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(701) 223-5025Call Visit WebsiteVisit Website Map & DirectionsDirections1211 Memorial HwyBismarck, ND 58504 Write a ReviewWrite Review

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Hours

Regular Hours

Mon - Fri:	8:30 am - 5:00 pm

Places Near Bismarck with Insurance

Mandan (6 miles)

More Info

Extra Phones

Fax: (701) 223-9456

TollFree: (800) 733-1050

Neighborhood

AKA

Professional Insurance Agents of North Dakota

Other Link

http://piand.com

Categories

Insurance, Auto Insurance, Boat & Marine Insurance, Business & Commercial Insurance, Flood Insurance, Health Insurance, Liability & Malpractice Insurance, Life Insurance, Workers Compensation & Disability Insurance

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Details

Phone: (701) 223-5025

Address: 1211 Memorial Hwy, Bismarck, ND 58504

Website: http://piand.com

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Professional Insurance Agents

Auto Insurance
COLLISION DAMAGE WAIVER —an addendum to an auto rental agreement the renter may purchase that waives the renter's responsibility for physical damage to the vehicle, subject to some limitations and exclusions. This exposure may be covered by the renter's own auto insurance, depending on the terms of the policy, the type of vehicle, purpose of the rental, etc.
Inland Marine Insurance
ELECTRONIC DATA PROCESSING (EDP) COVERAGE —a type of INLAND MARINE insurance coverage designed to address exposures associated with computers, including both hardware and software.

Health and Life

Life Insurance
CHURNING —the practice of using values in an existing life insurance or annuity contract to purchase additional policies with the same insurer for the purpose of generating additional premiums, fees, or commissions. (See Florida Statute 626.9541(1)(aa))
Health Insurance
We' ve tried to avoid legalese in this glossary, so the wording of some of the following definitions is rather informal, but it is hoped that they will convey the meanings of terms as used in the insurance industry today. For additional Life & Health Insurance terms and concepts see Get Acquainted with Life & Health Insurance.
Disability Insurance
BUSINESS INTERRUPTION INSURANCE —a form of coverage that reimburses the insured for loss of earnings during an interruption of business operations caused by a covered PERIL. It functions the way disability insurance does for an individual and enables a business to pay its ongoing bills while its operations are suspended due to property damage at the described premises. (See BUSINESS INCOME and TIME ELEMENT COVERAGES)

Workers Compensation Insurance
AVERAGE WEEKLY WAGE —the average rate of remuneration per week, computed as prescribed by the law. Used in WORKERS COMPENSATION as a basis for injured workers' lost wages.
Commercial Liability Insurance
PROFESSIONAL LIABILITY —LIABILITY arising out of the rendering of or failure to render professional services, such as a medical error by a doctor, dentist, or nurse causing injury to a patient; bad advice by a lawyer, accountant, or insurance agent causing financial damage to a client; a design error by an architect or engineer leading to the construction of a defective building. The professional liability exposure is generally in addition to the ordinary business liability exposures—e.g., a law firm would need professional liability coverage for this exposure, and they would still need general liability coverage in case someone were injured on their premises. Different terminology is used for different professions—e.g., doctors' professional liability coverage is referred to as “malpractice” insurance, and insurance agents' professional liability coverage is referred to as “errors and omissions” or “E&O” coverage.
Professional Liability Insurance
MALPRACTICE —alleged professional misconduct or lack of ordinary skill in the performance of a professional act. A practitioner is liable for damage or injuries caused by malpractice. Such liability, for some professions, can be covered by insurance. (See PROFESSIONAL LIABILITY)
Builders Risk Insurance
INSTALLATION FLOATER —an INLAND MARINE form designed to protect artisan contractors (e.g., electricians, plumbers) for property risks involved in the installation of equipment, including while in transit to the job site; similar to a BUILDERS RISK form but narrower and usually of shorter duration.

Liability Insurance
Tip #2 Choosing the right policy limit is critical. Many agency owners may contend that their $2million limit is sufficient but is it really? There is no real magic formula to determine the right limit but there are some things to consider when making this decision. An old wives tale used to state that you should buy a limit equal to the maximum limit of any of the policies you provide. There is a tremendous fallacy to this, which essentially factors in the types of claims that an agent can be exposed to. For my 18 years with Utica, the # 1 cause of claims is "failure to provide the proper coverage." So in essence, it is what you are not providing that is not going to get you into the trouble most of the time. You write the auto with a $500,000 limit and the homeowners with a $300,000 limit and fail to recommend a $1,000,000 personal umbrella. A tragic accident occurs. It is the failure to recommend the personal umbrella that you run the risk of getting sued for.

Natural Disaster

Flood Insurance
RESIDUAL MARKETS —insurance markets established by the government to cover hard to place risks (e.g., the Florida Auto and Workers Comp JUAs) or to provide a market where the private market is unable to address some need (e.g., Citizens Property Insurance Corporation in Florida and the National Flood Insurance Program). Residual markets are sometimes referred to as "markets of last resort" and include JOINT UNDERWRITING ASSOCIATIONS (JUAs) and ASSIGNED RISK PLANS.

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