Saturday, February 05, 2011
Tuesday, January 11, 2011
Friday, January 07, 2011
Judge tells insurer to pay for Stanford lawyers now | Stanford Group | Chron.com - Houston Chronicle
Judge tells insurer to pay for Stanford lawyers now | Stanford Group | Chron.com - Houston Chronicle
I don't see where the D&O insurance carrier (Lloyds) would be liable for this since it was criminal activity. This proves that what an insurance policy states as coverage or an exclusion may be totally contrary to what a court will actually require.
I don't see where the D&O insurance carrier (Lloyds) would be liable for this since it was criminal activity. This proves that what an insurance policy states as coverage or an exclusion may be totally contrary to what a court will actually require.
Tuesday, January 04, 2011
Monday, January 03, 2011
Thursday, December 16, 2010
Wednesday, December 15, 2010
Tuesday, December 14, 2010
Monday, December 13, 2010
Friday, December 10, 2010
We Dodged The Bullet Another Year!
Hurricane season is officially over for 2010 and we dodged another bullet. From June 1 until November 30th, those of us living in coastal communities held our breath as 19 named storms churned in the Atlantic and Gulf of Mexico. 2010 earned the distinction of being number 3 on the list of largest number of named storms. Of the named storms, 12 were a hurricane which also ties a record for the 2nd most hurricanes with 1969. Danielle, Earl and even Igor tried to peak our interest earning a category 4 on the Safer-Simpson Hurricane Scale. As an insurance agent who sells auto insurance and home insurance and having survived Hurricane Hugo, a category 5 storm in 1989, I am always keenly aware of the damage these monsters can do if they hit land. Hugo struck historic Charleston, South Carolina on the evening of September 21, 1989. There was no dodging that bullet. Hugo was dead ahead and pointed directly for my city.
During the morning of September 21, the National Weather Service issued hurricane warnings for Charleston. The city was in a panic with thousands of cars heading west on the interstates leading out of Charleston. I was at my insurance office covering all of our computers with large plastic garbage bags to protect them in case water leaked from the roof. While working on this the UPS delivery truck pulled up and the driver had a package for us. My first instinct was to refuse the package and make them deliver it again after the storm passed. Instead I accepted and package which was the best alternative since this was our first FAX machine. Having a fax machine at our office in 1989 was a luxury and it was incredibly useful after the hurricane when we had to send hand written claim form to our insurance company adjusters.
The aftermath was devastating. Being in the insurance business, almost every homeowner had a claim on their homeowner’s insurance policy and many on their flood insurance. I am not sure of the exact statistic but almost every building in Charleston had roof damage. Back in 1989 homeowner insurance policies had very low deductibles compared to today. Many clients had deductibles of $250 to $1000 for their home and that covered almost all the wind damage, additional living expenses and for many spoiled food. Since Hurricane Katrina that hit New Orleans in 2005, deductibles have risen rapidly. Most homeowners in coastal areas have a special deductible for hurricanes (wind damage) that ranges from 2% to 10% of their property value. On a $500,000 home the deductible would be $10,000 to $50,000! Not the $250 deductible of yesteryear. That is just for the homeowner’s insurance policy. There is another deductible for the flood insurance and that is compounded since the flood deductible applies separately on the house and the client's personal property. We handled hundreds of auto insurance claims for cars that were damaged by flying debris; trees falling on them and flood damage. All of this spells high anxiety for those of us on the coast in South Carolina, Florida, North Carolina, Louisiana and all the other coastal states in the eye of the storm. We dodged another big one this year and our collective anxiety level has dropped until we get ready for June of 2011 and another storm season!
During the morning of September 21, the National Weather Service issued hurricane warnings for Charleston. The city was in a panic with thousands of cars heading west on the interstates leading out of Charleston. I was at my insurance office covering all of our computers with large plastic garbage bags to protect them in case water leaked from the roof. While working on this the UPS delivery truck pulled up and the driver had a package for us. My first instinct was to refuse the package and make them deliver it again after the storm passed. Instead I accepted and package which was the best alternative since this was our first FAX machine. Having a fax machine at our office in 1989 was a luxury and it was incredibly useful after the hurricane when we had to send hand written claim form to our insurance company adjusters.
The aftermath was devastating. Being in the insurance business, almost every homeowner had a claim on their homeowner’s insurance policy and many on their flood insurance. I am not sure of the exact statistic but almost every building in Charleston had roof damage. Back in 1989 homeowner insurance policies had very low deductibles compared to today. Many clients had deductibles of $250 to $1000 for their home and that covered almost all the wind damage, additional living expenses and for many spoiled food. Since Hurricane Katrina that hit New Orleans in 2005, deductibles have risen rapidly. Most homeowners in coastal areas have a special deductible for hurricanes (wind damage) that ranges from 2% to 10% of their property value. On a $500,000 home the deductible would be $10,000 to $50,000! Not the $250 deductible of yesteryear. That is just for the homeowner’s insurance policy. There is another deductible for the flood insurance and that is compounded since the flood deductible applies separately on the house and the client's personal property. We handled hundreds of auto insurance claims for cars that were damaged by flying debris; trees falling on them and flood damage. All of this spells high anxiety for those of us on the coast in South Carolina, Florida, North Carolina, Louisiana and all the other coastal states in the eye of the storm. We dodged another big one this year and our collective anxiety level has dropped until we get ready for June of 2011 and another storm season!
Tuesday, December 07, 2010
Friday, December 03, 2010
Tuesday, November 30, 2010
Google May Acquire Groupon for $6 Billion, and It Would Be Worth Every Penny
Google May Acquire Groupon for $6 Billion, and It Would Be Worth Every Penny
If I had an extra million or billion, I would buy it. I'm just 5.999 billion short.
If I had an extra million or billion, I would buy it. I'm just 5.999 billion short.
Wednesday, November 17, 2010
Monday, October 18, 2010
Tuesday, October 12, 2010
5 Best Ways to Cut Insurance Costs - FOXBusiness.com -
5 Best Ways to Cut Insurance Costs
By Constance Gustke
Published October 11, 2010
Bankrate.com
Print Email Share Comments (0) Text Size
Death and taxes are two sure things. But people sometimes forget insurance costs aren't necessarily fixed, and getting the most policy for your money is worth checking out. All you'll need is extra time and the tenacity to pepper your agent with knowing questions. But the payoff can be big -- as much as 20 percent in savings.
These days, the odds favor consumers. Most insurers are in heated competition with each other. That means you're likely to get insurance breaks for most types of insurance, such as home and car.
Homeowners insurance: Go for discounts
Don't forget to ply your insurance agent with questions about discounts.
"There are five to 10 discounts on house insurance that people aren't aware of," says Don Griffin, vice president of personal lines for Property Casualty Insurers Association of America. For example, he says, insurers offer discounts for homes built to higher building codes.
Related Links
Choosing the Right Car to Fit Your Budget
Do You Need Renters Insurance?
Health Insurance Options for Unemployed
Finding Cheap Car Insurance For a TeenRelated Video
Getting Hosed by Feds and Health Insurance Companies
Talking Points: 8/11
Related Video
Lawmaker Proposes Regulating Insurance Premiums
Rep. Jan Schakowsky,(D-Ill.), on introducing a bill to review proposed increases in health-insurance premiums.
YOU MIGHT ALSO BE
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Girl, 6, Removed From Cheerleading Team After Parents Object to 'Booty' Cheer Colbert Offers Comedy Shtick in Farm Workers Testimony, Fails to Amuse Lawmakers Aliens Are Monitoring Our Nukes, Worry Ex-Air Force Officers Lindsay Lohan Freed From Jail After Posting $300G Bail Woman’s Body Cut in Half to Treat Aggressive Cancer Other discounts include one for groups, such as professional organizations, and another for people over 55 that can slice up to 10 percent off your premium. Discounts for safety improvements for installing deadbolts or smoke detectors can pare another 5 percent off premiums. Also, loyalty pays off; your insurer may lower your payments 5 percent if you're a long-term client.
All discounts vary from state to state and among companies, though. So it pays to get three to four quotes online with different insurers, says Griffin.
Auto: Is your new car an insurance hog?
Most people buy car insurance backward: buying the car and then considering insurance costs. That can be costly.
"Before you buy, compare insurance costs for different cars," says Claire Wilkinson, vice president of global issues at Insurance Information Institute. "Their insurance costs vary, based on the likelihood of theft, etc." Once you know your insurance costs, you can ask yourself another key question: Is it within my budget?
After kicking a car's tires, check out its safety at the Insurance Institute for Highway Safety's website, says Griffin. "In most cases, (having a safer car) will lower your insurance costs," he says.
Health: Mix and match policies
In insurance, one size doesn't fit all. And that includes one health insurance policy per family.
"People don't realize they can mix and match policies within families," says Carrie McLean, a consumer specialist at online insurance broker eHealthInsurance.com. "Perhaps one member of the family needs more care, such as preventive care, and others don't."
For example, she says, it may be cheaper to buy an individual plan for a child than include him or her in a family plan.
The downside, she says, is that family members may go to different hospitals and doctors. "But it's saving you money in the long-run," says McLean.
Know your budget for the coming year, says Susan Pisano, a spokeswoman at America's Health Insurance Plans. Do you have a chronic condition? Do you want to have a baby? Do you have a lower premium and need higher cost services? "Make sure to get your preventative services," Pisano says.
Disability: Join group plans
Disability insurance can be expensive, so it pays to cut corners when you can, though the options are limited.
"It's harder to save money on disability than other kinds of insurance," says Byron Udell, CEO of AccuQuote in Chicago. "Group plans are much less expensive."
Basically, disability policies are priced by two components: waiting periods before benefits begin and actual benefit periods. Rejiggering either option can lower your policy costs, but Udell doesn't recommend it. For example, lengthening the policy waiting time from, say, 90 to 180 days only saves 5 percent on a premium, he says.
Life: Term insurance is a better buy
Term insurance is one of the cheapest forms of life insurance.
The savings come from buying a term policy and investing the savings on your own instead of in a policy. "Half of the life insurance policies sold are dropped," says James Hunt, a life insurance actuary with the Consumer Federation of America. "They're too complicated."
If you do need life insurance, though, opt for a multicarrier broker and shop around. "Half the time people are paying more than they need to," says Udell.
5 Best Ways to Cut Insurance Costs - FOXBusiness.com -
By Constance Gustke
Published October 11, 2010
Bankrate.com
Print Email Share Comments (0) Text Size
Death and taxes are two sure things. But people sometimes forget insurance costs aren't necessarily fixed, and getting the most policy for your money is worth checking out. All you'll need is extra time and the tenacity to pepper your agent with knowing questions. But the payoff can be big -- as much as 20 percent in savings.
These days, the odds favor consumers. Most insurers are in heated competition with each other. That means you're likely to get insurance breaks for most types of insurance, such as home and car.
Homeowners insurance: Go for discounts
Don't forget to ply your insurance agent with questions about discounts.
"There are five to 10 discounts on house insurance that people aren't aware of," says Don Griffin, vice president of personal lines for Property Casualty Insurers Association of America. For example, he says, insurers offer discounts for homes built to higher building codes.
Related Links
Choosing the Right Car to Fit Your Budget
Do You Need Renters Insurance?
Health Insurance Options for Unemployed
Finding Cheap Car Insurance For a TeenRelated Video
Getting Hosed by Feds and Health Insurance Companies
Talking Points: 8/11
Related Video
Lawmaker Proposes Regulating Insurance Premiums
Rep. Jan Schakowsky,(D-Ill.), on introducing a bill to review proposed increases in health-insurance premiums.
YOU MIGHT ALSO BE
INTERESTED IN
Girl, 6, Removed From Cheerleading Team After Parents Object to 'Booty' Cheer Colbert Offers Comedy Shtick in Farm Workers Testimony, Fails to Amuse Lawmakers Aliens Are Monitoring Our Nukes, Worry Ex-Air Force Officers Lindsay Lohan Freed From Jail After Posting $300G Bail Woman’s Body Cut in Half to Treat Aggressive Cancer Other discounts include one for groups, such as professional organizations, and another for people over 55 that can slice up to 10 percent off your premium. Discounts for safety improvements for installing deadbolts or smoke detectors can pare another 5 percent off premiums. Also, loyalty pays off; your insurer may lower your payments 5 percent if you're a long-term client.
All discounts vary from state to state and among companies, though. So it pays to get three to four quotes online with different insurers, says Griffin.
Auto: Is your new car an insurance hog?
Most people buy car insurance backward: buying the car and then considering insurance costs. That can be costly.
"Before you buy, compare insurance costs for different cars," says Claire Wilkinson, vice president of global issues at Insurance Information Institute. "Their insurance costs vary, based on the likelihood of theft, etc." Once you know your insurance costs, you can ask yourself another key question: Is it within my budget?
After kicking a car's tires, check out its safety at the Insurance Institute for Highway Safety's website, says Griffin. "In most cases, (having a safer car) will lower your insurance costs," he says.
Health: Mix and match policies
In insurance, one size doesn't fit all. And that includes one health insurance policy per family.
"People don't realize they can mix and match policies within families," says Carrie McLean, a consumer specialist at online insurance broker eHealthInsurance.com. "Perhaps one member of the family needs more care, such as preventive care, and others don't."
For example, she says, it may be cheaper to buy an individual plan for a child than include him or her in a family plan.
The downside, she says, is that family members may go to different hospitals and doctors. "But it's saving you money in the long-run," says McLean.
Know your budget for the coming year, says Susan Pisano, a spokeswoman at America's Health Insurance Plans. Do you have a chronic condition? Do you want to have a baby? Do you have a lower premium and need higher cost services? "Make sure to get your preventative services," Pisano says.
Disability: Join group plans
Disability insurance can be expensive, so it pays to cut corners when you can, though the options are limited.
"It's harder to save money on disability than other kinds of insurance," says Byron Udell, CEO of AccuQuote in Chicago. "Group plans are much less expensive."
Basically, disability policies are priced by two components: waiting periods before benefits begin and actual benefit periods. Rejiggering either option can lower your policy costs, but Udell doesn't recommend it. For example, lengthening the policy waiting time from, say, 90 to 180 days only saves 5 percent on a premium, he says.
Life: Term insurance is a better buy
Term insurance is one of the cheapest forms of life insurance.
The savings come from buying a term policy and investing the savings on your own instead of in a policy. "Half of the life insurance policies sold are dropped," says James Hunt, a life insurance actuary with the Consumer Federation of America. "They're too complicated."
If you do need life insurance, though, opt for a multicarrier broker and shop around. "Half the time people are paying more than they need to," says Udell.
5 Best Ways to Cut Insurance Costs - FOXBusiness.com -
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