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Found 5 results

  1. Happy Thursday Morning ADI Citizens, Today’s “tidbit” comes a few days later than normal as I am sure you noticed. Well dear citizens, that is due to the fact that I, InsuranceMan 2.0!!!!!!!, have been battling the forces of insurance evil nonstop over the course of the last few days. As the sage balladeer Bob Dylan wrote back in 1964 (a bit before my time), “The Times They Are a-Changin’”!!!!!!!!!!! As you all well know, I am the national face of insurance protection for distilleries throughout this great land of ours. Over the years I have worked tirelessly with several national carriers to develop and improve upon specialized insurance coverage in order to vigilantly protect you and your distilleries, my friends! However, the greatest evil that one can befall upon another is (DAH, DAUGH, DUNNNNN!!!!) betrayal!!!!!! Ever superhero has their weakness, as we all know. This is the irony and dichotomy of superpowers. With much strength must come debilitating weakness, albeit, the strength much outweighs the weakness the majority of the time. So, what is my weakness you may ask?!?!?!?! Well, it goes by several different names. But, I plead with you, remove any children from the room if you are reading this aloud, as the next portion could cause them the following: great distress; nightmares; stomach cramping; nausea; tennis elbow; muscle pain; dizziness; uncontrollable screaming; dry mouth; mental anguish; sobbing; uncontrollable disgust; trench mouth; jungle rot; water on the knee; allergic reaction; and, yes, diarrhea!!!!!! Alright, here we go, you have been warned. Some call it, “The Company” (GASP!!!). Others may call it, “Underwriting Guidelines” (VOMIT!). One of the worst names it goes by, “Actuaries” (FALLING TO KNEES WITH ONE ARM OUTSTRETCHED TOWARDS THE HEAVENS!). And, possibly the very worst name that it goes by, my greatest weakness, “Underwriting Requirements” (FALLS TO FLOOR, CONTORTING IN PAIN!!!!!!!!!!!!!!!!!!). What am I talking about?!?!?!? What is it that has sickened and weakened me and caused me to seek respite in my secret lair of insurance solitude!?!??!?! It is the fact that one of the national carriers that has been specializing in distillery insurance, one that I trusted and partnered with; One that I groomed and treated as my very own; One that I helped, took in and trained up in my own image has betrayed me!!!!!!! This trusted friend and partner, now, after our beautiful relationship has come out with new “Underwriting Requirements” that state that, “No finalized product, whether bottled; barreled; in totes; or any other means of storage” can reside in the same building as the manufacturing operations. In lay terms, you cannot have any finished product in the same building as your still. So, what does that mean?!?!?! It means that this carrier, who has been so good to work with, who has been by my side in the insurance injustice batter for so many years, has now gone to the darkside! They have chosen to use their powers for evil, instead of for good. They are essentially saying that they still want to write distillery insurance, but only on distilleries who have a separate building to store their product in, with defensible space separating the buildings. H O O E Y!!!!!!!!!!!!!!!! What they are really saying is that they don’t want to work with you fine people anymore, but are to cowardice to say so. What they are saying is that they are only willing to consider 2%-3% of the overall distillery business, since almost everyone I know in the distillation business has product stored in the same building as where they manufacture their product. Oh, I know, I know what you are thinking. You are thinking, “Well, it is probably just a clarification error! They probably mean it cannot be in the open in the same building. They probably mean they want to see a fire wall, a separate room in the same building that stores the product.” Incorrect, dear reader! I clarified this until I was blue in the face, it must be a completely separate building with defensible space. So, what does that mean, “defensible space”? According to FEMA, “Defensible Space” is, “… an area around a building in which vegetation, debris, and other types of combustible fuels have been treated, cleared, or reduced to slow the spread of fire to and from the building. Information about local vegetation, weather, and topography is used to determine the Fire Severity Zone of an area, which can help determine the most effective design of a defensible space. A defensible space is one of the most cost-effective ways to protect a building from a wildfire and can often be created by the property owner.” The issue here is that it is never clearly defined. Is it 15 feet, or 50 feet?!?!?!?!! No one will commit to a distance that is acceptable. (Collapsing to the floor again out of frustration and crabbiness). What does all this mean to you, sweet ADI-goer?!?!?!!? It means that the market is tightening. It means that underwriting is getting tighter which means coverage may become more difficult to procure through a “standard market”, and coverage may be more expensive as it may have to be provided by an E&S carrier. It also means that there could be more cost involved in having to store your products off site just to satisfy some evil, menacing insurance actuary!!!!!!!!!! NOOOOOOOO!!!!!!!! Fear not though!!!!!!! Again, with the bad always comes the good. One door closes, another door and some windows open!!!!!! Although this carrier of which I speak, who shall remain nameless (let’s just refer to them as “Crudtastic the Despicable”) is tightening things up, there are still carriers who have remained stalwart. I am even working currently on a top secret project that will be beneficial to all who participate, something quite exciting that the distillery insurance world has never seen the likes of!!!!!!!! I implore you to stay tuned, as it may take some time, but oh … it will be something to behold!!!!!!!!!!! In conclusion, fear not fine citizens, I am still here to work with and defend you on a daily basis. I have many wonderful carriers that I still work with and who are doing good works on our behalf, so if you have needs, I can still solve them. I never lumped all of my eggs in to one basket as the saying goes. I do ask one thing of each of you though. In assisting me in pleading our case, I would like each of you out there to let me know in the comments section, where do you store your finished products, in whatever type of vessel??? Are they stored in the same building as your manufacturing space, or do you have a completely separate building with defensible space? Your participation in letting me know, so I can use the information to defend us and continue to fight evil-doers is much appreciated. Until next time ….. Stay Vigilant, Aaron Linden a.k.a InsuranceMan 2.0!!!!!!! 307-752-5961 InsuranceMan2.0@yahoo.com
  2. Happy New Year fellow ADI-ers, In today's installment of the "Tidbit", I just wanted to wish you all a happy and prosperous new year and thank you all so much for this past year as well. You all have truly made 2018 a remarkable year and I am looking forward to a grand 2019 with all of you. Stay Vigilant, Aaron a.k.a. InsuranceMan 2.0 307-752-5961 InsuranceMan2.0@yahoo.com
  3. Good Day Fellow ADI’ers, Yes, today’s “Tuesday Morning Insurance Tidbit” is being brought to you on Wednesday. As the holidays approach at a fast pace, sometimes InsuranceMan 2.0 becomes a bit busier than normal! Besides the normal day-to-day business of keeping a vigilant and watchful eye out over all of you, to the ongoing battle of fighting insurance injustices far and wide, to getting ready for the holidays, even I, with my incredible superpowers, sometimes cannot keep up with it all. Kudos to all mortals out there who keep on keeping on during this time and stay up to date on their tasks at hand. I applaud you, you are the true superheroes here! Now, on to today’s Tuesday Morning Insurance Tidbit! This tidbit will be short and sweet … You’re welcome! The topic at hand is … Da Da Daaahhhhhhh ….. “State Bonds”! It used to be that all distilleries needed to have a Federal bond, also known as a TTB Bond. As you are all aware however, that requisite went away here about a year ago, and is set to continue until the end of 2019, at which point the Government will make a decision as to whether or not to continue this exemption or re-implement it. Until then however, many states still have bonding requirements. From “Sales and Use” bond requirements, to “Alcoholic Beverage” surety, to “ABC/1-2-3/3-Tier” bonds, most states are going to require some type of bonding from your distillery. Also, keep in mind, that if you are looking to expand your territory from your home state to other states, you will most likely be required to provide a state bond to the new state you are going to conduct business in. Does bonding scare you?!?!? Does it keep you up at night and haunt your dreams?!?!?!?! Do you find yourself breaking out in a cold sweat when you nervously contemplate how difficult it is going to be to get a bond?!?!?!? Do you wonder if they will want all your most personal and private information or take your first born or your still as collateral?!??!?! Well, have no fear … InsuranceMan 2.0 is here!!!!!!!!!!! I can assist you with all of your state bonding needs (as well as your Federal TTB bonding as well, if you are withdrawing more than $50,000 in tax paid spirits a year). I have this down to such a science that all we really need is your name, address, bond amount and state, and I can have the bond done, issued, and out to you within an hour. Bada-Boom! Yes, you heard me correctly, in less than an hour. Many of the state bonds, or sales and use bonds require a limit of anywhere from $1,000 to $5,000. For bonds such as these, not only can you have them in an hour’s time, but they only cost an annual premium of around $100. Yes, you read that correctly, $100. Again, you are welcome! So, if you are uncertain of the state surety you surely and certainly seek, seek surety no further than the simple certainty I can surely provide for your surety needs. Until next time, dear reader … Stay Vigilant, Aaron Linden Aka InsuranceMan 2.0 307-752-5961 InsuranceMan2.0@yahoo.com
  4. Happy Tuesday to all my ADI friends!!!!!! In today’s riveting installment of the “Tuesday Morning Insurance Tidbit” direct from my secrete lair in Sheridanopolis, we are going to unmask the insurance supervillain that is Actual Cash Valuation vs. Replacement Cost Valuation 😊 Most people, when looking at their insurance policy (If they even do. Did you know that surprisingly, over 65% of people in a HuffPost survey said they have never looked at their insurance coverage in detail!??!!?!?!?) wonder what in the multiverse these terms even are?!?!?!?!?!? WELL HAVE NO FEAR, INSURANCEMAN 2.0 IS HERE!!!!!!!!!!!!!!!!!!!!! The reality of this is you need to look at your policies people! You need to know what you are covered for, and what you are not. Furthermore, you need to know what to expect in the case of a loss in the way of valuation. That is, unless you are working with InsuranceMan 2.0. If you are, then I explain everything to you upfront and in detail. Let us start with Actual Cash Value (a.k.a ACV). ACV actually appears on more policies then I care to talk about. For starters, it is a cheaper type of coverage (so this is a bit of wicked trickery some agents may use in order to get you a lower premium if they are trying to woo you away from another agent! Watch out for these Evil-doers!!!!!!) So, what is it exactly?!?!?! That is a tough one to define, my friends. In some instances, when adjudicated in the court system, it has been defined as a “fair Market Valuation” which means, what would someone reasonably pay for the same used, depreciated item. This is a slippery slope indeed, because who is to say what someone is willing to pay. Beauty is in the eye of the beholder and all. In most instances (like almost all of them, and the way the insurance companies define it is) it means the cost to replace the damaged item with like kind and quality MINUS depreciation. Did you get that?!?!?!?! MINUS DEPRECIATION!!!!!! So that still you purchased back 5 years ago for $80,000 that you have run countless batches through, and now it has that cool patina and so much sentimental value (after all, it has been with you like an old friend. You know its nuances, what makes it run well, what it does not like, etc.), could be depreciated by … pick a number. I say, “pick a number” because you just do not know. Insurance companies have depreciation schedules for all types of items, but it varies depending on what it is, size, condition, etc. So, it could be maybe 6% a year, or as high as 20%. You won’t necessarily know until the unforeseeable strikes. Given the example outlined above, for ease of math sake, let’s say that same still in today's market still costs $80,000 (the replacement cost of the item). If you have an ACV clause on your policy and the depreciation is on the low end of 6%, then it would equate to the cost of the replacement item, minus depreciation, multiplied by the number of years. So, in this example it would be 6% multiplied by $80,000 replacement value, multiplied by the 5 years you have owned/operated the still. Given this example it would look something like this, .06 *$80,000 * 5 years = $24,000 in depreciation. So, $80,000 - $24,000 = $56,000 in value after depreciation. Well dear reader, that leaves you in a jackpot of having to come up with $24,000 to replace your $80,000 still. If you are facing a depreciation that is much higher, like the 20% example given, then you would be looking at complete and total loss and you would have no coverage for your damaged still!!!!!!!!!!! As I have said so many times before, NO BUENO!!!! Also, keep in mind that this does not even take into account your deductible. If you have a higher deductible, like a $2,500 or $5,000 deductible amount, then it would reduce your coverage even more, leaving you with more out of pocket expense. Again, the use of higher deductibles are definitely something in the bag-o-tricks of the Evil-doers that they may use to trick you into thinking they can offer you a lower premium. Be ever vigilant and watch for these injustices! Now, if you have a Replacement Cost Valuation (RCV) clause on your policy, ah ……. This is as close to Nirvana as you can get. Not the Kurt Cobain band mind you, rather the Buddhist belief of a transcendent state in which there is neither suffering, desire, nor sense of self, and the subject is released from the effects of karma and the cycle of death and rebirth. It represents the final goal of Buddhism, in case you were wondering. So, what is this magical RCV of which I speak? Well, let me tell you … RCV, simply stated is the cost to replace the damaged item with like kind and quality, period. With RCV, the insurer does not care if your still is 5 years old or that you have run countless batches through it. They will replace it with like kind and quality, and in our example above, that was the full $80,000. Wait, what?!?!?!? “Are you telling me that the insurance company will give me $80,000 to replace my $80,000 still if I have RCV on my policy?!??!?!” Yes, yes I am … however, keep in mind there is a deductible. So, if you have a $1,000 deductible, you will actually get $79,000. Still (pun intended), that is a whole heckuva lot better than anything in the ACV example given! “What if the example given above is wrong and the still is now only $60,000 to replace, do I get to keep the extra $20,000 in value?!?!?!” Um …. N O !!!!! With RCV, it is paying to replace it with like kind and quality, so if the insurer can find the same still in today's marketplace and replace it for $60,000 then that is what you will get, a new still of like kind and quality. The idea of insurance is to make you whole again after a loss, not benefit you and give you additional money. Don’t be greedy fine citizens, you recieved your same still back after all! Well, with that I hope I have assisted in tearing away the scary mask of ACV vs. RCV so that you can sleep easier at night knowing the difference. Or at least knowing I am ever-watching and here to protect you. Now I am off to continue my daily fight against insurance injustice, and the pursuit of insurance education of the fine citizens of this land! As always, if you have questions about your insurance coverage’s that you already have in place, or if you are looking to start a new facility, I am only one call away. Just flick on the InsuranceMan 2.0 beacon and I will come to your rescue. PM me, shoot me a text, or give me a call @ 307-752-5961. Or send me an ultra-super-secretive-coded-encrypted-message via the magical super-web at InsuranceMan2.0@yahoo.com . Until Next Time My Friends, Stay Vigilant!!!!!!! Aaron Linden a.k.a InsuranceMan 2.0
  5. InsuranceMan 2.0

    Tuesday Morning Insurance Tidbit - HNOA

    Good Morning fellow ADI citizens!!!! In today's installment of the Tuesday Morning Insurance Tidbit being delivered fresh to you from my secrete command center in Sheridanopolis, I am going to address a very common question that comes up when I, InsuranceMan 2.0, go through proposals and coverages with my clients. What is this, “hot topic, this highly questioned coverage!??!!”, you may ask. Fret not fine citizen, I am here to guide you through the dark and treacherous land of insurance coverage. The topic we are discussing today is … Da – Da – DAAAAA!!!!!! Hired and Non-Owned Auto. It may be a term you have heard, although, it very well may not be as most policies I see for distilleries do not include this invaluable coverage. What is Hired and Non-Owned Auto (from this point forth we will refer to it as “HNOA”. Feel free to throw that term around and look “insurance-telligent” in front of your peers and agent 😉) ? I am glad you asked! HNOA is an auto policy that fills some major auto liability gaps and helps to protects your distillery business/entity in the case of an auto accident. Did you know that if you or an employee are driving a rented vehicle or your own personal vehicle for business being done on behalf of the distillery/entity, and you were to be involved in an accident, your personal auto policy would more than likely deny any coverage for the actual business/entity?????? You didn’t think about this did you? Why would you, you trust the “insurance professionals” to come up with these thoughts for you, that is why they are being paid, right?!?! Well, if you don’t have this coverage or have not heard of this coverage, why are you paying them, they didn’t come up with this?!?!?! This is why you should be with me, InsuranceMan 2.0!!!!!!!!!!!!!!!! I am here to protect and serve the fine citizens of this land! OK, at this point let us take this coverage and break it down. This coverage consists of two parts, the Hired, and the Non-Owned. Let’s start with and define Hired. Hire is defined as … “to engage the temporary use of at a set price; rent”, according to dictionary.com. In plain English please! It means a rental vehicle. Something you are paying a fee for to use on a temporary basis. Hired Auto Liability coverage can essentially take the place of liability insurance needed in order to rent a vehicle from a rental car company. A bit more on this later though. Hired Auto coverage protects your business/entity for any liability arising out of an accident to may occur while using a hired/rented vehicle. IT DOES NOT PROVIDE PERSONAL COVERAGE FOR THE DRIVER!!!!!!!! NOR DOES IT PROVIDE COMPREHENSIVE OR COLLISION DAMAGE COVERAGE!!!!! Please note these items, it is very important. For the sake of this topic however, all we are concerned about at this point is protecting the business from automotive liability damages. Although your personal auto policy may cover you for your personal liability in a rental vehicle, most personal insurance policies exclude the coverage of “business use” and will not provide any liability coverage on behalf of the business/entity. Due to this exclusion, as you can see, this portion of the coverage is quite valuable and is somewhat of a “must-have”. “But I don’t rent vehicles for my business.”, you may be saying. Understood and fine point my dear citizen. I hear you loud and clear, however … You never know when you may need to lease or rent a vehicle. Maybe you flew into another town to have a business meeting and need to rent a vehicle, or maybe you need a van or box truck to run a delivery. You do not want to try to procure this coverage at the moment it is needed, and quite honestly, HNOA is a generally a bundled product. These coverages are often done in concert with one another and there is no savings to only go with one or the other. If I may, please allow me a quick aside as well to this topic. If and when you do lease or rent a vehicle, always check with the rental agency to see what the associated cost is to purchase insurance coverage directly from the rental agency. Generally, the rental agency insurance will not cover you for your own personal liability or any business liability (and keep in mind your personal auto policy will excluded the business auto liability. See how this is all an intertwined web of confusion, and why you really need the “Hired” part, and why you really need me, InsuranceMan 2.0!!!!!!!!!!). What it will cover and provide for in many cases is “walk away” coverage for damages. Remember earlier when I said, “… please note these items ….”???!?!?!?! Remember what I asked you to note???? If not, scroll back up and take a look, I will wait …………………. ……………………… ……………………… ……………………… Ah, I see you are back. Did you find the answer?!?!!??! That’s right!!!!!!!!!!! Comprehensive and Collision damages are excluded under the Hired portion of the coverage. The Hired portion is only dealing with liability, no physical damage to the rented vehicle. Often times you can purchase the physical damage coverage directly from the rental car agency, and trust me friends, it is money well spent. There is a way to add on physical damage for hired vehicles to your own insurance policy, but for how often you may use it, and what it covers, it is generally not worth it. You are usually money ahead to purchase this coverage from the rental agency. “Well, I rent all my vehicles with my business/personal credit card and they provide coverage for damages, so why would I spend more money?!?!?!?!” Excellent point vigilant citizen! Unfortunately, it is a common misconception that renting a vehicle with a credit card provides all the coverage you will need. Whether you place Hired Physical Damage on your own insurance policy, or rent with a credit card, both have some very important exclusions that rental agencies may exploit. Rental agencies have things like “layup costs”; “diminution of value”, “loss of rent”; and various other charges that neither a credit card or a policy will cover. With that said, the coverage that you can purchase directly from the rental agency will often time cover those extra expenses. I will say it again … trust me, this is money well spent. A quick story … I rented a vehicle with a business credit card and was caught driving it near a tornado. Sand blasted the paint, pitted the windshield, and blew out a window. Although the credit card company covered the cost of the repair to the paint, windshield, and window it did not cover these “other costs”. Ultimately, it cost around $3,500 extra (as in out of pocket) to cover the layup of the vehicle, the diminution of value, and the loss of rent. If I had purchased the coverage from the rental agency, it would have not cost me anything more than the cost of their insurance. Lesson learned! Alright, do you need a bit of a break? No?!?!?! Then onward and upward into Non-Owned Auto Liability Coverage. You or your employee are running out to a big box store for some parts you need, or you are running to a local liquor store or venue to do a tasting. On your way to or from, there is an auto incident! The local law enforcement agency shows up and start asking questions. You or your employee say that you were out running around on behalf of the distillery (this happens, oh does this happen, more times than I care to say) at the time of the accident. The other party that you crashed into hears this and thinks, “OH! A distillery, those guys are made of money!!!!!” (As we all know this may simply not be the case, but they think it anyway since they think there is endless money in making alcohol.) Now, not only does the injured party sue you personally (personal auto coverage), but they sue the distillery as well thinking there are deep pockets there. Well, since the distillery does not “own” the vehicle (the name of the distillery is not on the title), if you do not have Non-Owned Auto Liability coverage, there would be no protection against a lawsuit. NO BUENO!!!!!! This coverage is crucial to have. I will tell you that in my 16 years as the vigilant protector of the fine citizens of "insuranceland", this is the number one claim that I have seen. Think about it. How many times does your product cause damage to someone? How often does someone come into your facility and trip over a box, or slip and get hurt? How often do you have a fire? Not very often at all, thank goodness! How many times are there auto accidents though???? ALL THE DANG TIME!!!!!!! In fact, studies have shown that the average driver, over the course of their lifetime will be involved in at least 3 to 4 accidents. That is why having this coverage is as important as covering your equipment, your general liability, your products, and your stock, if not more so! At the end of the day, when I sit down (still donning my InsuranceMan 2.0 super-suit, since insurance injustice never takes a rest, and I must stay frosty and vigilant) in my command center with a nice lowball of my favorite spirit-du-jour, I can rest somewhat easier knowing that the fine citizens that I watch over are protected to the best of my ability, as they drive to and fro conducting business in their Hired or Non-Owned vehicles. As always, if you have questions about these coverages, or if you are wanting to know about the nuances of insuring vehicles that are titled in the name of the distillery/entity, by all means, turn on the InsuranceMan 2.0 beacon and I will gladly come to your rescue. Send me a PM, call, or text me at 307-752-5961 and I will speed to your assistance. Until next time my friends, Stay Vigilant, Aaron Linden a.k.a. InsuranceMan 2.0 307-752-5961
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