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Protecting Your Assets

Protecting Your Assets. Insurance for the Diplomatic Community. Martin Koles Aquilan Worldwide Risk Management LLC 131 Alta Ave., Yonkers, NY 10705 718-830-5311; diplomat@mkoles.com. Scope. Why you need insurance. What types of insurance are available.

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Protecting Your Assets

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  1. Protecting Your Assets Insurance for the Diplomatic Community Martin Koles Aquilan Worldwide Risk Management LLC 131 Alta Ave., Yonkers, NY 10705 718-830-5311; diplomat@mkoles.com

  2. Scope Why you need insurance What types of insurance are available How much insurance is required important to have for special circumstances Strategies for getting the best coverage and price

  3. CAVEAT EMPTOR (let the buyer beware)

  4. Insurance Policy Insert Eagle Logo

  5. Certificates of Insurance For Information Only Insurance Company Who is Insured Types of Insurance How Much Insurance How Are You Protected Policy Period Description of Operations Your Name and Address

  6. Common Exclusions Designated Premises Contractual Limitation Medical Payments Water Damage Mold & Mildew Asbestos Wind or Hail Flood

  7. Insurance Industry Performance

  8. Why You Need Insurance REQUIRED BY LAW Autos - Workers Compensation REQUIRED BY CONTRACT Premises Lease - Leased Equipment PROTECT GOVERNMENTAL ASSETS Buildings – Homes – Contents – Art - Extra Expense PROTECT PERSONAL ASSETS Your Possessions LEGAL PROTECTION Defense and Indemnification

  9. Property Insurance Fire Smoke Windstorm Explosion Water Damage Theft Sprinkler Leakage Snow & Ice

  10. Property Terms www.irmi.com/online/insurance-glossary

  11. Valuable Articles All Risk Worldwide

  12. Liability Insurance

  13. Immunity? Persons enjoying immunity from the jurisdiction of the host country’s laws are nonetheless obligated to respect those laws. While you may have full criminal immunity and may not be arrested, you can be sued. Does not extend to your landlord.

  14. If you lease premises, your landlord will require liability protection as a condition of occupancy. If you lease equipment, the lessor will require loss protection. Don’t sign any lease until it is reviewed by your attorney and insurance representative.

  15. Sample Simple Lease Liability Insurance Tenant shall obtain and keep in full force and effect a policy of comprehensive general public liability and property damage insurance on an occurrence basis with a broad form contractual liability endorsement. Such policy shall provide that Tenant is named as the insured. Landlord, Landlord’s managing agent and any Lessors and any Mortgagees shall be added as additional insureds. Such policy shall include a provision under which the insurer agrees to indemnify and hold Landlord, Landlord’s managing agent, and such Lessors and Mortgagees harmless from and against all cost, expense and/or liability arising out of or based upon any and all claims, accidents, injuries and damages.In addition, the policy will not be cancelled by the Tenant unless replaced on the same date, without any lapse in coverage, with an insurance policyoffering protection to the Landlord and the named insureds in accordance with the provisions of this Lease. In addition, upon receipt by Tenant of any notice of cancellation or any other notice from the insurance carrier which may adversely affect the coverage of the insureds under such policy of insurance, Tenant shall immediately deliver to Landlord a copy of such notice. The minimum limits of liability under the policy of insurance required to be carried shall be a combined single limit with respect to each occurrence in an amount of not less than $5,000,000 for injury (or death) to persons and damage to property, which amount shall be increased from time to time to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by prudent landlords of first-class non-institutional office buildings. All insurance required to be carried by Tenant pursuant to the terms of this Lease shall be primary and be effected under valid and enforceable policies issued by reputable and independent insurers permitted to do business in the State and rated in Best’s Insurance Guide, or any successor thereto as having a general policyholder rating of “A” and a financial rating of at least “VIII”. to protect the landlord against all claims and damages amount $5 Million on a primary basis with a reputable insurance company

  16. Commercial Lease Pitfalls Overly restrictive language Excessive Limits of Insurance Impossible Conditions Outdated Terminology Illegal Practices

  17. Auto Insurance XYZ Applies to business autos and individual owned autos.

  18. The Auto Policy

  19. Workers Compensation

  20. Special Circumstance Insurance Election Venues Art Shows Conference Builder’s Risk

  21. Personal Insurance

  22. Strategies for Success Insurance companies have no loyalty to you Agents vs Brokers Evaluate your needs and design the policy you need Bring on the competition It’s not just the cost- negotiate coverage

  23. Insurance for the Diplomatic Community • Caveat Emptor • Read Your Policy • Required for Autos, Leases, Certain Workers • Recommended for Offices, Homes, Possessions • Provides Legal Defense • Engage Competition

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