Commercial Property Rating

Benefits of Having Bailee Liability Insurance Coverage

 

As the bailee, your professional position is that of someone who takes possession of property belonging to another for the purposes of repairing or restoring the item in question for an agreed upon amount of money. Under the agreement, you’re to return the exact same (or identical property) to the bailor after having performed the work as specified, or if unable to make the necessary repairs, inform the bailor that the job could not be done to specifications.

There is a certain degree of care required in a commercial bailment agreement. The bailee must use a degree of care that any prudent individual would be expected to use in handling his or her own property. Bailee liability insurance coverage will provide coverage if, due to some unforeseen circumstance, the item delivered or picked up for service has become lost or damaged requiring the bailee to make reparations. For example, if your customer has some machine parts in need of retooling and your place of business is burglarized and the parts taken, you would be deemed responsible for the loss of said goods.

 

Bailee insurance is important coverage to have

The coverage provided by bailee insurance includes property that is on, or in transit to and from, the bailee’s premises. The insurance is in effect when the bailee issues a receipt to the bailor for the item. Coverage excludes property belonging to the insured bailee and loss due to vermin and insects.

 

Liability of bailees

Types of businesses having bailment exposures include jewelers, parking valet service providers, and electronic and other repair businesses to name a few. This is the insurance solution for someone that temporarily stores property belonging to customers in their warehouse, for any number of reasons. The bailment is to the mutual benefit of both parties, and is therefore considered a commercial bailment agreement.

Due to the expected standard of care, the bailee’s liability is generally limited to any loss or damages as a result of the bailee’s negligence. If, for whatever reason, the bailor’s property ends up being destroyed due to a fire or some type of natural causes, the bailee would not be liable for damage unless the fire was the result of the bailee’s negligence. In any event, where there is the possibility of an issue of any type, bailee liability insurance is the product you should purchase.

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Nightclub Owners Really Need Venue Insurance

Hospitality venue owners are faced with significant risks and exposures due to the nature of their business and the services they provide. The need for venue insurance, as well as having several coverage options in place for issues related to the operations of nightclubs or other hospitality locales, is very important to their success. Nightclubs have an essential need for property insurance, along with general liability and liquor liability coverage. Consulting an agency that specifically deals in hospitality insurance is recommended since they truly understand the needs of this dynamic industry.

Nightclub owners can benefit from a vast array of policies. For example, having coverage in the form of a commercial crime policy has many benefits as it provides coverage for issues of theft, fraud, forgery, or if you are ever the victim of a robbery. The amount of damage that can be caused from one single loss could seriously hinder your ability to properly operate your business without proper amounts coverage in place.

Venue insurance for several business exposures

Aside from crime concerns, nightclub owners need to insure the large staff of workers whom they employ so they’ll also need worker’s compensation insurance that protects employees that suffer injuries on the job. Another vital coverage that needs consideration is business interruption insurance that replaces lost income if the nightclub should be forced to cease operations for any given period of time.

There are too many liabilities to mention regarding patrons who attend nightclubs or other venues featuring entertainment and alcohol, which can pose serious problems for owners. Due to the fact that alcohol is introduced into large crowds of mostly young adults nightclubs generally employ bouncers and security guards to deal with the concerns of unruly patrons. They’re needed to help control and contain crowds, and when necessary, remove drunk and disorderly patrons from the premises.

In some neighborhoods nightclub owners have even resorted to installing metal detectors to prevent weapons from being smuggled into their clubs. Doormen also are instructed to search guests for weapons prior to allowing them to enter the premises. These can be costly measures to have to take, but the consequences of allowing gunfire to create panic and pandemonium could lead to even greater tragedies occurring. For owners of nightclubs, contacting a venue insurance company to help insure against these types of issues will likely add to your success.

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Clients, Employees, and New Jersey Contractors Insurance

There are many ways to protect your construction business and having proper new jersey contractors insurance is just one of them. One of the first areas that need considerable thought is your hiring practices. You’ll want to hire a team of employees that is dependable and responsible. Having good people in place working for you is one of the keys to success. Make sure that you not only hire competent workers, but also ensure that you keep them happy and continue to retain good workers for all of your company’s projects.

Make the client your number one priority

Always put the client first. This is accomplished by having a good line of communication. While performing the work, make sure to stay in communication with the client along with others you’ll be working with. Not only will this allow for the project to run smoother, it may also lead to being awarded future projects.

You’re going to be judged first and foremost by the service you provide. The best way to increase customer referrals is by offering quality service to all of your customers, big and small. Satisfied clients will offer referrals that will grow your client base and increase profitability. It is a prudent practice to make sure that you are not only reaching out to potential new clients but also checking in on previous ones. Make sure that they know how to contact you in the event that there are any issues with the work you’ve performed.

Also, remember that the world is constantly changing. It’s important to stay up to date with technological advances within the industry. Being familiar with any new technology can help increase production as well as allow for better networking.

Having all the necessary New Jersey contractors insurance coverage in place will give you some much needed security. Growing your business requires that you take certain precautions to help ensure the security of yourself, your clients, and your employees, including visitors to work sites and even unexpected guests or intruders. You need a policy that will protect you and the business against injury and property loss.

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Classifying Different Buildings and Commercial Property Rating

When considering office space, insurance carriers need to apply certain guidelines in determining rates. Those whose business in commercial property rating understand that office buildings are generally classified as being either a Class A, Class B, or a Class C building. The difference between each of these classifications varies by market and class.

 

Both Class B and C buildings are generally classified relative to Class A buildings. Building classifications are used to differentiate buildings and help the reporting of market data in a manner that differentiates between building types. While there is no definitive formula for classifying a building, most experts use the general characteristics of each as follows:

 

Class A

 

These buildings generally represent the highest quality buildings in their market. They are most often the best looking buildings with the best construction, and possess high quality building infrastructure. Class A buildings are situated in prime locations in relation to the needs of its tenants, have good access, and are professionally managed. Therefore, they attract the highest quality tenants and can also command the highest rents.

 

Class B

 

Class B buildings are generally a little older, but still have good quality management and tenants. Investors will often target these buildings as investment opportunities since well-located Class B buildings can be upgraded to a Class A rating through renovation, such as facade and common area improvements. Class B buildings are generally quite functional and often well maintained.

 

Class C

 

The lowest classification for an office building is Class C. These are older buildings (usually more than 20 years old), and are located in less desirable areas and are in need of extensive renovation. From an architectural standpoint, these buildings are the least desirable and building infrastructure and technology is often out-dated. As a result, Class C buildings have the lowest rental rates, take the longest time to lease, and are often targeted for re-development.

 

 

While no formal international standard exists for classifying a building, one of the most important things to consider about building classifications and commercial property rating is that buildings should be viewed in context, and relative to other buildings within the sub-market.

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