How to Do a Sales Pitch in Commercial Real Estate

In commercial real estate, you will undertake a variety of presentations, in a variety of circumstances. Most of them are business-like in nature, focusing on the needs of the tenant, the property buyer, or the property seller.

Get to the core issues

Each of these groups has unique property requirements and points of focus. It is their needs which must be identified and clearly addressed in the sales pitch or presentation. Many successful commercial real estate agents will have a preliminary meeting with the client or customer so that they can identify key issues and concerns. This allows the commercial agent to return to the client or customer in a few days with a well structured proposal that addresses the needs of the customer or client.

It’s all about THEM, not YOU!

When you design an investment or commercial property proposal for presentation, the document should be 90% regards the property and the client. Frequently you see this rule disregarded or broken with the proposal document being largely regards the agency and the personnel.

Rarely is the property transaction a simple matter of the property rental, the property price, or the physical elements of the property. In most situations, it is the combination of these things which must satisfy a fundamental equation of need that the customer or client has. In getting them to this fundamental need, you will identify an element of pain that the customer or client is experiencing. This is what you focus on.

They are Experienced

It is interesting to note that many clients and customers in commercial real estate are reasonably comfortable in circumstances of business negotiation. This means they may not tell you the total big picture or all the elements of a transaction until they are ready. Conversation and connection in the presentation process should be biased towards the client or customer using well selected questions which allow the agent to interpret the body language coming from the client’s response.

When you believe you have identified the element of clients pain related to the property transaction, you start to magnify the problem in terms of today’s market, then offering stable and logical solutions that your real estate agency business can provide to the client or customer. Invariably, the commercial real estate transaction in today’s market centres on financial matters such as:

  • High vacancy factors
  • Other property choices and chances are available
  • Underperforming leases
  • Unstable cash flow
  • Unstable tenancy mix
  • Tenanted conflict
  • Escalating building operating costs
  • A shift in demographics which exposes the property to a unstable future
  • Mortgage payment pressures
  • Age of the asset
  • Needs for refurbishment or extension
  • Competition properties attracting tenants away from the subject property

This type of information and interpretation requires your intimate knowledge of the local region. This is by both property type and by location. This is the higher value that you bring to the customer or client. Being able to distinctly define local market awareness is a major advantage in any commercial real estate presentation or sales pitch. You must be seen as the best knowledgeable solution to the problem.

From Experience

After many years working exclusively in the commercial real estate industry, I found that my unique skill was in market knowledge and the display of that in any formal presentation to the client. Being able to talk about market trends and financial performance in a solid and sound way will help the client understand that they need your services. Coupling that with your extensive and relevant database of enquiry clearly shows the client that they need you.

A fantastic commercial real estate presentation is a function and balance of lots of things. Things like:

  1. A well established pre-planning process is a strategic advantage for every commercial real estate presentation. Strategy is everything in commercial real estate. Every property presentation requires planning.
  2. Making sure you are asking the right questions of the client or prospect. Plan your questions relative to the subject property so that you help the client think about opportunity and changes that are possible.
  3. Using your market knowledge and giving good answers. Have a variety of market facts and trends available to call on. Feed them into your presentation; facts are always useful. They can also be used as a channel to direct the discussion when the client is forcing you to justify your approach or your experience. Confidence and control must be the basic rule of your property presentation. When the client takes control of the presentation you have lost.
  4. Using your experience in the marketplace so that you are telling relevant stories of success in similar properties. Stories of other properties will always interest of the client.
  5. Making sure your personal presentation is optimised for the connection in the presentation. It can be that you are using a combination of the proposal document, the marketing document, and computer slide presentation, samples of your database, photographs of the subject property projected on to slides, and photographs of comparable properties projected on to slides.
  6. Choosing the placement of people at the table or strategically positioning them in the room is always important. Much has been written about where you should sit relative to the client. The basic rule is adjacent to the client rather than across an area of barrier such as a table. Being within arm’s reach allows you to pass documentation to the client at the appropriate time. Documentation should not be provided to the client until you are ready for them to review it; otherwise it is a distraction of their attention.
  7. Make sure that your proposal is simple and yet well directed with a clearly defined outcomes of sale or lease. Many proposal documents in commercial real estate are much too wordy so the main messages are lost and not clearly defined. The best proposals are less wordy and more illustrative. The best balance of a commercial real estate proposal is a mixture of 25% words, 25% pictures, 25% graphs, and 25% white space. This becomes a document which is clearly read and understood.
  8. Combine good illustrations and photographs of the subject property into the proposal or presentation so that any lengthy descriptions or paragraphs are broken up. This will keep interest of the client in your documentation.
  9. Make sure that your marketing package is value for money, and yet reaching the target market that the property serves or needs to attract. All too often, we see examples of generic marketing by the commercial real estate agent to the broader and less specific marketplace. Showing the client that you clearly know and will attract best the target market will always help your conversion to a potential listing. Be very specific about the target market and how you will reach it.
  10. Ensure that your commission costs are fair and reasonable for the location. In most circumstances, discounting your commission should not be an option as it will make you poor and remove or detract from your enthusiasm for the sale or lease. ‘Cheap’ means ‘cheap and without focus’ and the client needs to know this. The property deserves better. You are not cheap because you are the best and you do a great job. A fair commission is always paid for a positive property outcome.
  11. Always provide testimonials that are relevant to the property transaction. When you combine relevant history and details of happy customers into your presentation you will make the client feel more comfortable.
  12. Always display clear and sound market knowledge that impresses the client relative to their property. This will include extensive awareness of comparable properties that compete with the subject property. You should be able to talk solidly about property prices, comparable rents, rental growth, returns on investment, changes to the future demographics of the area, and properties in the immediate precinct of relevance. In many cases, it pays to walk around the local area just prior to any property presentation so that you bring immediate and clear pictures of the precinct to the discussion. Many times this has been of significant advantage in my presentation processes. Talking about neighbouring properties localises the client and their thought processes.
  13. Come up with a variety of ways to serve the client. Innovation and relevance will always impress. In today’s market, this is relatively easy considering the marketing opportunities and tools provided by the internet & technology. Be proactive in your property promotion processes so that the listing for sale or lease stands uniquely different in its marketing campaign from the others in the area. This does not have to be expensive to the client or to your office, given that the internet and electronic technology is historically cost effective. In today’s market, the traditional methods of publicising the property in the property pages of the local paper, is becoming much less important in the marketing campaign. Most commercial property buyers and tenants research the market from the Internet first and foremost.
  14. Almost every property agency will say that they have excellent communication and connection skills to support the property promotion process. From experience, this is largely incorrect and typically the average commercial salesperson or leasing person will exercise ordinary communication channels with the client. Put yourself in the shoes of the client. They expect and deserve frequent updates on the promotion of the property even when nothing is happening or when the adverts are producing little response. When a property campaign is not producing the results, it is important that you act or adjust with alternative recommendations and strategic changes to the promotional campaign for the client to consider. Rarely would you get to the property campaign correct in the first week. It is in this time that you must consider fine tuning the promotion process so that the target market is being reached in a timely and effective way. This means that every property enquiry generated from your promotions must be tabulated so that you understand what channels of marketing work most effectively with the property in question.
  15. When addressing the client or the client group in a formal property presentation, the answers and information you give must be delivered well and provide relevant solid property knowledge, in a practiced and professional delivery. Any sales or presentation tools relative to the property must be relevant and you should know how to use them with exceptional skill. Fumbling and faking information is not tolerated by the client.

So there you have it. These are some of the key skills to use in a commercial real estate presentation. Whilst many real estate agents think that they are the best alternative in the market to promote sell and rent commercial property, the reality is they do not get the message across when it matters most in front of the client.

To be the best commercial real estate agent in your area, you must show that you are just so, and you do this in the first 10 minutes of the time that your presentation takes. The client will have formed an opinion by then.

Be prepared to walk away from any demands for discounting that the client or customer demands. In this market they need a great commercial real estate agent providing a great job; discounting is not an option. Show pride in your services and walk away when the client demands discount in marketing or lower commissions.

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What Is the Difference Between an Heir and a Beneficiary?

The term ‘heir’ refers to a person who is entitled to property owned by a deceased family member. Individuals can bequeath property to heirs through their last will and testament or a trust. When a person dies without leaving a Will, their assets are given to rightful heirs according to state probate laws.

An heir can be a surviving spouse, minor or adult children, mother, father, or siblings. Heirs can also include direct lineage relatives such as aunts, uncles, and cousins. Individuals can bequeath property to whomever they desire. If they gift items to anyone outside the family, those individuals are referred to as beneficiaries. Although somewhat confusing, heirs can be beneficiaries, but beneficiaries are not always heirs.

The only way to ensure property is distributed according to your wishes is to execute a legal Will. When property is held in a trust, the Will is used to provide directives regarding distribution. Unless inheritance assets are placed into a trust, the estate must undergo the probate process.

Probate is required to settle decedent estates. Two types of probate exist – testate and intestate. Testate refers to estates which include a last Will, while intestate refers to estates where no Will exists. The probate process varies depending on the type. Intestate estates take longer to settle because additional procedures must be taken.

The last will and testament is also used to designate a probate personal representative. This person is responsible for all tasks required to settle the estate. This can include paying any outstanding debts owed by the decedent; filing a final tax return and paying outstanding taxes; obtaining appraisals for valuable property; securing personal property owned by the decedent; and distributing inheritance gifts left to heirs and beneficiaries.

The last will can also be used to disinherit an heir. When a person decides to leave a direct lineage relative out of their Will they must include a disinheritance clause which states the reason for exclusion. While this clause does not prevent heirs from contesting the Will, it can minimize the risk. If a disinheritance statement is not included, heirs can prolong the probate process by claiming the decedent was influenced by another person or not in their right mind when executing the Will.

Contesting a Will is a costly process that often bankrupts estates due to excessive legal fees. Those who have direct lineage relatives whom they do not want to bequeath gifts to should consult with a probate lawyer to ensure their Will is properly executed.

Engaging in estate planning can keep certain assets out of probate and allow quick distribution to heirs. Individuals with checking or savings accounts can designate beneficiaries to receive funds at death. This is referred to as payable on death (POD) beneficiaries. Account holders must fill out POD beneficiary forms to provide the names, addresses, date of birth, and social security number. Upon death, beneficiaries must provide photo ID and a copy of the decedent’s death certificate to claim funds.

Individuals with retirement accounts or financial portfolios can assign transfer on death (TOD) beneficiaries. Upon death, heirs can elect to transfer funds into a new account to avoid estate taxes or cash-out the account. It is best to consult with a tax attorney to discuss tax ramifications before accepting lump sum cash.

Executing a last will and testament is one of the best gifts you can leave loved ones. Wills should be updated when major events occur. These might include buying or selling real estate; starting or closing a business; or when a new heir is born or a designated heir dies.

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Insurable and Non-Insulative Risks

When we talk of insurance, we are referring to risks in all forms. Here, having for an insurance policy is just a way of sharing our risks with other people with similar risks.
However, while some risks can be insured (ie insurable risks), some can not be insured according to their nature (ie non-insurable risks).

Insurable Risks

Insufficient risks are the type of risks in which the insurer makes provision for or insures against because it is possible to collect, calculate and estimate the likely future losses. Insurable risks have previous statistics which are used as a basis for estimating the premium. It holds out the prospect of loss but not gain. The risks can be forecast and measured eg motor insurance, marine insurance, life insurance etc.

This type of risk is the one in which the chance of occurrence can be reduced, from the available information on the frequency of similar past occurrence. Examples of what an insurable risk is as explained:

Example 1: The probability (or chance) that a certain vehicle will be involved in an accident in year 2011 (out of the total vehicle insured that year 2011) can be determined from the number of vehicles that were involved in accidents in each of some previous Years (out of the total vehicle insured years).

Example2: The probability (or chance) that a man (or woman) of a certain age will die in the ensuing year can be estimated by the fraction of people of that age that died in each of some previous years.

Non-insurable Risks

Non-insurable risks are type of risks which the insurer is not ready to insure against simply because the likely future losses can not be estimated and calculated. It holds the prospect of gain as well as loss. The risk can not be forecast and measured.

Example1: The chance that the demand for a commodity will fall next year due to a change in consumers' taste will be difficult to estimate as previous statistics needed for it may not be available.

Example 2: The chance that a present production technique will become obsolescent or out-of-date by next year as a result of technological advancement.

Other examples of non-insurable risks are:

1. Acts of God: All risks involving natural disasters referred to as acts of God such as

A. Earthquake

B. War

C. Flood

It should be noted that any building, property or life insured but lost during an occurrence of any act of God (listed above) can not be compensated by an insurer. Also, this non-insurability is being extended to those in connection with radioactive contamination.

2. Gambling: You can not insure your chances of losing a gambling game.

3. Loss of profit through competition: You can not insure your chances of winning or losing in a competition.

4. Launching of new product: A manufacturer launching a new product can not insure the chances of acceptance of the new product since it has not been market-tested.

5. Loss incurred as a result of bad / inefficient management: The ability to successfully manage an organization depends on many factors and the profit / loss depends on the judicious utilization of these factors, one of which is efficient management capability. The expected loss in an organization as a result of inefficiency can not be insured.

6. Poor location of a business: A person situating a business in a poor location must know that the probability of its success is slim. Insuring such business is a sure way of duping an insurer.

7. Loss of profit as a result of fall in demand: The demand for any product varies with time and other factors. An insurer will never insure based on expected loss due to decrease in demand.

8. Speculation: This is the engagement in a venture offering the chance of considerable gain but the possibility of loss. A typical example is the action or practice of investing in stocks, property, etc., in the hope of profit from a rise or fall in market value but with the possibility of a loss. This can not be insured because it is considered as a non-insurable risk.

9. Opening of a new shop / office: The opening of a new shop is considered a non-insurable risk. You do not know what to expect in the operation of the new shop; It is ellogical for an insurer to accept in insuring a new shop for you.

10. Change in fashion: Fashion is a trend which can not be predicted. Any expected change in fashion can not be insured. A fashion house can not be insured because the components of the fashion house may become outdated at any point in time.

11. Motoring offsets: You can not obtain an insurance policy against expected fines for offsigned compliance while on wheels.

However, it should be noted that there is no clear distinction between insurable and non-insurable risks. Theoretically, an insurance company should be ready to insure anything if a sufficient high premium would be paid. Neverheless, the distinction is useful for practical purposes.

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Difference Between Employers’ Liability Insurance (ELI) and Workers Compensation Insurance (WCI)

Employers’ Liability Insurance (ELI) and Workers Compensation Insurance (WCI) are two important insurance covers to protect the interests of employees, as well as employers. There are, however, certain differences between the two. Due to these differences, it may result in wrongful litigation and consequently anxiety to parties involved. The differences between ELI and WCI are relating to where they apply and what they cover. We will discuss about them here briefly.

Where they apply

Employers’ liability insurance

As an employer, it is mandatory for you in UK to purchase employers’ liability insurance. Not purchasing attracts penalty under law. In certain situations your employees may feel that you are liable for job related illness/injury which they may sustain and they sue for this. If it is really a case, it may bring in expenses such as hospitalization, financial compensation and the like. ELI helps you under such circumstances.

While it is mandatory for you as an employer to have ELI, your employees need to prove that the job related injury/illness is because of your negligence. Imagine yours is a lumber business. While working, your employees should have the necessary equipment, training and skills to operate them. If you employ them without teaching the safety norms, imparting the training and checking the fitness, and they sustain injuries, it will amount to your negligence as per rules framed under Employers’ Liability Insurance Act and employees are likely to feel appropriate to sue you, because you are liable.

Workers compensation insurance

On the other hand, workers compensation insurance is a cover for the welfare of the employees. It depends on the circumstances that are the tone of relation between employer and employees. Thus, if you are more concerned about employees’ health and safety, you need to purchase this insurance. It does not matter whether it was your fault or your employees’ fault that resulted illness, accident or death, this insurance comes to your help.

Coverage

Employers’ liability insurance

As an employer, you have to go to court of law if the affected employee sues you. You need to pay financial compensation and bear the hospitalization and medication. ELI covers all these expenses.

Likewise, for employees ELI covers the permanent and temporary disability, injury and wrongful death at workplace. It covers the cost of litigation as well.

Workers compensation insurance

For employers, WCI is a Good Samaritan. In most cases, it ensures that your employees do not resort to litigation. However, in such unfortunate event, WCI covers the expenses because of litigation. It covers the financial expenses to be given to the affected employee for work-related injury, illness or even death.

Employees when inured at workplace, under WCI, are guaranteed to get compensation from the employer to cover medical and hospitalization expenses and certain portion of wages. In most cases, it is two-thirds or more. WCI covers the expenses on litigation, by the employee. In general, WCI takes care of the situation and makes sure that litigation on the part of employees is avoided.

WCI covers compensation (wages) in case of a temporary disability for the period of absence. If the individual got permanent disability, and not fit for employment in current occupation, WCI covers the expenses of vocational training and rehabilitation and cost of searching a job, if he wants.

Despite both ELI and WCI are meant to protect the interests of employees and employers, there are differences in the way they apply. You need to understand them and purchase a cover according to the need of your business.

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Could the Great Chicago Fire Been Prevented?

  • Nearly 300 deaths
  • More than 2,000 acres
  • 17,500 buildings
  • 73 miles of road
  • 90,000 left homeless
  • $ 222,000 in damage
  • The destruction of between two and three million books from private library collections

What do these have numbers have in common? If you answered the Great Chicago Fire of October 1893, you would be correct. And while as devastatingly as fire is in Chicago history, it is not the only horrific fire-related Chicago history. In fact, just a few years later (December 1903) there were more than 600 deaths when the Iroquois Theater burned and later listed as the deadliest single-building fire in American history.

What is more interesting, is that while the exact cause of the Chicago fire has ever been determined, the Iroquois Theater fire could have been prevented had the proper measures been taken. History shows that a Chicago fire department captain, toured the facility and noted that "there were no extinguishers, sprinklers, alarms, telephones, or water connections; the only firefighting equipment available were six canisters of a dry chemical called" Kilfyre ", which was Normally used to douse residential chimney fires. "

He reported the problems to his superiors, but was told that nothing could be done, as the building had its own fire warden. In addition to the lack of firefighting equipment, the editor of the Fireproof Magazine , toured the facility and reported that there was an "absence of an seize, or stage draft shaft; the exposed reinforcement of the (proscenium) arch; the presence of wood Trim on everything and the obligation provision of exits. "

After each of these events, Chicago rebuilt. But what if there had been something in place to send out an early alarm? How many lives would have been saved had the Iroquois Theater taken the time to make the necessary changes? Yes, it was a century ago, and modern assumptions as we know today were not available, but that does not excuse the loss of life and property destruction.

So, with a proactive focus in mind, what are you doing to protect your home and family from fire, theft, burglary or mayhem of any sort? Whatever you choose to have utilize the services of one of the local Chicago home security systems or opt for a nationally recognized company, taking care of what matters to you is important. After all, as the early residents of Chicago learned, it's not much fun to clean up after a fire! Do not make the mistake of thinking you could be excuse form personal injury, property damage or a break in. Do your part to keep your family safe.

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Why Donegal Car Insurance Is the Best

The Donegal Insurance Group tracks its beginnings way back to the birth of the Donegal and Conoy Mutual Fire Insurance Company in 1889. It all started in Marietta, Pennsylvania when the area farmers decided to form the company to protect themselves preemptively from losing their properties in fire Accidents and the potential impact that is sure to follow, especially the financial aspect of that impact. As time passed by, they changed its name to the Donegal Mutual Insurance Company. And one of the products it offered to the buying public is the Donegal car insurance.

Bodily injury and property damage liability is the main coverage provided by Donegal car insurance policies. It also includes a vehicle's physical damage coverage. The bodily injury liability accommodates coverage for any legal responsibilities and obligations in the case of accidents that caused any kind of injury to other drivers, their pedestrians and passengers. The property damage liability coverage on the other hand, provides protection for unjust accidents that damages other people's properties. And if ever that accident will invelve any legal costs, especially defense, then it will also be covered as well. There is also a certain type of coverage intended for any uninsured individual, even the underinsured. The uninsured and / or underinsured coverage will protect that customer and his or her immediate family members from the costs of the injury in the event of an accident that was caused by a motorist not insured or those underinsured.

There are also other attractive features included in its auto insurance policies:

  • They offer good student discounts.
  • The Donegal insurance system can account for high chargeable accident thresholds
  • They also offer different programs regarding first accident forgiveness. This means that Donegal Insurance will not raise your insurance rate after the first at-fault accidents.
  • Excellent drivers are entitled extra edge discounts.
  • PACE protector endorsement program.

The car insurance policies offered by Donegal have various options to help you get the best out of your coverage. There's also a collision coverage that handles the repair costs of your vehicle that is damaged by the other party in an accident. Another type, the "other than collision" coverage is offered in particular in cases like fire, theft, vandalism, glass breakage and other known perils.

You also have the option to add coverage for the towing of your disabled car and other labor charges, and a rental reimbursment coverage to handle payment of the rented car cost in the event of a spiritual loss. You can also save on Donegal's insurance coverage if your car possesses passive seatbelt restraints and air bags. It would also be ideal if you have anti-theft devices and anti-lock brakes in your car. You can be qualified for credits with these. There are also other wonderful discounts that you can enjoy if you car pool and if you have undergone a driver's education class. Save additional money as you avail the multi-car discount program. You can qualify if you have more than once insured car. Now you can see why the Donegal car Insurance is the best.

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Real Estate Agents – Strengths and Weaknesses in Listing Commercial Property Today

In this commercial property market there are some real pressures and challenges that confront a lot of property owners when they want to sell or lease their property. They need the help of top agents that really understand the local area, to help in moving the property.

Contrary to popular belief, it is in markets like this that good agents can make a lot of commission. It all comes down to the way in which they package their services and help their clients.

In simple terms, top agents and experienced agents can do very well today providing them work the local area and their database. A good database will always get you through any market conditions and frustrations. In saying, that I am a big believer that a salesperson's database should not be delegated to the office administrative staff to control.

Every salesperson should take ownership of their database; In this way they will get good activities from it. In this market you need leads that you can do something with. When a database is passed over to the administrative staff to control, the inevitable result is inaccurate and old data. The database soon becomes redundant. The salesperson does not keep it up to date.

Become Change Agents

So we are the 'agents of change' when it comes to helping our property clients an owners get results in this market. We should know how to attract the right people to every property listing that we take on. Exclusive listings are more important in today than ever before. Some top agents will not take on 'open listings' for the very reason that they are a waste of time and effort.

When you know the drawbacks of the industry and the listings today, you can offer the clients that you serve some solid solutions. So what are the drawbacks? Here is a list of some of the larger ones:

  1. The time that it takes to sell or lease a property can be longer today. Every client has to be conditioned for the best price or rent so the time on market is not lengthened. The first few weeks of every marketing effort are the most important. Position the property correctly to get the best inquiry in this time.
  2. High prices and high rents will achieve nothing. The price or rent for the property should be optimized for inquiry. You have to do more with less when it comes to marketing and inspecting of properties.
  3. A larger number of competitive properties can frustrate your marketing efforts and time on market. Check out these properties before you do anything with your listing.
  4. Buyers and tenants are slower to inquire, inspect the property, and then make a decision. Your skills with each stage of the listing should be optimized. Hone your skills accordingly.
  5. Limited finance can put some 'brakes' on the larger deals. Find out where your prospects can get finance from and what the criteria of approval may be.

Whilst these may be drawbacks in the market, they are also opportunities for agents that can get focused and organized. Every problem is an opportunity in disguise.

Are you a solution provider in this commercial real estate market? Top agents are just that. You can be too.

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The Nuts and Bolts of Auto Law in Pennsylvania

AUTO ACCIDENT BASICS – WHO PAYS WHAT IN PENNSYLVANIA?

Navigating the insurance world after an auto accident can be very confusing. There are many questions revolving around who pays for injuries, medical bills and property damage. Understanding the nuts and bolts of auto accident law, ahead of time, can save considered time and effort.

BODILY INJURY LIABILITY

A. How Much?

Under Pennsylvania law, Pennsylvania car owners must carry at least $ 15,000 of bodily injury liability coverage to pay for personal injuries to another driver, in the event of an accident. Drivers can elect higher amounts.

B. Who Pays?

Bodily injury coverage is based on fault and is available to the other driver in an auto accident. For example, Driver A causes an accident with Driver B, causing serious personal injuries to Driver B. Driver A's auto policy includes the state minimum- $ 15,000 of bodily injury liability coverage. Driver B can make a claim under Driver A's auto policy, for personal injuries, up to the $ 15,000 limit. However, Driver B may be limited in what he can recover, depending on whether he selected Full Tort or Limited Tort in his own auto policy.

C. How it Works?

In some instances, an injured driver can make a claim for bodily injury liability coverage against the other driver's insurance company without having to file a lawsuit. However, if that insurance company fails to offer fair and reasonable compensation, the injured driver may have to file a lawsuit against the other driver.

PROPERTY DAMAGE

A. How Much?

Under Pennsylvania law, Pennsylvania car owners must carry at least $ 5,000 of property damage coverage to pay for property damage to another driver, in the event of an accident. Drivers can elect higher amounts.

B. Who Pays?

This type of coverage is frequently misunderstood. It is not available to an insured driver, under its own policy. Rather, it is available to the other driver in an accident, and is based upon fault. In our example, Driver A causes an accident with Driver B. Driver B's car is totaled. Driver A has $ 10,000 of property damage coverage. Driver B can make a claim under Driver A's auto policy for the fair market value of the total car, up to $ 10,000. In this same example, let's assume Driver A's auto was damaged. Driver A can not make a property damage claim under his own policy. Again, property damage coverage is only available to the other driver and is based on fault.

C. Collision and Comprehensive Coverage

Collision and comprehensive coverage are optional and cover different types of auto damage. Collision covers any damage caused by an auto accident less a deductible. Comprehensive coverage covers any non-accident damage, such as fire, theft, etc., less a deductible. A driver who has purchased these types of coverage can make a claim under their own auto policy. Using the same example, Driver A-who caused the accident, can make a claim for repair to his auto, if and only if he has collision coverage. If Driver A did not purchase collision coverage, he would be responsible for the repairs.

D. How it Works

If an innocent driver's auto is damaged in an accident caused by another driver, a property damage claim can be made directly to the other driver's auto insurance company. So long as the accident is clearly the other driver's fault, this is usually the easiest way to make a property damage claim. If the innocent driver has collision coverage under his own auto policy, then a property damage claim can be made with his own auto insurance company. However, the deductible would have been subtracted from the total amount recovered. Then, because the accident was the other driver's fault, the innocent driver's own auto insurance company should obtain the deductible from the other driver's auto insurance company. That deductible should eventually make its way back to the innocent driver.

Again, using our example, Driver A is at fault for an accident with Driver B. Driver B has a collision coverage with a standard $ 500 deductible. Driver B has a choice to make a claim with Driver A's insurance company or his own insurance company. If he makes the claim with his own insurance company, he would receive the fair market value of his total auto less the $ 500 deductible. His insurance company would then seek reimbursements from Driver A's auto insurance company for the fair market value and the deductible. At some point, Driver B should receive the $ 500 deductible back from his own insurance company-because the accident was Driver A's fault.

A property damage claim is usually made without having to resort to a lawsuit. Incidentals such as rental car costs and towing / storage, are immediately compensable if the innocent driver has purchased such coverage under his own policy. Otherwise, they will become out of pocket expenses in a consequent personal injury lawsuit against the other driver.

MEDICAL BENEFITS

A. How Much?

Under Pennsylvania law, Pennsylvania car owners must carry at least $ 5,000 of medical coverage to pay for medical bills incurred in an auto accident. Drivers can elect higher amounts up to $ 1,000,000.

B. Who Pays?

Many states including Pennsylvania are "No Fault" -meaning that regardless of which fault the accident was, a driver can make a medical benefits claim under their own auto insurance policy, up to the amount of medical benefit coverage purchased.

Using our example, Driver A causes an accident with Driver B. Both drivers have insurance policies with medical benefits coverage. Let's assume that Driver A has $ 10,000 of medical benefits coverage and Driver B has the state minimum- $ 5,000. If both drivers are injured and require medical treatment, they would both make a claim under their respective policies. In this example, Driver A could make a claim for medical benefits up to $ 10,000 and Driver B could make a claim for medical benefits up to $ 5,000.
Also, the medical benefits coverage amount is per person, per accident. In other words, if a father and his minor son are injured in an accident, and the father has an auto policy with $ 5,000 medical benefits coverage, then both can receive up to $ 5,000 of that coverage. If the father or son gets into a consequent accident, they would again be eligible for $ 5,000 of the same coverage.

C. How it Works

When making a claim for medical benefits, a driver may go to a doctor / provider of their choosing and should provide their auto policy claim number and auto insurance information. Under Pennsylvania law, once a driver provides this information to a medical provider, that medical provider is required to bill the auto insurance and can not bill the driver directly. Once the auto insurance company receives bills from the medical providers, the amounts of the bills will be reduced in accordance with Act 6-an Amendment to Pennsylvania motor vehicle law made in 1990. Act 6 limits the amount that medical providers can recover for accident related Medical bills. At some point, the amount of medical benefits under an auto policy may become exhausted and then the driver would use their own medical / health insurance to cover any remaining bills.

D. Priority of Coverage

When a person is injured in an accident, there can be more than one source of medical benefits. Under Pennsylvania law, there is an order of coverage, known as "priority of coverage". The first level is an auto policy in which the injured person is a "named insured" – that generally means an auto policy purchased by the injured person. The second level is an auto policy in which the injured person is "insured". This generally refers to an auto policy purchased by the injured person's spouse, parent or relative residing in the same household.

The third level applies when the injured person does not own an auto policy and is not covered as an insured under any auto policy. This third level is an auto policy covering the auto that the injured person was riding in when the accident occurred. Finally, the fourth level applies to injured persons who are pedestrians or bicyclists. This fourth level is any auto policy involved in the accident. In some situations, more than one policy may apply-and the first auto insurance policy to get billed will be liable up to the applicable medical benefits amount. That insurance company can then, seek reimbursements from the other insurance company. Also, if a person is injured in an auto accident during their employment, workers' compensation coverage is the primary source of medical benefits coverage.

F. Persons Who Do Not Qualify for Medical Benefits

Under Pennsylvania law, certain classes of drivers do not qualify for medical benefits, even though they have purchased auto policies. They include motorcycle drivers, snowmobile, motorized bike, and four wheeler operators. Also, the owner of a registered auto who fails to purchase auto insurance can not make a claim for medical benefits. For example, a person may own a registered car, but then fails to obtain insurance for it. If that person becomes injured while a passenger in a friend's car, they can not make a claim for medical benefits under the friend's auto policy. These classes of drivers must use their own medical / health insurance to pay for any medical bills incurred as a result of an accident.

For more information visit http://www.thepanjinjurylawyers.com/practice_areas/new-jersey-car-accident-attorney-pennsylvania-truck-wreck-lawyer.cfm

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Best Loans For Single Mothers – Learn How to Get Approved Fast

If you are a single mother, you may be among the many single parents who struggle to make ends meet each and every month. Many single mothers have no credit, slow credit, or even bad credit. Many single mothers are young and have not yet had a chance to establish positive credit history. There are different types of loans that you can qualify for as a single mother regardless of you past credit performance and bad credit history.

Personal Loans For Single Mothers

A bad credit personal loan is a loan that allows you to meet any needs that you might have. Perhaps you need money for major purchases like furniture or a computer. Or maybe you want to take a trip, pay for a class, or even buy a car. You can barrow amounts from $ 5oo up to as much as $ 15, ooo when you are applying for this kind of loan. Your personal loan can be ether secured or unsecured. A secured personal loan requires you to pledge collateral.

An unsecured personal loan does not require you to pledge collateral. However most single mothers do not have adequate collateral to pledge, and their only option is the unsecured version of the personal loan. To improve your chances for getting approved in the amount that you need, you can always ask a creditworthy cosigner to apply alongside you. This person can be a parent or other relative, friend, or anyone who will agree to pay your loan payments should you become unable to do so. Many lenders will allow you cosigner to be released from liability of payment once you have paid a certain number of payments on your loan.

Car Loans For Single Mothers

Single mothers who are in need of a new or used vehicle can qualify in most cases for a car loan. Because a car loan is secured by the car itself (or other vehicle), lenders are more lenient when approving car loan applications. A car loan of this type is usually funded for a period of four to seven years, depending upon the purchase price of the vehicle and whether or not you have a down payment. Having a down payment is the best way to purchase a car because it will make your monthly payments lower and easier to manage. Car loans are usually for $ 20,000 or less.

Cash Advance Loans For Single Mothers

Another option is the cash advance loan. This type of loan requires no credit check, making it the easiest to get loan not only for single mothers but for anyone with insufficient credit history. This loan is made for a short period of time, usually a month or less, and typically around the time of your next pay date. The only requirements to receive a cash advance loan is that you have a checking or savings account and a job that allows you to bring home a weekly, bi-weekly or monthly paycheck. Single mothers who receive benefits from Social Security, SSI, or other programs can also qualify for the cash advance loan. Cash advance loan amounts are available in amounts from $ 350 to $ 1,500, and the amount you can borrow will be based on your income.

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Your House Number Numerology Profoundly Influences All Aspects of Your Life

Are you planning to move house soon? Or relocating to a new city? Or hunting for an investment property? Are you undecided about which house to choose? Then let numerology be your guide. Your house, apartment or unit number interacts with the frequency of your own personal numerology to determine whether you live in harmony or discord. Your lifestyle and personality traits are affected by the vibrations set up by particular house numbers.

Love, relationships, health, money, happiness and general abundance aspects of your life are all impacted by your house number. The experiences you will have in your home can be predicted by your house number – the good, the bad and everything in between. While no one house number is best or worse, there are numbers you should try to avoid in a home address. House numbers can be interpreted and tell of opportunities and challenges as they relate to your personal life, be they in your personality or life path.

The numerological transformation of house numbers is straight forward. Indeed there are many online calculators and resources giving general numerological meanings of the nine base house numbers. However, the real skill lays in the psychic reading and interpretation of your house’s number. To transform your house or apartment number, take the individual digits and add them. Then keep repeating this process until you arrive at a single digit. This is then your house’s special number. For example, say your home number is 672. First add 6+7+2 to get 15. Then add 1+5 to get your base number of SIX. Often units and apartments have more than one number (for example Unit 272, Number 87 Happy Road). The more unique number is the most important, in our example, the unit number ‘272’ – but your numerologist will be interested in both.

Business and work place addresses work the same way as house and apartment numbers. Ask your numerologist to figure out your house number and also to look at your work place number for its meaning to build a more complete picture of your numerology.

Even though the mechanics of determining a dwelling’s base number are reasonably easy, it takes a gifted and well practiced numerologist to interpret this number and determine the interactions with your personal life stage numerology.

What happens if my numerologist doesn’t like my house number? Do I have to move? Well not necessarily, as with anything there are degrees of harmony between you and your house or apartment number. It is more a case of being aware of dissonance and compatibilities between your house and you. Your numerologist may recommend adding a complimentary number to the inside of your front door or letter box to modify the house’s base number and restore harmony.

Eventually, you will move into another phase of your life when the incompatibility will go away anyway. For example, if you are young, single and carefree you may be best suited to a house with a base number of THREE. Later, when you have settled and growing a young family you may be more interested in security which can be found in houses with a base number of FOUR.

Better still, if possible get you numerologist to examine your potential house street number before you buy or lease the house in the first place. If all else fails you can of course move house to find a more compatible house number, but this should be last resort. Bear in mind that some house numbers are harder to sell than others. Selling a FOUR house can sometimes be problematic. The natural extension of this last point is that house number numerology has a big impact on property investment. Also, if the house or unit is an investment property, you need to consider the impact of the numerology of the house number on the potential tenants. Are they going to be compatible with the dwelling and live there happily?

I hope you can see now that the number of where you live interacts with your own personal numerology to impact on the all aspects of you life. If you are looking for a new house to buy or apartment to rent then consider the numerological implications of the house, apartment or unit number. And don’t forget that even if you’re house numerology in not favorable – all is not lost. There are things an expert numerologist can recommend to neutralize and overcome the negative connotations of your house’s street number to reinstate harmony in the dwelling. While it is a simple arithmetic task to calculate your house’s base number, it takes a gifted and professional numerologist to decipher the interactions between your own personal numerology and that of your place of abode.

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