further damage. Any
reasonable expenses for repairs made to protect your property
from a covered peril will be reimbursed to you, minus the
deductible. Please try and keep and accurate record of your
expenses and the time you spend working on your property.
If you sustain
loss to your personal property, please prepare an inventory
of your damaged property as soon as possible. An
inventory should consist of: A description of the item(s).
The age of the item(s). The replacement cost. The store where
the item(s) were purchased.
Please remember
that the insurance company has the right under the insurance
policy to inspect the property before the final repairs are
made or damaged property thrown away. Your insurance agent
at Padgett-Young will assist you in presenting your claim
to the insurance company.
Planning
a Vacation and you
Want to Rent an Auto in Your Name?
Often we
are asked what coverages will extend from the Personal Auto
policy and apply to the obligation for direct and/or indirect
damages to a rental vehicle?
Assuming
you are renting a private passenger auto in your name for
a period of no more than 30 days, and there are no plans to
drive this vehicle outside the United States, the following
coverages would apply:
- Collision
and/or other than collision: a rental car is a "non-owned
auto" which has the same coverage as the same coverage
as the broadcast coverage applicable to any coverage auto
shown in the declarations page of your policy.
- Loss
of use expenses for which you become legally responsible
in the event of loss to the "non-owned auto"
would also be available. This coverage is provided under
the transportation expenses section of the policy. Coverage
applies without a deductible, but is limited to $15.00
per day, to a maximum of $450.00. Various other restrictions
apply in this coverage.
If you were
to damage the rental car, for instance, you could be responsible
for a number of damages not completely covered by your personal
auto policy. These damages may include, administrative fees
charged by the third-party administrator handling the claim
for the claim for the rental company. The physical damage
(collision or other than the collision) deductible. Loss of
the use of the vehicle to the rental company. The loss of
use damages may easily exceed the $15.00 per day/$450.00 total
provided by policy. Storage fees for the temporary storage
of the damaged vehicle. The rental company’s attorney fees.
Other possible fees of an indirect loss nature.
For your
protection, we suggest that you purchase the rental company’s
loss damage waiver when you rent an Auto.
When
Pigs Fly
The Order
of the Flying Pig is a prestigious award presented to those
selected few, who, having achieved an underwriting profit
(based on unofficial, preliminary accounting results) in the
Farm Property lines, are recognized for their ability to make
their customers happy and, at the same time, represent our
company & associates in an energetic and professional
way.
Because of
our dedication and hard work, Padgett-Young Associates, Inc.
had outstanding results in the Farm Property line. As a result
of this hard work and dedication we have been awarded the
Order of the Flying Pig by Hastings Mutual Insurance Company
Farm Underwriting Department.
The
Cost of Waiting
One hears
about the cost of waiting quite often in the areas of investment
and insurance. A classic example is the story of twin brothers
Alex and Ben, age 31. Alex set aside $2,000 a year for nine
years, then stopped. Ben decided not to do any saving until
age 40, at which time he set aside $2,000 a year for 25 years.
Alex put
aside $18,000, but at age 65 assuming an average interest
rate of 7.5%, had an egg nest worth more than $172,000. Ben
set aside $50,000 but at age 65 had accumulated only $157,000.
An insurance
company annuity is generally considered a conservative financial
investment. Advantages of the annuity include safety and earn
current interest rates with a guaranteed minimum interest
rate.
The fundamental
purpose of a life annuity is to provide a lifetime income.
An income that cannot be outlived. It will pay for as long
as you live, or for as long as you and your spouse lives.
It will provide protection against the loss of income if you
live too long. You cannot exhaust your savings and run out
of money with a life annuity.
Annuities
have been improved to give you more choices. Today’s products
allow you to systematically withdraw a set amount each year.
For example, you could choose to withdraw 10% per year. You
could elect to take a minimum distribution, or, if necessary,
withdraw the entire amount in the annuity.
The flexibility
of today’s product offerings gives you, the policy holder,
many choices. Please give us a call to prepare an illustration,
individualized for you.
Home
& Flower Show
We would
like to take this opportunity to thank all of you that stopped
at our booth to say hello! The winner of our drawing
for the home safety basket was Mr. Ron Smiseck! Congratulations
Ron!!!!!!
Frequently
Asked Questions
THEFT vs. MYSTERIOUS
DISAPPEARANCE
- Our home
owners insured recently reported the loss of a diamond ring.
She had stayed overnight in a motel and left it in the room
when she departed the next day. She did not discover that
it was missing until she got home. A call to the motel revealed
that the ring had not been turned in to lost-and-found.
Upon the advise of her agent. The insured notified the police
"for insurance purposes" and submitted a claim
to us for the theft of the ring.
We
agreed that there has been a "mysterious disappearance"
of the ring from the motel room. However, we don’t believe
that a theft has occurred. We would appreciate your
thoughts on the matter.
- Under
earlier editions of the homeowner’s policy, your insured
would have a difficult time pursuing a claim for the loss
of her ring. Those editions of the homeowners policy excluded
loss of contents by, "mysterious disappearance."
However,
the current forms no longer read that way. Instead,
they promise to cover theft including "loss of
property from a known place when it is likely that the
property has been stolen." With that kind of agreement,
the insured has an excellent chance of recovery: if
not stolen or turned in to lost-and-found, then the
ring should be where she left it. Since it is not in
the motel room, there is the strong likelihood that
is was stolen.
Damage to Husband’s
Company Car by Wife
- Our
insured has two cars- a company car insured by his employer
and his wife’s car, insured in our agency. When backing
out of the garage, the insured’s wife hit the company car
in the driveway and damaged it. The insurer has refused
to pay for the damage to the company car, based on two separate
exclusions in the personal auto policy: vehicles provided,
and the care, custody, or control exclusion.
It
is our opinion that neither exclusion applies. And that
the claim should be paid under the property damage section
by the personal auto insurer. The company car was not
in the spouse’s care, custody, or control; nor was she
operating it. Who’s right?
- You are
correct. The car that was damaged by the wife, i.e., the
husband’s car, was not in her care, custody, or control.
Also, the liability did not arise out of her use of the
company car. The policy excludes liability coverage for
loss or damage arising out of the use of vehicles that are
not covered autos that are furnished or available for the
family car clearly does not qualify, as making use of the
damaged vehicle.
The situation
is really no different from those where an insured damages
a stranger’s vehicle with the insured car. Just because the
vehicle in this instance was her husband’s company car makes
no difference.
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