Knowing your company's exposures to loss plays an essential and pivotal role in determining what type and limit of coverage best protects your assets. Many of our commercial clients also take advantage of our ability to handle their personal insurance needs as well. Contractors and public entities use our surety facilities to secure business and protect taxpayers. Bull Valley Associates uses its relationships with underwriters of all types to secure the very best and most comprehensive coverage available while keeping an eye on your budget. Here, we describe these three major groupings of protection.
Often referred to as commercial insurance, products here are designed to protect the assets of companies or organizations. Business interests include: real property, equipment and machinery, furniture, vehicles, employees, company or organization officials, current and future income, monies and securities, contractual obligations, extensions of credit and protection from the financial impact resulting from third-party actions.
Bull Valley Associates helps its customers navigate through the variations in coverage insurer-to-insurer and the mix of managed risk and transferred risk. In some cases, we may recommend the use of large deductibles, loss sensitive plans, self insurance or captives to achieve the best balance of cost and coverage.
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By definition, a Surety Bond is a three-party agreement whereby the surety guarantees to the obligee (the project owner) that the principal (the contractor) is capable of performing the contract in accordance with the contract documents. Performance of the contract, which is the subject of the bond, determines the rights and obligations of the surety and the obligee. There are eight main types of surety bonds: Contract Bonds (Bid and Performance Bonds), License and Permit Bonds, Fidelity Bonds, Fiduciary Bonds, Notary Bonds, Judicial Bonds, Public Official Bonds, and Miscellaneous and Federal Bonds.
In practice, surety bonds enable companies and public entities to conduct business with assurances that the parties they contract with are of sound financial footing and are capable of fulfilling their obligations within the agreement. Surety underwriters act as a clearing house by analyzing financial statements and bank records and becoming a stakeholder in the transaction. Bull Valley Associates plays the role of matchmaker aligning our employer clients with experienced, qualified and responsive underwriters who place high priority on expediting bond requests.
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This form of insurance is mainly used to protect and preserve the wellbeing of an insured person's family. In business, this product many times preserves the interests of the employer by funding the financial impact caused by the loss of a valued employee. Key person insurance can be purchased to offset the costs associated with recruiting and replacing individuals who's loss, either because of their position or performance, would have a negative and measurable effect. Buy-sell agreements or shareholder agreements that stipulate the transfer of shares on the condition of death can be funded by life insurance.
Lending institutions will often require life insurance on company principals who co-sign business loan agreements. Reviewing the myriad options and securing this type of insurance in a non-urgent environment assures an optimal outcome and can indicate your long-term intentions to commercial loan officers. Bull Valley Associates has experience in this area of insurance and assists its customers in making intelligent choices when completing the funding of corporate documents.
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Small business owners sometimes prefer to limit the number of insurance agent relationships they have. Bull Valley Associates can accommodate by delivering superior personal insurance products and cost effective coverages. Managing your household's personal insurance anniversaries and the requirement to constantly shop for the very best arrangement can often result in bad purchasing decisions and reduced protection. We enjoy relationships with a family of premier personal insurers and are staffed to make your life a little easier.
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