4 Ohio Insurance Lessons From an Italian Shipwreck

We have all heard the tale of the now infamous cruise ship, the Costa Concordia.  On Friday, January 13, 2012 off the coast of northern Italy, the immense liner ran aground and caused massive damages including loss of life (31 dead or missing), loss of cargo, complete destruction of the vessel, environmental pollution and countless other damages.  Insured losses are expected to be between $500 million and $1 billion dollars, with over $100 million alone going toward cleaning up the physical wreckage itself.   The pictures and horror stories have captured the international headlines for weeks now, but what can we learn from this tragedy and how can it affect people who live thousands of miles away? 

•   Talk to your Amer Insurance agent before traveling: If you are traveling with expensive jewelry, equipment or anything of great value, check your homeowners’ or renters’ policies.  Some policies may cover your possessions no matter where they are, other times you may have to purchase an endorsement to your existing policy to cover these items while you are traveling.  It is inexpensive and well worth the cost.  You also may want to ask about a personal-effects insurance policy.
•   For business owners, check your policy: Your business is always changing and growing.  Have you out grown your policy? The Costa Concordia was insured for $500 million dollars, which makes up for only ½ of the expected losses caused by the accident.  Start by checking your cargo coverage, environmental/pollution and liability.  Speak with your Amer Insurance agent if you feel you need more protection.
•   Professional Liability:  Property damage claims are usually handled relatively quickly but due to litigation and law suits, liability claims take much longer to be assessed.  The captain of the wrecked ship may be going to trail and could be held financially responsible.  In the case of a sudden disaster, law suits often follow.  If you own a business but do not currently have professional liability insurance, now is the time to think about the implications of not being covered.  
•   Under my Umbrella:  An Umbrella insurance policy is a form of extra liability insurance that acts as an extension to an already existing insurance policy, such as your auto, homeowners' or business insurance.  When all liability is exhausted on the original policy, Umbrella Insurance kicks in to fill the gap.  Umbrella insurance policies are generally sold in $1 million dollar increments and are very inexpensive, especially when compared to the added protection one provides.  

Amer Insurance has experienced agents who are familiar with all aspects of risk management.  If you are a current client and have questions regarding your policy, your agent is always happy to go over it with you and facilitate any changes that need to be made in order to better protect you, your family and your business.  If you aren’t an Amer Insurance client, we are constantly striving to provide our clients, no matter how big or small, with the finest customized protection at the lowest rate.