A No Key New Years Eve!

 

This weekend, millions of people will ring in the New Year with friends, family, and loved ones. However, amidst all the festivities, toasts, and celebrating, safety can quickly take a backseat to a good time – especially when alcohol is added to the mix.

 

Due to an increase in drunk driving, New Years Eve is one of the most dangerous holidays of the year, according to the U.S. Department of Transportation, which reports that 10,839 people were killed in drunk driving crashes in 2009.

 

Whether you’re planning to stand in Times Square to see the ball drop or you’re celebrating by throwing a party for friends, your insurance agent want to ensure you usher in 2012 safely. Don’t let your New Year’s celebration turn tragic, follow these safety tips to ring in the New Year responsibly.

 

1. Leave your keys at home. If you’re planning to raise a glass and toast the New Year, do not drink and drive. Choose a designated driver (many states also offer DD services), take public transportation, walk, or call a taxi. Whatever you do, don’t drink and drive. When you get behind the wheel intoxicated, you’re not only endangering yourself and your passengers, you’re putting others on the road in danger.

2. Be a responsible host. If you’re throwing a New Year’s Eve party, select a designated driver and call a local cab company to provide rides for your guests. You should also stop serving alcohol to guests a couple hours before the party ends, so that guest can sober up. If your party includes underage guests, consider using two different types of cups or different colors in order to distinguish alcoholic beverages from non-alcoholic. If someone underage is caught drinking at your party, as the host you are responsible and could face charges. (You can also read more about social host liability here.)

 

3. Don’t walk alone. If you choose to walk home from a New Year’s celebration, take a friend with you. Walking alone makes you a target for robbers and other attackers. You should also avoid areas that aren’t well lit or places with little or no foot traffic. 

 
4. Be discrete. If you’re not going to be home on New Year’s Eve/New Year’s Day, make sure your home is secure by locking all doors and windows, turning on automatic light timers, and arming your security. You also shouldn’t advertise your absence by posting notifications about your departure on Twitter, Facebook, or other social media sites.

 

5. Watch your drink. Never leave your glass or cup unattended. Putting down a drink – even for a minute – gives partygoers with ill intentions a chance to slip something in it. If you need to go to the restroom or step outside, hand your drink to a trusted friend.

 

 

 

Source: http://www.trustedchoice.com/Content/Articles/no-keys-new-years-eve.aspx

Party Host Liability Tips

 

In the midst of the festive and hectic holiday atmosphere, it is easy to forget the serious responsibility involved with hosting a party at your home or business. In many states, individuals and employers hosting holiday parties can be held liable in cases where a guest or third party is injured in an accident related to alcohol consumption at your event. Hosts have been held responsible for medical bills, vehicle repair costs, lost time from work, and even wrongful death. Agents recommend that those planning to host holiday parties this year review their homeowners, renter’s or comprehensive general liability (CGL) insurance policy and ensure they have adequate liability coverage if sued and found liable for the actions of a guest who drank at their home or business. While all holiday partygoers and hosts alike should be responsible and know their limits, consumers need to acknowledge that most risks cannot be eliminated entirely. But planning ahead and learning about what’s involved in hosting a reception is the best defense. 

Liability Coverage Tips:

• If hosting a holiday party, individuals should look to the liability portion of their homeowners or renters insurance policy to provide them protection if they are sued and found liable for an accident involving a guest who drank at their home.

• Employers need to make sure that their comprehensive general liability (CGL) policy provides them coverage for third-party liquor liability policy before hosting that holiday office party.   

• Charging employees for alcoholic beverages in the home or office may not always be the best solution for business parties. It is important for businesses to remember that once they charge a fee for alcohol, they have technically entered the alcohol sales business, even if only for one night. That carries with it requirements for a liquor license and an array of special liability protection needs. It by no means lets these employers off the hook.”  

• Purchasing a personal “umbrella” liability policy—that can provide $1 million or more in additional coverage over the limit offered by a standard homeowners or renters policy—may be a prudent move for the frequent party host.  This type of coverage can cost as little as $125 a year.

 
Party Host Safety Tips:

• Limit guest list to those you know.

• Provide filling food for guests and alternative non-alcoholic beverages.

• Schedule activities or entertainment not involving alcohol. If the party centers around drinking, it is likely that guests will drink more.

• Arrange transportation or overnight accommodations for those who should not drive home.

• Stop serving alcohol well before the time the party is to end.

• Do not serve guests who are visibly intoxicated.

• Review your insurance policy with your insurance agent before the event to ensure proper liability coverage.

• Stay alert yourself, always remembering your responsibilities as a host.

 

Winter Pool Maintenance!

 

One of our readers (In & Out Plumbing) wanted us to do a blog entry on pool maintenance in the winter. This is what we found:

 

A swimming pool should not be closed until the outside air maintains a temperature of 65 degrees or less. The colder temperatures will help to prevent any algae growth in your swimming pool water underneath the Winter pool cover. If you live in an area of the country where the outside air temperature does not stay below 65 degrees, or if you do not put a winter pool cover on your swimming pool, you should continue to run your filtration system and sanitize the swimming pool. This will prevent algae growth or other water problems and staining while the pool is not in use.

A swimming pool should be clean and free of debris before the pool closing process is started, and the pool filter should be backwashed or thoroughly cleaned following the pool filter manufacturer ’s instructions.

The pool chemical levels should be balanced using the following guidelines:
- Free Chlorine: 1-3 ppm.
- Combined Chlorine: 0 ppm
- pH: 7.2 - 7.6
- Alkalinity: 80 - 120 ppm
- Calcium Hardness: 200 - 350 ppm

To chemically treat the swimming pool for the winter you should shock the pool water using a chlorine-free pool shock. A non-chlorine pool shock is suggested because this chemical will oxidize all organic contamination in the pool water to prevent algae from growing, without raising the chlorine level. A chlorine based pool shock will drastically raise the chlorine level of the swimming pool, and the resulting gasses which escape from the pool water surface will collect underneath the swimming pool cover. This may damage the underside of the winter pool cover, and damage the vinyl pool liner (if there is a pool liner) exposed above the waterline. The inert ingredients in most chlorine pool shock may also lead to stains or scaling, if added to the swimming pool immediately before the filtration system is shut down and a pool cover is installed. After chlorine-free pool shock has been circulated for 8 hours, a copper-free algaecide or algae prevention chemical should be added to further prevent any algae growth. Click here to shop for quality pool winterizing chemicals at competitive prices.

Disconnect swimming pool equipment if necessary, and drain all water from the equipment following the manufacturer's instructions. If you live in an area with freezing temperatures you should bring as much of the pool filter equipment indoors as possible. If pool equipment will be left outdoors it should be covered to protect it from harsh weather or damage from ice and rodents.

Drain the pool water 6-8 inches below the lowest fitting inside the swimming pool. To prevent ice damage to the pool plumbing, in-ground pool owners in an area with freezing temperatures need to blow all of the water out of the pool plumbing and put a non-toxic pool anti-freeze into the pool plumbing. If you have not ever closed your inground pool yourself, it is strongly suggested that you pay a local professional to close your swimming pool this year. Pay close attention to what he/she does (in particular the process of blowing the water out of the pool plumbing), and ask questions and take notes if necessary.

Use a guard or plug in the skimmer(s) and return line fitting(s) inside the swimming pool to prevent water from entering the plumbing if the water level inside the pool should rise. You can then install your winter pool cover, following the manufacturer's instructions. Unless you own a safety pool cover, your swimming pool cover should not be pulled taught over the surface of the pool water. A safety pool cover (typically found on an inground pool) has straps extending from the edge of the cover all the way around, and these straps attach to anchors sunk into the concrete or decking around the pool. These sturdy anchors allow a pool safety cover to be pulled taught over the surface of the swimming pool, and support the weight of a person should anyone happen to fall onto the cover during the winter.

A standard "tarp like" winter pool cover should be installed so that it lays on the surface of the water inside the pool. A standard winter pool cover should run nearly straight up the walls of the swimming pool to overlap up onto the decking around an inground pool, or overlap over the top rail of an above ground pool to be secured on the outside of the above ground pool. This prevents the winter pool cover from being pulled into the pool by the weight of water, snow and ice that will inevitably collect on top of the pool cover.

 

Source:http://www.learnaboutpools.com/poolclosing.html

Tips for having a safe live Christmas Tree in your home

 

Having a live Christmas tree in your home during the holidays can greatly enhance your holiday atmosphere with the smells of pine and the natural beauty of a freshly cut tree. However, it is important to take steps to ensure that your tree stays fresh and fire safe while it is in your home. A fresh and well maintained Christmas tree will not only look good longer, but it will be less of a fire risk.

According to the National Fire Protection Association*:

• Between 2003-2007, U.S. fire departments responded to an average of 250 home fires that started with Christmas trees per year. These fires caused an average of 14 deaths, 26 injuries, and $13.8 million in direct property damage annually.
• Christmas tree fires are not common, but when they occur, they are likely to be serious. On average, one of every 18 reported fires that began with a Christmas tree resulted in death.

The following tips are some great ways to keep your tree looking good and your home safe during the holidays.

Plan ahead- Buy your Christmas tree a day or two before you plan on bringing it in your home. Place your Christmas tree outside in a bucket filled with water for 1-2 days. This will allow the tree to naturally open up which ensures that when the tree is put inside; it's branches won't end up opening up coming close to candles, electrical outlets, or fireplaces. Plus allowing the tree time to open up will help the tree look great as it will become fuller and bigger as it opens up. Be sure to cut off all netting and ropes right away when you get home.

Keep hydrated- A healthy Christmas tree is one that is properly hydrated and kept moist throughout the holiday season. You should always make sure that the tree has plenty of water in the base at all times. In addition to keeping water available for the tree to absorb, many people fill spray bottles with water to keep the tree from drying out. You should spray your tree with room temperature water at least once a day but only when the Christmas lights are off and unplugged. Spraying your tree daily will reduce the dryness, prevent excessive amounts of needles from falling off, and make the tree more resistant against fire and flames. Some people, who have humidifiers, keep them on in the room that the tree is in to keep the air from becoming dry around the tree.

 

Don't overload- Many fires involving Christmas trees involve electrical fires. Always follow the instructions on the lights and never connect more sets then recommended to the tree. Use a power strip if you need to connect multiple sets of lights so you don't connect too many sets to each other. Always unplug the lights completely from the wall socket when you are going out or going to sleep. Don't put your Christmas tree lights on a timer as you may end up not being around at times when it is set to be on.

Keep away from open flames- Never light candles near your Christmas tree and keep your tree away from fireplaces, stoves, and other sources of open flames. As pretty as the old fashioned lit candle holders might look on a Christmas tree; they are extremely dangerous and should not be used on your holiday tree. Instead consider the safe flame candles that only look like the real thing. In addition to avoiding open flames, keep your tree in a cool room that isn't too brightly lit. This will keep moisture on the tree from your water spraying and minimize drying out.

Keep pets and children away- A toppled Christmas tree or chewed electrical wires are major cause of holiday related fires. Keep wires out of reach and be mindful of low hanging wires and ornaments on your tree. Dogs and cats alike may try to play with or chew on wires which could lead to electrical fires and harm to both tree and pet. Children should be told to look but don't touch as Christmas trees are often filled with shiny and colorful lights and decorations; tempting small children to touch and play near the Christmas tree.

A live Christmas tree on Christmas morning with presents all around underneath and sparkling lights is a beautiful thing and a tradition for many families. Follow the above tips to keep your tree fresh, looking good, and of course safe.

*NFPA's "Home Christmas Tree and Holiday Light Fires" by John R. Hall, Jr. and Marty Aherns, October 2009

http://www.homesite.com/insurance-resources/home-insurance-articles/tips-for-keeping-christmas-tree-fire-safe.htm

Christmas Tale for all of my Insurance Friends!

 

Twas the night before Christmas (12:01 a.m. 12/25) and all through the house (single family, joisted masonry, e.c.3, terr. 44, pc5), not a creature was stirring, not even a mouse (thorough pride of ownership and excellent maintenance).

The (flame-retardant) stockings were hung by the (contractor-installed) chimney with care, in hopes that St. Nicholas soon would be there (in spite of deadbolt locks and central station alarm system).

The children (ages 4, 8, 14, & 16) were all nestled snug in their beds (check MVR on 16-year-old) while visions of sugar plums danced in their heads (check for drug use).

Ma in her kerchief (scheduled heirloom) and I in my cap (no slave to fashion) had just settled down for a long winter’s nap. (Check employment, is insured sleeping all day?)

When out on the lawn there arose such a clatter (check into condition of premises, housekeeping, etc.), I jumped out of bed to see what was the matter.

Away to the window I flew like a flash, threw back the curtains and tore open the sash (intentional destructive act, no coverage; also, appears insured only wearing a cap in front of uncovered window).

When what to my wondrous eyes should appear, but a miniature sleigh and eight tiny reindeer. (check if sleigh is rated business use and corporate owned.) With a little old driver so lively and quick, I knew in a moment it must be St. Nick. (Notify life underwriting, order medical on 600-year-old driver).

More rapid than eagles (check MVR for speeding violations) his coursers they came and he whistled and shouted and called them by name (possible aggressive driver).

Now Dasher (turbo equipped?), now Dancer (classic?), now Prancer (check occupation), now Vixen (definitely check occupation), on Comet (possible muscle deer), on Cupid (check credit score), on Donner (4×4) and Blitzen (possible drinking problem?).

To the top of the porch, to the top of the wall (check for structural damage; also look into height exposures), now dash away, dash away, dash away all (old man climbing walls either in great shape or overly medicated).

So up to the housetop his coursers they flew, with a sleigh full of toys and Saint Nicholas, too. (Check for possible retail delivery classification of autos). And then, in a twinkling, I heard on the roof, the prancing and pawing of each little hoof. (Check for shingle damage; also classification of operations—roofing is a prohibited class).

As I drew in my head and was turning around, down the chimney he came with a bound.

He was dressed all in fur (scheduled items) from his head to his foot, and his clothes were all tarnished with ashes and soot. (Part-time job as firefighter?)

A bundle of toys he had flung on his back. (Check to see if insured has safety committee; check lifting training). His eyes how they twinkled, his dimples how merry, his cheeks were like roses, his nose like a cherry (order updated medical report, possible drinking and/or drug abuse).

The stump of a pipe he held tight in his teeth (ineligible for nonsmoker discount) and the smoke encircled his head like a wreath (check batteries in smoke detectors to make sure operational).

He was chubby and plump a right jolly elf (overweight for height) and I laughed when I saw him in spite of myself. A wink of his eye and a nod of his head soon gave me reason I had nothing to dread (Stranger enters past alarm and insured not worried? Sounds suspicious.)

He spoke not a word, but went straight to his work, and filled all the stocking, then turned with a jerk (review workplace for ergonomic compliance).

And laying his finger aside of his nose (obscene gesture?), and giving a nod, up the chimney he rose. (Check operations, chimney sweeps are prohibited classification, look into GL PD deductible.)

He sprang to his sleigh, to his team gave a whistle, and away they all flew like the down of a thistle (not likely with fat man and sleigh full of toys. Check GVW for proper classification, light/service/local seems unlikely).

And I heard him exclaim as he drove out of sight, “Merry Christmas to all, and to all a good night!” (Check hours of operation; 24-hour service operations prohibited. Also check into seasonal nature of business.)

NOTE: ORDER NEW LOSS CONTROL REPORT. DIARY FOR 07/01/06 TO DISCUSS WITH AGENT.

 

(And you don't think we have our own lingo?) HAHA

 

Source: http://www.insurancejournal.com/news/national/2005/12/23/63402.htm

Not Owned, Not Covered, Not Good!

 

As the fall approaches across the United States, millions of young people will embark on that great journey we call life on a college campus. Others entering their golden years and their families will consider the benefit of moving into an assisted living facility. Still others, uninterested in or unable to secure a home loan, will choose to move into an apartment or rental home.

What does each of the above circumstances have in common?

None of them own the home in which they are living—thus preventing them from purchasing a standard home insurance policy.

Yes, those individuals described above could find coverage for personal property or personal liability claims under the home insurance policy of someone else. For example, some policies will extend coverage to a student while living away attending school. However, reliance on someone else’s insurance is risky—coverage may be inadequate or nonexistent, depending on the terms of that policy.    

If you’re one of the individuals described above—or feel responsible for someone that fits the description—wouldn’t you feel better knowing insurance coverage is in force?

Renters Insurance
Renters insurance is a generally used term to describe a policy designed for someone that does not own a home. Insurance carriers that sell renters insurance typically have their own rules to determine who is eligible. Many policies will offer both personal property (often called “contents”) and personal liability insurance.

Personal Property
Renters insurance is often marketed and sold for its ability to cover personal property. Many carriers focus on this function of the policy for psychological reasons. Why? It’s much easier for buyers to visualize the theft of or damage to personal property than it is to visualize a personal liability claim. 

You can buy renters insurance at a limit sufficient to pay the cost to repair or replace damaged or stolen property. Some insurers allow buyers to choose to purchase coverage that will reimburse the cost to replace damaged property with a newer model—without deducting for depreciation. Others only allow buyers to buy insurance that will pay the actual cash value of the property, allowing the claims adjuster to deduct for depreciation. If available, the former option is preferable—many types of personal property, such as electronics and furniture, depreciate significantly.

Renters insurance may be sold on a “named” or “open” perils basis:
• If the former option applies, coverage is limited to causes of loss or so-called “perils” specifically named in the policy. Let’s say your TV burns in a fire. It likely will be covered because fire is a named peril. If the event causing damage to the property is not a named peril, than no coverage will apply. For example, if your furniture is damaged in a flood it probably won’t be covered because flood is not a named peril.
• If the open perils option applies, coverage is extended to any cause of loss or “peril” unless the event causing damage is specifically excluded. If available, this option is preferable, as you can never predict the event that will cause damage to your property. 

Personal Liability
Many renters insurance policies also cover an insured’s personal liability. Let’s say you’re entertaining guests at a gathering at your apartment. A drink is spilled on the tile floor and someone slips and falls, causing serious bodily injury. As host, you could be found negligent for that person’s injury and made responsible for his or her medical bills. Without personal liability insurance, you would have to pay those potentially devastating costs out of your own pocket. Even worse, if a lawsuit were to arise, your personal assets also may be tapped to compensate that person for his or her injury. The types of bodily injury claims covered by your policy vary and should be reviewed carefully.

You also may be found personally liable for property damage caused to the space you are renting or to someone else’s property, such as a neighbor’s building. As with bodily injury, the types of property damage claims covered by your policy vary; again, review the coverage carefully.

Conclusion
Regardless of your living arrangement, choosing to live uninsured could prove financially devastating if your personal property is stolen or damaged. The same is true if you are responsible for someone’s injury or damage to his or her property. Call today and talk with a Trusted Choice® independent insurance agent for help in securing renters insurance for you or a loved one.  

 

From the Trusted Choice Website:

www.TrustedChoice.com

Fight the Flames: Seven Tips for Protecting Your Home from Fire

 

Home fires caused 2,565 deaths (not including firefighters) and almost $7.8 billion in damage in 2009, according to the National Fire Protection Association (NFPA). While it’s impossible to completely prevent fires, there are several measures you can take to protect your family, home and valuables from the flames.

Check smoke and carbon monoxide detectors. Test these devices monthly to make sure they are working properly and replace the batteries annually. The U.S. Consumer Product Safety Commission recommends putting at least one smoke detector on each level of your home. Never disable these detectors even if they go off while cooking or showering.

Install fire extinguishers. The NFAP recommends keeping extinguishers near exits of your home and in the kitchen where most house fires start. A multi-purpose extinguisher that is large enough to put out a small fire but isn’t too heavy to handle is ideal. Be sure to read all the manufacturer’s instructions on how to properly operate the device.

Create a home escape plan. Draw a map of your house that includes all the doors and windows and discuss a fire escape plan with all family members. Practice the escape route at least once a year.

Keep it clean. Remove leaves and debris from around the property and clean out the gutters. It’s also important to trim back any shrubs or tree limbs that are close to your home. All of these things can be potential fire hazards.

Make sure your home is fully insured. Talk to your Trusted Choice® independent insurance agent to ensure your home is fully covered for fire loss and that you have loss-of-use coverage in the event your home becomes uninhabitable.

Take a home inventory. Make a list of everything valuable in your home and document it with photos and video. Keeping a record of all your belongings will help you file a claim if you experience a fire or other loss. 

Protect important documents. Keep a copy of your homeowner’s policy, home inventory, and other important documents, such as passports, legal documents and birth and marriage certificates in a fireproof lockbox or at an off-site location.

 

 

From the Trusted Choice Website

www.TrustedChoice.com

Is Your Home Ready for Winter?

 

Is your home ready for winter weather? Many consumers don’t realize that lack of preparation could mean unwelcome home damage and unexpected repair expenses. To help families and businesses protect themselves against winter risks and enjoy the season, Trusted Choice^® offers tips that can help families prepare for risks and hazards that may come during the winter months.

Snow or ice is the fifth leading cause of homeowners’ insurance claims. Also, according to the Insurance Information Institute (I.I.I.), the average homeowners’ claim for water damage and freezing is a whopping $5,531. Follow these tips to protect you and your home from serious financial liability:

Prevent Ice Dams—An ice dam is a build-up of ice that blocks water drainage from the roof and the gutters. Ice dams can cause leaks from ceilings and walls that can ultimately lead to mold and other problems. To prevent ice dams, remove leaves, sticks and other debris from gutters or install gutter guards (available in most hardware home stores) that will prevent debris from getting in the gutter and interfering with drainage.

“Watch Out for That Tree!”—Trees and branches weakened by snow, ice and wind can snap and seriously hurt a person on your property as well as cause serious damage to your home or car. Trimming trees and removing dead branches can help prevent serious damage and injuries.

Roof Care and Repair—High winds, snow and ice can damage a roof. Check the structural ability of the roof to sustain unusually heavy weight from the accumulation of snow and ice. After a heavy storm, check for water stains in the attic and on any overhangs. Lastly, repair or replace split or loose shingles and fix any leaks.

Pipe Dreams…and Nightmares—First, the bad news: Frozen or broken water pipes disrupt hundreds of thousands of American lives every winter. You can prevent frozen pipes by following these tips:

• Keep the inside temperature of your home at 65 degrees or warmer.

• Wrap heating tape and/or standard insulation around pipes wherever possible.

• Look for pipes with cracks or leaks —they freeze first.

• Keep cabinet doors open during cold spells to allow warm air to circulate around pipes (particularly in the kitchen and bathroom).

• If you’re leaving your home for several days, turn off the water completely and drain the pipes, or keep water dripping through one or two faucets, as moving water prevents freezing. However, if you are leaving your home for an extended period of time, plan to turn the water off. It also helps to have someone check your home every day while you are gone.
 
• If your pipes do freeze, quickly shut off the water and immediately call a plumber.

Prevent Personal Injuries—Homeowners are liable for any injuries that occur on their property. Keep kitty litter, sand or rock salt on hand to sprinkle over frozen driveways, walkways or sidewalks. Additionally, ensure that your outdoor steps and guardrails are in good repair to prevent injuries from falls on ice.

 

From the Trusted Choice Website:

www.TrustedChoice.com

Times Have Changed!

Mobile Devices: Does Insurance Tag Along?

Mobile information devices like PDAs and MP3 players occupy the bags and pockets of tens of millions of Americans. These devices can be pricey, often costing hundreds of dollars. The cost to obtain the information programmed on these gizmos can be exponentially more. If your portable device is damaged or stolen, will these costs be covered by your insurance?

Personal Insurance
Consider the iPod. Their owners span every demographic. For some, the iPod is as important to getting through the day as morning coffee or sunshine.

This pervasive product ranges in cost—usually a few hundred bucks or less depending on bells and whistles—and that’s just for the hardware. Downloading music can cost a dollar a song, videos and “podcasts” even more. Add in time spent collecting this information and you’ve got thousands of dollars invested in this thing. The same is true for other portable devices.

The good news is that most homeowners policies cover personal property while it is anywhere in the world—a positive considering the nature of these devices. The bad news is that coverage is limited—meaning the check you receive after the loss may not be what you expect.

While many believe their iPod is “worth” thousands of dollars, a homeowners insurance policy is designed to cover “direct physical loss” to property. Therefore, a typical policy will cover the cost of the device itself but not the cost of the information stored on the device. Some homeowner policies include coverage for loss to “personal records,” which may include information stored on a portable device. However, not all will do so and those that do likely limit coverage to a relatively small amount.

Business Insurance
More and more people are using PDAs, such as BlackBerrys and iPhones, to conduct business on the fly. These devices keep them wirelessly connected to their work through email, Internet and phone.

If you own the device personally and use it for business, coverage under your homeowners insurance policy is less generous. Personal property used for business may not be covered worldwide and is subject to an amount of insurance that is lower than other personal property. A further restriction is that any limited coverage available for “personal records” does not apply to business records.

If the device is owned by your employer, it’s likely covered under a business insurance policy. Such policies contain similar limitations for loss of information. 

Back it Up
Whether used for business, personal, or both, cost to replace the device itself is likely the extent your insurance will pay if it is damaged or stolen. The best way to protect the information contained in the device is to back-up data periodically. Then, even if you have to replace the device, you won’t have to start from scratch.

One Roof

Following is just a sample of the types of insurance policies needed by owners of virtually every kind of business:

-Workers Compensation
-Commercial General Liability
-Commercial Property
-Professional Liability
-Commercial Auto
-Business Interruption.

This list is by no means complete. In fact, most researchers conclude that business owners typically need a minimum of nine insurance policies to properly insure their operations. While it may be possible to bundle or package some of these types of insurance together, this is not always an option. In many cases, owners must purchase these important policies individually. Keeping up with this many policies is not something most business owners prefer to spend time on.

Understanding Your Operation
Properly insuring your business requires an almost intimate knowledge of your operations. Spreading your policies across multiple agents means spending more time educating more people about what you do and the exposures that come along with it. A single agent that truly understands the many aspects of your operations is in a better position to help identify exposures for you.

Policies That Work Together
Here’s an example: You expect that your commercial umbrella policy will provide additional coverage over that included in your commercial auto policy. However, many umbrella policies will only extend above an auto policy provided by an insurance company with a specified financial strength rating. If the rating falls below a certain grade, this may drastically affect your umbrella in that it will no longer apply to an auto loss.

It is not unlikely that two of your business insurance policies may have to work together. Thus, keeping them under separate roofs could create problems.  

Personal Info
Preparing business insurance will require owners to furnish highly sensitive financial information about the business as well as personal information about personnel. Spreading insurance across multiple agents will require you to divulge this personal information to multiple parties.

Consolidating Policy Periods
Most business insurance policies are annual policies, renewing each year. As owner, you may want your insurance policies to renew at specific periods of time when it is most convenient for you. For example, you may want your property insurance to renew just before your busiest time of year when inventory levels are at their highest; alternatively, you may wish to keep the books simpler by having all of your insurance renew on a specific date. It should be your choice.

One Call
Perhaps the most convenient advantage to having a single agent managing your business insurance is having all your needs handled in one place. If you need a certificate of insurance, are hiring a new employee, adding a location, forming a new business or any other change, there’s one number to call.

Price and Availability
By keeping multiple policies under one roof, you might have access to multi-policy discounts that can save your business hundreds or thousands annually. Further, keeping your policies under one roof may give your agent more opportunities to obtain better pricing and coverage options for your business.

Packaging
While it may not be an option for every business, some businesses may be able to bundle or package two or more policies together. This often translates into better coverage and pricing as well a simplified handling. For example, some businesses may be eligible for a business owners policy, which combines property, liability and business interruption insurance. Other businesses may be eligible for a management liability policy, which combines a variety of professional liability insurance, such as errors and omissions and employment practices liability.

 

From Trusted Choice http://www.trustedchoice.com/

Single Mothers and Life Insurance

 

Single Mothers and Their Families At Risk
Facts from LIMRA
Life Insurance Awareness Month, September 2011

 

 

Single Mother Households Are An Important Demographic:
 

-According to the U.S. Census Bureau, there are about 10 million single mothers with children under the age of 18 living in the U.S. .

-Most single mothers are not teenagers. In fact,U.S. Census Bureau data indicate that8 in 10 single mothers are at least 25 years old. Further, more than half of all single mothers have been previously married, with nearly all of these marriages ending in divorce. And, while many do earn low incomes, a fourth earn incomes of at least $50,000 annually placing them solidly in the middle class.

Single Mothers Own Life Insurance But Not Enough:

-Two-thirds of working single mothers own life insurance –37 percent own individual life insurance, and 46 percent are covered by group life insurance. This is higher than the ownership level for all women (57 percent) in the total population.

-However, of those who are insured, only a third of single mothers felt that their families would be able to cover expenses for a significant length of time should they die.

-Among those single mothers who earned incomes of $50,000 or more, close to 9 in 10 own type of life insurance, with almost half owning individual life insurance.

-The reasons single mothers give for not owning life insurance clearly indicate the budget constraints that two-thirds of uninsured single mothers face.

How Advisors Can Better Engage Single Mothers:

-Convey the costs of life insurance to all. Many single mothers believe that the costs are too high for them to afford. In reality this may not be the case -often people overestimate these costs.

-Offer to review the policy coverages of their clients and prospects. These policy reviews may result in single mothers buying additional coverage, or purchasing new policies with affordable premiums.

-Proactively offer financial planning to their clients. This can help customers prioritize their financial goals and manage their income (and debt) to achieve their most important goals. Single mothers may particularly appreciate this since even simple plans can bring some peace of mind.

-Be sensitive to the fact that single mothers are incredibly busy, and may not always be able to find someone to take care of their children.

 

http://www.limra.com/newscenter/pressmaterials/11SingleMothers.pdf
All facts are from LIMRA’s report: Flying Solo Single Mothers Protecting Their Families (2011).
Fact sheet may be reproduced in whole or in part if attributed to LIMRA.

Notable Omissions/Limitations in Your Home Insurance Policy

Do you know what types of losses your home insurance policy will cover? Perhaps more important, do you know what types of commonly occurring losses it will not cover?

Knowing the limitations in your policy is the first step to finding the fix. Following is a list of commonly occurring events or exposures that can cause significant financial damage to you and your family. What do they all have in common? Coverage for them is either limited or excluded under a typical home insurance policy.

Flood
According to the Federal Emergency Management Agency, floods are the most pervasive and damaging cause of loss in the U.S. annually. Floods are also responsible for more deaths than any other naturally occurring event in the U.S., and they happen in all 50 states.

FEMA designates areas as special flood hazards areas or “flood zones” on rate maps that are revised on an occasional basis. FEMA is quick to note that just over 30% of properties that sustain flood damage in the U.S. are not located in one of these zones.

You do not have to live in a flood zone to purchase flood insurance. 

Earthquake
Myth—The western U.S. is the only region of the country that needs to worry about earthquake damage.

Fact—According to the Insurance Information Institute (I.I.I.), earthquakes have occurred in 39 states, and damage resulting from them has occurred in all 50 states since 1900. The I.I.I. explains that some specific types of damage that may result from earth movement are covered by a typical homeowners insurance policy. Examples include fire, explosion and water damage. This is important because it’s common for the earth movement to rupture gas and water lines. However, it’s noteworthy that structural damage caused by the shaking of the ground is not covered by a home insurance policy.

Only an earthquake insurance policy will cover earthquake damage.

Ordinance and Law
Would the repair of your home be susceptible to increased costs resulting from having to comply with a building ordinance? As communities become more aware of potential property damage, stringent building codes are approved that must be adhered to for homes that are built new or rebuilt after damage. Compliance with such codes may significantly increase the cost to rebuild your home. For example, many regions of the country are adopting new codes to ensure homes built there use less water and are more energy-efficient. Installing the necessary materials and appliances could translate into more dollars for the repair.

The good news is that most home insurance companies will cover these increased costs due to ordinance or law. However, many such policies limit the available dollars to no more than 10% of the value of the dwelling. More coverage is typically available and should be considered if your community has adopted more stringent codes since your home was originally built.

Business from Home
As harsh economic conditions continue to hinder employers across the U.S., many former employees have decided to go into business on their own. Others may be employed with a firm but choose to work from home. Regardless, operating a business activity from home can create coverage problems under a typical home insurance policy.

First, a home insurance policy contains limited coverage for property used in the business. Many policies limit damage to such property, which may include items like equipment, inventory and computers, to a specific dollar amount, such as $2,500. The amount typically decreases when the business property is damaged while away from the residence.

The second major issue with a home-based business is liability coverage. With few exceptions, liability coverage for the business is not covered. Excluded injuries may include those to a customer or salesperson that occur in the residence or bodily injury suffered by someone using your home-based business’s product. Property damage caused by your home-based business’s operations, such as a side-job that causes structural damage to a customer’s home, are not covered by home insurance. Further, the home insurance policy does not cover professional liability claims. Such claims may include errors or omissions made by you in your performance as a professional.

Insurance for the home-based business may be available as an endorsement to the existing home insurance policy. For some home-based businesses, separate commercial insurance may be a better choice.

These and other potentially damaging issues must be brought into the forefront of the conversation with your insurance agent. Unfortunately, many agents and insurance buyers skimp on the details, looking to secure insurance using the path of least resistance. When this happens, exposures like these go unnoticed and often result in large out-of-pocket expenses to you.

 

From Trusted Choice http://www.trustedchoice.com/

September - Life Insurance Awareness Month

Facts About Life 2011
Facts from LIMRA
Life Insurance Awareness Month, September 2011
 

-The proportion of U.S. adults with life insurance protection has declined to an all-time low as 41 percent (95 million) of U.S. adults have no life insurance at all.

-Both men and women are less likely to own life insurance today than they were in 2004—only 61 percent of men and 57 percent of women have some sort of life insurance coverage.

-Only 1 in 10 insured adults own both permanent and term life insurance —half as many in 2004.

-The likelihood of being without life insurance has dramatically increased for every age group since 2004.
 

Troubling Declines for Men:
 

-Men ages 35 to 54 have seen large declines in individual life ownership in the past 12 years. This is troubling, since middle-aged men typically have families and are usually in their highest income earning years.

-Young males, ages 18 to 24, are less likely than in past decades to be starting their adult years with any individual life insurance. Only 13 percent had individual life policies in 2010, compared with 30 percent in 1998.

-Husbands ages 35 to 54 and 65 or older had double-digit declines in the proportion owning individual life insurance in the past six years.

-Since 2004 the likelihood of husbands having any life insurance has declined across every income level —low, middle and affluent.

Women Lag Behind in Life Insurance Coverage:

-While younger women are now as likely as their male counterparts to have coverage, women ages 55 and older are still considerably less likely than men the same age to own life insurance.

-Women of all ages average smaller amounts of individual life coverage than men of similar ages. On average, women have $129,800 of individual life insurance, while men have $187,100 of individual life insurance coverage.

-The gap in average life insurance coverage between husbands and wives with similar personal incomes has narrowed over the past six years —primarily because insured wives have experienced smaller declines in amounts of individual life and group life coverage than have husbands with similar personal incomes.

-Women with high personal incomes ($100,000+) are less likely to have individual life insurance or group life insurance than men with similar personal incomes.

More U.S. Adults Are Relying on Employer-Sponsored Life Insurance:
 

-Today, more insured adults depend solely on group life insurance for their only life insurance coverage than in the past.

-For the first time, the percentage of adults having group life insurance has surpassed adults owning individual life insurance (36% to 35%)

-However, the percentage of adults having group life insurance has dropped (down four percentage points since 2004), which is the first decline since group insurance was introduced.

-About 4 in 10 insured husbands and insured wives have only group life insurance coverage.

-People insured only through group life insurance have the lowest average amount of coverage

 

http://www.limra.com/newscenter/pressmaterials/11FOL.pdf

All information from this blog is at this link above.