Monthly Archives: October 2017

Why Do Contractors Need to Buy Commercial Bonds?

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Contractors working in the Green Valley, AZ area are required to purchase commercial bonds in order to legally do business in their chosen field, as it is a requisite for being issued a license. This provision provides homeowners and business owners with protection when hiring workers, as it provides surety for unfinished work, unpaid permits, damage done to property, and unpaid subcontracted work up to two years after the last services were performed. Contractor bonds can be purchased through your commercial insurance agency. 

Bond Basics

In Arizona, a professional must apply for a commercial bond amount that corresponds with his or her labor classification. In addition, the laborer will need to project their estimated gross volume for the year and must obtain commercial bonds for approximately that sum total.  Bonds exist in several different types: payment bonds that ensure that subcontractors will be paid, performance bonds that provide surety for nonperformance, and bid bonds that protect project owners from successful bidders who choose not to come under contract. 

Bonds are continuous, are without a termination date, and a contractor may be required to pay a premium periodically to the issuing insurance company. A company can cancel a bond, but they must provide 30 days notification, during which a contractor is required to find a substitute to keep from having their license suspended.  

Insurance Center of Green Valley Can Assist You

If you need to purchase commercial bonds, the Insurance Center of Green Valley is here to answer all your questions. We are experienced in helping the residents of Green Valley, AZ with all their commercial insurance needs, and we consider it a privilege to work for you. Contact us to speak to one of our friendly representatives, and we will find the right commercial insurance package to meet all your needs. 

A Home Inventory can Simplify Your Claim

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You never know when a disaster will strike and cause the loss of valuable possessions in your Green Valley, AZ home.  You can, however, be prepared by maintaining an up to date home inventory of your possessions as a record of what you own. A home inventory will simplify making an insurance claim so lost or damaged goods can be replaced faster.   

What’s a Home Inventory?

A home inventory is simply an itemized list of your personal possessions to include shoes, clothing, jewelry, electronics, furniture, artwork, kitchen goods and appliances, sports gear, books and anything else you may own. When making your list, you should pay special attention to valuable items such as heirlooms, posh jewelry and collectibles as these will cost more to replace if they are damaged, stolen or lost. 

Each item should have a brief description stating its condition, where it was bought and make, model and serial number if it applies. Your inventory should include receipts and appraisals for valuable goods to prove their worth and photos or videos to show their current condition. This information will make it easier for an adjuster from Insurance Center of Green Valley to assess your loss and expedite your claim.

How is a Home Inventory Used in a Claim?

Your home inventory can be used to substantiate ownership and condition of the goods you lost. Without proof of ownership, an insurance adjuster may question whether these items existed at all. Receipts, photos or a video of valuable items help verify their worth so you can get full value for them in a claim. Be sure to update your inventory periodically so it will be current when you need it.

Learn more about the benefits of a home inventory by contacting an insurance specialist at Insurance Center of Green Valley, Green Valley, AZ.