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Monthly Archives

March 2014

Mar 01
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ARE YOU SURE YOUR VEHICLES ARE INSURED?

By Construction Insurance Bulletin

Although the term “symbols” has many definitions, some of the most interesting ones are those on the “declarations page” of your commercial auto policy. This is the page that indicates all of the coverages you’ve purchased. In a column preceding each coverage, you’ll usually find a number, or numbers, from 1 to 9. In specific circumstances, the numbers might be higher.

These numbers, called “symbols”, specify exactly which of your vehicles has a particular coverage. So the choice of the symbols is important to be certain that you have the protection you need. For example, the symbol “2” is defined in the policy as “any owned auto.” If this symbol is next to your liability coverage, it means that every vehicle you own that meets the eligibility requirements for a commercial auto policy will automatically enjoy the specified amount of liability coverage.

Many small businesses might find it easier to list each vehicle specifically. But as your firm — and your number of vehicles — grows, you’ll enjoy more flexibility by using the available symbols properly. It’s just as important to be certain which obligations certain symbols impose on you. For example, a symbol “7,” defined as “specifically described autos only,” requires that for an auto to be covered, it must either be listed in the policy or, if newly acquired, meet certain conditions.

Don’t let an oversight or misunderstanding about the meaning or implied obligations of these symbols’ meanings lead to a costly uninsured loss. Our commercial auto professionals will be happy to review your current coverage provisions with you at your convenience.

Mar 01
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PROJECT PROBLEMS? LET YOUR BOND SURETY KNOW

By Construction Insurance Bulletin

Bad things can happen even on the best-run construction projects. Unfortunately, many small and midsize contractors don’t consult their surety underwriter soon enough after they run into difficulties on the job that might trigger a bond—an event which could put them out of business.

Although management and performance are the major factors determining which firms will survive troubled projects, the size of the contractor is also important, The reason: owners have an incentive stick with larger, more complex operations due to the their greater size, importance, and longer planning lead times. Because smaller projects are easier to deep-six, small and midsize contractors (those with work backlogs between $5 million to $100 million) are usually more far vulnerable to the threat of cancellation.

If you’re experiencing losses on a project, the first step is to develop plans for dealing with overhead, liquidity, workplace problems, and ongoing business concerns. Be sure to inform your bond surety about this immediately. The reason: because the surety has a vested interest in helping prevent a bonded default, they’ll do all they can to help you work through your difficulties.

However, if you withhold critical negative information about your situation, the reaction might be far different. Concern about your company’s financial condition, which makes you a riskier bonding candidate, might lead the surety to slash the size of bonds in the future. The surety might compel you to either bid on only smaller projects that pose less risk to the underwriter or postpone bidding on any new projects until you can demonstrate that your financial condition has recovered.

As always, honesty is the best policy.

For more information, please feel free to get in touch with us at any time.

Mar 01
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Choosing the Right Maternity Coverage

By Life and Health

Many health insurance plans do not automatically include maternity care. If you plan to have children in the relatively near future, this is an important issue to address. Following these tips can help ensure that you pick the right maternity coverage for your situation.

Rely on Professional Advice

Comparing the difference between the maternity coverage offered by different plans can be overwhelming, to say the least. To help you accurately compare apples and oranges, you will likely benefit from the advice of one or more insurance professionals. Until the new healthcare laws are fully implemented, not all plans will cover maternity needs — especially if you have an existing work health plan. When shopping for your own plan, an insurance professional can help you better understand the pros and cons of each insurance plan and can make sure that you have enough coverage.

Examine the Details

Remember to check the details of the coverage provide by whatever plan you choose. When comparing plans, consider whether your child’s first few doctor appointments will be covered, check whether there is a reimbursement limit and make sure that an extended hospital stay (should it prove necessary) will be covered by your plan. Issues like these can be easy for new parents to forget until it is too late. You can never fully anticipate what your medical needs will be before birth, so plan for the unexpected while you have the chance.

Consider Purchasing Independently

You should know that with new regulations in place, if your current job does not offer insurance, most new plans that you purchase on your own will include some form of maternity coverage. However, you should still shop around to compare other aspects of each plan before making a final decision. Just because the plan offered by your employer states that it covers maternity expenses does not mean that it will be right for your situation, whether for maternity or for other issues. Purchasing coverage independently may help you choose a plan that is more specifically tailored to all your needs.

Mar 01
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Three Reasons You Might Pay More for Your Health Insurance

By Life and Health

With health insurance premiums skyrocketing, you may wonder what you can do to lower the amount you pay for your policy. Some factors that influence your health insurance are outside of your control, such as your age and any pre-existing conditions you may have. However, you can control some reasons for higher premiums, potentially lowering your price.

# 1: Gaining Excess Weight

Individuals who are overweight or obese based on their Body Mass Index, or BMI, will typically pay premiums much higher than those of their average-weight counterparts. If you are overweight, make a commitment to losing the extra pounds; after all, the cost of hiring a nutritionist or personal trainer pales in comparison to the added insurance premiums and medical bills associated with being overweight. However, if you are heavier than average due to activities like weightlifting, but are actually healthy, some insurance companies will waive the extra costs by using a body fat measurement. Check with your specific provider for details.

# 2: Not Participating in Wellness Programs

Some insurance providers will actually give you a discount on your premium if you get a yearly physical or attend health-related workshops to address any potential health issues like smoking, excessive stress or diabetes. Wellness programs can help prevent health emergencies before they become serious, saving both you and your insurer plenty of money, so they are well worth taking for multiple reasons.

# 3: Not Updating Personal Information

If you used to lead an occasionally risky lifestyle years ago, your health insurance company may still be charging you an elevated rate. For example, horseback riding and skydiving can both garner a higher premium. Call your insurer to make sure you are not being unfairly charged if you have given up your high-risk hobbies.

As you can see, while some factors that influence your health insurance premium are beyond your control, there are some that you can change. Making a call to your health insurance provider and asking about possible discounts could potentially save you hundreds of dollars each year.

Mar 01
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Five Tips for Taking a Life Insurance Health Exam

By Life and Health

Some type of health exam is a requirement before you can take out many life insurance policies. The result of this exam can have a significant impact on your rates, and even on whether you qualify for a particular policy at all. Following these simple tips can help ensure that your health exam goes smoothly.

# 1: Eat a Healthy Diet

As soon as you know you are going to be taking the exam, start doing your best to eat a healthy diet. Many people feel that if their diet has been less than perfect in the past, there is no point in improving it before a health exam — but nothing could be further from the truth! In particular, try to minimize or eliminate your intake of fried, salty or sugary foods, as well as sodas and alcoholic beverages. Instead, eat a balanced, nutritious diet containing plenty of fresh fruits and vegetables, complex carbs and lean proteins.

# 2: Stop Smoking

Never smoking at all, or at least stopping permanently, is of course the best course of action for your long-term health. However, if you do smoke, you can improve your exam results simply by not smoking for at least 24 hours prior to the exam; this will help improve your blood work, blood pressure and heart rate.

# 3: Cut Back on Physical Exertion

Normally, of course, physical exercise is very good for your health. However, for two to three days before the exam, avoid hard physical work and exercise. Such exertion can elevate the protein in your urine and be erroneously flagged as a kidney issue.

# 4: Rest

Go to bed early the night before your exam. Fatigue can negatively impact certain components in your blood, giving the appearance of a chronic health problem you do not actually have.

# 5: Avoid Caffeinated Beverages and Stimulants

Finally, avoid caffeine as much as possible during the days leading up to the exam. Caffeine can elevate your heart rate and blood pressure, negatively impacting the results of your exam.

Mar 01
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Practical Differences Between Term and Whole Life Insurance

By Life and Health

“Term” and “whole” life insurance are phrases thrown about quite frequently in the insurance world. You may well have some idea of the definitions of each without really understanding their effect. So what is the actual impact on daily life of each type of life insurance?

Whole Life Insurance

Put as simply as possible, whole life is an insurance contract that combines life insurance with a savings plan. You may also hear whole life referred to as permanent insurance. Whole life premiums are higher compared to those for term insurance due to their cash value option (savings). You see, after 30 years of paying on this type of policy, you can either cash it out as a lump sum, or you can use the cash value to continue paying the premiums. Thus, you can keep the insurance policy for your entire life.

Term Life Insurance

Term insurance, on the other hand, is life insurance which has a start and stop date –hence the name “term life insurance.” A typical term policy has a term of 15 to 20 years. The premiums are much lower than those for whole life for the same insurance coverage simply due to the fact that there is no savings option; you are paying for insurance coverage alone. Some term policies offer the option of renewing for another term once they expire, but of course the premiums will be much higher at that point because of your age.

Whole vs. Term

The practical differences between term and whole life insurance come down to need. If you need insurance for only a specific time frame, then term insurance is your best bet. However, if you are looking for life insurance with level premiums for 30 years or more that will accumulate cash value during that time, then whole life insurance may be a better option. Your financial adviser can help you decide which is the best choice in your unique situation.

Mar 01
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Five Effective Landscaping Tricks That Protect Your Home From Burglars

By Personal Perspective

Roughly two million burglaries occur each year. Protect your home and family when you implement five landscaping tricks that don’t compromise your home’s exterior appearance or value.

1. Place Hostile Plants by Entryways
Burglars typically target easily accessible windows and doors. By placing hostile plants loaded with thorns, briars and brambles near these entryways, you discourage potential burglars. Several hostile plants to consider include roses, holly, raspberries, bird’s nest spruces, needle bushes and Spanish bayonet.

2. Trim Shrubbery Near the House
Overgrown shrubs, bushes and flowering plants look untidy, and they give burglars plenty of places to hide. They also prevent neighbors and anyone on the street from seeing suspicious behavior near your home. Protect your home when you keep shrubbery trimmed to lower than three feet tall all along the exterior of your home. Remember to trim plants away from the sides of your home too.

3. Use Noisy Ground Cover
Burglars try to be as quiet as possible, but noisy ground cover around your windows and doors alerts you to their every move. Pea gravel or other crunching stones do the trick, and you can find these burglar deterrents in colors that match your existing landscaping.

4. Install Short Privacy Fencing
Tall fences and tree barriers increase privacy, but they also obscure burglars. Install short fencing with an open design instead. If you already planted trees or shrubs, trim them so that the canopy starts at eight feet or higher off the ground.

5. Turn on the Lights
Most outdoor landscaping includes lighting of some sort. Opt for strategically placed motion-activated lighting as you reduce your chances of being burglarized. Place these lights near all your doors and windows and along pathways. They frighten burglars away and warn you when someone walks near your home.

Your home’s landscaping adds beauty and value to your property. It also deters burglars. Talk to your insurance agent today and discuss additional landscaping tricks that deter burglars and protect your home.

Mar 01
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Is Comprehensive Coverage for Your Auto a Good Investment?

By Personal Perspective

Comprehensive Insurance covers your car, truck or van if it sustains physical damage from a theft, vandalism, fire, flood and flying or falling objects. Is this coverage a good investment for you?

You Might Need Collision Insurance Too

Certain insurance companies won’t add comprehensive coverage to your policy unless you also buy collision coverage. However, you can usually purchase collision insurance without comprehensive. Ask your agent for details.

The Lease or Loan Might Require It

If you lease your vehicle or took out a loan to buy it, the dealership or bank probably requires you to purchase comprehensive coverage. They might also mandate the deductible your policy includes. Be sure you understand these requirements when you talk to your insurance agent about coverage for your new vehicle.

Factor in the Deductible

Every insurance policy includes a deductible, the amount of money you pay out-of-pocket when you file a claim. If the deductible for comprehensive coverage is more than you can afford, don’t buy the extra coverage.

However, take into consideration the cost of replacing your vehicle. A flood, for example, could total your vehicle. In that case, paying the $500 to $1,000 deductible for a replacement vehicle is affordable.

Determine the Value of Your Older Vehicle

You’ve probably heard that your older vehicle doesn’t need comprehensive coverage. That’s because it isn’t worth much, and you’ll end up paying more for the premium each month than you would get from the insurance company if your vehicle were damaged.

Before you discount comprehensive coverage for your older vehicle, do your homework and consult Kelly Blue Book, Edmunds or NADAguides to determine your vehicle’s value. If you find out that your older vehicle is worth a decent amount of money, consider adding the optional coverage.

Your decision to purchase comprehensive coverage depends on several factors. Talk to your agent as you determine if the extra coverage makes sense for your budget and insurance needs.

Mar 01
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How to Make Sure Your Electronics are Properly Insured

By Personal Perspective

Take a minute to count the number of cellphones, TVs, computers, gaming systems and music players in your home. Do you own more than 5, 15 or even 25 devices? What are they all worth? Your homeowners or renters insurance policy might not cover your electronics, so learn how to insure all your valuable devices.

Check Your Homeowners or Renters Insurance Policy

Under the Contents section of your policy, take a look at what’s covered. If your electronics aren’t specifically mentioned, ask your agent for details about available coverage. Remember to ask if your devices are covered in case they’re damaged accidentally, dropped, immersed in liquid, cracked, vandalized, stolen or affected by a power surge.

Think About Actual Versus Replacement Value

You may have purchased your computer a few years ago for $300, but replacing it with a comparable model today may cost $700. Be sure your insurance policy covers the cost of replacing all your electronic devices. The extra premium you’ll pay is usually only a few dollars but pays for itself multiple times over if you need to file a claim.

Consider the Deductible

Most policies include a $500 deductible that’s your responsibility to pay if you file a claim. Your deductible might even be higher if you’re on a strict budget. Include that deductible into your calculations as you decide how much coverage you need for your devices.

Keep Thorough Records

Insurance companies typically need to see proof before they pay a claim. So, carefully store all your receipts when you purchase electronics and accessories. Additionally, record the serial numbers and take pictures of all your insured devices. Copies of these records should be kept in a fireproof safe and at a friend’s house or safe deposit box. Update the records as you buy, sell and upgrade electronics.

Call your insurance agent today to add the necessary electronics coverage you need. Then, stay in touch, enjoy your favorite tunes and watch the movies you like with peace of mind.

Mar 01
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Should You Buy an Insurance Policy Online or In-Person?

By Personal Perspective

You know you need auto and home insurance, but should you look online for a policy or talk to an agent? Consider your personal preferences and several pros and cons of each method before you decide where to purchase your insurance policies.

Online Pros:

  • Convenience: Click the mouse and instantly compare different coverage amounts and see quotes from several companies.
  • No Obligation to Buy: Never feel pressured to buy a policy. Simply opt out of receiving future quotes or communication from comparison sites.
  • Instant Coverage: As soon as you find the policy you want, buy it and print insurance cards immediately.

Online Cons:

  • Impersonal: Online policies don’t allow you to build a relationship with a person who knows and understands you.
  • Security: All your data is compiled and compared over the Internet, making your information an easy target for thieves. Plus, less reputable comparison sites may sell your data to third parties.

Agent Pros:

  • Relationship: To an agent, particularly one in your hometown, you’re more than a number. He or she builds a relationship with you and your family, see you at the grocery store and local events and truly has your best interests in mind.
  • Get Answers: If you have a question about your policy or coverage, call your agent and receive answers from a live person.
  • Negotiate Price: In cases, an insurance agent can negotiate a policy’s price. They also know you and can recommend money-saving discounts and other ways to reduce insurance costs.

Agent Cons:

  • Inconvenient: Most offices have limited evening and weekend hours, so you can’t buy or make adjustments to your policy 24/7.
  • Comparison Challenges: Certain agents sell insurance from only one company. To compare different policies, you need to work with an agent or broker who sells policies from multiple companies.

Buying insurance is a necessity. While buying online and from a local agent both have pros and cons, find the personalized service you need when you purchase from an in-person agent.

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