Understanding the Difference Between Umbrella and Excess Liability Insurance

When shopping for Gambrills, MD insurance, you are likely to come across the terms umbrella insurance and excess liability insurance. While some insurance agents will seem to mention these terms together as though they are the same thing, it’s important to know that there are key differences between these two policy add-ons. Here’s what every insurance buyer should know:

The Basics of an Excess Liability Insurance Policy

An excess liability insurance policy provides the policyholder additional coverage when their underlying liability policy has reached its limits. For example, if your home was damaged in a flood and you need $30,000 to rebuilt but your homeowner’s insurance will only cover $25,000 in damages. If you have an excess insurance policy on that specific homeowner’s insurance policy, then it will cover that remaining $5,000. This type of liability insurance is also popular for business owners who may find themselves facing a lawsuit as an excess liability insurance policy will cover any damages not awarded by a general liability insurance policy.

The caveat is that excess liability insurance can only be attached to one underlying policy. 

The Basics of an Umbrella Insurance Policy

An umbrella insurance policy is a specialized type of excess liability insurance that similarly comes into play once an underlying policy has paid out to its maximum. However, unlike an excess liability policy that can only be adhered to one underlying liability policy, an umbrella policy may cover multiple policies such as both general liability and flood coverage. Additionally, umbrella policies are unique in that they provide additional coverage for things that the general policies may not cover at all, such as auto coverage in any country. 

Note, however, most umbrella insurance policies will only fulfill claims if and when certain rules are met, such as a set payout limit for an underlying automotive policy.

Learn More at Bay Point Insurance

For more information about these two types of insurance, contact Bay Point Insurance, serving Gambrills, MD and surrounding areas. 

 

What is the Flood Risk in Maryland?

Residents of the state of Maryland have to deal with plenty of flood risks. If you do not have flood insurance, consult with an agent at Bay Point Insurance serving Gambrills, MD and the surrounding communities. If you have flood insurance coverage already, ask your agent to conduct an insurance review to make sure the coverage is adequate.

Categories of Flooding in Maryland

The Maryland Emergency Management Agency (MEMA) identifies these flood categories:

  • Flash Floods: The risk comes from heavy rains over a short time causing streams and creeks to swell. If enough rain comes down, the land gets saturated. When there is no ability for the land to absorb more water, the pressure builds up resulting in flash floods and mudslides.
  • General Flooding: Maryland has two major rivers, the Potomac and the Susquehanna. Prolonged rain fills the watersheds that normally hold water. Excess water flows down into the rivers. Lots of water coming down from melting snow after winter may overfill the watersheds. This water then goes on to overflow the rivers. This may lead to large rivers like the Potomac and the Susquehanna flooding out to cover major areas with water.
  • Tropical Storms and Hurricanes: These storms bring heavy rain and high winds. They also cause dangerous storm surges. Storm surges are a form of flooding caused by the storm pushing excess water onto the shore with the movement of the incoming tide.

Outdated Flood Maps

MEMA reports that the average age of flood maps for Maryland is four years old. The maps do not represent the real risks. The climate is changing so quickly that the maps have not kept up. Using old maps to try to determine the current probability of experiencing a flood is not advisable. It is better and safer to assume the worst-case scenario. Go ahead and get flood insurance for your home.

Getting Flood Insurance

All homeowners in Maryland should have flood insurance. Flood insurance is a separate policy from home insurance. Call 410-987-3230 or email an agent at Bay Point Insurance in Gambrills, MD to get a quote for flood insurance.

Speed Boat Racer? You Need Insurance

The many lakes in and around Gambrills, MD often host fun speed boat races from professionals and amateurs alike. If you plan on racing one of these boats soon, please contact us at Bay Point Insurance to get the coverage you need to avoid serious financial loss.

High-Performance Boat Insurance is Available

Boating insurance varies depending on the type of craft you own. High-performance boating insurance is just one variety of policy and is designed to cover the issues that plague speed boats. This type of coverage is available from any insurance provider who offers boating insurance to their consumers.

This policy type differs from those for pontoon or fishing boats because speed boats typically have more expensive engines and a multitude of other pieces of equipment. For example, a successful speed boat racer needs a fine-tuned hand-shifting unit to provide them with the control that they need to succeed while on the water.

What This Type of Insurance Covers

High-performance boat insurance is essential for anyone who regular rides or races these types of boats. This coverage takes care of multiple elements of a boat, including paying reasonable costs to protect it from damage and recovery if it crashes during a race.

Other coverage include replacement cost for partial loss, emergency towing and assistance, personal effects coverage, windstorm expense coverage, medical payments for injuries, boat liability if another person is injured during a race, and protection from pollution damage caused by the boat.

Find High-Quality Boat Insurance

The high costs of racing a speed boat – and the possibilities of crashes – makes high-quality boating insurance in Gambrills, MD a necessity. So please don’t hesitate to contact us at Bay Point Insurance to get the coverage necessary to protect your boat from serious damage.

What kind of life insurance should I get?

One of the most important forms of life insurance that someone can have is life insurance. When you are looking for a life insurance policy to help protect your dependents in the Gambrills, MD area, choosing the right type of policy can be complicated. Fortunately, there are a variety of factors to consider that could help you pick the right life insurance policy for your situation. 

Amount of Coverage Desired

When you are looking for life insurance, one of the factors to consider is the amount of coverage that you need. You will need to get coverage that can help to support your loved ones and it is important to carefully consider all of their short-term and long-term expense needs. For those that need a higher amount of coverage, but do not want to have a high payment, getting a term life policy could be a good option. These will provide you with a certain level of coverage for the term of the policy. 

Investment Benefit

Another factor to consider is whether or not you want the policy to provide you with an investment benefit. With a term life policy, all of the money that you pay in premiums will be lost. However, with a whole life policy, a portion of your money each month will build up in an account that could eventually be cashed in. This can help to make whole life insurance a good investment option as well. 

If you are in the Gambrills, MD area and are considering your life insurance options, the team at Bay Point Insurance could provide you with great service. The professionals at Bay Point Insurance are well aware of the different life insurance options and could help you get into the best policy for your situation. 

Will Health Insurance Pay for Mental Health?

Life is filled with things to love and enjoy, but that doesn’t mean that it isn’t hard.  Sometimes, people need treatment when life becomes hard and they aren’t coping well.  Knowing if your health policy covers treatment will be something to consider if you are considering treatment for mental health or adjustment issues.  Bay Point Insurance knows answers can be hard to find so they want to Gambrills, MD residents as much as possible.

Will Health Insurance Pay for Mental Health Care?

Fortunately, there are laws that require insurers to cover mental health care.  When the Affordable Care Act was signed it required insurance companies to cover ten essential benefits, one of them being mental health.  The Mental Health Parity and Addiction Act of 2008 was also expanded when the Affordable Care Act was signed into law.  What this means for Maryland residents is that any plan sold in the marketplace will provide minimum essential coverage and therefore will provide benefits for mental health.  This year, CareFirst Blue Cross Blue Shield and Kaiser Permanente are the two insurers offering marketplace policies this year.  Policies outside of the marketplace do exist, but they are not required to offer minimum essential coverage.  This means that they may offer little if any coverage for mental health needs.  Getting care can be difficult whether or not you choose policy in the marketplace or not. Fortunately, there are options if your policy provides limited or inadequate mental health coverage.

Other Options

Counseling centers located at a church or university often have affordable options available for those in need.  The National Alliance on Mental Health Maryland also has provides services.  

Bay Point Insurance knows that Gambrills, MD residents might still have questions so they are available via email or phone if you still have questions

 

How Does Workers Comp Insurance Work?

Workers compensation is a type of insurance that helps insure employees for any injuries or illnesses that come from the job. Workers comp is required in Gambrills, MD, and if employers aren’t sure if they need it, they should talk to an agent at Bay Point Insurance.

In order for a workers comp claim to be filed, an employee that has a workplace or occupational illness or injury needs to report the incident to the employer. There then needs to be a visit to a health care professional, which should be done immediately. The doctor will provide a report to file with the claim, and the claim process is then started. Employees are responsible for providing the right forms and the information about the claim process. An employee can also file a claim directly, as long as they pay attention to any deadlines and include the right paperwork and medical reports. If the insurance provider approves the claim, the employee will receive the benefits, which can include wages, rehabilitation costs, and the medical expenses. Depending on the recommendation of the physician, an employee may return to work on a reduced schedule or full time while recovering from injuries. Employers should make reasonable accommodations that help employees transition back and make sure there is training to ensure the injury doesn’t happen again.

Employers are responsible for an employee’s injuries and, despite regular safety training, no workplace will ever be without risk. This is why it’s required to have workers compensation coverage. Without this coverage, an employer would be forced to pay out of pocket for medical treatment and other costs associated with an injury.

Work-related injuries may not be caused by single incidents and can also be caused by continued exposure or repetitive stress. They also don’t necessarily need to be at work, as the injury may happen while completing any off site work tasks.

Contact Bay Point Insurance, serving Gambrills, MD, to get a quote on workers comp insurance. 

 

Take These Steps if Someone Is Injured on Your Property

You love your home in Gambrills, MD. It is your haven, and it’s hard to think that anything bad could ever happen there. Still, accidents do happen, and if one occurs in your house, you need to be prepared. There’s no need to be too worried. If you follow these two steps recommended by Bay Point Insurance, you’ll do just fine.

Treat the Injury

This goes without saying, but safety comes first. You don’t need to directly apply professional medical aide, but you do need to assess the situation. If you have any reason to believe that emergency medical care is needed, then dispatch it. Even if the injured person insists that they are fine, you should still encourage a doctor’s visit to be sure. One of the worst situations that can arise is for an untreated injury to growing worse over time.

Make Some Calls

Once any immediate danger has been resolved, you have a decision to make. You have to choose whether or not the incident merits a police report. For most house guests, the assumption is that the police don’t need to be involved, but remember that a police report is your best friend in preventing claims from growing over time. Regardless of your choice with the police, you need to talk to Bay Point Insurance agent. If you can remember, take pictures of the injury and its cause before the call. If you forget, they will likely remind you.

You don’t want to have to worry about accidents in the home, but they can happen in Gambrills, MD, just as often as anywhere else. The important thing is to take a calming breath and try to hit your checklist. That will prevent the worst possible outcomes.

 

Commercial insurance options in Gambrills, MD

Companies and business start-ups nowadays have lots of expenses and risks surrounding them. While trying to make the venture successful, we forget some of the crucial necessities like commercial liability coverage. Regardless of the type of business, you’re running in Maryland whether it’s marketing, product sales, manufacturing, and production, or service, commercial insurance is fundamental to protect both workers and the businesses.

Commercial insurance generally comes in many forms, and it’s up to you–the business owner to decide what option is best. At Bay Point Insurance, we take you through all the options and leave you to decide on the best choice based on your business or company. 

What is covered by the Maryland commercial insurance?

Starting and running a business is risky but even riskier when you’re not covered. However commercial insurance gives you a platform to run to when everything fails.

  • General business liability:  If you’re operating your business where your customers meet with you directly may require you to have liability insurance in case a client hurt themselves in your business and sue you.
  • Business property insurance: If you’re lucky or successful enough to run your business in your own property, business property insurance covers for the land, the inventory and any contents in the business. 
  • Workers compensation: Big business with more than ten workers may require this policy to protect the workers in case of injuries while at work.
  • Commercial auto insurance: This policy is essential for companies that have several vehicles for deliveries or other services.
  • Business owner package: Sometimes, you may find it easier to have all the policies merged up into one batch. The method is cheaper and convenient for the businessperson.

Running a business is enough risk already, let Bay Point Insurance help you protect your venture as it grows. We encourage you to call or visit us at Gambrills, MD today for a quote or policy discussion.

Tips for Saving on Your Auto Insurance Policy

Most people review insurance quotes from different providers and simply choose the cheapest. While this is the easiest way to get competitive rates, there are other tips that you can use to save on your insurance costs in Gambrills, MD. 

Choose to pay a higher deductible
Deductible refers to the amount of money you will be required to pay your insurer before they settle your claim. As a rule of the thumb, the higher the deductible, the lower the premium. As long as you can afford the higher deductible why not save some pennies on your premiums? 

Bundle your insurance policies
Do you have more than one vehicle? Do you have a home or condo that you also want to be insured? Most insurance companies offer discounts if you purchase more than one policy. 

Take advantage of the insurance discounts available to you
Most insurance companies offer discounts for various reasons. For instance, having anti-theft devices installed, being a good driver and consequently having a low claim history, being a student, being a loyal customer and so on. Annually review your insurance policy and ask your provider of any available discounts. 

Maintain a good credit score
Some insurance companies use your credit score to calculate the premiums payable. Do your research and ask your insurer whether they factor that in. Such companies in most cases offer reduced premium rates if you maintain a positive credit record. 

Review your coverages
Reviewing your coverage options helps you identify any unnecessary coverages that might be inflating your premium. Such could include a collision or comprehensive coverage for an old car.

Do you need to have your car insured in Gambrills, MD? Bay Point Insurance representatives are ready to discuss the options available to you. 

3 Good Reasons to Make a Home Inventory

A home insurance policy from Bay Point Insurance, Gambrills, MD, will protect your home and personal goods against theft and loss. In the event of fire or other disaster, having a home inventory will make it much easier for you to make a claim.

A home inventory is a comprehensive list of all the possessions you own to include clothing, furniture, electronics, appliances, jewelry, etc. If you own expensive goods, you should include pictures, video clips or assessments of their value in your inventory to verify their worth. If these items are stolen or lost, you can use your inventory to substantiate your claim. Here are three good reasons to start making your home inventory today. 

Gives You Accurate Accounting of What You Own

By keeping an up to date inventory of your goods, you have a recent account of all that you own.  If you’re like most homeowners, you probably have a substantial amount of goods. Without a written account, it can be difficult to keep track of all your possessions. You may miss getting reimbursed for lost goods due to forgetting to report them in your claim.

Provides Proof of Ownership and Value

A home inventory shows proof that you owned certain goods and gives a written or photo account of their condition and value. This can help expedite the processing of your claim. The quicker your claim is processed, the sooner you can get reimbursed for your loss.  

Helps You Choose Accurate Insurance Coverage

If you’re buying a home, you can use your home inventory to choose accurate insurance coverage for your belongings so you don’t waste money on coverage you don’t need. 

To learn more about home inventories, insurance options, and homeowner’s insurance costs,  contact a Bay Point Insurance agent in Gambrills, MD.