Frequently Asked Questions
Below are some FAQ's directly from our customers that we thought we'd share; we hope you find them helpful!
If you have any other questions or concerns, please feel free to contact us. We'd love to hear from you.
| How do I show Proof of Insurance to a bank?
Your Risk Manager at Young & Associates can take care of this for you! They will just need to know the requestor's name, phone number and a fax or email (depending how they would like to receive the Certificate). Your Risk Manager will then create a Certificate of Insurance (showing proof of the requested coverage) and will send it to them for you. They can even send you a copy if you would like!
To immediately request a Certificate of Insurance, we have 3 convenient options:
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Locate your Risk Manager in our Employee Directory and contact them directly through their email link.
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Call our office at (218) 722-1481 and ask to speak to your Risk Manager.
A hard copy of this form can be found in our Important Files section to print and/or save for future requests. For your convenience, here is a direct link to that section: Certificate of Insurance Request Form.
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| What do I need to get a Certificate of Insurance?
Your Risk Manager at Young & Associates will just need to know the requestor's name, phone number and a fax or email (depending how they would like to receive the Certificate) and they will take care of the rest for you! They will create a Certificate of Insurance (showing proof of the requested coverage) and will promptly send it to the requestor. They can even send you a copy if you would like!
To immediately request a Certificate of Insurance, we have 3 convenient options:
- Request it directly from our website through our Certificate of Insurance customer service form...anytime, anywhere!
- Locate your Risk Manager in our Employee Directory and contact them directly through their email link.
- Call our office at (218) 722-1481 and ask to speak to your Risk Manager.
A hard copy of this form can be found in our Important Files section to print and/or save for future requests. For your convenience, here is a direct link to that section: Certificate of Insurance Request Form.
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| If I bought my house for $150,000, why do I have to insure it for $250,000?
The banks, city assessor and realtors use Market Value Appraisals, which by its nature means "what something will sell for or what is it worth to the seller/buyer".
The insurance companies deal in Replacement Cost (RC), which is "what it will cost to replace or rebuild your home". The Insurance Contracts state that they will replace or rebuild your home; subsequently, we need to insure your property to the value that it will take to do so.
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| What is the difference between Actual Cash Value (ACV) and Replacement Cost (RC)?
Covered losses under a homeowner's policy can be paid on either an actual cash value basis or on a replacement cost basis. When "actual cash value" is used, the policy owner is entitled to the depreciated value of the damaged property.
Under the "replacement cost" coverage, the policy owner is reimbursed an amount necessary to replace the article with one of similar type and quality at current prices.
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| What is the difference between Collision Physical Damage and Comprehensive Physical Damage coverage?
Collision is defined as losses you incur when your automobile collides with another car or object. For example, if you hit a car in a parking lot, the damages to your car will be paid under your collision coverage.
Comprehensive provides coverage for most other direct physical damage losses you could incur, including theft. For example, damage to your car from a hailstorm will be covered under your comprehensive coverage.
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| What should I do immediately after an accident or loss occurs?
You should take all reasonable and necessary steps to protect the damaged property from further loss or damage. Under most circumstances, your policy will pay for the additional costs to protect and preserve property. Make sure to keep track of your time and expenses in doing so.
Then, promptly report the accident or claim (see our easy reference guide to file a claim.)
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| Why should I promptly report an accident or claim?
- Every insurance policy has contract language that requires you to promptly report a claim or an accident to the company. Failure to promptly report a claim may jeopardize your coverage.
- Faster payment on your claim. The sooner the process is started the quicker you will receive payment of your claim.
- Professional claim adjusters can provide you with advice and guidance in the beginning to minimize the inconvenience, additional unnecessary costs and costly delays as a result of the accident or claim.
- Prompt claim reporting gives the insurance company the ability to gather and investigate the facts right away while they are fresh and available.
- Minnesota and Wisconsin Workers’ Compensation Statutes require that any injuries to workers or employees be promptly reported. Delays in reporting lost time injuries can result in fines and penalties.
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| How do I file a claim?
We have created an easy reference guide for "During Regular Business Hours" and "After Hours" claim reporting. Click on the following link to file a claim.
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| If my claim is not being handled properly, who can I call?
We are here to help! It is very important to us that your claim is handled promptly and properly. We expect the claim adjuster, assigned to your claim by your insurance company, to respond promptly and professionally. If there are any unreasonable delays, if you need our advice or assistance or if you have any concerns about how your claim is being handled, we ask that you contact us immediately.
Locate your Agent or Risk Manager in our Employee Directory and contact them directly through their email link or call our office at (218) 722-1481.
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