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May 2014

May 01
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HOLD-HARMLESS CLAUSES: SIGNER, BEWARE

By Construction Insurance Bulletin

You’ve bid on the project and been awarded the work. Now all you need to do is sign the contracts and you’re underway. But wait a minute, there might be provisions in that contract that will cause you to wish you’d simply passed up the job. Are there agreements included that you might not be able to fulfill?

Have your counsel review any important legal document before signing it. We’re especially concerned about any provisions that might depend on your insurance to back you up. Although some of these provisions might be labeled clearly as insurance requirements, others just for coverage might not be so clear. For example, contracts commonly include a “hold-harmless” provision, under which the parties agree that if certain events occur, one party will take full responsibility for handling their repercussions. If this responsibility involves bodily injury or damage to the property of another, it could lead to a claim against the responsible party’s liability coverage. If you agree to be this provision, be sure your liability insurance covers all the types of events for which you’ve agreed to hold the other party harmless.

The best way to find out is to talk with us before signing the agreement. In most cases, your insurance covers the vast majority of responsibilities assumed under standard hold-harmless agreements. But there are no guarantees, especially if the agreement is non-standard or significantly broader than standard contract language. So the next time you’re pursuing a project that will require a hold-harmless agreement, give us — and your attorney — a call. Let us help make sure that when the time comes to shoulder the responsibility, your insurance will be there to help carry the load.

May 01
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YOU NEED PROFESSIONAL LIABILITY INSURANCE

By Construction Insurance Bulletin

As a construction manager, you face the threat of litigation every day. “Just because you think you’re doing a good job, and even if you are, that’s no guarantee you won’t be sued,” warns a senior officer of a major insurance company.

These suits can and do target construction firms of all sizes – not just the big guys.

In one case, the manager of a small firm was working with the owner of a new high-end residence project to develop a project budget. When bids came in at 50% over budget, the owner sued the manager.

Or consider this example: During construction of a new school, an employee of a subcontractor fell from scaffolding and was injured. The construction manager had agreed to “supervise construction and overview safety programs developed by the contractor…” The injured worker sued his employer, the project owner, the design team, the general contractor – and the construction manager, whose piece of the settlement came to $200,000.

Construction managers can provide a variety of services, ranging from contract preparation and negotiation through cost estimation to code compliance, which will create serious liability exposures. Professional liability insurance can protect you and your business against expensive and aggravating litigation. Coverage also includes defense costs.

Carrying professional liability frees you up to do your job by delegating the management and resolution of any claims to the insurance company – whose experts can also provide contract reviews and advice for you and your potential clients. Many companies also offer construction managers advice on risk management to help keep potential exposures from turning into claims.

We’d be happy to help you select a policy that provides comprehensive protection at a cost you can afford. Feel free to get in touch with us.

May 01
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How to Choose a Pediatrician

By Life and Health

Is your child’s current physician a trusted member of your parenting team? If not, find a pediatrician whom you can trust and rely on for superior medical care. A pediatrician will work with your family until your child is at least 13 years old, and often until he or she graduates from high school. So, building a strong relationship now gives you peace of mind as your child grows. Are you ready to tackle this daunting task? Then, use five helpful tips.

  1. Check the American Academy of Pediatrics On the website HealthyChildren.org, you’ll find contact information for board-certified pediatricians. Search that database for a pediatrician near you.
  2. Contact Your Local HospitalMost hospitals have a pediatric department. Contact them and ask for a list of qualified pediatricians in your area.
  3. Talk to Friends and NeighborsYour social circle offers you perhaps the most reliable resource for finding pediatricians in your hometown. These moms and dads have experience with local doctors and their office staff, so ask around and gather information as you choose the right pediatrician for your needs.
  4. Ask Your Health Insurance ProviderOnce you find a qualified pediatrician, check with your insurance provider. Make sure the physician you like is in-network.
  5. Schedule a ConsultationBefore you transfer your child’s records to a new pediatrician, sit down with the doctor for an in person or phone chat. Find out about his or her:
    • Training and background
    • Experience with your child’s specific medical challenges
    • General office procedures and hours
    • Availability of short-notice appointments
    • Substitute physician’s availability during vacations
    • Ability to return phone calls in a timely manner
    • Hospital affiliation
    • Friendliness, compassion and patience
    • Clear communication in everyday jargon
    • Ability to answer all questions
    • Fees for routine exams, sick visits and immunizations

After you interview local pediatricians, you’re ready to make a decision that fits your child’s needs and your family’s preferences.

For additional information on choosing a doctor and maintaining good health, contact your insurance agent. He or she will assist you in choosing the best possible pediatrician for your family.

May 01
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Does Smoking Increase My Life Insurance Premiums?

By Life and Health

Are you confident that your loved ones would have financial security if you were to die today? If not, consider purchasing life insurance. It pays a death benefit to your loved ones when you die, and it provides peace of mind and financial security to your survivors. Smoking, however, can limit your ability to afford life insurance.

Life Insurance is Based on Risk

Insurance companies offer a variety of policies, but they reserve the right to adjust rates based on risk factors. If you smoke or engage in other behavior that’s considered high-risk or unhealthy, expect to pay more for coverage.

Why is Smoking a Risk?

Whether you’ve smoked for years or recently picked up the habit, life insurance companies see you as high-risk. They base their perspective on two factors.

  1. Smoking increases potentially fatal health issues like cancer, heart disease, emphysema, chronic obstructive pulmonary disease (COPD) and asthma.
  2. Smoking is the leading cause of premature death in the U.S. How Much More do Smokers Pay?

Every policy is different, but on average, smokers can expect to pay around 15 percent more for life insurance. So, if a non-smoker with a similar demographic and health pays $50 per month, a smoker could pay as much as $57.50.

Is There an Affordable Solution?

Before you give up on finding affordable life insurance, shop around. Your insurance agent can assist you in finding the most affordable life insurance premium.

Additionally, remember that insurance companies factor in how long you’ve smoked and how much you smoke. While their preferred rates may not go into effect until you’ve been nicotine-free for 12 or more months, you can start maintaining a smoke-free lifestyle now by enrolling in a smoking cessation program.

You may also find affordable premium rates if you bundle your life insurance with other policies like health, home and auto.

Talk to your insurance agent today. Find the most affordable life insurance policy for you, and give your loved ones financial peace of mind.

May 01
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Top Five Dietary Changes That Reduce Heart Disease

By Life and Health

Every year, heart disease causes one out of four deaths, reports the Centers for Disease Control and Prevention. Reduce your risk when you make five dietary changes.

    1. Eat More Fruits Fruits rich in vitamin C and fiber protect you from heart disease. So, eat more citrus fruits, which are loaded with vitamin-C, and fruits with fiber-rich skin, including apples, pears and peaches. Easily add more fruit to your daily menu when you:*Serve fruit salad as a side dish during every meal,
      *Display fruit on the counter where you’ll see it every day and
      *Pack fruit in your lunch box.
    1. Stock up on Veggies Green, leafy vegetables, such as spinach, kale and broccoli, protect you from heart disease. They’re easy to add to your daily diet when you serve salad for dinner and toss green veggies into soups, eggs and rice.
    2. Pump up the Whole Grain When you consume 25 grams of whole grains each day, your risk for developing heart disease decreases by 15 percent. Pump up your whole grain intake with oatmeal, brown rice and rye.
    3. Reduce Fat Intake Saturated fats are one of the leading causes of heart disease. Easily reduce the amount of fat you consume when you:*Switch to skim milk
      *Use olive oil instead of cream-based sauces and dressings and
      *Try butter alternatives.
  1. Eat Less Meat Meat, especially red meat, is often high in saturated fat, which causes high cholesterol and clogged arteries. For optimum heart health, go vegetarian because it may reverse existing cardiovascular disease. If you have to eat red meat, limit it to three ounces a day.

Reducing heart disease is possible when you eat a heart-healthy diet. Start by making these five dietary changes. Then, talk with your health insurance agent about additional ways you can reduce your heart disease risk and live a healthy lifestyle.

May 01
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Do College Students Need Life Insurance?

By Life and Health

As a college student or parent of a collegian, you think about financial aid, which classes to take and cute co-eds. Life insurance probably isn’t even on your radar. However, you should consider whether or not life insurance is a good option for you.

Why Do People Buy Life Insurance?

Many people buy life insurance because they have families to support. The policy’s death benefits provide important financial security for the survivors. Now that you’re in the prime of life, you probably don’t want to think about planning for your death, but this advance planning can be beneficial as you enter adulthood.

Life Insurance Can Repay Debt

If you’re a traditional college student, you probably don’t have a family to support. However, you probably do carry student loan debt. Life insurance would repay that debt as well as financial obligations from a car loan and credit cards. Instead of leaving those financial obligations to your parents, consider buying a life insurance policy.

Buy Life Insurance While You’re in Good Health

You may also want to take advantage of your good health and young age. Life insurance policies are typically cheaper for young, healthy people. As you age or develop certain health conditions, you may end up spending more for life insurance.

What Types of Life Insurance are Available?

You have several options for life insurance coverage. In general, choose from:

*Term Life: Choose a specific amount of time, usually between 15 and 30 years, and pay a monthly premium for that term. Your survivors receive death benefits if you die before the term expires. *Whole Life: Pay monthly premiums and remain covered for life. Additionally, you can cash out a portion of your policy after you build equity.

 

The type of life insurance you buy depends on your individual needs and budget. Talk with your insurance agent today to discuss your options. Then, go have fun being a college student.

May 01
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How to Hire an Appraiser for Your Valuables

By Personal Perspective

What types of valuables do you own? If your fine art collection, fur coats, jewelry or heirloom furniture are worth a lot of money, your homeowners or renter insurance might not provide adequate coverage. You’ll need a floater that covers your valuables. First, however, learn how to hire an appraiser to assign an accurate value to your expensive possessions.

  1. Search Professional AffiliationsWhile appraisers don’t need formal training, you will want to hire one with a professional affiliation. The Appraisers Association of America and the American Society of Appraisers both follow evaluation and accreditation standards for their members.
  2. Ask About Training The appraiser you hire should take continuing education classes every one to five years. That training helps him or her stay updated on current trends, forms and values of items, so ask the appraisers you interview about their training.
  3. Evaluate ExpertiseMost appraisers specialize in a particular item or time period. To ensure you receive the most accurate and professional appraisal, hire an appraiser who has relevant experience evaluating your particular valuables. However, if you have numerous items to appraise, consider hiring a general appraiser rather than a specialist.
  4. Determine FeesEvery appraiser will charge a fee for his or her services. That fee could be flat rate, hourly rate or a per-item rate. Never hire an appraiser who charges a percentage of the appraised item’s value because that fee practice is unethical.
  5. Request References Before you hire an appraiser, ask him or her for a list of satisfied customers. Call at least two or three of those customers and ask about the appraiser’s professionalism, experience and courtesy.

After you find a qualified appraiser, hire him or her to evaluate your possessions and prepare a typed and signed report that includes a complete description of the appraised items and affirms the value of your possessions. Show this report to your insurance agent, and obtain the coverage you need for your valuables.

May 01
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Does the Type of Vehicle You Drive Affect Your Insurance Costs?

By Personal Perspective

What’s the most important thing you consider when deciding which vehicle to purchase? Maybe you focus on appearance, size or brand. Before you buy your next vehicle, consider how it will affect your insurance costs.

Accident Risk

Drivers in sports and muscle cars typically take risks and drive fast, and these types of vehicles earn more citations and are involved in more accidents than other types of vehicles. Thus, insurance companies typically charge more for you to insure your sports or muscle car.

Liability Probability

SUVs and large four-wheel drive trucks will do more damage to another vehicle or property than a small sedan or motorcycle will. That damage means your insurance costs go up if you choose to drive an oversized vehicle.

Susceptibility to Theft

If you drive a vehicle that’s likely to be stolen, your insurance costs rise. You may also have to pay a higher deductible.

Safety Rating

Vehicles with higher safety ratings cost less to insure. To find the safety rating of the vehicle you wish to buy, check the National Highway Traffic Safety Administration’s (NHTSA) Safer Car website and search for your vehicle. The website will list additional testing sites if your vehicle is not listed there.

Age

Older cars cost less to insure. That’s because they’re cheaper than new cars to repair or replace.

Value

Your expensive luxury vehicle will cost more to insure than your bargain vehicle. Why? Because expensive cars come with higher repair and replacement costs.

Overall, you’ll pay more to insure luxury and sports cars, large passenger cars and large SUVs. Save money on insurance premiums when you insure a small passenger car or wagon, small SUV, minivan or midsize SUV. Talk to your insurance agent to learn more about your insurance costs before you buy your next vehicle and get ready to buy a vehicle that costs less to insure.

May 01
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Six Tips for Fire Pit Safety

By Personal Perspective

Spend your spring evenings around your fire pit, and enjoy the warmth and comfort it provides. Just be sure to follow six safety techniques to protect your friend and family.

  1. Pay Attention to PlacementSetting up the fire pit in the right location improves safety. Start with an even and solid surface. Pay attention also to the surroundings too and avoid placing your fire pit near flammable objects like trees, brush and buildings.
  2. Follow the Operating InstructionsEach fire pit operates a little differently, so make sure you read the owner’s manual for your model. Additionally, never operate an outdoor unit indoors and always have a garden hose or fire extinguisher handy.
  3. Start the Fire Properly You may have invited friends over for a relaxing night by the fire, but never start a fire while a strong wind is blowing. Doing so could create an inferno that quickly grows out of control.

    Likewise, avoid using accelerants to start the fire. Tinder like newspaper and twigs should be enough to start a fire successfully without creating a safety hazard.

  4. Keep Your DistanceSparks look harmless, but they are potentially dangerous. Use a fire screen to prevent errant sparks. You’ll also want to sit at a safe distance away from the fire and keep an eye on it. Your children should also be supervised to prevent them from walking too close to the fire pit.
  5. Stock a First Aid KitDespite your best safety precautions, burns can happen as you hang out near the fire pit. Stock a first aid kit and burn cream nearby to ease the pain and prevent infections.
  6. Extinguish is CompletelyAfter your evening of fun, douse the fire and the ashes with water. You don’t want the fire to smolder and flare while you’re sleeping.

This spring, spend your evenings around the fire pit. Just be sure to follow six safety procedures that increase your fun.

May 01
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VIGILANCE CAN HELP CURB ON-THE-JOB VIOLENCE

By Risk Management Bulletin

According to risk management experts, workplace violence is a growing problem in the U.S, accounting for more than 5,400 victims a day and up to 2% of all non-fatal lost-time injuries on the job. The multibillion dollar annual cost to employers includes not only the financial impact of injury and death to workers or customers, but reduced profits from lost productivity – not to mention the unwanted publicity that violent acts create.

What’s more, a business might be held liable for damage from workplace violence if an assault occurs in the scope of employment and the employer might have been reasonably expected to have foreseen the threat.

“Although there were pre-incident indicators in nearly every case of workplace violence,” says Rick Shaw, CEO of Awareity Inc. (Lincoln, NE), “a failure to recognize and deal with these indicators made it impossible to prevent them.” Your business needs to develop an “early warning system” for employees to report potential signs of violence (anonymously) to managers so they can investigate them, share assessments, and forestall possible threats.

For example, according to Jeffrey Natterman, risk manager and associate senior counsel at the Johns Hopkins Hospital, a 2010 shooting incident at the facility involved the distraught son of a woman whose surgery resulted in complications. Although there had been signs pointing to the risks of violence, staff who saw these indicators failed to share their concerns. After the shooting, the hospital instituted a number of policies and security measures to make patients, visitors, and staff aware of behavior that might lead to violence and how to respond these acts. Natterman’s advice to employers: “Training your staff on how to piece this together is something that’s critically important.”

In the words of the Roman proverb, Praemonitus, praemunitus (“Forewarned is forearmed.”)

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