CBayless Associates financial,science,sports Small Commercial Craft Insurance: Protecting Your Business on the Water

Small Commercial Craft Insurance: Protecting Your Business on the Water

February 4, 2024February 4, 2024| Gregory LoweGregory Lowe| 0 Comment | 12:00 am
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Operating a small Commercial craft,whether it’s a fishing boat,a charter vessel,or a workboat,comes with its own set of challenges and risks. These vessels are essential for various businesses,but they are exposed to unique maritime hazards. To safeguard your livelihood and assets,it’s crucial to secure comprehensive small commercial boat insurance. In this article,we’ll explore the importance of working with an independent specialist marine insurance broker who operates exclusive specialist facilities for small commercial crafts.

Understanding Commercial Craft Insurance

Commercial craft insurance is a specialized form of marine insurance tailored to the needs of businesses that rely on vessels for their operations. Whether you’re involved in fishing,tourism,transport,or any other marine-related industry,this type of insurance is designed to protect your business from financial losses caused by unexpected events.

Why Commercial Craft Insurance Matters

Asset Protection: Your commercial craft is a valuable asset that plays a pivotal role in your business. In the event of accidents,theft,or damage,commercial craft insurance ensures that your vessel is repaired or replaced,minimizing downtime and financial losses.

Liability Coverage: Operating in the maritime industry exposes you to various liability risks. Commercial craft insurance typically includes liability coverage,which protects your business from legal and financial consequences in case of accidents,injuries,or damage to third parties.

Business Continuity: Unexpected events,such as accidents,engine failures,or adverse weather conditions,can disrupt your business operations. Commercial craft insurance can cover the costs of temporary replacement vessels,enabling you to continue serving your customers and generating income.

Crew Protection: If your business involves employing a crew,insurance can provide coverage for their injuries or illnesses,ensuring they receive proper Medical care and compensation while they’re unable to work.

Choosing an Independent Specialist Marine Insurance Broker

To get the best commercial craft insurance for your business,consider working with an independent specialist marine insurance broker. Here’s why they are a valuable choice:

Expertise: Specialist marine insurance brokers have in-depth knowledge of the maritime industry and the specific risks associated with small commercial crafts. They can tailor insurance policies to your business’s unique needs.

Exclusive Facilities: Some brokers operate exclusive specialist facilities dedicated to small commercial crafts. These facilities are designed to provide comprehensive coverage and competitive rates tailored to your vessel type and business activities.

Customized Solutions: A specialist broker can assess your business requirements,vessel specifications,and risk factors to create a customized insurance package that covers all your needs without unnecessary costs.

Claims Support: In the unfortunate event of a claim,a specialist broker can provide Expert guidance and support to ensure your claim is processed smoothly and you receive fair compensation.

In conclusion,commercial craft insurance is a vital investment for businesses that rely on small vessels for their operations. Working with an independent specialist marine insurance broker who offers exclusive specialist facilities ensures that you get the right coverage to protect your business on the water. It’s a proactive step towards securing your livelihood and maintaining business continuity even in challenging maritime environments.

For further information please consult www.velosinsurance.co.uk

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What to Know When Hiring a RooferWhat to Know When Hiring a Roofer

December 21, 2023December 21, 2023| Gregory LoweGregory Lowe| 0 Comment| 12:00 am

As a homeowner,you understand the importance of maintaining your property and keeping it in top condition. One of the most critical aspects of your home is the roof,which is responsible for protecting the interior from the elements. Over time,wear and tear can compromise the integrity of your roof,leading to leaks,damage,and other issues. When this happens,it’s essential to hire a reputable roofer to restore your roof’s function and protect your home. In this blog post,we’ll explore what you need to know when hiring a roofer and how to choose the best one for your needs.

1. Check the roofer’s credentials: Before you hire a roofer,it’s essential to verify their credentials. Ensure that the Company is licensed,insured,and certified by the manufacturer to install their products. A licensed roofer is required to meet specific standards and regulations,ensuring that they are qualified to perform Roofing work correctly.

2. Ask for references: A reputable roofer will be happy to provide references from previous customers. Contact these customers to ask about their experience with the roofer,the quality of the work performed,and if they would recommend the roofer for future Services.

3. Get a written estimate: A roofer should provide you with a written estimate detailing the work to be done,the price,and the timeline for completion. This ensures that both parties are on the same page and that there are no surprises when the work is finished.

4. Understand the warranty: A good roofer will offer a warranty on their work to provide you with peace of mind. However,it’s essential to understand what the warranty covers and for how long. Some warranties only cover the labor,while others cover both the labor and materials. Ensure that you get all this information in writing.

5. Don’t make price the only factor: While price is important,it should not be the only factor when choosing a roofer. A low price may mean that the roofer is cutting corners or using inferior materials,which can lead to problems down the road. Instead,focus on finding a reputable roofer with a track record of providing quality workmanship and excellent customer service.

Hiring a roofer is an important decision that requires careful consideration. By following these tips,you can choose a reputable roofer with the skills and experience to provide you with the best results. Don’t forget to ask plenty of questions,get everything in writing,and take the time to verify their credentials. Remember,a good roof is essential for protecting your home and keeping you and your family safe.

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Are your Fire Doors really suitable for function?Are your Fire Doors really suitable for function?

August 28, 2023August 28, 2023| Gregory LoweGregory Lowe| 0 Comment| 12:00 am

Most property owners and business owners have a legal commitment to make certain their premises, and the people that use them, are correctly safeguarded against fire. From consistent upkeep to fire risk evaluations, it is essential to make sure fire safety measures are taken seriously. Get in touch with us here Fire Training

Fire doors have a crucial duty in the fire protection of a Building. They are made to prevent the spread of smoke, flames and poisonous gases in the event of a fire. Fire resisting doors are different to regular doors, in that they are specifically created and tested to offer fire resistant qualities. Need Fire Training ?

Generally, fire doors are made of wood or steel.

Exactly Why are Fire Doors essential?

There are a couple of main advantages of fire safety doors:

Improved Safety: Fire doors allow for speedy departure of individuals and their valuables, and to let the fire department to fight a fire.

Reduced Damage: Fire doors minimize the rate of fire damages to a property.

The minimal period fire doors can withstand fire is twenty minutes.

More than just the door

A high-quality fire rated door is only as effective as its installation. When opting for a fire door company, you need to make certain the installer has the lists of specifications needed and an experienced specialist will help to direct you in making a sound buying decision.

Are your Fire Doors fit for purpose?

Fire doors are only practical if they are maintained to the highest possible standards and are fit to carry out their intended function in the event of a fire outbreak. To ensure the safety of a premises’s occupants, you must routinely examine all fire doors.
Although your fire doors need to be evaluated periodically by a fire safety specialist, your business also has a duty to check for any faults and damage on a more consistent basis.

Did you know 53% of people do not know exactly how to spot a dodgy fire door? Find Out more from Fire Training

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Land Loans: Everything You Need To KnowLand Loans: Everything You Need To Know

March 25, 2024March 25, 2024| Jason ColemanJason Coleman| 0 Comment| 12:00 am

What is a Land Loan? 

A land loan, also known as a plot or lot loan, is a financial option allowing individuals to purchase a piece of land using credit. This type of loan is suitable for those who intend to acquire land without immediate Construction plans. It’s important to note that land Loans differ from home loans or construction loans. It can be used for both residential and business purposes.

Types of Land Loans 

Land loans can be categorized based on the level of land development. Each type of land loan necessitates distinct preparations to convince lenders to provide financing. Let’s explore the different types:

  • LOAN FOR UNDEVELOPED LAND (RAW LAND LOAN) 
    • Undeveloped land refers to properties without road access, water supply, electricity, or sewer lines, rendering the land unsuitable for immediate construction. While raw land is the most economical option for purchase, it also requires higher down payments and interest rates to secure a loan. The Federal Deposit insurance Corp. (FDIC) sets a minimum down payment of 35% for undeveloped land. Additionally, to obtain a raw land loan, you’ll need a well-structured and detailed plan for the land’s development to convince lenders that it represents a calculated risk.
  • LOAN FOR SEMI-DEVELOPED LAND (UNIMPROVED LAND LOAN) 
    • Semi-developed or unimproved land typically possesses some basic infrastructure, although it may need more amenities such as phone boxes, natural gas, or electric meters. Financing a loan for unimproved land is less risky than undeveloped land but still requires a rigorous process. The FDIC’s minimum down payment standard for unimproved land is 25%.
  • LOAN FOR DEVELOPED LAND (IMPROVED LAND LOAN) 
    • Developed lands, often called lots, come with access roads and all the necessary utilities for residential construction. Although improved lots are more expensive, they tend to have comparatively lower land loan interest rates. Lenders are also more inclined to finance this type of loan, with the FDIC setting the minimum down payment for improved land loans at 15%.

image of draft of a house on raw land purchased with a raw land loan

Advantages of Taking a Land Loan 

Land loans offer several advantages for individuals who need more time to build on their purchased land. These advantages include:

  1. Flexibility: Land loans provide the flexibility to secure land for its potential, such as in areas with upcoming business opportunities or future development. You can hold the land until the timing is right for your construction project.
  2. “Blank Canvas”: Acquiring land before any construction allows you to start with a “blank canvas.” You can envision and create your dream home or commercial space according to your preferences and needs.
  3. Transition to Construction Loan: When you’re ready to build, your land loan can be seamlessly integrated with a construction loan to finance the land purchase and construction costs. Ultimately, this can transform your land loan into a standard mortgage when you’re ready to move in.

Disadvantages of Taking a Land Loan 

Despite the advantages, land loans come with certain disadvantages, mainly due to the higher risks involved:

  1. Limited Lender Options: Lenders for land loans can be limited in number due to the inherent risks, which may limit your choices when selecting a lender.
  2. Stricter Qualifications: To secure a land loan, you must meet more stringent qualifications than a standard mortgage.
  3. Higher Down Payments and Interest Rates: Land loans have higher down payment and interest rates than traditional mortgages. These additional costs are a result of the higher risks faced by lenders.

To mitigate these disadvantages, having a well-defined construction plan, including a set timeline and cost estimates, can increase your loan approval chances, is essential.

Land Loan vs. Other Land-Buying Options 

If you encounter difficulties meeting land loan qualifications, alternative methods exist to finance your land purchase. Some options cater to home-Building purposes, while others are designed for commercial space.

  • SELLER-FINANCING 
    • Seller financing is where the seller acts as your lender in a land contract. This arrangement can be more flexible and suitable for those who may not meet traditional bank loan requirements. It’s essential, however, to engage an attorney to review the land contract to ensure clarity and prevent potential gray areas or loopholes.
  • HOME EQUITY LOAN 
    • Another method for purchasing land is through a home equity loan, where you receive a lower interest rate against your home’s equity. It’s important to note that defaulting on this type of loan could lead to the risk of losing your home.
  • HOME EQUITY LINES OF CREDIT
    • Home Equity Lines of Credit (HELOCs) provide a flexible way to access funds over a specified timeframe using your home’s equity. You can use a HELOC as a down payment for a land loan and repay the HELOC amount and interest.
  • USDA LOAN 
    • The USDA offers a land and construction loan designed for low to moderate-income families planning to build a home in a qualified rural area. This option can particularly benefit those seeking a more affordable land and home construction path.
  • SBA LOAN 
    • Small Business Administration (SBA) loans are available to assist small business owners in financing raw land and construction costs for commercial buildings. The SBA 504 loan program provides fixed-rate financing with a 10% down payment, 40% loan financing through the Certified Development Loan, and 50% provided by a bank or credit union.
  • PERSONAL LOAN 
    • A personal loan can also finance your land purchase. While this approach can offer flexibility, it can have higher interest rates. You may also need to compare its shorter repayment periods with the rest.

Looking for a Land Loan? 

Securing a land loan can be more challenging than obtaining a standard mortgage. However, you can increase your chances of approval with proper preparation. A credit union consultant specializing in land financing can provide significant assistance in navigating the process and ensuring your specific needs are met when purchasing land. Explore your options and receive expert guidance by scheduling an appointment with us today.

Canopy Credit Union | Everything You Need to Know on Land Loans

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