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El Paso Texas Insurance Agent Flor & Associates Insurance

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Sales Tax Bonds and Gross Weight Bond

September 27, 2019 By Flor Caballero Lynch

signature-962355_960_720Sales Tax Bond is (Most of the time) a state mandated surety bond. It is a promise that the merchant will pay the sales taxes that they are responsible for to the state or federal government. A Sales Tax Bond is considered a type of financial guarantee surety bond, and failure to pay the required taxes or even incorrect reporting can result in a bond claim!

Texas Administrative Code Title 34, Part 1, Chapter 3 says that certain retailers and sellers in the state may be required to obtain a Texas sales tax surety bond, and guarantees that bonded sellers will make sure they follow the requirements of the Texas Comptroller and the Administrative Code. But just like other surety bonds, you will have to pay back the surety bond provider after they fix the situation!

If you are a trucker within the state of Texas you are also probably familiar with Gross Weight Bonds and Section 623.011 of the Texas Transportation Code (Yes, I looked up all these laws!)—which is a pledge to make payment via surety bond to the Texas Department of Transportation and to the counties for any and all damages that may be sustained to any Texas highway!

With this type of permit, in a vehicle and trailer you may exceed the allowable axle truck-2920533_960_720weight by a tolerance of 10% and may exceed the gross weight by a tolerance of 5%! But, in order to get this permit—you will be required to get a Gross Weight Bond to pay the state just in case any damage is created to the roads! It is a great way to make sure that you can cover any damage if you are carrying an oversized load, but remember it works like a normal surety bond and the amount must be paid back to the company!

Filed Under: Insurance Tagged With: bonds, coverage, insurance, surety bond, Texas, trucker

Why Contractor Bonds and Employee Dishonesty Bonds are Important

September 13, 2019 By Flor Caballero Lynch

architecture-1836070_960_720Did you know that Contractor Bonds, and Surety Bonds in general, are usually described as a line of credit, rather than insurance? The reason why is that if you have a claim against your Contractor Bond you will have to pay the surety company back, in full, for the amount paid out!

In many states upon getting a contractor’s license, contractors will need to get a license bond from a surety bond company. This bond is an agreement among the contractor, the state licensing agency/board, and the surety company that will place certain conditions on contractors to make sure that they obey all state and federal laws and regulations for contractors!

In contrast to Contractor Bonds, Employee Dishonesty Bonds are not required by law, but any business can, and should get one of these bonds as an added protection for their business! An Employee Dishonesty Bond is a type of bond that protects your business from dishonest acts by your employees. This includes protection against fraud, embezzlement, forging checks, stealing money or merchandise, and so forth.

I knew a woman who owned a very nice café and found out that one of her longtime employees had been stealing money over 3 years to the tune of $15,000! She was cup-2884058_960_720completely dumbfounded, and instead of being mad and worried about her finances she only was just disappointed in her employee more than anything since she knew that she had coverage to protect against this exact scenario! She was able to make a claim, and later said she was glad she was able to have a quick and easy resolution to such a horrible problem!

Filed Under: Insurance Tagged With: agent, cafe, contractor, coverage, insurance, surety, surety bonds

Payment and Performance Bonds—What Are They?

September 6, 2019 By Flor Caballero Lynch

woman-1455991_960_720If you are a contractor and need to get a Payment and Performance Bond it is extremely important you speak with your insurance agent! With a lot of projects that are done for the state or federal governments—you will find that these types of surety bonds are required to be able to undertake the project!

A Payment Bond is a type of contract surety bond which guarantees that a contractor or subcontractor will pay their subcontractors, suppliers, as well as laborers for their work and all materials provided! A Performance Bond is another type of contract surety bond which guarantees that a principal will fulfill their contractual obligations within a project! Reason why is the government wants it done right, and wants contractors to pay their laborers properly!

My cousin is a contractor and told me about a project he did for a school district—he construction-19696_960_720needed to have both Payment and Performance Bond insurance just to build a single (But pretty expensive) retaining wall for a new school! He was telling me if the project is over a certain amount of money that you have to have these types of coverages, he mentioned that the “Miller Act” is the reason for this and places the threshold at $100,000 for federal projects. I also found out that in Texas the “Little Miller Act” applies to any state project—no matter the cost!

Filed Under: Insurance Tagged With: agent, contractor, coverage, insurance, surety, surety bonds

Private Mortgage Insurance v.s. Mortgage Protection Insurance

August 2, 2019 By Flor Caballero Lynch

architecture-1867187_960_720There are a lot of comparisons of these two types of insurance for obvious reasons—they both deal with mortgages! Although they both do have mortgage in the name and have similar ideas to them, they are different completely different types of policies that fit different scenarios!

Private Mortgage Insurance is usually used when you want to lower your down payment or want a way to secure a loan due to a lack of a sufficient down payment! People use these policies to get into a house much earlier than they usually would be able to, or just to lower their down payment—but it all depends on situation! If you fall behind on your mortgage payments with this type of coverage you will still lose your house since it only pays out to the bank for the loss of value due to foreclosure and nothing to you, so be sure to keep up your payments even with this type of insurance!

Mortgage Protection Insurance on the other hand protects your home from a lender’s architecture-1171462_960_720foreclosure if you become disabled or die since the policy will pay out to your bank and your family will get to keep their home! This insurance is very useful and can have riders added to protect you for a certain period of time if you lost your job or become temporarily disabled—just always remember to keep up with the payments for it to work!

These two types of policies are viewed as one that helps the lender and one that helps the buyer—while both are true, always look at both! Don’t let anyone decide for you what kind of insurance policy you should and should not get in your situation!

Filed Under: Insurance Tagged With: coverage, insurance, mortgage, private mortgage insurance

When Should I Consider Inland Marine Insurance?

June 14, 2019 By Flor Caballero Lynch

construction-645465_960_720Inland marine coverage provides valuable protection to business owners of all different types! But it is especially important to businesses such as contractors and tradesmen who frequently travel for work and carry around high-dollar tools and equipment. An inland marine policy would cover the loss if a contractor’s tools and equipment were stolen from a vehicle or at a job!

If you or your employees place items or data in your personal or work vehicles for work purposes or If your property insurance policy limits or excludes coverage for valuables, you will need property in transit coverage! What it all boils down to is if your business photography-1850469_960_720has valuables that cannot be conveniently or reasonably kept at a fixed location or insured at a standard rate, you probably will need Inland Marine Insurance!

There are many other different scenarios where you would need Inland Marine Insurance, so it is always wise to ask your agent if you need it and if so, how to go about getting it!

Filed Under: Insurance Tagged With: contractor, coverage, inland marine insurance, insurance, insurance coverage

Truck Insurance Renewal Tips

March 22, 2019 By Flor Caballero Lynch

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Truck Insurance is a vital part of being a trucker and is as essential as diesel is to a truck! The law states that you are unable to operate a truck at all that is not covered by insurance, so it doesn’t hurt to learn about what you will need to have come renewal time in order for it to go smoothly!

First and foremost, if you do not renew due to late or non-payment, it will hurt your ability to find coverage during renewal—which you may have to settle for a company that you do not prefer at that point! Always be sure to keep up with your payments!

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Second, take note of the methods that you get around in your truck, if you travel  without a trailer regularly you should consider Bobtail Insurance, or if you live in an area that is prone to natural disasters you could get Physical Damage insurance to cover any costs that you might run into due to a fire or even vandalism!

Third, let your agent know about any life changes that you have, such as getting married, getting divorced, or any difference in your family situation. Sometimes these changes can cause your pricing to go higher or lower depending on the situation, but either way it is always good to know that you are getting the right coverage for the right price!

Filed Under: Commercial Vehicle Insurance, Insurance Tagged With: commercial insurance, commercial vehicle, coverage, insurance, insurance renewal, renewal, transporation, trucking insurance

Life Insurance is Love Insurance

February 8, 2019 By Flor Caballero Lynch

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People usually buy themselves life insurance for the benefit of people that they love and want to provide a secure future for, it’s like writing a love letter from beyond the grave for someone you love—the ultimate love letter. 

When you love someone, you want to move mountains for them while you’re alive, and it makes sense that you would still want to move mountains for your loved ones when you have passed on to the other side, Life Insurance can help do that. Life Insurance can provide security for those that you love so that if anything happens, you can rest assured that money is the last of their concerns when dealing with your death. It isn’t ever an easy subject to think about, but it’s a necessity to do so when it comes to those closest to your heart.  

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You never want to leave those you love having to pay your left behind debts, or picking up the pieces if you were their only provider, so you should always ensure that those that you love are covered if something were to happen to you with Life Insurance!

Filed Under: Insurance, Life Insurance Tagged With: coverage, insurance, life, life insurance, love

How Much Life Insurance Do You Need?

September 28, 2018 By Flor Caballero Lynch

question-mark-2492009_960_720This can be a tricky question, but there are a couple of ways to go about finding the right amount that you need without wanting to pull your hair out!

You can calculate how much you need and base the question on what kind of financial picture you find yourself in now, and what kinds of financial milestones will you want to cover. This can be a useful method if you have children or are a meticulous person— but I know that some of us would like a more simple method.

A more elegant solution to this question is just buying coverage equal 5 to 10 times your annual salary, so if you make $60,000 per year you’ll want to have a policy of $300,000 to $600,000 depending on how much of a premium you’d like to pay per month. money-1885540_960_720

Using either of these methods, anyone establish the amount that they think their family will need in the event of their passing. You can include things like college tuition, ability to pay estate taxes, and even other expenses like a first car for a child or grandchild— just be sure to calculate it in before making your decision!

Filed Under: Insurance, Life Insurance Tagged With: coverage, insurance, life, life insurance

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Think Insurance, Think Flor

4420 N. Mesa St
El Paso, TX 79902

(915) 996-9799
FAX: 1-866-514-3064

flor@florinsurance.com
www.florinsurance.com

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