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4 ways to lessen winter insurance woes

Blog | 0 comments | by maria farfan

Homeowners need to prepare now to prevent winter damage. (Photo: Thinkstock)

 

Homeowners need to prepare now to prevent winter damage. (Photo: Thinkstock)

For residents of the East Coast, the winter of 2014–15 served up some of the snowiest and coldest conditions on record.

For insurance companies, this was also one of the costliest seasons on record — more costly in fact than Superstorm Sandy.

The majority of homeowners’ losses were the result of ice dams and frozen pipes, many of which could have been prevented.

True to our purpose at policyholder-owned insurer PURE, our claims and risk management teams study losses to understand how they could have been prevented.

Based on these insights, we have compiled advice that you can share with your clients to help them mitigate winter weather-related risks, this year and beyond:

 

Indoor pipes

(Photo: Thinkstock)

1. Fortify an unoccupied home

Risk: Homeowners who are away from home at the time of a loss are at greater risk of devastating damage due to a delayed response.

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10 things drivers have to pay for when they only have minimum liability insurance

Blog | 0 comments | by maria farfan

Opting for your state’s minimum liability car insurance may be fine if you only want to comply with the insurance laws required to get behind the wheel.

But you’ll have to buy more coverage, higher liability limits and comprehensive and collision insurance, if you want protection from other highway riskswhile safeguarding all your financial assets.

Here are 10 things that you may have to pay for with only a bare-bones policy:

1. Severe damage to others

The other driver or drivers can sue if you’re involved in a major accident. Found to be at fault and you could be responsible for all the expenses tied to the crash, from property damage to hospital costs. An insurer will pay up to your coverage limits, but the rest could be on you. Your savings, property and even wages may be targeted.

States have different liability minimums, but the Insurance Information Institute (III) says many are similar to New York’s, which break down like this:

  • $25,000 per injured person for bodily injury.
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New York City traffic guide for Pope Francis visit

Blog | 0 comments | by maria farfan

During the pope’s visit, Manhattan drivers will face dozens of street closures on the Upper East Side and Upper West Side, in midtown and in TriBeCa.

Meanwhile, users of public transportation may also face changes to more than two dozen bus routes, though transit authorities say they may be adding additional commuter and subway trains.

Despite this, transportation experts say New York City will be able to handle the crowds for the pope’s visit far better than other cities on his trip with less mass transit, like Philadelphia. Many of the pope’s scheduled stops, at Madison Square Garden and the 9/11 Memorial & Museum, for example, are also close to major subway hubs.

“New York is not Philadelphia or Washington,” said Mitchell Moss of the NYU Rudin Center for Transportation. “The vast majority of New Yorkers will function quite well. The subways are a great savior in this.”

He added that the city is also used to taking in massive crowds for events that range from political conventions to concerts.

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The 5 insurance facts that all college-bound students need to know

Blog | 0 comments | by maria farfan

Getting a student ready to send off to college for the first time can be a lot of work.

From student orientations, to the buying of necessary supplies, to preparing financial aid forms, parents and students face many tasks before the start of the school year.

Add insurance coverage to the pre-college to-do list.

Instead of showing up for school with a suitcase and a beat-up sofa, the modern student also bears the responsibility of bringing a laptop or tablet, or perhaps a refrigerator, television or other expensive gadgets along to school. That means as parents send off their sons and daughters off to school, it is important to make sure that they (and all of their stuff) are properly covered by insurance.

Click through the following slides for tips to help parents of college-bound students prepare to send their child to school.

Most students are already covered, but it doesn’t hurt to check

For many students living on campus, additional coverage isn’t necessary because the student should be covered under their parents’ homeowners’ policy.

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How AIG Is Using Cyber Intelligence to Protect Property from Cyber Attacks

Blog | 0 comments | by maria farfan

A three-hour shutdown of the New York Stock Exchange on the same day that a network failure halted all United Airlines flights in the U.S. had people across the country thinking one thing: cyber-attack.

It wasn’t, but the July 8 incidents were alarmingly close to the Armageddon scenario that Austin Berglas, a former Federal Bureau of Investigation agent, described in an interview last month, in which the Nasdaq exchange, the New York subway system and power provider Con Edison go offline at the same time.

Berglas, who started the FBI’s New York cybercrime unit in 2009 and worked on probes into a breach at JPMorgan Chase & Co. and the Silk Road drug market, joined corporate investigations company K2 Intelligence in April. The firm is partly owned by American International Group Inc., which is seeking to sell insurance policies for property and infrastructure damage caused by hackers and cyberterrorists.

“There’s going to be mass panic, people are going to think it’s a terrorist attack, people are going to think it’s another 9/11 event,” Berglas said.

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ACE to Acquire Chubb

Blog | 0 comments | by maria farfan

To our Valued Clients and Partners,

As you may or may not know, Chubb Group has agreed to be acquired by ACE Limited.  ACE and Chubb are two complimentary companies with regards to insurance capabilities, assets and territorial reach. 

Most important is the combined company will adopt the Chubb name, which is an indication of ACE’s respect for the Chubb brand.

For those of you who are not familiar, ACE is one of the world’s largest property and casualty insurers, with over $30 billion in capital and operations in 54 countries.  ACE employs approximately 21,000 people worldwide including 10,000 employees in 170 offices in North America.

At this time, it is business as usual, and both Chubb and ACE will to continue to operate as two competing and separate companies.  You’ll be pleased to know that our firm represents both ACE and Chubb.

We are excited about the pending transaction, but most importantly we remain committed to our highest level of care, service and responsiveness to our clients.

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Supreme Court Allows Nationwide Health Care Subsidies

Blog | 0 comments | by maria farfan

WASHINGTON — The Supreme Court ruled on Thursday that President Obama’s health care law may provide nationwide tax subsidies to help poor and middle-class people buy health insurance.

Chief Justice John G. Roberts Jr. wrote the majority opinion in the 6-to-3 decision. The court’s three most conservative members — Justices Antonin Scalia, Clarence Thomas and Samuel A. Alito Jr. — dissented.

The case concerned a central part of the Affordable Care Act, Mr. Obama’s signature legislative achievement. The law created marketplaces, known as exchanges, to allow people who lack insurance to shop for individual health plans.

Some states set up their own exchanges, but about three dozen allowed the federal government to step in to run them. Across the nation, about 85 percent of customers using the exchanges qualify for subsidies to help pay for coverage, based on their income.

The question in the case, King v. Burwell, No. 14-114, was what to make of a phrase in the law that seems to say the subsidies are available only to people buying insurance on “an exchange established by the state.

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The High Cost of Insuring a Teen Driver

Blog | 0 comments | by maria farfan

Parents pay an average of 80 percent more for car insurance after adding a teen driver to their policy.

The highest jump in premiums—96 percent—comes from placing a 16-year-old driver on a policy while the average impact decreases to 60 percent at age 19, according to an insuranceQuotes.com report.

Premiums in New Hampshire jump 115 percent the most of any state when adding a teen driver. Teen drivers cause premiums to more than double in four other states: Wyoming (104%), Illinois (104%), Maine (103%) and Rhode Island (102%).

Six states prohibit insurers from using gender in their rate calculations: Hawaii, Massachusetts, Michigan, Montana, North Carolina and Pennsylvania.

In Hawaii, which is the only state that does not allow age and length of driving experience to factor into car insurance costs,  adding teen drivers only costs 17 percent more, the lowest increase among states by far.

New York has the second-lowest increase (53%), followed by Michigan (57%) and North Carolina (60%).

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Mogil Insurance is now hiring!

News Feed | 0 comments | by maria farfan

Mogil Insurance is now hiring! Please submit your resume to careers@nullmogil.com

 

Job Position Title: Commercial Lines Account Executive

 

Job Summary:

The Commercial Lines Account Executive will manage and grow a book of accounts including business owner’s policies and packages. Must be able to rate with major carriers (Travelers, Hartford, etc.) on the carrier’s online rating system.

 

The Commercial Lines Account Executive services commercial lines accounts including assisting customers in making coverage changes and informing and educating clients about policy coverage’s and insurance needs. The Commercial Lines Account Executive must be familiar with company guidelines and underwriting, knowledgeable in commercial lines coverage’s and also must maintain a good rapport with clients and company underwriters. The Commercial Lines Account Executive assists producers in soliciting new business and developing existing accounts.

Essential Duties:

  • Maintain and manage a book of business and strong contact base.
  • Assumes the responsibility for initiating and developing new clients that meet the ideal client profile.
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Do I need insurance when renting a vacation home?

Blog | 0 comments | by maria farfan

As the summer vacation season heats up, insurance agents and brokers may get questions from clients about coverage issues for vacation home rentals.

Here’s a handy overview of what homeowners insurance or renters insurance policy issues should be reviewed and fully understood regarding personal property and other perils as travel plans are finalized.

Renting a vacation home can be a great escape, whether you’re headed to a mountain cabin, a beach bungalow or a city condo. You’ll likely bring various personal possessions along—clothes, luggage, a camera, a computer, sports equipment and even jewelry. For peace of mind, it’s worth determining whether or not your possessions will be covered in the event of loss due to fire, theft or other events.

You may already have coverage

The good news is that your homeowners insurance or renters insurance likely has “off-premises” coverage. This means your personal possessions will still be covered when they are outside your home—for instance, property stolen from your car or from your vacation rental.

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Mogil Organization featured in Worth Magazine

News Feed | 0 comments | by maria farfan

Dear Clients, Associates and Friends,

We are honored to enclose the captioned article written by our CEO, Jeffrey S. Mogil for Worth Magazine. This is the fifth article in a series of 6 articles of interest directed at various areas/exposures of individuals and businesses. As you are aware, Worth Magazine is geared for high net individuals, wealth managers, advisors and corporate clients.  The current article addresses the importance of having Employment Practices Liability Insurance for your business.  The next article will focus on Independent Director’s Liability Insurance.

We hope that you find these articles timely and informative.  As always, please feel free to contact our offices if you’d like additional information or have any questions.

You may read the attached or use this link to download your copy of the article.

Thank You,

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It's wildfire season: 5 things your clients need to know

Blog | 0 comments | by maria farfan

Many people don’t realize that they face serious wildfire danger. (Photo: Shutterstock)
Many people don’t realize that they face serious wildfire danger. (Photo: Shutterstock)

Many people don’t realize that they may face serious wildfire danger. But if your clients live in the foothills, grasslands or mountains of states like Arizona, California, Colorado, New Mexico, Utah, or Wyoming, they are at risk.

According to the Colorado State Forest Service (CSFS), for homeowners living in areas at high risk for wildfires, there are number of pre-fire activities that will decrease the likelihood of property damage and loss. How a house is designed, where it is built, materials used in its construction and landscape, and access to the home all influence survivability during wildfire.

Also, the CSFS offers some guidelines for homeowners about what specific actions to take when a wildfire is an immediate threat.

1. Construction

Homeowners should build their home with fire-resistant building mateirals and away from ridge tops, canyons and areas between high points on a ridge.

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