Why are my rates increasing?
Each year, SIA's policies get renewed by the carrier. And each year, we hold our breath, hoping there isn't an increase in premiums. (Please note, SIA is not the carrier but instead the retail shop servicing your policies. Check out this blog for more info.) However, increases keep happening. This brings up the age-old question of "Why are my rates increasing when I personally haven't filed a claim?" Let's talk about it!
One major impact on premiums increasing comes from outside our market
Understanding insurance policies and programs
SIA offers Commercial General Liability (CGL) policies for individual performers and vendors through a master policy, and coverage for select groups of low-risk performers and event planners through program insurance. While both provide liability coverage, they work a little differently. Let's talk about them!
Master policy - individual performers and mobile vendors
SIA's individual performers and mobile vendors are covered under a master policy. A master policy is a single insurance contract
Inland Marine coverage vs. Equipment Leased or Rented coverage
SIA's base policy is for Commercial General Liability (CGL), and coverage includes injuries to others, property damage as a result of your operations, or offending someone. But what about protecting the equipment you use? When it comes to equipment coverage, SIA clients can either purchase Inland Marine (business personal property) or Equipment Leased or Rented. Please note, these are additional coverages so there's an extra cost to add them to your policy. So, what's the difference in the two
What is Professional Liability coverage?
Have you ever received a contract requiring you to have Professional Liability coverage and wondered what exactly it is? Well, SIA is here to break things down!
Professional Liability (PL) coverage is often referred to as errors and omissions (E&O) insurance. These policies typically cover claims arising from errors, mistakes, or negligence in the delivery of personal services. Usually, this coverage is needed by licensed professionals (think doctors, lawyers, and insurance agents). However
International waters
We often get asked about where coverage is valid for our policies, especially regarding cruise ships/international waters. Let's talk about it!
SIA's policies extend coverage to operations in international waters, such as on a cruise ship - but only if the ship takes off from and returns to the United States, the US-owned islands, or Canada. However, if your ship ports anywhere other than the United States, the US-owned islands, or Canada, once you're off the ship there's no longer any