Presented by Dickenshied Cravillion Insurance Services

Debra Verstegen, Agent

Over 15 years of experience in commercial property & casualty, commercial health

insurance, life & disability insurance, business continuation planning, and estate planning.

Dickenshied Cravillion Insurance Services is a full service independent agency located in

East De Pere, serving Northeast Wisconsin since 1872.

Recent Example:

Total blanket Replacement Cost for 3 buildings and

Business Personal Property was listed on a business

policy for $789,000.

Realistic Replacement Cost is really $1,850,000.

The business had been with the same agent for years. The agent had supposedly been doing annual reviews.

If my building was destroyed, I would….

Build the same building …same floorplan, square footage, materials, etc.

Build a completely different building

Take the money and move to a warmer climate

REPLACEMENT COST : Build the same building …same floorplan, square footage, materials, etc.

FUNCTIONAL REPLACEMENT COST or AGREED VALUE: Build a completely different building.

ACTUAL CASH VALUE: Take the money and move to a warmer climate. Depreciated value.

The property owner is responsible for primary

coverage of his building, unless you have

a triple net lease that requires you to cover the

building.

What if you, the tenant, are responsible

for the damage?

SUBROGATION

Incorrect information in insurance contracts

may be the fault of the insured client…..or the

agent.

It’s YOUR legal contract. Make certain it is

right.

One area in which the insurance industry falls short is….

DISCLOSURE.

Take the time to read the exclusions in each policy part. Especially watch out for

PUNITIVE DAMAGES EXCLUSIONS

(Insurance companies must pay punitive damages in Wisconsin, unless the carrier specifically

excludes them.)

C corp: Owners are included unless they exclude themselves.

S corp: Owners are includedunless they exclude themselves.

LLC: Owners are excluded unless they include themselves.

Sole proprietorship: Owners are excluded unless they include themselves

If you are excluded from Work Comp, you need to be certain that your health insurance coverage has 24 hour coverage (would cover work-related injury).

If you are covered under a spouse’s plan, you definitely do NOT have 24 hour coverage.

If you are on a group or individual plan, your carrier likely needs to be notified that you need 24 hour coverage, and there may or may not be a charge for it.

Strongly recommended: Long-term disability coverage to protect your income in the event you are unable to work.

S or C Corp: Minimum payroll $13,312Maximum payroll $66,612

LLC, Sole Proprietorship, Partnerships$44,408 flat payroll

If you have employees, you need this.

General Liability coverage does NOT cover employment

related liability claims: harassment,

discrimination, and wrongful termination

Race Color National Origin Religion Sex Age Disability

Risk management help. Have best practices in place.

Document, document, document.

Your insurance carrier will defend you. Defense costs.

Insurance limit available to pay judgments.