5 Common Boat Insurance Exclusions

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When offering boat insurance, it’s essential to explain what it covers and what it doesn’t cover. Boat insurance from NCIB Group Inc. in Chicago, IL, covers your boat from damage and protects you against liabilities and injuries you might suffer after a boating accident. Regrettably, like other insurance coverages, your boat insurance isn’t entirely faultless — it has exceptions and exclusions. 

Below are some common boat insurance exclusions you should know about.

Regular wear and tear

When you buy your boat, it’s your responsibility to maintain it in tip-top condition. As such, if the paint starts chipping or electronics starts falling apart, that’s not your insurer’s headache. It will help if you take optimal care of your boat as long as you have it.

Infestations

Whether it’s pest or mold infestation, your boat insurance won’t cover the ensuing damage. So, if termites chomp on your boat or mold invades your watercraft, you may have to pay for the damage from your pocket. 

However, the good thing is that strategies like keeping your boat dry and contracting exterminator services can keep off mold and pests from your boat.

Marine life

Your typical boat insurance isn’t likely to cover damage from whales, sharks, octopi, and other aquatic life creatures. So, if you like exploring unruly waters, you may need to add an endorsement to cover such damages.

Faulty machinery

Your basic boat insurance is unlikely to cover damage or malfunction of any boat part, whether it’s due to gradual deterioration or mishandling. However, your boat insurance will cover the said parts if damaged by a covered peril. 

Competitions

Your boat insurance is unlikely to cover damage and liabilities arising from high-speed competitions. Please talk to your insurance agent for supplemental coverage if you are about to participate in such fun.

Purchase boat insurance today!

Would you like to learn more about boat insurance? Would you like to purchase boat insurance in Chicago, IL? Please get in touch with NCIB Group Inc. for all your boat insurance matters. 

Risks Of Not Having Home Insurance

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The purpose of home insurance is to protect you as a homeowner and your property. However, it is expensive, so you may start thinking of canceling it in order to save money. Is it a good idea? Definitely not. Being a homeowner without proper home insurance is associated with certain risks, and here is a list of some of them:

What Are the Risks Of Not Carrying Home Insurance?

Here is a list of reasons why it is not a good idea to own a home without proper home insurance:

  • The costs of rebuilding and repairs can be too high. If something happens to your home, you, or personal belongings, your home insurance will cover the expenses, including the cost to repair or rebuild your home. However, if you do not have a home insurance policy, you have to cover all the expenses yourself. 
  • There might be a liability claim against you. Most home insurance policies include liability coverage that protects homeowners from unexpected lawsuits. However, if you carry no insurance and someone gets injured at your property, you will have to pay for their medical bills out of pocket. 
  • Your belongings are not covered. Home insurance covers not only your home and you as a homeowner but also your personal belongings, including clothes, furniture, electronics, etc. If they get damaged or stolen, and you do not have home insurance, their loss will not be covered. 

 NCIB Group Inc. serving clients in Chicago, IL – We Will Find a Policy To Fit Your Lifestyle

if you are a homeowner from Chicago, IL or other surrounding areas, home insurance is a must. If you are thinking of getting a proper policy to protect your property and yourself, NCIB Group Inc. is ready to help. We are a group of insurance professionals, who have been serving the Illinois community for many years. Do not hesitate to visit our website or give us a call if you need more information. 

Do people in Chicago need auto insurance?

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Those that live in the Chicago, IL area will find that vehicle ownership makes it easier to get around the city. While there is a strong public transportation system, owning your vehicle does come with some convenience. Along with a vehicle, you also need to choose a proper insurance plan. Vehicle owners here need to have an auto insurance plan for a few reasons. 

Coverage is Required by State

A reason you will need to have this coverage is that it could be a requirement by the state. If you are going to buy a vehicle here, you will want to know you are in compliance with all laws when driving it. In Illinois, this means that you will need to carry liability coverage. If you do not have this protection, you could be penalized and will also be responsible for any damages you cause in an accident. 

Coverage Needed for Proper Protection

Even if it was not a legal requirement, you will still want to have this insurance protection. An auto insurance plan is the best way that you can protect your vehicle. If you do not have this coverage, you could incur a serious loss if your vehicle is involved in an accident, or it is stolen. 

In almost any situation, a vehicle owner in the Chicago, IL area will need to have an auto insurance plan. If you are looking for coverage here, it would be a good idea to work with NCIB Group Inc. There are a lot of choices you need to make when looking for coverage and NCIB Group Inc. can make it easier for you. The team here is able to do this by assessing your situation and giving the support you need to choose a new plan. 

Why Every Condo Owner Needs Condo Insurance

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When you buy a condo, one of the first things that you should do is to get condo insurance. This insurance will protect you in a number of ways now that you own a condo. To find out more about this type of insurance, call us now at NCIB Group Inc. in Chicago, IL.

Building Coverage

When you own a condo, there are very specific areas that you do own as well as those that you don’t own. Typically, the outside of the outside walls are owned by the condo board, and that board must insure those areas. Other outdoor and common areas are also owned and insured by the board. However, you own and must insure the inside portions of the condo. Your condo insurance covers those areas in case of an accident, disaster or calamity. 

Liability Coverage

Another type of coverage that you get in your condo policy is a specific amount of liability coverage. This can help you if there is an accident or sudden illness in your home that affects the third party. If you are liable for that incident, your condo insurance will pay for the person’s medical bills so that you won’t have to come up with it. 

Belongings Coverage

If there were to be a serious incident such as an accident or disaster that causes damage to your home, your condo may be pronounced uninhabitable until it is effectively fixed. If this occurs, your condo insurance will pay for you to live somewhere else during that time. With this coverage, you don’t have to come up with the money to pay for two residences while the repairs are being done. 

Get Condo Insurance

If you need to get your condo insured, contact us today at NCIB Group Inc. in Chicago, IL to talk with an agent.

4 Things You Need To Know About Commercial Insurance

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In a perfect world, businesses wouldn’t need insurance. Why? Because they would operate in an environment without risks like theft, fire, vandalism, floods, and so forth. Unfortunately, a utopian business environment doesn’t exist. If you are a business owner in Chicago, IL, you have to contend with numerous perils lurking in your business. And your best line of defense in shielding your business against risks is procuring a well-rounded business insurance plan from NCIB Group Inc.

Unfortunately, shopping for business insurance can be a challenging exercise, especially for startups. Thankfully, here is a guide of what you need to know when shopping for Illinois commercial insurance. 

Certain commercial insurance coverages are required

If you have more than one employee in Illinois, you are required to purchase workers’ comp insurance. This coverage covers your employees’ medical expenses for illnesses and injuries sustained in the workplace.

Additionally, if you have business cars, you need commercial auto insurance. This coverage protects your business against liabilities. Besides, it covers both your driver and vehicle when accidents occur.

Update your policy regularly

If you want to get the most out of your commercial insurance plan, review it at least once every year. This way, your business won’t be overinsured or underinsured. Additionally, your current business needs will be taken care of, minimizing your exposure. 

Understand your policy well

If you want to understand the ins and outs of your commercial insurance plan, you need to read your policy document carefully. Here, you will get to know what’s covered and what’s not. Then, instead of rushing to sign the dotted line in your policy document, read the contents keenly and consult with your insurance agent for clauses that you don’t understand.

Your insurance agent matters

Partnering with a reliable and trustworthy insurance agent is akin to getting a life partner for your business. Your insurance agent acts as your financial advisor and answers all your insurance needs. Simply put, your insurance agent can be the difference between success and failure for your business.

Are you looking to partner with a trusted insurance agent in Chicago, IL? Look no further than NCIB Group Inc. for all your commercial insurance needs. 

Do I Need Boat Insurance All-year-round?

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You only enjoy your boat when the weather is warm, right? So, you should carry boat insurance during boating season? Most people in Chicago, IL cancel their boat insurance when not using it, but this trend may cost them their boats when tragedy strikes. Still not convinced? Hang on as NCIB Group Inc. shares insights on why you need boat insurance all year through.

It may be required

While boat insurance isn’t mandatory in Illinois, if a federal-registered lender has financed your boat, they may require you to have boat insurance throughout the year to protect their financial interest. 

Out of water risks

Yes, you are not using your boat in the water, but mishaps can still happen outside the water. Perils like theft, falling objects, hurricanes, vandalism, and fire can still happen even when your boat is parked. Without boat insurance, you will have to cater for the repairs or loss from your pocket. However, when you have boat insurance, you can ease this financial burden.

It saves you money!

We know you are surprised at this, but let’s explain how you save money by carrying your boat insurance throughout the year. Firstly, most insurance companies reward you with a deductible reduction for every claim-free year. Secondly, some insurers give their clients loyalty discounts, reducing their premiums. See how you save money by spending money? 

For peace of mind

It’s human nature to worry. But some worries can be shelved off with insurance. Without boat insurance, you will not be at ease when you know perils like fire, theft, and vandalism are always a threat. While you may have home insurance, it only gives limited protection to your boat. Whereas life is full of worries, let boat insurance take some from you. 

Buy boat insurance in Illinois.

Are you shopping for boat insurance? Please don’t look beyond NCIB Group Inc. We understand boaters have varying insurance needs. For this reason, we offer personalized boat insurance coverage to suit various needs. Contact us today for an affordable quote.

4 Areas Covered By Home Insurance

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You have worked hard enough to buy or build your home. Now with the hard part behind you, it’s time to think about securing your investment. Once you become a homeowner, home insurance becomes an investment you have to prioritize. If not sure where to start, you can talk to NCIB Group Inc., located in Chicago, IL.  

Chicago homeowners are faced with various risks. If you are safe from theft, fire, and vandalism, you might not be so lucky with natural disasters like hails, storms, and lightning. Instead of rolling the dice and hope that nothing terrible happens, it’s wise to purchase home insurance to protect your home. And when you go shopping for one, ensure that it covers the below areas.

The structure of your home

The dwelling coverage part of your homeowner’s insurance protects the building itself. Any damage to the roof, walls, floor, and foundation is covered up to your policy’s limit. However, typical home insurance doesn’t cover floods and earthquakes. To that end, you should double-check with your agent for separate policies.

Personal belongings

If your assets like furniture, electronics, and clothing suffer damage or loss from theft, vandalism, or fire, your home insurance compensates you for the loss up to your policy limit. To note, high-value items like jewelry, cash, and firearms may carry limited coverage from your home insurance. It’s wise to check with your agent to ensure you are sufficiently covered.

Liability

Home insurance doesn’t only cover the structure and your stuff. You can add liability coverage to protect you and your family from property damage and bodily injury caused to others. Lawsuits can become costly. Without liability insurance, your assets, including your home, can be at stake if you fail to pay the legal costs.

Additional living expenses

What would you do if your home is damaged and become uninhabitable? You probably would seek shelter in a hotel. And because hotels aren’t free, you incur accommodation and meal expenses. Thankfully, the additional living coverage pays for expenses incurred when staying away from your home.

Need more information on home insurance? Please contact NCIB Group Inc., located in Chicago, IL. Our staff will be more than happy to give you the answers that you need.

When To Shop For New Auto Insurance

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Getting the best deal on your auto insurance is critical to your budget. Auto insurance is unique also because it is one of the few expenses you will ever have, which is required by law. This makes it even more important that you are always getting the best deal. At NCIB Group Inc., serving Chicago, IL, we make it a priority to help customers learn as much as they can about insurance products to make great insurance decisions. Let’s talk about when you should shop for new auto insurance.

Purchasing A New Car

When you purchase a new vehicle, it is important to shop around and compare the car’s rates. If you will be financing the car, it is almost always required that the vehicle be fully covered as part of the purchase.

Getting Married

If you are about to get married or have recently gotten married, this is a great time to shop for new auto insurance. Married couples can often get important discounts. You can also simplify your monthly expenses by having one insurance policy instead of two. 

Adding A New Driver

If you have a teenager who is ready to drive, you will need to add them to your auto policy. This can change your rates dramatically. To get the best deal, you will need to compare rates from different companies. Be sure to talk about important discounts for driver’s ed and good grades. 

Annually

If none of these life changes are coming up, it is still good to shop for new auto insurance about once a year to always make sure you are getting the best deal. 

If you would like to learn more about our insurance products, please contact us at NCIB Group Inc., serving Chicago, IL.

Do I need auto insurance in Chicago?

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The Chicago, IL area is one of the largest metro areas in the entire country. To ensure that you can get around it efficiently, you should consider purchasing a car. When you are going to purchase a vehicle here, you also need to get the right insurance. There are several reasons why a car owner here will need to get an auto insurance plan here. 

Insurance is Required by the State

Car owners in all areas of Illinois will need to get insurance because it is a requirement set by the state. Like other areas of the country, those in Illinois will need to carry liability insurance at all times. This coverage ensures that you will have the capacity to pay for damages you may cause during an accident. If you do not maintain this coverage, you could face a variety of penalties. 

Insurance is Required by Lender

Many choose to take out auto loans when they buy a car. If this is your situation, you need to comply with your lender’s insurance requirements. Most of the time, this will include having a full collision and comprehensive insurance plan. This coverage ultimately protects the lender as it ensures you could repair or replace your car if it is stolen or damaged. 

As you look for an auto insurance plan in the Chicago, IL area, it would be wise for you to call the NCIB Group Inc. The insurance team with the NCIB Group Inc. understands the value that this insurance creates. They can help you by answering your questions, providing you with insight into your various options, and building you an insurance plan that is right for your situation and keeps you in compliance with all of your requirements. 

Why does a business in Chicago need commercial insurance?

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If you are in the Chicago, IL area and want to start a business, you will find many opportunities. For those that are going to start a company here, getting the right insurance is crucial. There are a few reasons why a typical business here will need to get a commercial insurance plan. 

Protects Viability of Business

The main reason you will want to have commercial insurance for your Chicago business is that it can protect your company’s viability. A lot of work and investment goes into building a company, and you will want to know that this is always protected. When you get a commercial insurance plan for your company, it will include components that can protect your business assets and offset liability risk. 

Stakeholders require insurance

You will also need to have commercial insurance for your company because stakeholders could require it. To grow a company, many businesses will need to take out loans, raise outside equity and even rent a business place. In any of these scenarios, the stakeholder will want to know that your business remains viable. They will likely require that you maintain a full commercial insurance policy at all times.

Any business owner in the Chicago, IL area needs to make sure that they get a proper commercial insurance plan. When you are looking to get insurance here, it would be a good idea for you to call NCIB Group Inc. the team with NCIB Group Inc. understands the importance of this insurance, and they can help you evaluate your needs and options. This will help ensure that you pick an ideal commercial insurance policy that meets your needs.