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Frequently Asked Questions

Below are some of our frequently asked questions. If you have any other questions or concerns, please feel free to contact us.

  1. What are the office hours?
  2. What is the difference between 80% Co-Insurance and 100% Co-Insurance?
What are the office hours?
Our office is open Monday thru Friday from 9am -5pm and we are closed daily from 12-1 for lunch.

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What is the difference between 80% Co-Insurance and 100% Co-Insurance?

Co-Insurance means a sharing of an insurance risk. A policy that has an 80% co-insurance clause means that the carrier will share 80% of the loss while the insured will absorb the remaining 20%. When there is a claim the insurance carrier will pay according to the following value (amount of insurance carried/ amount of insurance required) X amount of loss = the insurance company payment. For example:

The value of your building is $100,000;  
The co-insurance value is 80%
The amount of damage to the building is $30,000
The Amount of Insurance Carried is $60,000
The insurance company would be required to pay $22,500 minus your deductible.

60,000                  X     $30,000 = $22,500
(100,000 X 80%)

 At 100% co Insurance the claim payment would be even less. The insurance company would be required to pay $18,000 minus your deductible.

60,000                   X    $30,000 = $18,000
(100,000 X 100%)

The best thing to do to avoid co-insurance penalties is to insure your building at the replacement cost value.



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Some of Our Trusted Carriers

Rivard Insurance 1014 Gateway Blvd Suite 107 | Boynton Beach, FL 33426
Phone: 561-739-8346 | Fax: 561-739-8360 | Toll Free: 888-311-1165 | Toll Free Fax: 888-311-1166
Office Hours: Monday thru Friday 9am -5pm Closed Daily from 12-1 for Lunch
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