Tuesday, December 7, 2010

Wedding Protection - Every Bride & Groom Should Consider It.

Your wedding day is one of, if not the most, important days in your life.  It's something you've dreamed about and some have even planned from a very young age.  From the your dress, shoes, and jewelry to the flowers, lighting, and bridesmaids; your dreams and vision are about to become a reality.  You are planning a wedding and a life after with the one you love!

The process is in full swing.  You've set the date with the Reception Venue and put down a deposit to reserve it.  You've booked your Professional Planner, Photographer, Videographer, DJ and/or Band, Florist, and even set a meeting with the Bridal Salon for the fitting.  You have also placed deposits down on each one of the professionals you've hired.  Your wedding is 18 months away and you are all set.  Or, at least you think... 

Now, in all the beauty, glamour, and happily ever after you are not thinking about what will or could lie ahead.  What if the Hall closed down the month before your wedding and you have paid half of the total due?  What if 6 weeks prior to wedding, the Bridal Salon closes down without notice? The fact is, most people do not have the funds to just shell out another deposit and possibly more due to time restraints.  Typcially, brides and grooms have set a budget and will use every dollar and more often exceed their budget. 

The average price and investment for a wedding in the U.S. has risen to around *$27,000.  Let's say your deposits for vendors and venue are in the area of 20% of the $27,000 total.  You have then laid out $5400 with no guarantee that the business will still operate 18 months down the road.  We are not saying it will or is going to happen on your day.  All we are saying is that it has happened and the possibility is always there.

For as little as $160 you can insure and protect your wedding from unforseen events.  From sickness causing postponed weddings to damaged gifts, lost rings and deposits; we can tailor a policy to cover your day at an affordable price.  We can even add limits of liability (required by many venues) and liquor liability to every policy to protect you in the event that guest causes damage to property, injures themselves, or liability from alcohol related incidents. 

We can cover your wedding in as short as 14 days prior to the day and there are no current claims...

You can't predict the future, but you can protect yourself financially!  Call Liberty Insurance Services today for an instant quote and policy issue. 

Office: (215) 331-7382

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*Source: Condé Nast Bridal Media
- American Wedding Study, 2006.

Thursday, December 2, 2010

Liberty's Expanding Product Line. BONDING

We are always looking to expand our products and services for our current and future clients.  We research and negotiate only with top rated insurance and financial companies by AM Best.  This is why were are very excited to introduce a few of our latest additions to a fast growing insurance product base through CNA Surety and 16 additional major bonding companies. 

In recent months we have seen a increasing need of brokerage firms that offer Bonding to their customers.  Bonding is a unique line of business that, from our experience, is a somewhat feared product line in our field.  It is often required by an Obligee (party who is requesting service to be performed) to enter into a contract.  It is very unique in the way it is underwritten, as well as the terms the bond guarantees and is often commingled with insurance, but is better understood as a line of credit.  We refer to it as a line of credit due to the nature of claims and losses.  If a claim was deemed valid by the Surety (3rd party, often an insurance company which provides the financial guarantee), the Principal (party who agrees to perform a service or meet obligations) would be financially responsible to pay for all losses, including legal fees, back to the Surety.  This is much different than a typical insurance claim which does not require indemnity to the insuring company for losses paid.

Now you ask: "Why do I need bonding if I am financially responsible for payment claims?"
The Answer: Without Bonding, the Principal (party who agrees to perform a service or meet obligations) will need to show proof that they are financially able to post the dollar amount required of the bond limit.  If you are entering a contract with a required bonding limit of $1,000,000; that cash or credit will be tied up for the period or satisfactory completion of the contract.  Bonding will free up that capital with a down payment as low as 1%.

There are 3 major bonding categories that we can provide for: Commercial, Contract, and Court.  Each of the categories has multiple subcategories and involves a guarantee of either performance, payment, or other obligations as stated.  Liberty Insurance Services now has the ability to aggressively negotiate bond terms and search for the best available rates due our association with the largest carriers. 

Quotes can typically be acquired very quickly; more often, the same business day.  We know that Your Time is Valuable.  Contact Us to find out more! 

Office: (215) 331-7382
Email: info@libertyinscorp.com

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