New Georgia Law Requires Safety Features on Golf Carts

Golf cart owners in Georgia will soon have stricter requirements to follow if they plan to drive their carts on roadways.

A new law taking effect Jan. 1 creates a separate classification of personal transportation vehicles for golf carts. It also sets standards for towns and counties wanting to create ordinances allowing drivers to use the carts on residential streets and multi-purpose pathways. The law requires that golf carts have braking systems, a reverse warning device, tail lamps, a horn and hip restraints. Click the link to read more....

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U.S. Airlines and Lost Luggage Liability - Did you also know your home insurance will also respond?

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Understanding Your Insurance Deductible

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Hurricane Forecaster Delays 2012 Prediction Until Spring

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Deficit Poses the Biggest Threat to U.S. Healthcare

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Distracted Driving Stems From More Than Cell Phone Use, Insurers Say

Read this article to find out how many things are distracting drivers.....

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Are you prepared for the unexpected??

The Ready Georgia mobile app, created by the Georgia Emergency Management Agency and the Georgia Department of Public Health, is an interactive tool that makes it easier than ever to be prepared for emergencies. The app includes robust features not previously available in one mobile application. Download it here and be prepared!

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Will the recession total your car?

The economy has dented your car's value, at least in the eyes of insurers. Here's why, despite fewer serious wrecks, more cars are being declared a total loss.


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Government study: More drivers texting at the wheel. Do you text and drive?

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Graduated Driver Licensing Could Save 2,000 Lives, $13.6 Billion: Study

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Is Your House Properly Winter-Proofed? Good Maintenance Can Prevent Damage to Your Home

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Holiday Party Etiquette: A Good Host Is a Responsible Host When It Comes to Serving Alcohol

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Hybrid Cars Protect Passengers Better, But Cause More Pedestrian Crash

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Do I need separate rental car insurance?

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Not Enough Drivers Realize Dangers of Drowsy Driving, Insurer Says

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Employer-Sponsored Health Insurance Hits New Low

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Electronic Medical Records Not Without Risks to Patient Safety

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Outdoor Exercise & Electronic Devices - An Unsafe Combination

The number of pedestrian deaths rose in 2010 for the first time since 2006 according to the Governors Highway Safety Association. Experts attribute the rise in deaths to portable electronic devices such as personal MP3 players and cell phones.

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Cost of Car Crashes Per Person: $1,500

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How can I insure against loss of income? If you were disabled and unable to work as a result of an accident or illness, what would you and your family do for income?

Disability income insurance, which complements health insurance, can replace lost income. Forty-three percent of all people age 40 will have a long-term (lasting 90 days or more) disability event by age 65.

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U.S. Offering Small Businesses Free Cyber Security Tool
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Should I buy long-term care insurance?
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Is Your House Properly Winter-Proofed?
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Obama Pulls Plug on Long-Term Care Plan in Healthcare Law
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Number of U.S. Deer-Vehicle Collisions Falls 7 Percent
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Clients at Risk: Confusing Home Market Values With Rebuilding Costs
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Is your dog considered 'dangerous'?
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How can I locate a lost life insurance policy? Read this article to find out.....
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According to the Insurance Institute for Highway Safety, “Teenage drivers have the highest crash risk per mile traveled, compared with drivers in other age groups. The problem is worse among 16 year-olds, whose driving experience is the most limited and whose immaturity often results in risk-taking.”

Many parents and teens may not be fully aware of this compelling information. The IIHS has therefore produced an extremely powerful video that parents and teen drivers should watch together. It’s now available on the Chubb Insurance Youtube channel. http://ping.fm/auObC

6 questions to ask before you buy life insurance...
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Over 800,000 vehicles were recalled last week. Was yours one of them? Read this article to find out. http://ping.fm/FmJMI

Why should you buy life insurance? Read here to find out..... http://ping.fm/w0bW9

Just returned from a great Independent Insurance Agents meeting.

Are social friendships an illusion? Steve Anderson answers this question...http://ping.fm/T6on4

Interesting article to share... http://ping.fm/xtxK1

Earthquakes: Consumers Need Special Insurance for Coverage

5,000. That’s the number of earthquakes felt in the United States each year. Popular belief may consider California to be the state at most risk of an earthquake, but since 1900, earthquakes have caused damage in all 50 states, according to the Insurance Information Institute.
In fact, Oklahoma was struck by at least 10 minor earthquakes in a two-day period in late August 2009. These were strong enough to be felt throughout the central part of the state.
While Alaska experiences more earthquakes that any other state, California remains the greatest risk for widespread and catastrophic damage to property. A 2006 forecast by experts from the U.S. Geological Survey, the Southern California Earthquake Center, and the State Geological Survey said that the state is virtually certain to be hit by a major earthquake by 2028.


Click HERE to read the full article.

Many Still Lack Flood Coverage As Hurricane Season Nears Its Peak

INSURANCE INFORMATION INSTITUTE
New York Press Office: (212) 346-5500; media@iii.org

NEW YORK, August 17, 2011 — Less than a fifth of U.S. homeowners have a flood insurance policy that protects their property and personal belongings, even though more than four out of every five natural disasters nationwide involve flooding, according to the Insurance Information Institute (I.I.I.).

 

Coverage for flood damage resulting from surface water, including storm surge caused by hurricanes, is excluded under standard homeowners and renters insurance policies; however flood coverage is available both from the National Flood Insurance Program (NFIP) and from a few private insurance companies.

 

The National Oceanic and Atmospheric Administration (NOAA) recently upgraded its Atlantic hurricane season forecast. NOAA said it envisioned 14-19 named storms between August 4, 2011, and November 30, 2011, up from the 12-18 named storms the federal agency projected in May 2011. NOAA also said the number of 2011 Atlantic hurricanes would likely be closer to 7-10 in number, rather than the 6-10 hurricanes the agency predicted would develop in May 2011.

 

During the first six months of 2011 alone, the federal government declared 28 major flood disasters. This put the U.S. well ahead of the pace set in 2010, when 50 federally declared major flood disasters occurred during the entire year.

 

“People tend to underestimate the risk of flooding,” said Jeanne M. Salvatore, senior vice president and consumer spokesperson for the I.I.I. “But, in fact, 90 percent of all natural disasters in this country involve flooding. It is important to note that there is a 30-day waiting period for flood insurance to go into effect, so don’t delay purchasing this important financial protection.”

 

While the risk of flood damage is real, a 2011 poll by the I.I.I. found that only 14 percent of American homeowners had a flood insurance policy. The percentage of homeowners with flood insurance was highest in the South, at 19 percent. Thirteen percent of Midwestern homeowners had a flood insurance policy in 2011, along with 12 percent of homeowners in the West and 5 percent in the Northeast.

 

Consumers can find out their risk of flood and the cost of a policy by going to the NFIP’s website: FloodSmart.gov.

Click HERE to read the full article from III.

 

Internet Safety for Business Travelers

Readily available Wi-Fi, fast laptops and powerful smart phones make working on the road, on planes, in airports and in hotel rooms easier than ever. Although convenient, these improvements in technology make traveling offices more vulnerable to serious security threats.

A report released by the Symantec Corporation and the Ponemon Institute found that data breaches show no sign of leveling off and are more costly than ever. Findings also show that criminal access to mobile networks is easier in certain foreign countries. "Perils Mount to Devices and Data on the Road," NYT (Mar. 14, 2011).

Commentary

Laptops and mobile devices have numerous vulnerabilities including the risk of loss and theft.

There was a 46 percent increase in the amount of malware created for mobile devices between 2009 to 2010 according to McAfee, a security technology company.

Some employers are switching mobile devices to newer technology to limit the exposure of particularly sensitive information because older versions are more vulnerable. Employers also require employees to use virtual private networks, which lower the risk of interception when accessing public wireless sites.

In addition to equipping your computer with the most up to date security software, use these precautions when traveling for business:

• Never leave mobile devices unattended in hotel rooms unless they are locked or hidden away.
• Avoid free public Wi-Fi. Many hot spots set up by criminals look legitimate. Instead, use a secured wireless hotspot such as one on your wireless mobile device. If there is no other option available, enter the connection through a smart phone connection because it is more difficult to hack.
• Obtain an access key before using wireless connections provided by hotels to ensure a legitimate connection.
• Read company material on paper while traveling to eliminate the chance for a criminal to browse the contents of your laptop.

This informational piece was published on July 19, 2011.

Car Seat Restraint Safety

Children as young as 12 months old can unbuckle their seatbelts according to research conducted at Yale University's School of Medicine. Boys attempt to unhook their seatbelts more often than girls. "Kids only 12 Months Old Can Undo Car Seat Restraints," MSNBC (May 1, 2011).

More than 40 percent of children under the age of three who are able to unbuckle restraints do so while the car is moving. According to the American Automobile Association (AAA), if left unrestrained in a 30 mph crash, children may be thrown forward with a force equal to 30 times their own body weight. For a 10-pound infant, this equates to 300 lbs of force and is equivalent to falling from a three-story building.

Commentary

Car accidents are the leading cause of death in children between the ages of four to eight according to the Centers for Disease Control and Prevention (CDC).

The American Academy of Pediatrics recommends that children ride in rear facing car seats until the age of two. Children under the age of two who are rear facing in car seats are 75 percent less likely to die or become injured in car accidents.

Children should ride in booster seats until they are 4' 9" inches tall and between the ages of 8 and 12.

The National Highway Traffic Safety Administration recommends the following precautions for car seat safety:

• Select a car seat based on your child's age, height and weight.
• Keep your child in the car seat for as long as your child fits in the seat's height and weight requirements.
• All children under the age of 13 should ride in the back seat.

Window Safety

Falls from windows result in an average of about eight deaths every year to children five years or younger according to the Consumer Product Safety Commission (CPSC). "CPSC: Parents, Caregivers Should Consider Safety Before Opening Windows," CPSC (Apr. 8, 2011).

An estimated 3,300 children in the same age range are treated in U.S. hospital emergency departments each year. On average, one of every three children, or approximately 34 percent, requires hospitalization after falling from a window.

Commentary

Deaths and injuries most frequently occur when children push themselves against window screens or climb onto furniture located next to open windows. These incidents increase dramatically during the spring and summer months.

In many cases the deaths and injuries are preventable.

The CPSC provides safety tips for parents and caregivers to help prevent open window injuries and deaths:

• Safeguard your children by using window guards or window stops. Install stops so that windows open no more than four inches.
• For windows on the 6^th floor and below, install window guards that adults and older children can open easily in case of a fire.
• Never depend on screens to keep children from falling out of windows.
• Open windows from the top instead of the bottom whenever possible.
• Keep furniture away from windows to discourage children from climbing near them.
• Check local regulations. Some jurisdictions require landlords to install window guards.

Survey: Law Firms Face Rising Number of Malpractice Claims

The recent economic recession and prolonged real estate market slump are triggering a rise in the number of malpractice or professional liability claims lodged against law firms this year.   A new study by insurance broker Ames & Gough finds lawyers’ professional liability claim levels up in 2011 by as much as 20 percent at some of the leading insurance companies providing coverage for this exposure.
Ames & Gough examined the trend by polling six insurance companies that on a combined basis work with almost 75 percent of large and midsized U.S. law firms.  Three of the insurers indicated their claims are up by six to 10 percent this year and one saw an increase of 11 to 20 percent. Claim levels are flat at the two other insurers participating in the survey.
Eileen Garczynski, a vice president at Ames & Gough, said, “As law firm clients see their financial circumstances worsen, they’re more likely to seek redress from their advisers. If lawyers representing a client are not careful during the initial representation, they may well become targets for a malpractice claim when the client’s financials spiral downward.”
The insurers identified “real estate” as the practice area generating the largest percentage increase in new claims, followed by “corporate & securities” work, and “trusts & estates.”
Ames & Gough cited two key drivers for the rise in real estate-related legal malpractice claims:  one, being the sheer increase in transactions from 2005 to 2008, bringing with them more closings and increased risk of errors.  The second, plummeting property values compounds this situation, as buyers and lenders look to the parties involved in the transactions to lay blame and seek to recoup their losses.
“The good news,” noted Garczynski, “is that many economists now anticipate the bottoming of the real estate market. The worst may be behind us, so we might see real estate-related claims level off or actually start to drop.”
On the flip side, however, the survey found a significant uptick in the number of claims with reserves over $500,000 (including loss and expense). Three insurers saw an 11 to 20 percent increase in these claims this year and two pegged their growth at six to 10 percent.
There’s also a rise in multi-million dollar claim payments.  Five of the six insurers surveyed were involved in paying a claim of $50 million or more.  And while multiple insurers may participate on the same claim(s) given quota share coverage arrangements and excess limits, the share of claims resulting in multi-million dollar payouts clearly has been growing.
What issues generate the most claims?  The survey found “conflict of interest” to be the single largest cause of claims, followed by “failure to file timely.”
“Attorneys have an affirmative duty to identify and address conflicts of interest,” said Garczynski.  “The best way to address this potential issue is to screen new clients carefully, seek advance waivers where appropriate, and clarify who the client is for any given matter.”
According to Ames & Gough, with both the frequency and severity of lawyers’ professional liability claims on the rise, law firms need an effective process for identifying and reporting claims to their malpractice insurer.
“Law firms should set aside concerns that reporting a claim might affect the availability or pricing of their malpractice insurance,” Garczynski advised. “Instead, they need to recognize that early intervention often enhances the ability to defend a claim.”
The insurers participating in the Ames & Gough survey were: AXIS, Beazley, Berkley Select, CNA, Lexington, and Hartford.  Copies of the survey, Lawyers’ Professional Liability Claims Trends: 2011, may be obtained free of charge by emailing requests to: info@amesgough.com.   Those requesting the survey should include their name, title, affiliation, and phone number, and state “LPL Claims Survey” in the subject line.

Lightning Is an Underrated Killer; Knowing Fact From Fiction Can Save Lives and Prevent Injuries

June 13, 2011

I.I.I. Video:
Lightning Myths

INSURANCE INFORMATION INSTITUTE
New York Press Office: (212) 346-5500; media@iii.org

NEW YORK, June 9, 2011 — Because lightning is a common occurrence in most people’s lives, this destructive force of nature does not get the respect it deserves, according to the Insurance Information Institute (I.I.I.).

 

In fact, every year, lightning strikes the ground 30 million times and injures about a thousand people in the U.S, according to the Lightning Protection Institute (LPI).

 

Lightning is not only deadly; it can be destructive to property. An analysis of homeowners insurance data by the I.I.I. found there were more than 213,000 lightning claims in 2010, up nearly 15 percent from 2009. These losses ranged from damage to expensive electronic equipment to structural fires that destroyed entire homes.

 

The I.I.I. puts the average lightning claim at $4,846. By comparison, in 2009, there were about 185,000 lightning claims, which caused nearly $800 million in insured losses with the average claim totaling $4,296. The average cost per claim rose nearly 13 percent from 2009 to 2010 and more than 80 percent from 2004-2010, even as the actual number of claims fell by a little over 23 percent over the six-year period.

 

“Most people are very apathetic about protecting themselves from lightning,” said Jeanne M. Salvatore, I.I.I.’s senior vice president and consumer spokesperson. “And the average person often confuses lightning myths with lightning facts.”

 

According to the LPI, three of the most common lightning myths are:

1. Lightning never strikes the same place twice. Fact: Lightning often strikes the same place repeatedly, especially if it is a tall, pointy, isolated object. 

2. If it is not raining or if there are no clouds overhead, you are safe from lightning. Fact: Lightning often strikes more than three miles from the thunderstorm, far outside the area covered by the rain or even the thunderstorm clouds. 

3. Lightning rods attract lightning. Fact: Lightning rods DO NOT attract lightning. Instead, they provide a path to the ground for discharging the dangerous electricity. 

To protect yourself from lightning, the I.I.I. and the LPI recommend the following key actions:

1. If you are outside with a thunderstorm approaching, seek shelter inside a building as soon as possible—ideally in a structure with a lightning protection system. If you hear thunder, then lightning is close enough to strike. Remember, if thunder roars, go indoors!
2. If a building is not available take shelter in car with a metal roof and keep doors and windows closed. It is the metal frame of the car that protects you from lightning and not the rubber tires. Wearing rubber soled shoes will also not provide any protection. If there is no building or car in which to take shelter, try to minimize your risk by going to an area of lower elevation and staying away from bodies of water and trees. One of the most dangerous places to be in a thunderstorm is under a tree.
3. If someone has been struck by lightning, provide first-aid immediately. It is perfectly safe to touch someone who has been struck by lightning—you will not get an electrical shock. Call 911 immediately and begin CPR or use a defibrillator if available.
4. Invest in a lightning protection system for your home and or business. A building with a properly installed lightning protection system is a smart investment as it provides proven protection for your family, home and values. It is an important safety investment in areas prone to lightning. 

I.I.I. Podcasts are available on Lightning Myths and How to Pick a Lightning Protection System.

 

Lightning Safety Awareness Week is June 19 through the 25, with a kick-off event on June 17 in Austin, Texas. For more information on the event, contact Jamie Smethie at Jamie@cotedambrosio.com.  

 

For more information on lightning safety, visit the National Weather Service.

For more information on protecting your home or business from lightning, visit IBHS or the Lightning Protection Institute.

Avoiding Back-Over Tragedies

Avoiding Back-Over Tragedies

The U.S. Department of Transportation recently proposed a new safety regulation to help eliminate blind zones behind vehicles that hide pedestrians, young children and the elderly. The proposal would expand the required field of view for all passenger cars, pickup trucks, minivans, buses and low-speed vehicles with a gross vehicle weight rating of up to 10,000 pounds so that drivers can see directly behind the vehicle when the vehicle is in reverse. If passed, automobile manufacturers will have to install rear mounted video cameras and in-vehicle displays to meet the proposed standards. "U.S. DOT Proposes Rear View Visibility Rule to Protect Kids and the Elderly,"NHTSA (Dec. 3, 2010).

The Cameron Gulbransen Kids Transportation Safety Act of 2007 is named after a two-year-old boy who was killed when his father accidentally backed over him in the family's driveway,

Commentary

An average of 292 fatalities and 18,000 injuries occur every year as a result of back-over accidents according to the National Highway Transportation and Safety Administration (NHTSA).

Approximately 33 percent of fatalities are elderly people 70 years of age or older. Nearly 44 percent of fatalities are children under the age of five.

Most back-over accidents happen at home in driveways or in parking lots.
The NHTSA recommends the following precautions to reduce the risk of back-over accidents:

• Always supervise children while playing outside.
• Teach children to never play near motor vehicles, even if they're parked.
• If children play in your driveway, park your car at the end of it near the street.
• Check for playing children around your vehicle before getting in and backing up.
• Check all of your mirrors before putting the car in reverse and back up slowly.
• Provide children with a safe, fenced-in area to play outdoors and consider fencing off the driveway so children cannot wander onto it.

Baby Boomers Are Reaching Retirement Age In Shaky Economic Times; Insurance Can Provide Important Financial Protection

Those 65 and Older Can Save Money And Maximize Coverage Benefits, Says the I.I.I.

April 5, 2011

INSURANCE INFORMATION INSTITUTE
New York Press Office: (212) 346-5500; media@iii.org

NEW YORK, April 5, 2011 — The first of the baby boomers will turn 65 years old this year. This huge group of Americans who came of age in the 1960s and early 1970s will likely have insurance questions and concerns that differ from those of their parents’ generation, according to the Insurance Information Institute (I.I.I.).

 

According to research by the Pew Research Center Populations Projections, every day for the next 19 years about 10,000 Americans will turn 65, and by 2030 18 percent of the nation’s population will have reached this threshold. The Pew data also indicates that many boomers, those born between 1946 and 1964, have a very gloomy outlook on their personal finances. Compared with other age groups, they are the most likely to say that they have lost money on investments since the most recent recession began in December 2007, and that their finances have worsened in the recent years. In addition, a higher number of boomers reported cutting spending in the past year, as compared with those already age 66 and up.

 

“Baby boomers have reinvented every life stage they have experienced and are likely to approach retirement and aging differently than previous generations,” pointed out Jeanne M. Salvatore, senior vice president of Public Affairs for the I.I.I. “Given this generation’s understandable concerns about their personal finances, insurance can provide an important financial safety net when it is purchased properly.”

 

Fortunately, there are ways for people over 65 years old to reduce their insurance costs, while getting the important financial protection they need for themselves and their families.

 

The I.I.I. provides the following insurance and safety tips for aging boomers:

 

1.     Take a Look at Your Car
Older drivers have a higher rate of fatal crashes, based on miles driven, than any other group except young drivers. The primary reason for this high death is that older drivers are more easily injured than younger people and are more apt to have medical complications and die of those injuries.

It is important that your car be properly maintained in order to maximize its safety potential on the road. Older drivers should consider driving a car that is both easy to drive and provides the most physical protection for the occupants. When selecting a safe car, you should also check insurance costs, as the choice of a car can impact the cost of coverage.

If you are driving an older car, you can consider dropping the optional comprehensive and collision coverage on the vehicle, as this will also save money. As a general rule, if your car is worth less than 10 times the premium you are paying, the additional coverage is not cost effective. It is important, however, to continue to have adequate amounts of liability insurance in order to protect your assets in the event of an accident.  

 

2.     Get Driver Training
As we age, there are three key areas where most of us are likely to suffer some sort of impairment: vision; cognition, which includes memory loss; and flexibility declines, due to diseases such as arthritis. Fortunately, there are defensive driving classes specifically designed for aging drivers. Many insurance companies will also give a discount for taking an approved driving safety course.

 

3.     Keep Your Home Insurance Up-To-Date
It is easy to become complacent about insurance when if you have lived in the same home for a long period of time. However, for most people, their home is their greatest financial investment so it is important to make sure that the dwelling and its contents are protected with the right amount and type of insurance.

If you have made a major improvement or upgrade to your home, you may need more insurance coverage. Homeowners rarely upgrade their house without purchasing new items to put in their residence. And even those who have not made any upgrades to their home are likely to have accumulated a lot of things over the years, so it is important to discuss your home insurance needs with your agent or insurance company representative at least once a year.

And, remember, even if you have paid off your mortgage you should keep your homeowners insurance—even when no longer required to do so by the bank—because rebuilding a structure, and replacing your personal belongings, can cost hundreds of thousands of dollars. Depending on your location, you may also need separate flood and earthquake insurance, as these disasters are not covered under standard homeowners insurance policies.

Lastly, if you are an empty nester and are considering selling your home and renting or moving into a condo or co-op, you will still need insurance protection in the form of a renters or co-op/condo insurance policy. These polices will not only insure your personal possessions, but also provide liability insurance and cover additional living expenses in the event of a fire or other disaster.

For more information see Homeowners and Renters Insurance

 

4.     Make Your Home Safer and More Disaster Resistant
Many older people may feel more comfortable living in a home with a sophisticated alarm system that alerts the police, fire department and even emergency medical services if there is disaster. These systems may also provide peace of mind for those who spend much of their retirement traveling and are away from home. The good news is that many homeowners insurers also give discounts of 15 to 20 percent off a standard policy if you have installed recognized safety systems. Most insurance companies will also give discounts for of at least 5 percent for simple safety devices such as smoke detectors, burglar alarms and dead-bolt locks.

 

You may also qualify for a discount if you make your home more resistant to windstorms and other natural disasters. Adding storm shutters and shatter-proof glass, reinforcing your roof, as well as retrofitting an older home to withstand an earthquake and modernizing heating, plumbing and electrical systems will not only make your home safer, but may also have a positive effect on your home insurance premium.

 

5.     Consider Life Insurance
There are important financial reasons for maintaining your life insurance policy beyond the age of 65. Boomers are the quintessential ‘sandwich’ generation, and many will be nearing or entering retirement with responsibilities for both children and aging parents. Life insurance can help you fulfill your financial obligations, should you die with survivors who are both older and/or younger than you. Whole or Universal life may be a good choice for policyholders aged 65-plus because of the savings component. While life insurance is an important means of protecting financially a surviving spouse, disabled adult children or other dependents, some boomers may also want to use it as a mechanism to provide a donation to a beloved charity after they are deceased.

For more information, see Do Empty Nesters Need Life Insurance?.

 

6.     Look Into Immediate Annuities
There are many types of annuities, each designed for a specific financial goal. To help provide protection against outliving your assets, an immediate annuity may make sense. Social Security pays retirement income for as long as you live, as do defined-benefit pension plans, but the only other source of income available that continues indefinitely is an immediate annuity. An annuity may also provide some protection against creditors, as generally creditors can access only the payments from an immediate annuity as they are made, not the lump sum of money initially provided to the insurance company. Some state statutes and court decisions also protect some or all of the payments from those annuities.

For more information, see Annuities.

 

7.     Take Advantage of Discounts and Other Money Saving Tips
With boomers interested in cutting costs, there are fortunately many ways to reduce insurance premiums. The best ways to immediately cut auto and homeowners insurance policy costs are to shop around for a company that provides both a great price and outstanding service, take a higher deductible and ask about all available insurance discounts. Insurance companies offer a wide variety of discounts, such as for good credit.

Auto insurers will also give premium rate discounts for car pooling, a safe driving record and cars equipped with anti-theft devices. Some auto insurers will also provide discounts for those 55 years or older with safe driver records, as older drivers are less likely to drive aggressively or too fast.

Home insurers will generally offer discounts for those 55 years old and older who are retired.  If you have completely modernized your plumbing or electrical system recently, some companies may also provide a price break.

For additional tips, see Saving Money onAuto and Home Insurance.

 

8.     Schedule an Insurance Review to Reflect Life Changes

You generally don’t live to 65 without a number of major life events and all these changes will have an impact on your insurance needs. Marriage, divorce, retirement, career changes and even adult children who move back home (sometimes with children of their own) should be reflected in your insurance planning. Make sure that your insurance professional knows about all of these changes, along with any major home-improvement purchases or property expansions, and get his or her advice on how to adjust your insurance coverages to match your life changes.

100th Anniversary of Triangle Shirtwaist Fire a Reminder That Businesses Should Have a Disaster Plan In Place

Proper Risk Management Includes Getting the Right Insurance Coverage, Says I.I.I.

March 25, 2011

INSURANCE INFORMATION INSTITUTE
New York Press Office: (212) 346-5500; media@iii.org

NEW YORK, March 25, 2011 — The tragic Triangle Shirtwaist Fire, which occurred a century ago today, is a reminder to all businesses of the need to be prepared for a disaster. In addition to typical risks such as fire, there are a host of other risks that are unique to each particular type of business. So it is essential that business owners have a disaster plan in place, which includes buying the right type and amount of insurance. Business owners should also update their policies annually to include improvements, major purchases and increased rebuilding costs, according to the Insurance Information Institute (I.I.I.).

Do You Have a Disaster Plan In Place?

No matter how small or large a business, a business impact analysis should be developed to identify what an operation must do to protect itself in the face of a disaster. Large corporations often hire risk managers to handle this task and some companies hire consultants with expertise in disaster planning and recovery to assist them with their plans. But small businesses often have to be their own risk managers. 

 

Steps for setting up an effective disaster plan for your business:

Set up an emergency response plan and train employees how to carry it out. Make sure employees know whom to notify about the disaster and what measures to take to preserve life and limit property losses. 

• Write out each step of the plan and assign responsibilities to employees in clear and simple language. Practice the procedures set out in the emergency response plan with regular, scheduled drills.
• Compile a list of important phone numbers and addresses. Make sure you can get in touch with key people after the disaster. The list should include local and state emergency management agencies, major clients, contractors, suppliers, realtors, financial institutions, insurance agents and insurance company claim representatives. 
• Decide on a communications strategy to prevent loss of customers. Post notices outside your premises; contact clients by phone, email or regular mail; place a notice in local newspapers.
• Consider the things you may need during the emergency. Do you have a back-up source of power? A back-up communications system?
• Human resources. Protect employees and customers from injury on the premises. Consider the possible impact a disaster will have on your employees’ ability to return to work and how customers can return to your shop or receive goods or services.
• Physical resources. Inspect the physical plant(s) and assess the impact a disaster would have on the facilities. Make sure your plans conform to local building code requirements. 
• Business community. Even if your business escapes a disaster, there is still a risk of suffering significant losses due to the inability of suppliers to deliver goods or services or a reduction in customers. Businesses should communicate with their suppliers and markets (especially if they are selling to a business as a supplier) about their disaster preparedness and recovery plans, so that everyone is prepared.
• Protect your building. If you own the structure that houses your business, integrate disaster protection for the building as well as the contents into your plan. Consider the financial impact if your business shuts down as a result of a disaster. What would be the impact for a day, a week or an entire revenue period?

• Keep duplicate records. Back up computerized data files regularly and store them off-premises. Keep copies of important records and documents in a safe deposit box and make sure they are up-to-date.
• Identify critical business activities and the resources needed to support them. If you cannot afford to shut down your operations, even temporarily, determine what you will require to run the business at another location. 
• Find alternative facilities, equipment and supplies, and locate qualified contractors. Consider a reciprocity agreement with another business. Try to get an advance commitment from at least one contractor to respond to your needs.
• Protect computer systems and data. There are many data storage and cloud computing firms that offer offsite backups of computer data.
  

Review Your Insurance Plan

Make sure you have sufficient coverage to pay for the indirect costs of the disaster, such as the disruption to your business, as well as the cost of repair and/or rebuilding. Most standard business policies do not cover flood or earthquake damage so you may need to buy separate insurance for these perils. Be sure you understand your policy deductibles and limits. New additions or improvements to your facilities should always be reflected in your policy. This includes construction changes to a property and adding new equipment.

 

For a business, the costs of a disaster can extend beyond the physical damage to the premises, equipment, furniture and other business property. The potential loss of income while the premises are unusable should also be considered. 

 

“One of the biggest mistakes business owners make is that they don't buy the right type of insurance and often have gaps in their coverage,” said Loretta Worters, vice president, I.I.I. “Business owners should contact their insurance agent or company representative annually to make sure that their insurance is adequate.”

 

A Businessowners Policy (BOP) is recommended for most small businesses (usually 100 employees or less), as it is often the most affordable way to obtain broad coverage. BOPs are “off the shelf” policies combining many of the basic coverages needed by a typical small business into a standard package, at a premium that is generally less than would be required to purchase these coverages separately. As it combines both property and liability insurance, a BOP will cover your business in the event of property damage, suspended operations, lawsuits resulting from bodily injury or property damage to others, etc.

 

BOPs do NOT cover professional liability, auto insurance, workers compensation or health and disability insurance. You will need separate insurance policies to cover professional services, vehicles and your employees.

 

For medium-sized and larger businesses, there are more comprehensive commercial policies. To properly insure your business, the I.I.I. suggests that you ask your agent or company representative these important questions to determine if you have the right type of policy and amount of coverage:

 

1. Do I have enough insurance to rebuild my business property and replace all of my merchandise and possessions?

A Building and Personal Property coverage (BPP) policy is commonly used to cover any combination of the following three broad categories: the building, your business personal property and the personal property of others. Usually the covered building is owned by the insured. However, a lessee might insure a leased building when required to do so by the terms of the lease.

 

Your BPP coverage includes seven specific categories:

1. Furniture and fixtures
2. Machinery and equipment
3. Stock (i.e., merchandise held in storage, including raw materials, work in-progress and finished goods)
4. All other personal property owned by you and used in your business
5. Labor, materials and services furnished or arranged by you on the personal property of others
6. If a tenant, the improvements or betterments you have made
7. Leased personal property that you have a contractual responsibility to insure

It is vital that the value of your property be accurately reported and updated annually to reflect inflation and other increases in cost.

 

2. Do I have enough insurance to protect the personal property of my employees?

In order to protect the property of your employees, you will need to add Personal Effects and Property of Others coverage to your policy. This coverage permits the insured to extend up to $2,500 worth of its business personal property coverage to personal effects of the insured and its officers, partners or employees and personal property of others in the insured’s care, custody or control. The personal effects coverage does not include theft, even when theft is a covered cause of loss under the policy.

 

If the $2,500 limit is inadequate, a higher limit can be purchased.

 

3. Do I have enough insurance to keep my business open?

A business that has to close down completely while the premises are being repaired may lose out to competitors. A quick resumption of business after a disaster is essential, so business interruption insurance is crucial.

 

“Make sure the policy limits are sufficient to cover your company for more than a few days,” said Worters. “After a major disaster, it can take more time than many people anticipate to get a business back on track. There is generally a 48-hour waiting period before business interruption coverage kicks in,” she added. “Too many business owners fail to think about how they would manage if a fire or other disaster damaged their business premises so that it was temporarily unusable.”

 

The price of the policy is related to the risk of a fire or other disaster damaging your premises. All other things being equal, the price would probably be higher for a restaurant than a real estate agency, for example, because of the greater risk of fire. Also a real estate agency can more easily operate out of another location.

 

There are typically four types of business interruption insurance. You can purchase any one of these or any combination of them that would make sense for your business:

 

• Business income coverage: Compensates you for lost income if your company has to vacate its premises due to disaster related damage that is covered under your property insurance policy. Business income insurance covers the profits you would have earned, based on your financial records, had the disaster not occurred. The policy also covers operating expenses, such as electricity, that continue even though business activities have come to a temporary halt.
  
  Review your annual financial records with your accountant to determine your annual net profit (total revenue minus total expenses). You should also have an approximate idea of how much profit you make (and would therefore lose) during a typical year. Purchase enough business income coverage to protect at least this amount of revenue.)

 

• Extra income coverage: Reimburses your company for a reasonable sum of money that it spends, over and above normal operating expenses, to avoid having to shut down during the restoration period.
  
  In order to calculate how much extra expense coverage you will need, an appraisal of your office building or any other operating locations should be made as well as a detailed inventory, not only of your product stock but also of your existing office equipment.

 

• Contingent business interruption insurance: Protects a business owner’s earnings following physical loss or damage to the property of the insured’s suppliers or customers (as opposed to the business owner’s own property). Companies today are heavily dependent on raw materials from key suppliers to make the products they sell. What happens if the supplier suffers a loss and cannot continue to deliver the product?
  
  Make sure to determine how much revenue would be lost if you were unable to receive your product from your main supplier or if your main customers were unable to buy from you.

 

• Ordinance or Law: Provides coverage to rebuild or repair any buildings occupied by the business in compliance with the most recent local building codes.

“Most business owners are complacent about natural disasters until it affects their business,” said Worters. “Too often it’s only once the owner has gone through a disaster that he or she starts considering a disaster plan, including purchasing the proper insurance.”

 

Business owners can download a copy of the Insurance Institute for Business & Home Safety’s Open for Business: A Disaster Planning Toolkit for the Small Business Owner or find information at the Small Business Administration.

 

The I.I.I. has posted a special section dedicated to the Triangle Fire Centennial. Facts and Statistics on Fire Losses as well as Workplace Safety and Workers Compensation are also available.

 

 

FOR MORE INFORMATION ABOUT INSURANCE: www.iii.org; PUBLICATIONS: iii store AND amazon.com

FACEBOOK: InsuranceInformationInstitute; TWITTER: @iiiorg

 

THE I.I.I. IS A NONPROFIT, COMMUNICATIONS ORGANIZATION SUPPORTED BY THE INSURANCE INDUSTRY.

Insurance Information Institute, 110 William Street, New York, NY 10038, (212) 346-5500

Is Your Home Insured for Flood Loss? Policies Take 30 Days to Go Into Effect So Act Now Before Waters Rise, Says I.I.I.

Melting Snow and Heavy Rains Are Forecast to Cause Extensive Flooding This Spring

March 10, 2011

I.I.I. Video:
Water and Flood Damage: What Is and Is Not Covered

INSURANCE INFORMATION INSTITUTE
New York Press Office: (212) 346-5500; media@iii.org

NEW YORK, March 10, 2011 — Fast melting snow, severe storms and heavy extended rainfall can all contribute to extensive flooding during the spring months, according to the Insurance Information Institute (I.I.I.), which is encouraging U.S. residents to learn about their risk during Flood Safety Awareness Week (March 14-18). 

 

Midwestern states that had record amounts of snowfall are particularly vulnerable to flooding from overwhelming rivers, lakes and streams. Homeowners and renters who reside near bodies of water should purchase a flood insurance policy if they haven’t already done so, warned the I.I.I.

 

“Floods are the nation’s leading natural disaster – anywhere it rains, it can flood,” said Loretta Worters, vice president with the I.I.I.

 

While the optional comprehensive portion of an auto insurance policy includes coverage for flood damage, it is excluded under standard homeowners and renters insurance policies.

 

Flood coverage for homeowners and renters is available in the form of a separate policy from the federal government’s National Flood Insurance Program (NFIP) and from a few private insurers. There is typically a 30-day waiting period—from date of purchase—before a new NFIP policy goes into effect, so it’s important to act now, before the waters rise. Consumers can get more information by visiting the NFIP’s FloodSmart website. The site includes numerous interactive resources (all of which are shareable), including:

• Cost of Flooding tool – estimates the cost of damage from various levels of flooding
• Flood Risk Scenarios
• Video Library – home and business owners who have experienced flooding
• One Step Flood Risk Profile tool – accessed from the home page, enables consumers to estimate their risk and flood insurance premiums and find agents who serve their communities
• FEMA’s Are You Ready for Flooding? widget
• Link to FEMA’s Flood Safety Awareness Week site – additional information about the dangers of flooding and how U.S. residents can protect themselves and their properties

Just a few inches of water from a flood can cause tens of thousands of dollars in damage. Over the past 10 years, the average flood claim has amounted to over $33,000, the NFIP reported.

 

The National Oceanic and Atmospheric Administration (NOAA) notes that a large swath of the U.S. is at risk of moderate to major flooding this spring, from northeastern Montana through western Wisconsin following the Mississippi River south to St. Louis. On February 24, the National Weather Service released an initial spring flood outlook for this high risk region and is expected to release a national spring flood outlook on March 17.

 

For the third consecutive year, forecasters predict moderate to major flooding along the Red River of the North, which forms the state line between eastern North Dakota and northwest Minnesota and includes the Souris River Basin and the Devils Lake and Stump Lake drainages in North Dakota. If the current forecast holds, the main stem Mississippi River is at risk for moderate to major flooding from its headwaters in St. Paul, Minnesota, all the way to St. Louis.

 

When it comes to floods and the damage they can do, many people are complacent. A 2010 I.I.I. poll found that 16 percent of Americans thought their homeowners policy covered damage from flooding during a hurricane. Moreover, the proportion of people in the South—among the areas most severely affected by hurricane related flooding—who thought homeowners insurance covers flooding from a hurricane was only10 percent higher, a mere 26 percent.

 

The NFIP provides coverage to its policyholders for up to $250,000 for the structure of a home and $100,000 for personal possessions. Private flood insurance is available for those who need additional insurance protection, known as excess coverage, over and above the basic policy or for people whose communities do not participate in the NFIP. Some insurers have introduced special policies for high-value properties; these policies may cover homes in non-coastal areas and/or provide enhancements to traditional flood coverage. 

 

The average cost of a flood policy for homeowners is $570 annually but can be as low as $129 a year in low risk areas. For renters in a moderate to low risk area, rates start from $49 annually for contents-only coverage.

 

“Your home is your most valuable asset and flood insurance is the best and most affordable way to protect that investment,” said Worters.

 

For a related video, go to Water and Flood Damage: What Is and Is Not Covered.

 

 

FEMA’s mission is to support our citizens and first responders to ensure that as a nation we work together to build, sustain, and improve our capability to prepare for, protect against, respond to, recover from, and mitigate all hazards. For more: FEMA.gov

Don’t Risk Being Underinsured: Five Insurance Mistakes To Avoid

Nearly Half of U.S. Homeowners Don’t Know Insurance Covers Rebuilding Costs, Not Sales Price of Their Home, Says I.I.I. Study

March 3, 2011

INSURANCE INFORMATION INSTITUTE

NEW YORK, March 3, 2011 — Too many Americans believe that the coverage limits of their homeowners insurance policy are linked to the market value of their home, according to the Insurance Information Institute.

 

In the I.I.I.’s 2011 Insurance Pulse Survey, conducted by the Opinion Research Corporation, nearly half (48 percent) of survey respondents came to that mistaken conclusion.

 

“The real estate value of a home, that is the price you can buy or sell it for, has absolutely nothing to with the amount of insurance needed to financially protect the homeowner in the event of a fire or other disaster,” said Jeanne M. Salvatore, senior vice president and consumer spokesperson for the I.I.I. “Reducing insurance coverage because the market value of a home has decreased can result in being dangerously underinsured.”

 

One out of three respondents to the Pulse Survey reported that they purchased less homeowners or auto insurance as a way to save money. A better strategy would be to take a higher deductible, which can substantially reduce insurance costs. Home and car owners can then put the savings into a purchasing the right amount and type of insurance for their specific needs, pointed out Salvatore.

 

Another way to save money is to comparison shop, something that seven out of 10 Pulse Survey respondents said they utilized as a strategy to save on both their home and auto insurance needs.

 

Following are the five biggest auto, home, flood and renters insurance mistakes consumers can make, with suggestions to avert those pitfalls while still saving money:

 

1. Insuring a home for its real estate value rather than for the cost of rebuilding. When real estate prices go down, some homeowners may think they can reduce the amount of insurance on their home. But insurance is designed to cover the cost of rebuilding, not the sales price of the home. You should make sure that you have enough coverage to completely rebuild your home and replace your belongings.

 

A better way to save: Raise your deductible. An increase from $500 to $1,000 could save up to 25 percent on your premium payments.

 

2. Selecting an insurance company by price alone. It is important to choose a company with competitive prices, but also one that is financially sound and provides good customer service.

 

A better way to save: Check the financial health of a company with independent rating agencies and ask friends and family for recommendations. You should select an insurance company that will respond to your needs and handle claims fairly and efficiently.

 

3. Dropping flood insurance. Damage from flooding is not covered under standard homeowners and renters insurance policies. Coverage is available from the National Flood Insurance Program (NFIP), as well as from some private insurance companies. Many homeowners are unaware they are at risk for flooding, but in fact 25 percent of all flood losses occur in low risk areas. Furthermore with the significant snow fall this winter, spring related flooding may be particularly severe, thus increasing the importance of purchasing flood insurance.

 

A better way to save: Before purchasing a home, check with the NFIP to determine whether the property is situated in a flood zone; if so, consider a less risky area. If you are already living in a designated flood zone, look at mitigation efforts that can reduce your risk of flood damage and consider purchasing flood insurance. Additional information on flood insurance can be found at www.FloodSmart.gov.

 

4. Only purchasing the legally required amount of liability for your car. In today’s litigious society, buying only the minimum amount of liability means you are likely to pay more out-of-pocket if you are sued—and those costs may be steep.

 

A better way to save: Consider dropping collision and/or comprehensive coverage on older cars worth less than $1,000. The insurance industry and consumer groups generally recommend a minimum of $100,000 of bodily injury protection per person and $300,000 per accident. 

 

5. Neglecting to buy renters insurance. A renters insurance policy covers your possessions and additional living expenses if you have to move out due to an insured disaster, such as a fire or hurricane. Equally important, it provides liability protection in the event someone is injured in your home and decides to sue.

 

A better way to save: Look into multi-policy discounts. Buying several policies with the same insurer, such as renters, auto and life will generally provide savings.

Keeping Teen Drivers Safe

The number of fatal car crashes involving teen drivers decreased by nearly a third over a five-year period between 2004 and 2008 according to U.S. officials. The number of teen deaths dropped dramatically from about 2,200 to 1,400. "Teen Driving Fatalities Drop Sharply in Last Five Years," MSNBC (Oct. 21, 2010).

The decrease is due to safer cars and tougher driver's license laws that limit when teens can drive according to the Centers For Disease Control (CDC).

Commentary

Traffic crashes are the leading cause of death for teenagers in the United States according to the National Highway Traffic Safety Administration (NHTSA).

Teenagers between the ages of 15 to 20 years old are especially vulnerable to death and injury on roadways because of their inexperience and immaturity. Behaviors that contribute to traffic crashes include: speed, drinking and driving, not wearing seat belts, distracted driving, drowsy driving and nighttime driving.

Parents should talk with their teens to encourage positive opinions, ideas and behaviors. Remember to be patient and clear when giving driving instructions and set a precedent for safe driving practices through example. Remind them to:

• Slow down and take their time. Speeding is considered a primary concern in all crashes including fatal crashes.
• Keep their attention on the road at all times. Activities such as text messaging, talking on a cell phone or watching a movie should never be participated in while operating a vehicle.
• Always wear their seat belt. Regular seat belt use is the single most effective way to protect drivers and passengers and reduce fatalities in motor vehicle crashes.
• Never drive under the influence of alcohol and/or drugs. Although alcohol consumption is illegal for young people it is a prevalent problem with young drivers.

(from www.chubbprotection.com/article.htm?id=3177)

Did You Get an Engagement Ring or Other Expensive Piece of Jewelry for Valentine’s Day?

The I.I.I. Offers Insurance Tips to Financially Protect Your New Gift

February 11, 2011

INSURANCE INFORMATION INSTITUTE
New York Press Office: (212) 346-5500; media@iii.org

NEW YORK, February 14, 2011 — If you receive an engagement ring or other expensive piece of jewelry this Valentine’s Day, who are you going to call to tell about it? Your mother? Your best friend? Maybe you’ll post your good fortune on Facebook? While these may be your first impulses, if you want to protect your sparkling new gift, the most important call will be to your insurance agent or company representative to make sure you have the necessary insurance, according to the Insurance Information Institute (I.I.I.).

 

Standard homeowners and renters insurance policies include coverage for personal items such as jewelry and other valuables. However, many policies limit the dollar amount for the theft of valuable personal possessions such as jewelry, furs and precious stones to $1,000 to $2,000.

 

“To properly insure jewelry, consider purchasing additional coverage through a floater or an endorsement,” said Jeanne M. Salvatore, senior vice president and consumer spokesperson for the I.I.I.

 

In most cases, this would also be covered you for ‘mysterious disappearance’. This means that if your ring falls off your finger or is lost, you would be financially protected. Floaters and endorsements carry no deductibles and frequently provide the option of having the insurance company replace the item for you.

 

Floaters and endorsements are available as additions to homeowners and renters insurance policies. Some companies also offer a stand-alone policy to cover jewelry without having to purchase a full homeowners or renters policy.

 

“While there is no way to insure the sentimental value of jewelry, at least having it properly insured will provide financial protection in the event it is lost or stolen,” noted Salvatore.

 

To make sure your jewelry is adequately protected, the I.I.I. suggests the following:

• Contact your insurance professional immediately
  Let your agent or company representative know that you are now in possession of an expensive piece of jewelry. Find out how much coverage you have and if additional insurance is needed.
  
• Have the item appraised
  Heirlooms and antique jewelry will need to be appraised for their dollar value. Ask your insurer for recommendations regarding a reputable appraiser. It is important that expensive items be appraised properly—if you purchase a floater or endorsement, you will pay a premium based on the appraised value and in the event of a claim, will be compensated for this dollar amount. 
• Keep a copy of the store receipt
  Forward a copy of the receipt to your insurer so that the company knows the current retail value of the item. Keep a copy for yourself and include it with your home inventory. 
• Store valuables in a secure location
  Protect your jewelry by storing it in a secure location in your home. If you do not plan to wear the item regularly or are holding it for a child, consider keeping it in a safe deposit box. You may save money on the cost of insuring it, as some companies offer ‘in vault’ coverage. If you want to wear the jewelry for a special occasion, many insurers will offer the option of purchasing additional coverage for the time it is out of the bank. You would, of course, have to notify your insurer ahead of time.
• Update the value of your jewelry
  Expensive items can go up or go down in value. Talk to your insurance professional about how to make sure the dollar amount of your floater or endorsement reflects these changes. Prices for floaters and endorsements will vary depending on the type of jewelry, the insurance company you choose, where you live and where the item will be kept.
• Take a picture of the item
  Get into the habit of keeping a visual record of all of your personal possessions. This helps to document your loss and speed up the claims process. It is also useful to document antique and unusual pieces of jewelry
• Add the item to your home inventory
  Everyone should have an up-to-date inventory of their personal possessions. An inventory can help you purchase the correct amount of insurance and speed up the claims process when there is a loss. The I.I.I. has created free, online software, Know your Stuff® - Home Inventory, to make creating a home inventory easier. You can also add a digital photograph of your new gift and save scanned receipts. Computerizing your inventory makes updating easier and more efficient.

How can I locate a lost life insurance policy?

If a family member dies and you are unable to locate his or her life insurance policies, there is, unfortunately, no national or statewide database of all life insurance policies that you can consult. However, you can try to determine:

• which insurance company might have issued the policy
• which agent or broker might have sold or serviced the policy
• whether the deceased might have had insurance through an employer, union or trade association, or other group to which he/she belonged.

Here are some strategies that might turn up useful information:

1. Look for insurance-related documents.
   Search through files, bank safe deposit boxes, and other storage places to see if there are any insurance-related documents. Also, look through address books to see if the names of any insurance agents or companies are listed. An agent or company who sold the deceased their auto or home insurance may know about the existence of a life insurance policy.
2. Contact current and prior financial advisors.
   Contact current or prior attorneys, accountants, investment advisors, bankers, business insurance agents/brokers and others who might have known about the deceased’s life insurance.
3. Review life insurance applications.
   The application for each policy is attached to that policy. So if you can find any of the deceased’s life insurance policies, look at the applications for them. The application will have a list of all other life insurance policies owned at the time of the application.
4. Contact previous employers.
   Former employers may have a record of a past group policy or policies.
5. Check bank books and canceled checks.
   See if any checks have been made out to life insurance companies over the years.
6. Check the mail for a year following the death of the policyholder.
   Look for premium notices or dividend notices. If a policy has been paid up, there will no notice of premium payments due. However, the company may still send an annual notice regarding the status of the policy or it may pay or send notice of a dividend.
7. Review the deceased’s income tax returns for the past two years.
   Look for interest income from and interest expenses paid to life insurance companies. Life insurance companies pay interest on accumulations on permanent policies and charge interest on policy loans.
8. Contact all relevant state insurance departments.
   The National Association of Insurance Commissioners has a “Life Insurance Company Location System” to help you find state insurance department personnel who might help identify companies that might have written life insurance on the deceased. To access that service, go to the NAIC's Life Insurance Company Location System.
9. Check with the state's unclaimed property office.
   If a life insurance company knows that an insured client has died but can’t find the beneficiary, it must turn the death benefit over to the state in which the policy was bought as “unclaimed property.” If you know (or can guess) where the policy was bought, you can contact the state comptroller’s department to see if it has any unclaimed money from life insurance policies belonging to the deceased.
10. Contact a private service that will search for “lost life insurance.”
    Several private companies will, for a fee, contact insurance companies for you to find out if the deceased was insured. This service is often provided through their Web sites.
11. Do you think the life insurance might have been bought in Canada?
    If so, you might contact the Canadian Life and Health Insurance Association (phone: 1-800-268-8099).
12. Try the MIB database.
    There is a database of all applications for individual life insurance that were processed during the last 12 years. There is a $75 charge per search. Many searches are not successful: a random sample of searches found only 1 match in every 4 tries. For more information, go to MIB's Consumer Protection page.

Carjacking - What Not to Do

The victims of an attempted carjacking in Austin, Texas caused a collision with the assailants' car before the assailants could flee the scene. Four males pulled up beside the victim's truck. Two men exited the vehicle and pointed a gun at the driver demanding him to get out of the truck. The driver of the truck attempted to flee in his truck and a shot was fired. The suspects followed and eventually cornered him in a cul-de-sac. As three of the men got out of their vehicle and approached the truck, the driver rammed into their vehicle and pushed it up against an embankment before escaping. "Suspects Arrested in Failed Carjacking," KXAN (Sept. 21, 2010).
Click here to read more to protect yourself......

Antique Insurance Coverage: What Collectors Need to Know to Safeguard Their Treasures

Winter Antiques Show In New York City This Week; Shows In Other Cities Begin Soon

January 25, 2011

INSURANCE INFORMATION INSTITUTENew York Press Office: (212) 346-5500; media@iii.org

NEW YORK, January 25, 2011— The 57^th annual Winter Antiques Show, considered the premiere antiques show in the country, began January 21 and continues through Sunday, January 30, at the Park Avenue Armory in Manhattan. Whether in the market for American, European or Asian objects, now is the time for antique collectors to review their insurance coverage, according to the Insurance Information Institute (I.I.I.).

 

“If you have homeowners insurance, there is coverage for personal property, but there are also limits to the value of goods insured under that policy. A large collection of antique art, antique furniture, and heirloom and estate jewelry will need a special rider or separate insurance,” advised Loretta Worters, vice president, I.I.I. “The precious antiques a homeowner has spent years amassing could be subject to fire, theft and a host of other perils, so it’s important to have your valuable possessions appraised and properly insured.” 

Click here to read more on how to value and protection your antiques.

Safe Winter Driving

Safe driving and good car maintenance take center stage in winter. Frigid temperatures and severe snowstorms are a reminder to be cautious on the road, especially as we experienced here in metro Atlanta last week.

INSURANCE INFORMATION INSTITUTE
New York Press Office: (212) 346-5500; media@iii.org

NEW YORK, December 15, 2010 — Given that at one point this week the day time temperature was lower in Florida than in Maine, the need to operate safely a well-maintained motor vehicle as winter approaches has gained national attention, according to the Insurance Information Institute (I.I.I.). Winter begins on Tuesday, December 21.

“Drivers should always keep their front and rear windshields clear, focus on operating their vehicle, and avoid speeding. But these safety measures are even more critical as motorists navigate windblown, icy and snow-covered roadways,” said Michael Barry, vice president of Media Relations for the I.I.I.

Click here to learn more.

Dog Restraint & Driving

Approximately 80 percent of pet owners say they have driven with their pets on car trips including day trips, local errands and longer vacations. Only 17 percent use some form of pet restraint system when driving their dog according to the American Automobile Association (AAA). "Driving With Pets: Dangerous Distraction," www.cbs.com (Aug.18, 2010).

Commentary

It is important to keep pets restrained in an enclosed area while driving for the safety of both the driver and the pet. Unrestrained pets serve as a distraction to the driver, which is as dangerous as texting or talking on a cell phone while operating a vehicle.

Click here to read more.....

Avoiding Aggressive Drivers

Approximately 6,800,000 crashes occur each year in the United States according to the National Highway and Transportation Administration (NHTSA). A substantial number of these crashes are caused by aggressive driving. "Aggressive Driving" NHTSA (Aug. 27, 2010).

Statistics compiled by the NHTSA and the American Automobile Association (AAA) show that nearly 13,000 people were injured or killed between 1990 and 1997 in crashes caused by aggressive driving.

Click here to read more.

Home repairs shouldn't be part of family budget cuts

As families tighten their budgets, there are some things homeowners should never cut out, experts say.
Home maintenance can end up costing much more if it is not taken care of in a timely fashion, said Karen King, marketing director for DogGoneHandy, an Atlanta-based maintenance company. “And we often see things that would have cost the homeowner less if they’d taken care of it earlier,” she said.
While there are few statistics on who keeps up with home maintenance and who does not, industry experts say the economy has caused many to pull back on certain repairs.

Please click here for the rest of the article from the Atlanta Journal Constitution