Parkway Blog

Welcome!

Posted on June 8, 2011 by Parkway Insurance Group, Inc.

Thank you for visiting parkway’s blog! We welcome your feedback and comments.

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As a retailer, do I need to worry about product liability?

Posted on May 14, 2012 by Parkway Insurance Group, Inc.

Yes. Even if damage or injury is caused by a manufacturing defect, you can (and probably will) be sued. General liability or businessowners insurance usually covers this liability, but you should check with your agent to be sure your business is adequately covered. Recognize, too, that your liability policy will pay defense costs, whether or not a judgment is rendered against you.

“Companies worry too much about the cost of doing something. They should worry about the cost of not doing it.” unknown

Your Friends at Parkway Insurance Group, Inc.

Reprinted with permission from Trusted Choice®; www.TrustedChoice.com

Posted in Business, Insurance Topics | Tagged business insurance, Faq, parkway insurance group | Leave a comment

Who decides how much my property is worth on my homeowners policy?

Posted on May 10, 2012 by Parkway Insurance Group, Inc.

State laws may dictate how losses are calculated, which means the same insurance
company may use one method in one state and a different method in another. The
common methods are:

Actual Cash Value: The replacement cost of the item minus depreciation. For
example, a new television set may cost $500. If your seven -year-old TV gets damaged in a fire, it might have depreciated 50 percent. Therefore, you would be paid
$250 for that TV.

Replacement Coverage: The cost of replacing an item without deducting for
depreciation. So today’s cost for a TV set with features similar to the 7-year-old
one damaged by fire would determine the amount of compensation. If it still costs
$500 today, that would be the replacement coverage.

Replacement value should not be confused with market value. The market value
is what your house, for example, would actually sell for and is generally more
than the replacement cost. This is because replacement value does not include the
land—which almost always does not need to be replaced.

Check your policy. If you prefer replacement coverage and do not already have it,
this coverage can be added to your policy. Typically, the difference in premiums is
10 to 15 percent to upgrade from actual cash value coverage to replacement coverage. However, it is well worth it to protect your investment in your possessions.
Your agent can advise you of the costs involved.

The reason why men enter into society is the preservation of their property. ~John Locke

Your Friends at Parkway Insurance Group, Inc.

Reprinted with permission from Trusted Choice®; www.TrustedChoice.com

Posted in Home, Insurance Topics | Tagged actual cash value, Faq, homeowners, parkway insurance group, replacement cost, TX | Leave a comment

Hamilton Our Youngest Student!

Posted on May 2, 2012 by Parkway Insurance Group, Inc.

Hamilton Our Youngest Student!, a photo by ParkwayIns on Flickr.

A Social Hour at Falcon Point.

Posted in Parkway News | Leave a comment

Help! I’ve lost everything! Where do I start?

Posted on April 30, 2012 by Parkway Insurance Group, Inc.

The best place to start after a great loss of property is with an inventory of that property. And the best time to make an inventory is before all is lost. If most of us suddenly found ourselves without anything due to some calamity, we would be hard pressed to know all that we had lost. When was the last time, for example, that you counted the number of shoes or DVDs you own, not to mention furniture, dishes, or audio/video equipment? How much is it all worth and where would you start if you had to replace it?

Now is the time to make a list of your major possessions. Where possible, it is wise to list the item’s serial number, date and cost of purchase, and to hold onto the receipt.

Perhaps an even easier way to inventory your possessions is to use a still or video camera. As you take the video, you can also talk about the items, when you purchased them and how much they cost.

Whichever method you choose, have a copy made. Ask a friend or family member to hold onto it or store your copy in a safe deposit box. Also, check with your Trusted Choice® agent, who may be able to store a copy for you. If the worst happens and your possessions are destroyed, the inventory will be safe at another location

The reason why men enter into society is the preservation of their property. ~John Locke