Jack Wolfe Insurance

Do I need Flood Insurance?

• Homeowners policies do not provide coverage for Flood. Everyone lives in a flood zone. Your mortgage company probably requires Flood coverage if you reside in a high probability Flood zone. However, you can purchase Flood coverage wherever you reside. If you are out of the higher probability zones, your premium will be much less.
• Generally speaking, the only Market for Flood coverage is the Federal Government. The Government issues policies through several Insurance Companies.
• Coverage can be purchased for your dwelling and/or your personal property. Coverage is also available for Commercial risks. The government limits the amount of insurance one can purchase; financial institutions are aware of these limitations and will accept coverage at less than the total value of your home or building, as long as it is the maximum the government will allow.
• Jack Wolfe Insurance represents Companies that participate in the Federal Flood Insurance Program, (premiums are the same wherever you go for coverage), and will be happy to assist you with a quote or purchase of Flood Insurance

What do I do at the scene of an Auto accident?

• Stop immediately; but do not obstruct traffic.
• Assist injured. Call the police.
• SECURE names, phone numbers, addresses of the other drivers, witnesses, and injured persons.
• SECURE make, model, and license numbers of all cars involved.
• Make a rough drawing of the scene, showing position of cars and other details.
• DON'T hastily accept claim settlements at the scene of the accident.
• Remain calm, courteous and consistent in your version of the accident.
• Notify us at Jack Wolfe Insurance as soon as possible.

Do I need an Umbrella policy?

• Umbrella policies are designed to provide high limits of liability coverage in excess of your personal, (Homeowners, Personal Auto), or business, (Liability, Auto, Worker's Compensation), insurance policies.
• Personal Umbrella policies are quite inexpensive and help protect your personal assets.
• Commercial Umbrellas are priced as a percentage of your primary insurance policies and are designed to protect your business assets.
• Clearly one should protect one's personal or business assets as best as one can; an Umbrella policy is perhaps the best way to provide that assurance.

What is un/under insured auto coverage, and do I need it?

• This coverage, part of either a personal or business auto policy, provides coverage for a not-at-fault bodily injury claim. If the party that is at fault does not have insurance, or not enough insurance, then one can make a claim under his/her policy. This is a bodily injury coverage only. Considering how many drivers the experts say are driving without insurance, and considering how low our State mandated insurance limits are, this is a valuable coverage to add to your policy.
• This coverage is not required by law.
• If an employee is involved as the injured party and is working, then Worker's Compensation is primary.
• The coverage is effective for anyone in the insured vehicle, as long as the vehicle is being used with permission.

What are the charges for Contractual required "primary insurance", "waiver of subrogation", "per project aggregate or location aggregate", "additional insured", etc?

• Primary insurance wording is an endorsement that usually carries +/- $100-$150 premium charge. This endorsement, in plain language, says your policy will be the first policy to respond and pay before the other parties' policy.
• Waiver of subrogation on the General Liability policy is usually at no cost. Waiver on the Worker's Compensation policy is usually charged at 10% of the premium calculated for that specific project, (thus not much).
• Per project or location aggregate endorsements are charged differently by different insurance carriers. The charge, if any, is usually minimal, perhaps $100.
• Additional insured charges vary by the type of entity or person being named additional insured. Endorsements for "blanket" additional insureds, contractors, owners, landlords, vendors, equipment lessors are some of the options. Charges are based on variables, so it is best to contact your Jack Wolfe Insurance agent for specifics in your case.

What is coinsurance?

Coinsurance is method of insurance underwriting and claim resolving that involves the value of your home or business property as compared to the amount of insurance purchased. Generally the "coinsurance clause" on most policies is a 90% figure. This means that if you have a partial loss it will be insured 100% if your policy limits are at least 90% of the value of your home or building at the time of the loss. If the value on the policy is less than the actual value at the time of the loss, then the partial loss is paid at the % calculated at that time, (ex. if the policy amount at the time of the loss is 75% of actual value at the time of the loss, then only 75% of the partial loss would be paid).

The purpose of the coinsurance clause is to require the policyholder to insure to value.

What is Business Interruption Insurance?

Business Interruption insurance is insurance designed to pay the business owner those funds that would equal his/her net profit plus continuing expenses at the time of a covered peril loss.

Generally the amount of insurance is calculated as annual net profit plus continuing expenses. There is a coinsurance penalty. The coinsurance penalty can be avoided by purchasing a monthly limit of insurance, (up to six months); this form of BI insurance would pay up to the amount requested, per month, as long as the net profit and continuing expenses are equal to or greater than that amount.

The monthly limit form is usually desirable for two reasons. One, the annual net profit and continuing expense number could be very large and generate larger premiums. And two, the coinsurance penalty associated with the annual form, (100% coinsurance), usually makes it difficult to collect the total amount desired.

The annual form is desirable when one feels the catastrophic loss due to fire or hurricane would preclude continuing business for a very long period of time.

There are also many endorsements available to fine-tune this coverage.

What is no-fault insurance?

No fault insurance simply means, in the State of Hawaii, that each party to a car accident will pay his or her own damages, for bodily injury, up to a certain threshold. If that threshold is reached, then the parties may sue each other for the bodily injury damages. The threshold at this time is: $5,000.

Purpose of the Law is to reduce insurance premiums by reducing the number of small claims.

What is a surety bond? How do I order one?

A Contract Surety Bond is an instrument issued by a licensed Insurance carrier that guarantees the owner, (obligee), that the contractor will perform the work specified, (a performance bond), and pay his bills; deliver the project lien free, (a payment bond). This is a specialized area of insurance. Larry Stubblefield and John Junk, of JWII, have specialized in this type of insurance since 1978. Surety bonds are not purchased like an insurance policy, but underwritten by specialty underwriters at the insurance company. Insurance underwriters require financial and personal/business data in order to underwrite a contract bond. Please contact Larry or John for more information regarding the data necessary.

Can I finance my business insurance premiums?

Yes, either through a facility we can provide, or through your own credit facility. Terms are usually 25% down and 8 or 9 installments. Interest rates are competitive.

What is "surplus lines insurance"?

Commonly referred to as surplus lines insurance is insurance placed in markets that are not licensed in the State of Hawaii. If not licensed in Hawaii, the State will not allow participation in its guarantee fund should the insurance company have difficulty paying its claim obligations.

These companies are usually doing this type of business on purpose and are very large and reputable. Jack Wolfe Insurance will not place business with a surplus lines company unless it is rated at least A- by the Best Rating service.

Surplus lines companies serve the purpose of insuring risks that our licensed companies refuse to insure. JWII is a licensed surplus lines broker.

What is the difference between Workers Compensation and TDI? And, do I have to have this coverage?

These coverages are mandated by the State. WComp is designed for work related injury or illness; TDI is designed for non-work related injury or illness.

Once an employer has an employee, full or part time, the employer must provide WC and TDI.

Some notes and exceptions: A sole-proprietor cannot purchase Wcomp for himself. Partnerships cannot purchase for the partners. A corporate owner, (C or S corp.), of 50% or more stock is automatically excluded from a policy, but may opt to include oneself(s). An LLC must insure employees and all "members" if there is at least one employee.

What is the "aggregate" part of my policy?

Your policy has an "occurrence" amount. This is the total amount of insurance available for one occurrence. This is subject to the "aggregate". The aggregate is the total amount of insurance available in the policy for all claims. Thus if one has a $500,000 claim and has a $2,000,000 aggregate; there is only $1,500,000 of total insurance funds left during that policy period.