THE SMART QUESTIONS TO ASK WHEN SHOPPING FOR FIREARM LIABILITY COVERAGE
Firearm Liability products are a fairly new phenomena in the market, and we recommend shopping around for the best policy, because all plans are not created equal.
Most offerings have undergone numerous changes; there has been increased attention by carriers and governmental regulators – and educated consumers have pushed for upgrades to policy language.
We are often asked to provide comparisons to flush out differentiations among products in the market. The questions below about product features and options can help guide your efforts in performing diligent research before making recommendations to your clients.
- Is it really an insurance product?
Some plans limit coverage to legal defense – with no provision to pay civil judgments/awards. Others are not regulated by state insurance departments.
- Who is covered under the policy?
What happens if your spouse or other household member is forced to use a gun in self-defense?
- What limits of liability are available?
Does the plan offer a number of coverage options that allow you to pick the one that suits your needs?
- Are there any deductibles?
In the event of a loss, will you be expected to share the cost of legal defense and/or awards?
- Who protects you in the event of loss?
The most important aspect of any insurance policy is how well it responds to a claim.
- Is it group or individual coverage?
Some plans offer coverage on a group basis – meaning there is a maximum limit available to pay losses for everyone who participates.
- Is there a limit on the number of firearms covered?
Are you required to submit a listing of the guns you own as part of the application?
- Are you protected if one of your firearms is stolen?
A gun owner may be held liable if their firearm is stolen and used in a crime.
- Does the plan cover criminal actions?
No insurance plan can cover intentional, malicious acts – but criminal charges can still be brought if a gun is used in self-defense.
- Do you have to be a member of an organization to purchase coverage?
This is an important factor that may affect availability.
The Rockwood Advantage
Our Firearm Liability insurance product is designed to cover the possibility of your client having to use their firearm in self-defense of themselves, their loved ones, and their personal property. We are currently offering Firearm Liability coverage in all states except New York.
We’re here to answer any questions you have – about our products or about Firearm Liability coverage in general.
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