Union America Insurance Agency

Frequently Asked Questions

 

Q. We own a small property management company that manages condominium associations, apartments, and rental homes. We are excellent property managers, but we are not insurance experts. Are you available to be a part-time insurance administrator?
   
A. Yes. We are available to be your part-time in-house insurance administrator. As your insurance administrator, we review all insurance policies covering the properties you manage and all insurance policies covering the contractors that perform work on the properties you manage. We then provide recommendations for saving premium dollars and improving coverage. Your clients will appreciate what we do.
   
Q. We have a life insurance policy that we have owned for a number of years. Now that we are retired, we would like to eliminate the monthly payments. The insurance benefit is not as important as it was when we purchased the policy. Do we have any options other than accepting the cash surrender value of the policy?
   
A. Yes. We can probably assist you in selling the policy to an investor for cash. Generally, you can expect to be paid far more than the cash surrender value of the policy. Any life insurance policy with a death benefit of $100,000 or more that has been in force for two years or more can be sold for cash.
   
Q. I am on the board of directors of a homeowner association that is facing its third insurance policy cancellation because of excessive claims. We have not been able to find an insurance company that will accept us. Can you help?
   
A. Probably. As an independent broker-agent, we work with many insurance carriers. Some will accept high risks for a higher premium. Sometimes there are conditions and exclusions attached to these policies, but they are available except in extreme situations.
   
   





Union America Insurance Agency


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