Debra Verstegen, Dickenshied Cravillion Insurance Services, presentation to De Pere Area Chamber of Commerce February 13th, 2013 De Pere at Dawn. "Financial Fitness" panel

1. Presented by Dickenshied Cravillion Insurance Services

2. Debra Verstegen, Agent
Over 15 years of experience in commercial
property & casualty, commercial health
insurance, life & disability insurance, business
continuation planning, and estate planning.
Dickenshied Cravillion Insurance Services is a full
service independent agency located in
East De Pere, serving Northeast Wisconsin since
1872.

4. Recent Example:
Total blanket Replacement
Cost for 3 buildings and
Business Personal Property
was listed on a business
policy for $789,000.
Realistic Replacement Cost is
really $1,850,000.
The business had been with
the same agent for years.
The agent had supposedly
been doing annual reviews.

5. If my building was destroyed, I would….
 Build the same building …same floorplan,
square footage, materials, etc.
 Build a completely different building
 Take the money and move to a warmer
climate

6.  REPLACEMENT COST : Build the same building
…same floorplan, square footage, materials, etc.
 FUNCTIONAL REPLACEMENT COST or
AGREED VALUE: Build a completely different
building.
 ACTUAL CASH VALUE: Take the money and
move to a warmer climate. Depreciated value.

7. The property owner is
responsible for primary
coverage of his building,
unless you have a triple
net lease that requires
you to cover the
building.
What if you, the tenant,
are responsible for the
damage?
SUBROGATION

8. Incorrect information in
insurance contracts
may be the fault of the
insured client…..or the
agent.
It’s YOUR legal contract.
Make certain it is
right.

9. One area in which the insurance industry falls
short is….
DISCLOSURE.
Take the time to read the exclusions in each policy
part. Especially watch out for
PUNITIVE DAMAGES EXCLUSIONS
(Insurance companies must pay punitive damages
in Wisconsin, unless the carrier specifically
excludes them.)

10. C corp: Owners are included
unless they exclude
themselves.
S corp: Owners are included
unless they exclude
themselves.
LLC: Owners are excluded
unless they include
themselves.
Sole proprietorship: Owners
are excluded unless they
include themselves

11. If you are excluded from Work Comp, you need to be certain
that your health insurance coverage has 24 hour coverage
(would cover work-related injury).
If you are covered under a spouse’s plan, you definitely do
NOT have 24 hour coverage.
If you are on a group or individual plan, your carrier likely
needs to be notified that you need 24 hour coverage, and
there may or may not be a charge for it.
Strongly recommended: Long-term disability coverage to
protect your income in the event you are unable to work.

12.  S or C Corp: Minimum payroll $13,312
Maximum payroll $66,612
 LLC, Sole Proprietorship, Partnerships
$44,408 flat payroll

13. If you have employees,
you need this.
General Liability
coverage does NOT
cover employment
related liability claims:
harassment,
discrimination, and
wrongful termination

14.  Race
 Color
 National Origin
 Religion
 Sex
 Age
 Disability

15.  Risk management help.
Have best practices in
place.
 Document, document,
document.
 Your insurance carrier
will defend you. Defense
costs.
 Insurance limit available
to pay judgments.