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Insurance Insights

Safety Tips for Pool Season

With summer fast approaching and plans being made to get your pool ready for action, our partners at Berkley One shared some smart pool safety tips to consider.

Posted 5/19/2021

Are You Buying a New Boat this Season?

Do you have dreams about cruising around the bay on the jet-ski, chasing fish in your center console, or taking a spin on the lake in your vintage Chris Craft? Are you considering buying a new boat this season?
 
 
Then you and your personal watercraft will need the right coverage that keeps risk back on the shore.
 
Boat insurance covers your watercraft for liability and physical damage. In addition, you can also purchase coverage for medical payments, personal property (including fishing equipment), towing, trailer, and uninsured boater coverage.
If you have significant assets then more coverage may be desirable.
 
There are two basic types of watercraft insurance:
·        Agreed Value: You can cruise with the knowledge that your vessel is protected. In the event of a total loss, most carriers will pay the Agreed Value listed on your policy without a deductible, and for most smaller losses, they’ll pay for repairs without subtracting depreciation.  
·        Comprehensive Coverage: Your boat isn’t the only thing worth protecting. Personal effects, liability protection—including legal defense costs, Jones Act for paid crew, wreck removal and pollution clean-up—as well as medical payments for passengers and coverage for injuries caused by an uninsured vessel is also included.
 
The best way to navigate the fine print of your policy is with an experienced agent who has your best interest in mind.   Call Rand if you have any questions.

Posted 4/20/2021

Reasons Why You Should Get Insurance for Your Luxury Watches

Why You Need Coverage For Your Luxury Watches

Tips and Guidelines from our Partners at Chubb

There is therapy in keeping a healthy hobby.

Watch enthusiasts understand the sense of pride that lies behind collecting luxury and rare timepieces. Besides the sentimental value your collection provides, they often also provide investment value.

As the valuation of most luxury watches increases year-on-year, like any other forms of investment, having appropriate insurance for your collection can help protect your investment. In the case of pre-owned watches and rare luxury brands, you would also need a back-up plan for repair and replacement.

In the unfortunate event of damage, loss or theft of your collection, having comprehensive valuable articles insurance can provide the peace of mind knowing that you’re covered for the current market value of your rare and expensive timepieces.

Here's a few reasons why:

 1. Watches are Attractive to Thieves

Eye-catching, hard to trace, and easy to sell; watches will always be attractive to thieves. The growing trend of luxury watches has led to the unfortunate rise in watch crimes in recent years.

This rise could be because of the increase in awareness about the value of luxury brands. It could also be due to an increase in dealers who specialize in pre-owned luxury watches.

Whatever the case, you can mitigate the risk of theft using watch registration services and insurance.

2. Homeowner's Insurance Won't Cut it

If your watch collection is worth a relatively modest amount (less than S$2,000), a standard homeowner's insurance policy should cover the loss. The problem arises when you continue to add to your collection, and the value rises to a five-figure sum or more. In addition, the low sum insured of a standard homeowner’s insurance policy may also not provide adequate cover for your actual loss.

If you have acquired a significant collection, you should consider having a valuable articles coverage policy. Such a policy requires you to list your expensive watches separately and insure them up to their market value. This allows enthusiasts who own high-value precious timepieces to have peace of mind knowing they are sufficiently covered in the event of loss.

The same can be done for those with other collections like jewelry, handbags or antiques.

3. Travel Increases the Risk of Theft and Damage

Daily wear and frequent travel would also increase the likelihood of theft, loss, and damage.

Working with a watch on your wrist may cause strain on the clasp and straps and sometimes leading to strap failure. Leaving your watch in the hotel safe may not be as safe as you’d think as well, given their portability.

When it comes to airport security screening, if you must remove your watch (depending on the advice of the security officer), you can reduce the risk of damage from the magnetizing effects of the X-ray machine, by placing it underneath your other belonging in the tray. Don’t forget to check that you’ve got all your items before leaving the area.

Watch thefts are also more common than you think. In 2019 for example, a Japanese businessman was robbed of his $1.2 million Swiss watch right outside his hotel in Paris and a tourist in Ibiza was robbed of his limited-edition Richard Mille timepiece, worth up to $1.7 million.

The risk of loss and theft lurks everywhere, that's why having an insurance policy that covers you wherever you travel gives you the peace of mind while wearing your timepiece.

Wear Your Watch with Pride

What is the point of investing in that special timepiece when you can't wear it? A Patek-Phillipe World Time or the Rolex Daytona does not belong in a stuffy safe, and it should rest on your wrist, whenever and wherever you like. You’ve worked hard to enjoy this lifestyle and with our partners at Chubb, we believe in providing you comprehensive insurance that caters to your lifestyle needs.

If you would like to find out more on how you can protect your watches and other valuable possessions, contact us at Rand Insurance for more information.

Posted 3/29/2021

Spring Ahead - Cleaning Tips to Prevent Homeowners Insurance Claims

The milder days of spring are a perfect time to do a thorough spring cleaning and perform home maintenance. After a long winter, it is a good idea to spend time on preventive measures to help maintain your home and property throughout the year. Tasks such as cleaning out your gutters, checking for dead trees and branches and cleaning and inspecting home mechanical and plumbing systems, such as heating and air conditioning equipment, can help make spring a season of safety.
 
Cleaning and maintenance of your home should be done inside and out. Although the tasks are different, checking to see if all the elements of your home are in good working order can help keep your family safe and your maintenance expenses lower over the long run.
 
 
A little home maintenance in the spring can go a long way to help keep your home safe and secure throughout the rest of the year. 
 
Thank you to our partners at Travelers for these great tips.

Posted 3/23/2021

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