Moving provides a great opportunity for insureds to review their coverage for any gaps or major changes. (Photo: iStock)
As spring bursts into full bloom, thousands of homeowners and renters are packing up and moving to a new place they will call home.
The U.S. Census Bureau says that 35.7 million people or 11.5% of the population changed their residences from 2013 to 2014.
Cities saw a net loss of 1.7 million while the suburbs had a net gain of 2.2 million movers. Renters are the most active movers, with 24.5% moving after just a year in their current location. A new job or transfer accounted for 9.7% of the moves.
Young adults are the most active age group on the move, with females aged 18-24 more likely (32%) to change residences than their male counterparts (29.8%).
Texas, Florida and North Carolina had the most newcomers entering their states in 2015, according to Evansville, Ind.-based
COMPANIES WHO SEND MONEY BY WIRE TRANSFER MUST BE AWARE OF SCAMS
Businesses that wire-transfer money to vendor or corporate bank accounts or on behalf of clients and customers should be aware of scams impacting even the best-managed companies. These wire-transfer scams are intentionally misleading unsuspecting employees into sending money or diverting payments to fraudsters who are impersonating vendors, clients, customers and even senior executives or business owners.
To help businesses manage these risks, The Hanover created False Pretense Coverage — an insurance solution providing protection from a wide variety of social engineering scams.
Identifying Risks and Frauds
Commonly referred to as social engineering scams, these frauds trick employees with fake information received by email, text, instant message, telephone calls or other electronic communications. The information and request to transfer funds will appear to be legitimate, but will have actually been sent by imposters intending to steal the company’s money.
Here are some typical scams and strategies to avoid them:
Business Email Compromise
This popular scam begins with a fraudulent email sent from someone pretending to be the company’s vendor, customer, or client — or someone posing as an owner, senior executive, or employee.
Spring break is a great time for families and students to relax and unwind from the stresses of school and home life. As millions of adults and kids embark on trips across the globe to celebrate the return of spring after a long, cold winter, keep these insurance considerations and safety tips in mind:
Follow safe driving practices.
During the weeks of spring break — with children out of school and families taking vacation – there’s a good chance that traffic will increase on roadways. Slow down— especially in bad weather, construction areas, heavy traffic and unfamiliar areas.
Be aware that local law enforcement will likely be enhancing road safety enforcement efforts during spring break, looking for speeders, drunk drivers and seat-beat violators.
It’s also important to follow the following road safety tips:
1. Eliminate distractions while driving, including the usage of mobile devices.
Confidence is growing that this storm is going to significantly impact the Tri-State area and beyond this weekend. With a spring-like December, many of us forgot to prepare our property for colder temperatures. Now is the time to get ready for unpredictable winter issues.
Follow these helpful tips to prepare your property to withstand the cold:
- Caulk around pipes where they enter the building.
- Insulate exposed irrigation system lines, make sure they are drained.
- Clean gutters and downspouts to insure proper drainage and less ice build up.
- Shut-off water to outside bibs and faucets at the shut-off valves.
- In very low temperatures, slow-drip or trickle interior faucets both hot and cold.
- Check for any outdoor lighting issues, including broken fixtures and underground wiring breaks.
- Perform boiler startups, and consider having your heating system inspected and cleaned.
- Winterize overhead and service doors and check every door to make sure they close properly.
ACE Ltd. and Chubb said they have received all necessary regulatory approvals and will close their $29.7 billion merger agreement today, Jan. 14 – six months after the companies first announced their surprise deal.
The newly-combined company will use the Chubb name and be the world’s largest publicly traded property/casualty insurer.
Plans call for its stock to begin trading on the New York Stock Exchange under the symbol CB on the first trading day after the closing.
The Federal Trade Commission (FTC) gave the green light to the deal in late September.
After the deal closes, the balance sheet’s size and strength will elevate the combined company into the elite group of global P/C insurers. As of December 31, 2014, on an aggregate basis, the combined company had total shareholders’ equity of nearly $46 billion and cash, investments and other assets of $150 billion.
The new Chubb will rank second among U.S.
To all of our Fireman’s Fund Clients in the State of New York
As you are aware, Allianz Group, the parent company of Fireman’s Fund, has agreed to sell their Personal Insurance renewal rights to the ACE Group. ACE Group is a well establish Property and Casualty Insurer, and is rated A++ XV by AM Best and Company.
Beginning February 1st, 2016 all Fireman’s Fund Policies issued in the state of New York will be offered renewal terms by ACE. Please note that as per statutory requirements, all policy terms and conditions will match the expiring Fireman’s Fund policy.
As always, please feel free to contact our office with any questions.,
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:
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.
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.
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.
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.
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.
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.
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.