Insurance Issues brought up at NYC DoB CE License Class February 22, 2019

KEN KIRSCHENBAUM, ESQ
ALARM - SECURITY INDUSTRY LEGAL EMAIL NEWSLETTER / THE ALARM EXCHANGE
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Insurance Issues brought up at NYC DoB CE License Class
February 22, 2019
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Insurance Issues
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Ken,
         Every three years I have to take a NYC Dept of Buildings approved Continuing Education class.  Yesterday I took the class and they had an Insurance agent/broker speak about insurance and coverage's that we should have, and thought you may want to comment and/or pass on the info.  These are just some topic highlights from the presentation:
  We should have a comprehensive GL policy which should include:
        Inland Marine coverage
        Installation coverage
        Action overage
       Waiver of subrogation
What are your thoughts, recommendations, advise, etc?
Thanks
Jeff
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Response
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          All alarm – security – fire companies need to have insurance.  The most essential insurance you need is General Liability with Errors and Omissions coverage.  The policy should be on an occurrence basis.  Policy limits of at least one million.  You can’t have too much coverage.  If you do commercial fire I think three million is the least you should have.  Again, you can’t have too much.
          Use a carrier that offers an Alarm Program.  See The Alarm Exchange in the insurance category.  
          I asked Security America to respond to the question.  Here is their response:
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Ken,
 Re:  Response to the insurance question. 
            More importantly than just “ticking” the coverage boxes is that you need to work with a professional that will review your business and ultimately provide you with options that meet your individual needs.  Yes, GL coverage is needed, but Inland marine might not be necessary for your business.  Yes, you should have coverage for installations, but on more than the general liability side – you need it on the professional side as well.  How does your professional liability policy compliment your general liability policy?  What are the exclusions you should care about?  What about claims made vs occurrence coverage – how do those differ/what’s the benefit of each type to you?  You need to work with a company that understands the alarm industry and the exposures.  Security America was developed by the alarm industry.  At Security America, we review your needs to determine what fits your business. 
            Best Regards,
 Crystal Jacobs, RPLU
SARPG
usrisk@securityamericarpg.com
P: (866) 315-3838
www.securityamericarrg.com
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Ken Kirschenbaum,Esq
Kirschenbaum & Kirschenbaum PC
Attorneys at Law
200 Garden City Plaza
Garden City, NY 11530
516 747 6700 x 301
ken@kirschenbaumesq.com
516 747 6700
www.KirschenbaumEsq.com