Commercial Property Insurance

Commercial Property Insurance covers everything related to the loss and damage of company property due to a wide-variety of events such as fire, smoke, wind and hail storms, civil disobedience and vandalism. The definition of "property" is broad, and includes lost income, business interruption, buildings, computers, company papers and money.

Property insurance policies come in two basic forms:

·         All-risk policies covering a wide-range of incidents and perils except those noted in the policy;

·         Peril-specific policies that cover losses from only those perils listed in the policy. Examples of peril-specific policies include fire, flood, crime and business interruption insurance. All-risk policies generally cover risks faced by the average small business, while peril-specific policies are usually purchased when there is high risk of peril in a certain area. Consult your insurance agent or broker about the type of Commercial Property Insurance best suited for your small business.

DMV DEALER BOND

DMV Dealer Bonds are a security between the dealer and the state organization that issues the license for your Dealer license.  A Dealer may purchase a DMV Dealer bond for a small percentage of the amount required or post the entire amount in cash with the licensing entity.  Most will choose to purchase the bond as the amount required by the license entity is between $10,000 to $250,000 giving the dealer more purchasing power of inventory to give them the edge against competition.

Why do I need a DMV Dealer Bond?

By posting a DMV Dealer Bond, principals (dealers) pledge to refrain from practicing fraud or making any fraudulent representation that causes a monetary loss to a purchaser, seller, financing agency or governmental agency. Specifically, these bonds ensure that principals conduct business in compliance with the conditions listed in your local state dealer statues, which is also referred to as the Vehicle Code.

If the principal fails to comply with these terms, the surety will cover damages to harmed parties up to the full penal sum of the DMV Dealer Bond up to the amount your state requires. The principal must reimburse the surety for all damages paid out.  Bonds are guaranteed by the principal, so bonds are like a credit card taken out in the name of the principal and backed by their financials.  This is why many surety companies require not only good credit but strong financials to assure the bond is paid back in the event of a claim.  Any tax liens, recent bankruptcies, child support claims can and will jeopardize your ability to obtaining a bond, so be sure any of these issues are remedied before applying for your new bond.  If you credit good or bad Insuremart can always find a market, but pricing will always be effected. 

Another issue that can cause problems in obtaining a DMV Dealer bond is prior industry related complaints, such as turning back odometers, selling stolen vehicles or losing a case in court that shows fraudulent business practices.  These types of issues will not allow bonding by any company. 

DMV Dealer bonds rates vary by state, size of the bond and credit.  Some states only require $10,000 or less making it much easier to purchasing a bond, where as some require up to $250,000.  Whether a large or small bond is required, Insuremart can bond any size and any state.