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What do you mean by fully insured?

Discussion in 'Business Fundamentals' started by JDiepstra, Jan 12, 2009.

  1. JDiepstra

    JDiepstra PlowSite.com Addict
    Messages: 1,780

    I often see guys who have "fully insured" on the side of their trucks, or on their business cards, or whatever. What do you mean "fully insured"???

    I have insurance, but don't advertise being fully insured for a couple reasons. The first being what exactly does that mean?? if you have $1million and somebody is sueing you for $2 million, are you fully insured?

    Second, I feel like it might make me appear as a target for a lawsuit from some loser who thinks they can win big money off me cause I am "fully insured".

    What say you?
  2. ColliganLands

    ColliganLands PlowSite.com Addict
    Messages: 1,854

    fully insured i guess would be what you feel confident is enough?
    dont really know i have insurance but you could always have more and someone could still sue for more than that
  3. Woodland

    Woodland Senior Member
    Messages: 269

    I think what most people mean when they say that is "hire me 'cause I have business insurance". I carry commercial auto insurance and commercial general liability insurance. My limits are less than many on this forum and likely more than others, but I have policies that cover the work I do. I have often times put that exact phrase on promotional materials and almost always include it in any estimate or proposal I send out for work. Basically it says I'm not a fly by night company, you can trust me.
  4. JDiepstra

    JDiepstra PlowSite.com Addict
    Messages: 1,780

    Any reason for "fully", rather and "properly" or "adequately" or just plain old "insured"? Basically just marketing lingo?

    IPLOWSNO PlowSite.com Addict
    Messages: 1,620

    im getting covered by YOFAULT lol cause its yofault it happened lol
  6. Woodland

    Woodland Senior Member
    Messages: 269

    Marketing or "birds of a feather...". Thats what everybody says, so thats what everybody says. But in reality, either of the terms you listed would say the same thing.
  7. sp6x6

    sp6x6 Member
    Messages: 58

    Here is an example you can relate to. I am building a 1 mill. house, you the " insured sub" do the electrical and have a fault that burns down house. you are found liable and have a 600,000 policy. That is not adequate. $600,000 was very common 10 years ago, but 1 mill. is the new norm.I know you say, how does this relate to plowing, it relateds to insurance hence the increasing cost to do business.
  8. dlcs

    dlcs 2000 Club Member
    Messages: 2,160

    Fully insured to me is, commercial insurance on vehicles, insured equipment, workman's comp, contractors policy, and a umbrella policy.
  9. kootoomootoo

    kootoomootoo Senior Member
    Messages: 144

    Nobody is fully insured....you have limits to your coverage. Sure many guys say it but it is far from correct.
  10. Dailylc

    Dailylc Senior Member
    Messages: 226

    My attorney advised me not to use the word "fully". What would be considered fully? In this day and age that might be a flag to someone down on their luck.
  11. I have it on my trucks and proud of having it there. Often here in Canada we are asked by companies if we carry Commercial Insurance (General Liability) over and above our auto policy. From a commercial customer standpoint when they see that (here anyways) they see we carry commercial insurance and we are not just running on our vehicle's insurance.

    The word "Fully" can be interpreted many ways depending on who is interpreting it. The more argumentative of a person you are the different degree the word will hold. Here, in Canada lawsuits are much less common. Losing a limb can often only yield you about $150,000 whereas in the states we're talking tens of millions depending on the accident. When I was hit by the drunk driver leaving me deaf, no sense of smell, balance (gait) issues, severe back and neck problems and vision problems I was only awarded $44,000

    An American lawyer I spoke with when I lived down there told me I would have gotten Millions....

    Here, a slip and fall injury will get you nothing if you were not wearing proper footwear for the weather and ground conditions.

    Moral of the story is, the term probably means something completely different to everyone depending on who you are and where you are...
  12. BMWSTUD25

    BMWSTUD25 Senior Member
    Messages: 631

    I just use it as a marketing tool. Im insured and the other guy maybe not. ppl generally like to see it although I have in some areas of advertising quit using the term "fully" and just go with Insured because it gets the same thing across and really, who is FULLY insured. like someone said there are always limits but its nice to know who has insurance and who doesnt.
  13. terrapro

    terrapro PlowSite Veteran
    from MI
    Messages: 3,912

    if i say "fully insured" it means i am insured for all the services i perform. thats the way i take it to mean and i hope thats the way my customers do also
  14. terrapro

    terrapro PlowSite Veteran
    from MI
    Messages: 3,912

    its not your attorneys advice you need to follow since your ins companies attorneys are the ones who will be defending you
  15. JohnnyRoyale

    JohnnyRoyale 2000 Club Member
    Messages: 2,935

    What he said.
  16. bluerage94

    bluerage94 Senior Member
    Messages: 398

    I believe the only one's that are "Truly" Fully Insured are municipalities... They are self insured and have deep pockets...
  17. Workman's Comp would not apply to an owner operator plowing the property because he essentially isn't an "employee" because he is the "owner" therefore that wouldn't be a requirement to be "fully insured"...
  18. JDiepstra

    JDiepstra PlowSite.com Addict
    Messages: 1,780

    Yeah, why listen to your attorney????????? :dizzy:
  19. terrapro

    terrapro PlowSite Veteran
    from MI
    Messages: 3,912

    because he/she doesnt deal exclusively with insurance claims. take his advice yes of course but if you should take anyones advice for this situation take it from your insurance company, they will be the ones dealing with it. that is what you pay them for.

    its like going to an optometrist for your dental work
  20. terrapro is on the ball. He knows what he is talking about here.