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How Much Insurance Should You Have
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Ken
I really appreciate your informative emails. Great job keep it up!
I would like to ask what insurance requirements does a company have that is involved in installing residential & commercial burglar systems, wired & wireless and connecting it to a UL listed central station?
If we are considering to install commercial fire systems what insurance coverage should we consider?
Does the coverage need to include cctv camera, network wiring, intercom installations?
If we have sufficient insurance coverage can someone sue me personally?
Jay B
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Answer
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You need to carry Errors and Omissions Insurance coverage. Make sure you get it from a broker that specializes inthe alarm industry. You can find the best of them on The Alarm Exchange under the Insurance Broker category.
You're going to carry a minimum policy of one million. If you do commercial fire I'd suggest minimum of three million. If you can afford more then carry it. Here's an article on the topic:
https://www.kirschenbaumesq.com/article/how-much-insurance-should-you-have-follow-up-comment-on-co-september-6-2012
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sub steals employee
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Ken
We had a situation in which a large subscriber, who we have under contract, hired one of our technicians to work at their facilities. Can you put a term in your contract that would prohibit them from doing that ?
Regards,
Bob Williams
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Answer
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The Standard Form Contracts - the All in One - has a provision that prohibits your subscriber from soliciting and employing your employee. If the sub breaches that provision the contract calls for damages of one year's salary. Use the All in One agreement.
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canceling account
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Ken
We are a systems integrator in Nevada. We recently purchased your monitoring agreements and notice of cancellation. I have been tasked with renewing the monitoring contracts for both fire and intrusion. My questions is: If the client does not wish to sign the new agreement, what is the standard (Legal) procedure to cancel their account? Do we need to give them 30 days to find another monitoring company, or is it immediate?
Juliann Olivera, Manager-Service Division
PowerComm Solutions
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Answer
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The answer is found in the existing contract you have with the subscriber. In fact, if that contract term is not expired then the subscriber's refusal to sign a new monitoring contract will not be a basis for you to terminate the monitoring services. If there is no written contract or if that contract is expired, with no renewal in place, you can terminate on a few days notice. The Monitoring Contract and the All in One agreements, which include monitoring, do not require notice to terminate once the contract is expired or breached by the subscriber. As a practical matter I do suggest you give some notice that service is going to be terminated.
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Webinar Anouncement - No Charge To Attend
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Title: Learn how to design sales presentations using tablets and computers.
When: October 8, 2014 12 noon to 1 PM EST. Sign in on your computer and dial in to participate. Register here (space limited so register now): https://attendee.gotowebinar.com/register/2478859221657647105
Description: This webinar will introduce you to sales techniques and tools using tablets and computers to do sales presentations. Puffington will customize your sales tools utilizing our templates and proven sales presentations designed specifically for the alarm / security industry.
Presenter: Luke Goetting Luke@Puffingston.com; 312-620-0704 Puffingston is listed on The Alarm Exchange under Technology that increases or preserves your RMR.
Who should attend: Alarm company owners and sales managers and sales personnel
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TO SUBMIT QUESTIONS OR COMMENTS REPLY TO THIS EMAIL OR EMAIL Ken@Kirschenbaumesq.com. Most comments and questions get circulated.
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Speaking Engagements
If you would like to schedule a free live video/webinar presentation for your association meeting or event contact Eileen Wagda at (516) 747 6700 x 312.
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Texas Burglar and Fire Alarm Association. October 1 - 4, 2014, annual convention at San Luis Resort Spa & Conference Center, Galveston, TX. Register here: http://tbfaa.org/tbfaa-2014-convention-trade-show-attendee-registration/
For more info contact Debi at 281-859-4569. Brad Shipp, Executive Director
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Alabama Alarm Association. AAA's Fall Meeting and Trade Show - October 21, 2014 from 3 to 5 PM at DoubleTree Hotel 808 South 20th Street Birmingham, AL 35205 for more info contact AAA Executive Director: director@alabamaalarm.org (205) 933-9000
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