Insurance 101 - What You Need To Know

Insurance 101

What you need to know

Purchasing insurance for your special event or sporting activity can be an intimidating process. The application may use terminology you have never heard before, or the limits of coverage can be vague; giving you too little or too much for the wrong price. It is our goal to make your insurance buying experience hassle free. When you fill out one of our applications, please take the time to familiarize yourself with how our coverage works. As always, if you still have questions, please don't hesitate to contact our office for assistance.

Why do you need to purchase insurance?

The basic concept behind purchasing insurance is transfer of risk. We want to help protect your personal financial interest in whatever you do. Whether you have a passion teaching art classes or coaching youth basketball, it is our job to free up your time and energy for the things you want to do. Insurance allows you to know that if something were to go wrong, your financial freedom will be protected. For a reasonable premium, and the ability to purchase broad types of coverage, Frazier Insurance Agency can create a policy that will fit your needs efficiently and effectively.

Purchasing insurance from us

As mentioned before, we understand how intimidating the insurance process can be. That is why we want you to be aware of the process our office employes to get you the type of coverage you need. The first step in the insurance process is done by you, the insured, by filling out one of our specific applications. The amount of information provided is critical in allowing us to get back to you as quickly as possible. Once we rate the application, we will send back a firm Quotation promptly. The Quotation will tell you a number of things, depending on what you requested on your application; the total cost of premium, limits of coverage, and policy exclusions are explained in detail. Once you have looked over the quotation to your satisfaction, you can request our office to "bind" coverage. This simply means you wish to purchase insurance. Once we receive payment of the total premium, via check or credit card, we will then issue and send you the needed certificates of insurance. If you have any questions at all during or after you purchase insurance from us, we will be happy to answer them.

Terminology & Definitions

  • Participant General Liability Coverage
  • This type of coverage provides liability protection for not only third party spectators, but also participants at your event. If you are coaching a baseball team, in charge of a 5K race, operating a summer camp or teaching a dance class; this is the type of coverage you will need; filling out a Sports Event application will show us this. It is also important to note that if you are purcashing Participant General Liability Coverage, you will also need to purchase the Excess Accident Medical quote you receive with the General Liability quote.
  • General Liability Coverage
  • This is the basic type of coverage we offer. General Liability is exactly how it sounds; providing coverage for the named insured against claims from third party individuals. Spectators at sporting events, concerts, food fairs or renting a venue for a party are a few examples of how General Liability Coverage can be applied. If you are interested in General Liability, please use our Special Event application.
  • Excess Accident Medical Coverage
  • For any General Liability quotation including Participant Liability, we issue an Excess Accident Medical quotation as well. This type of coverage pays in excess of the primary medical coverage any medical bills/expenditures that an injured participant suffers. If the injured party has no primary health insurance, or the sustained injury is only covered partially by their primary health insurance, Excess Accident Medical limits can then be accessed to help pay for medical costs (subject to the deductible). It's important to note that a Participant Liability claim does not have to be filed in order to potentially have access to excess Accident Medical payouts.
  • Excess General Liability Coverage
  • When our standard Participant and General Liability limits do not equal the required amounts set by a venue or league, you have the option of purchasing Excess General Liability. Also known as Umbrella coverage, we have an assortment of increments which can be added in addition to the primary General Liability limits. Excess General Liability follows the same form and exclusions as the primary liability insurance.
  • Host Liquor and Liquor Legal Liability
  • If alcohol will be served at your event, we can offer two types of coverage: Host Liquor and Liquor Legal. For events where there's a cash bar or the price of admission contains a certain number of free drinks; you will need to purchase Liquor Legal Liability. If you are hosting an event where alcohol is being dispensed at no charge (i.e. Open Bar), the venue is handling the sales or you are receiving no profits from said sales, then Host Liquor coverage would be appropriate. If your event needs Liquor Legal coverage you will have to provide us with the estimated liquor receipts in order to receive a quotation.