KEN KIRSCHENBAUM, ESQ
ALARM - SECURITY INDUSTRY LEGAL EMAIL NEWSLETTER / THE ALARM EXCHANGE
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sign up for Group and Private meetings in Vegas / Comment on indemnity and additional limits of coverage
March 4, 2024
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Private and Group meeting schedule now available
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Private Meetings:
          Schedule a Private Meeting with Ken Kirschenbaum or with Rory Russell of AFS by calling Stacy Spector at 516 987 8428.
            Register for a Group Meeting by calling Stacy Spector at 516 987 8428

Group Meetings:
Tuesday April 9.  Group Meeting: 3:00 pm to 4:00 pm – Monetize on your monitoring accounts; new incentive program; learn how to get unheard of incentives from your central station or move to another one. Group meeting conducted by Ken Kirschenbaum.
 
Wednesday April 10.  Group Meeting:  11:00 am to 12:00 pm - Selling and buying alarm accounts; Things to know. Group conducted by Ken Kirschenbaum.
 
Wednesday April 10.  Group Meeting:  2:00 pm to 3:00 pm – State sales tax and complex company valuation. Group meeting conducted by Mitch Reitman of Reitman Consulting Group.
 
Wednesday April 10.  Group Meeting:   3:00 pm to 4:00 pm – Central station – dealer relationship; contract issues; understanding the dealer agreement terms and why you need the K&K Rider. Group meeting conducted by Ken Kirschenbaum.
 
Thursday April 11.  Group Meeting:  10:00 am to 11:00 am - Insurance for your alarm business – best options; availability, pricing and claims. Group meeting conducted by Shawn Iverson of The Insurance Center.
 
Thursday April 11. Group Meeting: 11:00 am to 12:00 pm – Contracts – which ones you need and why you need them. Group meeting conducted by Ken Kirschenbaum.
 
Thursday April 11.  Group Meeting:   from 3:00 pm to 4:00 pm -
The Corporate Transparency Act. Group meeting conducted by Mitch Reitman of Reitman Consulting Group.
 
Private Meetings with Rory Russell of AFS:
         Schedule a private meeting with Rory Russell of Acquisition and Funding Services (AFS) to discuss buying or selling security, fire and integration business. Available times to meet with Rory Russell are as follows: Wednesday April 10 and Thursday April 11 between 7:30 am and 11:00 am and 12:30 pm and 4:00 pm.  Contact Stacy Spector to schedule a private meeting with Rory.  Call 516 987 8428
 
ALL TIMES ARE PACIFIC STANDARD TIME.
 
Contact Stacy Spector, Esq. for all scheduling at Sspector@kirschenbaumesq.com or 516-987-8428.
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Comment on indemnity and additional limits of coverage from article on February 19, 2024
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Ken,
          The other item to stress when considering amount of liability coverage to protect the company is fleet size.  A lot of companies have a large fleet size; $1 M of auto liability coverage could be used up quickly in a serious at fault vehicle accident. 
          As Crystal mentioned the Umbrella or Excess policy would/should sit above the General Liability, Professional Liability, Auto Liability and Employers Liability/Workers Comp coverage.   If you have some of these coverages split between different brokers or different carriers it isn’t automatic coverage so you would want to confirm these policies are all listed on the Umbrella policy schedule.
 Thanks,
Jeff Schulz, CIC, CRM
Principal
J. Krug
Insurance | Employee Benefits | Financial Services
o.847.818.7508 / c. 708.790.8514
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Response
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          Coordinating policies when written by different brokers is responsibility of the insured; that’s you.  Using one broker would make things easier.
          It’s actually interesting when you consider the adequacy of insurance limits on different policies.  It’s no secret that most alarm companies carry one million dollar limit for E&O [errors and omissions] insurance.  Compare this to auto insurance coverage. I imagine that most alarm companies, especially those with several trucks and vehicles on the road, carry more than one, and likely three to five or more million in coverage.  Personal injury, death and property damage can be difficult to predict from vehicle accidents.  But loss from alarm failure is just as unpredictable.  Claims for fire loss, personal injury or death are not uncommon against alarm companies for alarm failure.  [I am including monitoring and other services provided by alarm companies].
          You can’t get a contract that protects you for negligence while driving a vehicle.  You need insurance coverage just in case of an accident.  After all, no one plans to be negligent, so the insurance is for the unexpected. 
          You don’t plan loss because the alarm doesn’t work.  However you know that alarms fail, usually not because of anything you did or didn’t do.  The difference is, of course, that you have a contract that contracts away liability, even for your own negligence; you shift risks.  You can’t do that with your automobile. 
          If you don’t have a proper contract for your alarm business then you probably should carry insurance at levels of your auto policy.  [and keep all assets out of your name]
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Ken Kirschenbaum,Esq
Kirschenbaum & Kirschenbaum PC
Attorneys at Law
200 Garden City Plaza
Garden City, NY 11530
516 747 6700 x 301
ken@kirschenbaumesq.com
www.KirschenbaumEsq.com