Insurance 203:What business name do you put on an application for insurance?
When you apply for insurance you would want to hopefully have an LLC or corporation in place so you are not held liable personally. If you have not done so you would probably have the application marked as sole proprietor and your app would have your name dba (does business as) the business name (do not copy what I just wrote). Embed from Getty ImagesAs an example Larry Cossio dba The Most Expensive Bounce House. If you are a corporation or LLC you would put the name of your corporation or LLC and your dba. The most expensive bounce house, LLC (or Inc.) You would also want to add ALL website domain names that you would use AND any abbreviations of your business name. Such as THEBH, LLC for the example above. If your website is www.themostexpensivebouncehouse.com you would list this as it is a business name. Now if you had another website that was maybe www.thecheapestbouncehouse.com also you would list this as a dba also.
In the last 4 years 5 insurance carriers have pulled out of insuring the inflatable rental market!
Why? The answer is easy; the losses exceeded the premium received. So what has caused this situation in this industry? The answer is not that easy. And some of you will not like reading this article. No candy coating, no soft touch, no sweet talk. Just the facts…….
The owner of Action Joe’s, a party rental company that rents out Bungee Trampolines, Hamster Balls, Portable Rock Walls, Zip Lines & Inflatable Slides has been accused of producing child pornography. Police were first contact on March 18th when a woman called saying that the owner (Joe Masters) had tried to molest her 9 year old daughter. The St. Ann Missouri police obtained a search warrant for his home & hidden surveillance video of children in his home. In one video a girl was taped using the bathroom. Continue reading “Bungee Trampoline Rental Owner accused of Child Pornography”
According to an article by a Canadian newspaper The Citizen 100 a British Columbia man is suing two different businesses over a “avulsion” finger injury he claims to have received while riding a mechanical bull an event by L.A. Promotions and Tent Rentals at its Family Fun Centre. Both the event promoter & the property owner are being sued. The man is suing for “past and future loss of income and future earning capacity among other types of damage.” (The Citizen 100)
There are two things to get out of this story. The first is something that we always tell are event planners & special event promoters. When someone is injured at an event they will often times not only sue the owner of the device they were hurt on, but also event planners, the venue, rental companies, manufacturers of devices & any one else they can find potentially responsible. This is why it is important to have liability insurance…can you afford to pay for legal costs to defend your business & the possible damages you may have to pay out?
The second thing that we would like to mention is that this type of finger injury IS possible on a mechanical bull. We have actually had a claim come in where the participants finger was actually pulled off because he had his finger looped in the rope when he was bucked off of the bull. The claim was closed with $50,799 paid out. Does that sound like something you can afford?
We have created a cartoon for children to teach them the activities that can get them possibly hurt while playing in a bouncer such as lying down or climbing up the slide instead of going down. The Clumsy Kanga Video is a great tool for Indoor Inflatable Centers, Party Rental companies & parents to show children how to lower their risk of injury while still having fun. The Kids Safety Network recently put out an article featuring our Clumsy Kanga Safety video & other tips for parents to make sure their kids are safe inside of inflatables.
The Kids Safety Network has a lot of great safety tips for parents in all different categories. It also has a list of all the latest product recalls on children’s products. It is a very nice website with a lot of great information. Go ahead and check out their website or follow them on Facebook.
At the University of Georgia, college students are taking a new class that is centered on the safety of bounce houses. Professor John Knox, a atmospheric scientist is teaching students about weather related accidents with bounce houses using science. The point of the class is to teach students how to do science research, while at the same time showing them how they can use science to influence safety policies in real life. They are also learning about the different bounce house regulations in different states and are hoping that their research can help to create more strict bounce house regulations in states such as Georgia where there are no specific bounce house safety regulations. At the end of the course students will write safety proposals defining what they believe to be the safest operating conditions for inflatables. They will be co-authors on a research paper that is going to be printed in a scientific journal.
Even if your state does not have safety regulations on bounce house rentals, always be sure that you are using all the safety measures properly. Do not allow the bouncers to be used in high wind, make sure stakes are properly installed, have trained operators, follow manufacturer guidelines on the number & size of kids using the unit, and if you are dropping off a rental be sure that the customer is aware of all the safety rules of operating the inflatable device. It is great that these students are learning about science, while at the same time trying to make policies that will make bounce houses safer for everyone.
Okay, it’s official, Markel Insurance Company that purchased Thomco and the Funpro program will be closing it’s program for new business effective 4/1/15 and sending out non renewal notices. Cossio Insurance was chosen to provide insurance for some of their direct customers and we would be able to help anyone receiving these non renewal letters.Continue reading “FunPro is No Longer Insuring Party Rentals”
Galaxy Bulls recently wrote an article titled: “The Cheapest Mechanical Bull Is Not Always The Most Cost Effective Purchase“. While you may say that this article may be biased because of the fact that Galaxy is a manufacturer this article does ring true.
Ninja Jump, the leader in licensed inflatable products, has chosen Cossio Insurance Agency to be a Ninja Jump preferred insurance provider for all their customers. We are pleased at The CIA to be honored and chosen to provide insurance for their customers. Rouben from Ninja had a meeting with Larry at IAAPA last week and sealed the deal!