The following article indicates that they are considering stronger building codes for safer buildings which ultimately is for the safety of our property and communities.  A review of your policy coverage should draw your attention to Law & Ordinance coverage to ensure you are properly covered. Law and Ordinance coverage pays for the additional costs to comply with new city regulations when rebuilding or repairing your damaged property.

http://www.insurancejournal.com/news/national/2012/07/24/256908.htm

For more information please contact Sandra Sanchez

New York State requires all Private Investigators, Watch Guards, or Patrol Agencies to post a $10,000 License & Permit Bond .

 We are pleased to offer this $10,000 Bond for a 2- year period through a special program we have with Selective Insurance Company at a great rate of only $79.00.  The completion of a simple application with your check payable to our agency is all that is required.

 Please feel free to contact our Bond Department at (845) 279-5151 or Peter Reeves at (845) 225-1477 with any questions.

We are happy to announce the recent expansion of our Employee Benefits- Life Insurance division, through the hiring of a very knowledgeable new Life Insurance Products Specialist, John Monico. 

In these tough economic times, every dollar counts; however when it comes to insurance, there are a few items that are vital to having the proper protection in place. 

The following are 5 ways to avoid the possibility of financial burden due to lack of adequate coverage…

1. Insuring a home for its real estate vale rather than for the cost of rebuilding.  This is probably the most common mistake, especially since real estate values have declined drastically; however replacement cost is completely unrelated to real estate value.  “What will it cost me to rebuild from the ground up and replace my belongings?”- is the best way to do the math and determine the replacement cost based on building materials and costs today.
2. Selecting an insurance company by price alone.
3. Dropping flood insurance.
4. Only purchasing the legally required amount of liability for your car.  This is a common problem with a lot of the direct writer companies where they are looking to meet the basic needs of those who just want the basic/minimum coverages to get their vehicle on the road.  State minimums will rarely cover all of your needs in a catastrophic situation.
5. Neglecting to buy renters insurance.

Click to read more about ‘better ways to save,’ or give us a call for more information.

-Lauren Bruen Nicholson

This is an excellent article especially for general contractors in regards to work with their subs.   The below illustrates the important differences between Contractual Indemnity and Additional Insured, so to clarify how both parties may be affected in a claims situation…

“Contractual Indemnification

• Contractual indemnification arises from liability assumed in a contract – it applies to liability not normally imposed by law – you are liable only because you have agreed to be liable;
• The extent of liability assumed in a contract is determined solely by the wording of the indemnity agreement – and not by the scope of any liability insurance that might be available to the indemnitor;
• Contractual indemnification is not insurance and thus the indemnitee’s only right is against the indemnitor – the indemnitee is not an insured and thus has no direct rights under the indemnitor’s liability insurance.

Additional Insured

• An additional insured is person or organization that is protected as an insured by liability insurance, usually someone else’s insurance; 
• The liability of an additional insured is typically imposed on that person or organization by law;
• The extent of the protection provided to an additional insured is determined by the wording of the additional insured endorsement (as well as the other terms of the insurance policy) and not be the wording of the indemnity agreement;
• An additional insured is a party to the insurance policy – as a party to the policy, an additional insured has an independent right to enforce its rights under the insurance policy directly against the insurance company. “

Click to read more about this topic, and for some examples of how this may come into play.

(Source:  AmWins Group, Inc.)

Who should take a course?  Anyone who is out on the waterways in a motorized, sail, or human powered boat.

Who is required by law to complete a course?  Youths ages 10-17 when operating a motorboat without adult supervision, and anyone operating a personal watercraft.  You must be at least 14 years or older.

Did you know…

• Drowning accounts for 80% of boating fatalities.  Wearing a U.S. Coast Guard approved life jacket can save your life.
• NYS Navigation Law requires a life jacket to be worn: by all childrenunder 12 yrs. unless in a fully enclosed cabin, by anyone being towed behing a boat, by everyone on a personal watercraft, and by everyone on all pleasure vessels less than 21 feet from November 1st-May 1st.
• A Safe Boating Certificate may allow you a discount on your boat insurance!

To find a course, visit www.nysparks.com

The following insurance tips are from the International Risk Management Institute’s Personal Lines Pilot newsletter. You may use them on your website or in client communications subject to IRMI’s license terms.

Homeowners insurance premiums often take a substantial bite out of a family’s budget. You may, however, be paying too much for this coverage. The following are some approaches you can use to reduce your homeowners insurance costs.

• If you have a new home or a renovated one, ask your agent about homeowners discounts. Many insurers offer discounts up to 25 percent for homes that are less than five or 10 years old since newer homes tend to experience fewer losses. In addition, homes that have substantial renovations can also qualify for this discount if the specified work has been performed by a qualified (licensed when necessary) contractor with proper documentation.
• Make your home more disaster resistant. For example, you can make your home more resistant to hurricanes and other disasters by adding storm shutters, stronger doors, and reinforced roofing materials. Many insurance companies offer premium discounts for these types of home features.
• Maintain an excellent credit rating. Insurance companies are increasingly using credit scores to determine homeowners insurance premiums. Establishing and maintaining a strong credit history can thus reduce your premiums.
• Make sure your home is not overinsured. Remember that the value of your land and the value of your home are separate. If your home is destroyed and needs to be rebuilt, the focus should be on the replacement cost of your home itself and should not include the value of your land.
• Seek out other discounts. Insurance companies offer a multitude of discounts that you should check into. For example, many insurers offer loss-free discounts and long-term customer discounts, as well as multi-policy and senior citizen discounts.

Get more personal lines insurance and risk management tips and ideas from IRMI.

- 2011 International Risk Management Institute, Inc.

As 2011 comes to a close, it is important to be sure you are making the most of your Health Savings Account, and getting the maximum tax benefits allowable by the IRS. 

Primarily it is important to be aware of the total amount of funds contributed this year since you are allowed to contribute $3,050 for individuals and $6,150 for families in 2011.  Any unused funds roll over tax free for use in 2012. 

Since Health Savings Account plans have the unique feature of allowing account holders to use funds to pay for ‘Qualified Medical Expenses,’ or certain approved medical/health services not ordinarily covered by health insurance plans, December is a very busy time of the year for people to go in for any ancillary health appointments such as dental work, vision services, etc. because account holders wait and see how much money remains in their HSA account so they can use a portion of the remaining balance in the account to pay for any of these Qualified Medical Expenses.

In addition to checking your contribution limits to maximize your tax savings and using account funds to pay for any medical bills and additional approved medical services, it is also smart to be sure you have indemnified yourself for any prescriptions or medical services that you have not paid for with your account.  Taking advantage of reimbursing yourself for any qualified medical expense paid for with means other than your HSA debit card will help you maximize tax savings as well.

Click to read more helpful tips from Optum Health Bank, and please consult your certified accountant with any tax related questions or concerns.

- Lauren Bruen Nicholson

“The loss of a key person can be a major blow to a small business if that person is the key contact for customers and suppliers and the management of the business. Loss of the key person may also make the running of the business less efficient and result in a loss of capital.

Losses caused by the death of a key employee are insurable. Such policies will compensate the business against significant losses that result from that person’s death or disability. The amount and cost of insurance needed for a particular business depends on the situation and the age, health and role of the key employee.

Key employee life insurance pays a death benefit to the company when the key employee dies. The policy is normally owned by the company, which pays the premiums and is the beneficary. Contact an insurance agent or broker whose specializes in key employee insurance for more on how much it may cost for your company.”

Click to read more, or contact Jessica DiDio Lamoureux for more information.

(Source:  Insurance Information Institute)

FEMA’s Disaster Assistance Program has extended coverage for affected Individuals, Families, and Businesses after a ‘major disaster’ declaration in the state of New York.  Some of the key parts of the assistance program are as follows:

• Rental payments for temporary housing for those whose homes are unlivable.  Initial assistance may be provided for two months for homeowners and renters.  Assistance may be extended if requested after the initial period based on a review of individual applicant requirements.  (Source: FEMA funded and administered.)
• Grants for home repairs and replacement of essential household items not covered by insurance to make damaged dwellings safe, sanitary and functional.  (Source: FEMA funded and administered.)
• Grants to replace personal property and help meet medical, dental, funeral, transportation and other serious disaster-related needs not covered by insurance or other federal, state and charitable aid programs.   (Source: FEMA funded at 75 percent of total eligible costs; 25 percent funded by the state.)
• Unemployment payments up to 26 weeks from the date of the disaster declaration for workers who temporarily lost jobs because of the disaster and who do not qualify for state benefits, such as self-employed individuals.  (Source: FEMA funded; state administered.)
• Low-interest loans to cover residential losses not fully compensated by insurance.  Loans available up to $200,000 for primary residence; $40,000 for personal property, including renter losses.  Loans available up to $2 million for business property losses not fully compensated by insurance.  (Source: U.S. Small Business Administration.)
• Loans up to $2 million for small businesses, small agricultural cooperatives and most private, non-profit organizations of all sizes that have suffered disaster-related cash flow problems and need funds for working capital to recover from the disaster’s adverse economic impact.  This loan in combination with a property loss loan cannot exceed a total of $2 million. (Source: U.S. Small Business Administration.)
• Loans up to $500,000 for farmers, ranchers and aquaculture operators to cover production and property losses, excluding primary residence.  (Source: Farm Service Agency, U.S. Dept. of Agriculture.)
• Other relief programs: Crisis counseling for those traumatized by the disaster; income tax assistance for filing casualty losses; advisory assistance for legal, veterans benefits and social security matters.

To apply online, click www.DisasterAssistance.gov or call 1-800-621-FEMA