School districts are exposed to many different types of risk. These types of risk can come from visitors, students, employees, the buildings and grounds, transportation, and just about anything you can think of. In the event of a claim, a school could be put in a tough situation. This is where insurance policies can come into play. What type of insurance should schools carry? According to the Pennsylvania School Boards Association’s endorsed insurance program, the following are all different types of insurance that schools should consider: Property and Liability Worker’s Compensation Privacy [...]

Joe and Bob were brothers and owned a feed mill together. They were successful and the business grew each year. Joe’s wife, Kathy, and Bob’s wife, Susan, were close. The two families often did holidays and other events together. Things were going well. It was always their intention to pass ownership of the feed mill to their children. Joe and Kathy had two sons, each of whom expressed interest in running the business someday. Bob and Susan had a son and a daughter. While the son seems to have interests elsewhere, the [...]

Insurance coverage is all about risk, but the biggest risks, and the hardest to predict, are from natural and man-made disasters. How do insurance companies handle catastrophic insurance losses? According to Property Claim Services, a catastrophe is “an event that causes $25 million or more in insured property losses and affects a significant number of property/casualty policyholders and insurers.” There are, of course, insurance carriers, known as reinsurers, who specialize in covering catastrophic losses. Insurance companies have to pay the price for the peace of mind that they will be able to [...]