Author: Addi Sickels

For generations, the Eaton & Schultz Insurance Group has been a trusted presence in Wilmington, IL.  An office built on relationships, community commitment, and a deep belief in doing right by every client who walked through the door. As Dimond Bros. continues to grow our footprint and strengthen our service across Illinois, we are proud to welcome this respected agency, its history, and its people into our organization.

Since 1994, the agency was led by Dan Eaton and his business partner, David Schultz, who shared a commitment to client service which helped build the agency’s strong reputation.  Their stewardship and team reflect decades of hard work, trust, and community connection; values that align perfectly with Dimond Bros.’s mission.

As part of this partnership, we are thrilled to welcome the Eaton & Schultz Insurance Group staff, who bring experience, heart, and a strong commitment to their clients:

•             Dan Eaton, Sales Executive

•             Mel Gathright, Sales Executive

•             Dawn Daniels, Account Executive

•             Denise Blain, Account Executive

•             Jeanette Garner, Account Executive

Their expertise strengthens us and enhances the service we provide across the region. The Eaton & Schultz Insurance Group will continue serving clients at their current office location:

382 W Baltimore Street, Wilmington, IL 60481.

We are honored to carry forward the Eaton & Schultz Insurance Group’s legacy and excited for the future we will build together. With this talented team joining Dimond Bros., we strengthen our commitment to service, local relationships, and the values that have guided both organizations for decades.

Renters Insurance for College Students

When your child leaves for college, it’s a period of profound change that can be a challenging adjustment. Many moving parts and checklists must be completed for this new life experience. One item you should add to your list is speaking with your insurance provider to ensure your student still has coverage while they are away.

Understanding How Homeowners Insurance Extends to Your Student

Fortunately, most homeowners insurance policies will extend to your student’s belongings while living on campus. Some insurance providers may have a list of requirements to qualify for coverage. These criteria may state that your child must be a full-time student, live on campus, be under the age of 24 and be a relative of the insured on the homeowners policy. However, even if your homeowners insurance policy extends to your student, the coverage limits may not be enough if your student has high-value items, such as gaming devices, computers and other electronics.

Homeowners insurance also may not extend its coverage to your student if they live in a house or apartment off campus. Instead, consider helping them obtain a renters policy. A specified renters insurance policy can provide robust coverage for personal belongings, as well as liability protections and additional living expenses coverage.

Renters insurance typically includes the following three coverages:

1. Personal possessions coverage can help protect your student’s belongings, such as furniture, electronic devices and other possessions, against covered perils such as fire, theft and vandalism. This coverage can help cover the cost of replacing or repairing them up to the policy’s limits; however, as noted previously, particularly expensive items such as laptops and jewelry may require additional insurance to be covered adequately. Talk to your agent about any high-value property.
2. Liability protection coverage can help cover lawsuits for bodily injury or property damage for which your student is responsible.
3. Additional living expenses coverage can help pay hotel and food bills if your student’s residence becomes uninhabitable due to a covered event.

Value of Renters Insurance

Renters insurance is a valuable and affordable investment for college students. Renters insurance is a relatively inexpensive coverage with some premiums as low as $10 a month. The payments will typically be low, especially compared to what it would cost to replace expensive items out of pocket. In this exciting phase of life, renters insurance grants peace of mind, ensuring students can focus more on their studies and less on the burden of unexpected financial setbacks.

Contact Your Agent Today

Review your homeowners coverage with your agent to understand how coverage may extend to your college student. Your agent can help you understand what is and isn’t covered, coverage limits and potential gaps that may necessitate renters insurance.

This article is not intended to be exhaustive, nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel or an insurance professional for appropriate advice.

It’s a common misconception that homeowners or renters insurance policies cover all personal property. Even if they do cover personal items, there is often a financial limit as to what those policies will cover. Sometimes the amount covered is well below the item’s value. For highly valuable items, unique or hard-to-find items or items that change physical locations frequently, you should consider a personal article floater.

What Is a Personal Article Floater?

A personal article floater policy is a type of inland marine insurance that may protect readily movable property. The coverage travels or “floats” with the valuable items. It can supplement your other standard insurance policies, such as a homeowners policy. A personal article floater can be a separate policy or an endorsement from your current insurer.

A personal article floater is typically designed to provide “open peril” coverage. This means that items will be covered unless explicitly excluded from your policy.

What Does a Personal Article Floater Cover?

A personal article floater can cover a wide range of personal property items, such as (but not limited to):

• Jewelry and luxury handbags
• Furs and antiques
• Silverware, glassware and china
• Cameras, computers and electronics
• Coin and stamp collections
• Sports memorabilia

What Types of Settlement Options Are Available With a Personal Article Floater Insurance Policy?

Two different types of loss settlement options are typically available with a personal article floater insurance policy:

• Replacement cost settlement—This type of settlement generally provides coverage that replaces the item with one of like kind or quality. The amount of the replacement may be lower than the value listed on the policy.
• Agreed value settlement—This type of settlement typically pays the amount for which the item is listed on the policy. This option may require an additional premium.

For More Information

If you have questions about your coverage or would like to learn more about a personal article floater, contact us today.

This article is not intended to be exhaustive, nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel or an insurance professional for appropriate advice.

Provided by: Dimond Bros. Insurance

Numerous business challenges can hinder operational resilience and cause losses, including cybersecurity threats, supply chain disruptions, evolving regulatory requirements and changing workforce dynamics. Fortunately, a comprehensive risk assessment program can help organizations identify risks, plan mitigation responses and reduce exposure. However, to be effective, the program must be supported by several key elements, including standardized processes, strong leadership and clear governance.

This article outlines nine best practices for implementing an effective risk assessment program and highlights the common challenges to avoid.

1. Secure Leadership Commitment

When implementing a risk assessment program, company leaders must do more than simply approve the policy. They should actively demonstrate their commitment by setting expectations, allocating resources, and fostering a culture in which risk is consistently identified, assessed, and managed. Leaders should treat risk assessment as an integral part of day-to-day operations rather than a one-off compliance exercise, communicating its importance to employees to foster a shared sense of responsibility. Aligning risk assessment efforts with strategic objectives and allocating sufficient personnel, budget and resources can further reinforce the program’s importance in overall business success.

2. Establish Clear Governance and Accountability

Consistent program execution depends on clear governance structures. Organizations should define roles and responsibilities across the program to ensure those involved are accountable for managing and mitigating risk. Program administrators should be designated and risk owners assigned to specific exposures, acting as champions within their areas by providing guidance to employees, tracking mitigation progress and escalating issues where necessary. Documenting and periodically reviewing governance structures can help organizations ensure effective ongoing program oversight.

3. Standardize Processes and Methodologies

Establishing standardized risk assessment methodologies can help companies make meaningful comparisons across departments. Risk assessment programs should include defined criteria for rating risks based on likelihood and impact, clear classification categories (e.g., operational, financial, compliance), consistent documentation and reporting requirements, and a centralized system for recording and tracking risks. Methodologies that assess both inherent risk (before controls) and residual risk (after controls) can help organizations gain a clearer view of overall exposure.

4. Provide Training and Build Risk Awareness

Comprehensive workforce training is essential in supporting the delivery of risk assessment programs and should be tailored to specific roles (e.g., finance teams, HR managers, IT staff and customer-facing positions), so employees understand how risk identification and reporting relate to them. Training should go beyond mere compliance by actively seeking input and feedback from participants on the challenges they encounter day to day, as frontline staff often have the most direct visibility into operational risks.

5. Integrate Risk Management into Business Operations

Risk management should be embedded into routine business activities rather than being treated as a standalone initiative. Effective risk assessment programs integrate risk considerations into everyday decision-making, including procurement, hiring, the adoption of new technologies and operational planning. In practice, this may involve adding risk questions to routine forms and documents, incorporating basic risk checks into approval processes, and making risk a regular part of team discussions.

6. Maintain Effective Communication and Reporting

Risk assessment programs depend on effective communication and reporting to ensure risks are understood company-wide. Organizations should establish clear reporting channels and expectations, including how frequently reports will be shared, to ensure that significant or emerging risks are raised as soon as they are identified. Reporting should provide leaders and stakeholders with a clear view of key risks, while giving operational teams sufficient detail to take action. Communicating lessons learned from incidents and near-misses through employee training reinforces risk awareness and helps strengthen risk assessment programs over time.

7. Monitor Program Performance  

Organizations should track the success of their risk assessment programs by measuring key performance indicators (e.g., the number of risks identified, assessed and mitigated) and monitoring any trends or recurring issues that may indicate gaps or weaknesses. Monitoring corrective and preventive actions can also be helpful in ensuring identified risks drive meaningful improvements.

8. Conduct Periodic Reviews and Audits 

Alongside performance monitoring, scheduled reviews and internal audits can help ensure that risk activities and corrective actions are completed on time and in line with company objectives. Third-party reviews or insurer-led assessments can further assess risk assessment program maturity and identify areas for improvement.

9. Promote Continuous Improvement 

Since risks evolve rapidly, organizations should treat their risk assessment programs as dynamic rather than static, continuously updating policies, procedures and methodologies to reflect current conditions. Major organizational events (e.g., entering new markets or regulatory changes) should trigger a review to ensure programs reflect current risks and priorities. Overall, frequent incremental updates can ensure programs remain effective and responsive both now and in the future.

Common Challenges to Address

Risk assessment programs may fail to deliver their anticipated results if common challenges are not identified and addressed. These may include a lack of executive support resulting in risks being poorly prioritized; unclear roles and responsibilities leading to gaps in ownership; inconsistent risk assessment methodologies making it difficult to determine resource allocation; and insufficient workforce training causing limited awareness and understanding of risk among employees.

Additionally, poor recordkeeping, along with treating risk management as a one-off compliance exercise, can limit visibility into risks and leave organizations unprepared for new or emerging risks.

Organizations can mitigate these challenges by ensuring clear accountability, consistent processes and ongoing oversight to support a more effective, resilient risk assessment program.

Conclusion

An effective risk assessment program relies on strong leadership, clear governance, consistent processes, employee engagement and ongoing oversight. By embedding these best practices, organizations can establish a robust risk assessment approach that supports informed decision-making, aids regulatory compliance and minimizes exposure.

This article is intended for informational purposes only and is not intended to be exhaustive, nor should any discussion or opinions be construed as professional advice.