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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.wpengine.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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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.

read more

Target to Pay MasterCard Banks $19M to Settle Data Breach Claim

Blog | 0 comments | by maria farfan

Target Corp. said it had agreed to reimburse about $19 million to financial institutions that had issued MasterCard-branded cards that were a part of the massive data breach at the retailer in 2013.

The amount under the settlement with MasterCard Inc. covers costs that banks incurred to reissue credit cards and debit cards to customers as a result of the breach, Target said in a statement on Wednesday.

In 2013, Target said at least 40 million credit cards were compromised by the breach during the holiday shopping season, and the attack might have resulted in the theft of personal information, such as email addresses and telephone numbers, from as many as 110 million people.

The payments will be made by the end of the second quarter and is conditioned on issuers of at least 90 percent of eligible account holders accepting the offer by May 20, Target said.

The company added that the estimated cost of the settlement was already reflected in the liabilities established in fiscal 2013 and 2014.

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Bumpy past? How to climb out of the high-risk driver group

Blog | 0 comments | by maria farfan

If you keep your driving record clean, you can escape from the high-risk group to more affordable car insurance rates. (Photo: Shutterstock)
If you keep your driving record clean, you can escape from the high-risk group to more affordable car insurance rates.

You’ve received one too many speeding tickets, lost your job and didn’t pay your car insurance premiums, or got drunk and crashed your car.

What will that mean when it comes to insuring your vehicle?

These things are considered serious violations by your auto insurer, and you could see your rates soar—perhaps even doubling as a result, says David Suarez, director of marketing at Mercury Insurance, headquartered in Los Angeles.

“It’s not unusual to assume someone with a DUI would pay twice as much for insurance as someone without a DUI, all things being equal,” Suarez says.

While letting your insurance policy lapse may seem far different than driving under the influence, both could result in you being considered a high-risk driver by your car insurer. Having several moving violations or accidents in a three-year time period also will put you in the high-risk category.

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