• boat
  • commercial bonds
  • church
  • collectibles
  • collector vehicle
  • commercial auto
  • commercial vacant
  • dwelling fire
  • flood
  • general liability
  • High Value Home-W140
  • Homeowner-W140
  • In-Home Business-W140
  • Manufactured Home-W140
  • Motorcycle-W140
  • Motor Home-W140
  • Personal Umbrella-W140
  • Snowmobile-W140
  • Travel Trailer-W140
  • Vacant Dwelling-W140
  • workers comp

Grand General Agency

3030 Ivanrest Ave SW, Suite B
Grandville, MI 49418
Phone (800)869-2022
Fax (888)767-0826
Text Line: 616-606-FAST(3278)

gga@thehelpfulpeople.com
commercial@thehelpfulpeople.com
marketing@thehelpfulpeople.com

  • VacantDwellingFireApril252016-W500
  • BOP-Medical OfficesOctober22017-W500
  • Manufactured Home All ProductsFeb32014-W500
  • CondominiumsApril282014-W500
  • CommercialAugust222016-W500
  • CollectiblesOctober22017-W500

USLI Is Implementing Changes to Many Products

USLI has announced an expansion of their admitted product offerings. Their admitted package product now offers multiline or monoline coverage for over 500 ISO classes.

USLI products that are approved admitted include:

  • 1-4 Family Dwellings
  • Artisan Trade Contractors
  • Lessor's Risk
  • Main Street Mercantile
  • Fast Food, Restaurants, Bars and Taverns
  • Vacant Buildings

They have also made several changes to their Artisan/Trade Contractors product to make it more competitive. These include:

  • Reduced rates up to 15 percent
  • Lowered minimum payroll from $29,700 to $25,000
  • Lowered minimum premium to $500

In addition to the above expansion, listed below are more changes:

  • Swimming pools are now eligible on 1-4 Family Dwelling subject to sufficient life-safety controls
  • Increased maximum revenue limits on Caterers to $5 million
  • Dwellings in Protection Classes 9 and 10 are now being considered
  • Fitness Centers now eligible with receipts up to $5 million

Michigan-specific updates:

  • Special Form and replacement cost value now available on vacant buildings over 25 years old
  • Package and BP - USLI is removing the property restrictions for Detroit and Flint
    (USLI not utilizes crime scoring in Michigan allowing them to open up territories)
  • Lowering the rate on Specialty Trade Contractor classes by 10 percent

Cyber Liability - Protection Your Clients Need

There are many opportunities to grow your book of business by providing Cyber Liability. By being informed and passing along your knowledge, you will be providing your customers with great protection for their business. Here are a few suggestions:

Review the company's vulnerability

  • Review the data the customer collects and why it's collected.

Review existing policies

  • Point out any exclusions in their current policy that limits coverage against cyber-attacks.

Explain that storing data in the cloud isn't insurance

  • Let your customers know that it's possible their cloud storage vendor isn't responsible for any data breach and the burden falls to the data owner.

Show them the money

  • Emphasize the cost of a data breach. Costs could include legal counsel, notification costs, public relations consultants, forensics experts, a call center and credit monitoring services. Let your customers know that they are required to notify all clients by mail if a breach is suspected. That's .47 cents per client that needs to be notified. Do they have that kind of money?

Compare policies, coverages, limits, exclusions and costs

  • Make sure your customers know what is availble from the carrier. Other coverages may need to be updated, such as business interruption.

Educate yourself and the public

  • It's up to agents and brokers to educate themselves. The term "cyber" covers many different things, it can apply to data breach, denial of service or misuse of personally identifiable information. Make sure you are able to explain the need for Cyber coverage to your customers.

Evolution of a Risk - Vacant Property

How our products can help your insureds at each step.

Vacant Land

We insure vacant land up to 1,000 acres. This includes vacant land with ponds or lakes up to 25 acres each, and we do not require these properties to be fenced.

Land Leased to Others

We cover land leased to others. We will accept land with a variety of uses including equipment storage, vehicle parking, auto lot sales, animal grazing, hunting, crop farming and athletic fields.

Builder's Risk

If your insured decides to build on their premise, we will consider property limits up to $3,000,000 and write the policy for the full duration of construction.

Construction & Premises Protective/Owner Acting as General Contractor

Does your insured need coverage for a renovation project or general liability for new construction? We will consider risks with projects being performed by the insured or by one general contractor.

Vacant Buildings

Once construction is complete or an occupied risk becomes fully or partially vacant, we can still offer coverage. This includes vacant dwelling, vacant condo units and vacant leased spaces as well. Short-term and annual policies have either a 25 percent minimum earned premium or no minimum earned premium, and there is no restriction on the length of vacancy!

Occupied Risks

We write over 700 ISO classes of business, whether owner or tenant occupied. Our eligibility includes new ventures and mixed occupancies.

Commercial Umbrella and Excess Liability

Do your insureds need higher limits? We also have the ability to consider commercial umbrella or excess liability over carriers rated B++ or better.

High Value Home Replacement Cost

Ever wonder what goes into calculating the replacement cost of a high value home? Here is how Chubb explains the process:

Establishing the value of the home

Making certain that a home is adequately insured for the full cost of reconstruction is one of the underlying tenets of Chubb's commitment to each insured. Each year, Chubb undertakes a rigorous process to ensure their estimiated reconstruction costs are in line with current construction pricing, including:

  • Analyzing residential construction cost data from over 2,000 data points in 731 locations across the US, tracking residential construction cost trends from 26 material and 13 labor inputs;
  • Reviewing cost trends for key construction components using national data from the Bureau of Labor Statistics, RSMeans and Marshall & Swift/Boeckh;
  • Conducting interviews with local high value home builders;
  • Engaging their Claims department to make sure they establish replacement costs that are in sync with the types of claims they typically pay after a loss.

What goes into calculating replacement costs?

Many factors must be considered when rebuilding, such as:

  • Materials and Labor Costs - Prices of building materials and construction labor continue to rise. In the last 12 months, the cost of items such as concrete, custom cabinetry, windows & doors, light fixtures and wood siding have risen between 2 and 4 percent. Labor has gone up approximately 3 percent.
  • Quality - Chubb hires skilled craftspeople who will restore your insured's home with the same quality materials and detailed work as before the loss.
  • Speed - Chubb's goal is to get you back into your home as quickly as possible, so they often pay a premium price for contractors.

What does this mean to your insured?

Given all of this, it is important to be sure that your client's home is insured to its full replacement value. If you're concerned that a home may be underinsured, please contact us to arrange a new Chubb appraisal. Remember to review coverage with your insureds at least once a year. Even a small renovation could potentially render the amount of coverage too low.