It is of extreme importance that the mailing address and the physical location addresses are correct on your insurance policy. If you do not have the correct mailing address chances are you will not be getting timely notices for your premium invoices that are due on your insurance policy. Your policy can be easily canceled for nonpayment of premium simply because the wrong address is listed on the policy. Endorsements, changes and other legal notifications from the insurance carrier all are sent to the mailing address that is listed on your insurance policy. The mailing address needs to be to the person and location that is accountable and responsible for maintaining your insurance portfolio. Most insurance documents are very timely in nature and by not having the mailings going to the appropriate person or the appropriate location can create legal problems for you with your insurance coverages down the road. The next address that is of extreme importance is that of the physical locations of your operations for your business. If you do not list the correct locations on your insurance policy you face the potential of not having coverage if you have a claim. Actually, having the correct address for your locations must start in the underwriting stage of this process. If the carriers underwriter does not have the correct address when underwriting your risk they may incorrectly accept or deny coverage for you. Another problem can arise in by having the incorrect address is that you may have the incorrect rates and premiums on your policy. As part of their rating promulgation in premium process all policies are partially rated based upon the address and location of your business. So by having an incorrect location or locations listed on your insurance policy, you could have your rates and premiums audited and adjusted at the end of the policy year because of incorrect addresses. When it comes to addresses you must be very careful to make sure that your policy does not have an endorsement that the insurance applies only for designated premises. This endorsement imposes a limitation that is used by underwriters to tighten the underwriting control of your risk. If you have operations at temporary locations from time to time throughout the year and you do not list them all on the insurance policy as the insured location you will not have coverage with this endorsement on your policy. It is in your best interest to never have this limitation on your policy ethanol policy possible. Otherwise it will be incumbent upon you to make sure that each and every location is listed on your policy or you may not have the coverage that you think you have. Addresses are extremely important part of your insurance policy. R. Glenn Matsen, CEO, MBA, CPCU, ARM, CLU, ChFC has over 33 years of risk management experience in providing insurance solutions for the small business owners needs. His website contains detailed information on Commercial Insurance [http://commercialinsurancequotes.org] and Small Business Insurance Quotes [http://commercialinsurancequotes.org].
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