Blog
We don’t post articles in the blog, but I feel this is too important not to post to everyone. Read the full article here: http://www.insurancejournal.com/news/midwest/2012/04/17/243752.htm and let us know your thoughts and opinions! Will Illinois legislators use this as proof on keeping the no helmet law in tact?
Here’s a link that shows the state by state motorcycle laws so you are aware when you kick the tires this summer: http://www.iihs.org/laws/HelmetUseCurrent.aspx. Have a safe and happy riding season!
Here is a clip from the Insurance Journal article:
A decades-long fight to eliminate Michigan’s helmet law roared into the victory lane on April 13 when Gov. Rick Snyder announced he signed the repeal into law.
The repeal took effect immediately, making Michigan the 31st state to give adult riders a choice over whether they want to wear protective headgear, a move welcomed by supporters who say the change was long overdue after 46 years. They say the change will draw more motorcycle riders to Michigan and increase tourism revenue.
But insurance companies and safety advocates warned it will raise other motorists’ insurance premiums and lead to more motorcycle fatalities and injuries. A Michigan Office of Highway Safety Planning analysis estimated that the law’s repeal will result in 30 additional fatalities, 127 more incapacitating injuries and $129 million in additional economic costs.
The law allows people age 21 and older to ride without helmets if they have been licensed to operate a motorcycle for at least two years or have passed a safety course. Motorcyclists would be required to buy additional insurance — at least $20,000 of first party medical benefits coverage — in case they are involved in an accident.
Insurer AAA Michigan said the extra insurance won’t be enough to cover motorcycle accident victims’ medical costs if they’re severely injured. It noted that motorcyclists represent less than 2 percent of the insurance premiums paid into the Michigan Catastrophic Claims Association, which covers vehicle insurance claims over $250,000, but account for 5 percent of the money paid out and 7 percent of the claims reported.
All motorists pay into the MCCA fund, so if claims increase because of a larger number of seriously injured motorcyclists, all annual assessments could rise.
View the full article to comment
Posted by Tim Luperini on Tue, 17 Apr 2012
tags:
As we have seen in the last month or so in down state Illinois, tornadoes could happen anywhere and at anytime. The NOAA (National Oceanic and Atmospheric Administration) has shown that 2012 and 2011 have more tornado counts combined in Feb than the previous 2 years combined! How does damage from a Tornado affect your home insurance? Here's what you need to know about your homeowners' insurance to make sure you are properly covered.
Rule 1 is always checking your policy details for any questions you have regarding claims. Have your agent review this with you at your policy inception and at renewal to make sure you are properly covered.
Unlike flood insurance or hurricane insurance in the southern states, tornado coverage is relatively uncomplicated. This is because the main damage done from a tornado is from the wind. Wind events are commonly covered under your basic homeowner’s policy. Lightning, hail, and other storm related events from tornadoes are also covered under your basic homeowner’s policy. These include wind speeds that feel like a tornado without the touchdown, also known as micro bursts.
Kansas, Oklahoma and Texas (aka Tornado Alley) may see more of these volatile storms than other states, but the rest of the country also gets its share of twisters. As with the storms that ravaged southern Illinois last month, the timing of these dangerous storms is still not a scientific fact.
Rule 2 is to call your agent/insurance company immediately after damage from a tornado. Some insurance policies place a time limit on filing claims for wind/storm related damage. This time limit does vary from state to state and company to company so make sure your agent informs you of this. Also, let the company know about the severity of the damage. Is your home completely destroyed? Is the roof just blown off? Is there a tree in your living room now?
Most insurance companies have a storm team that keeps track of potential catastrophic claims. Some claims from storms are prioritized based on severity. If your home was completely destroyed, you will get more attention than a home that had minor damage.
Make sure you give the insurance company all of your contact information including an alternate number you can be reached, be it a neighbor, relative, or friend. So how long does it take to get a claim resolved? Well, that can be a bit tricky. It may take a day or two or a couple of months if the claim is complicated. It will also depend on the severity of the storm, the surrounding area it affected, and the severity of your home damage.
Rule 3 is to substantiate your loss as best as possible. After a storm, you should photograph any damage to the home and other items you may have lost. These photos will assist when settling claims quicker and easier than someone who has no documentation. You don’t need to be a professional photographer; your cell phone camera will do the trick. Try to keep receipts and warranties for your bigger ticket items like your flat screen TV, furniture, appliances, that floor you remodeled, etc. Put them in a safety deposit box at a bank, or get a fire proof safe at home to store the items in.
A nice tip to know is that if you don't remember the value of some items, you can always call your credit card company and ask them to send you a list of your purchases.
Rule 4 is watch out for the “storm chasers.” If your home was destroyed by a tornado or any another disaster, be cautious about these workers who prey on disaster victims. You will notice they come in an unmarked van or truck and try to look at your roof immediately. They tell you they can repair the damage and then contact your insurance company. THIS IS A MISTAKE! Always contact your insurance company first.
Don't be rushed into signing a contract with any roofing or building company on the spot. Instead, collect business cards and get multiple written estimates for the proposed job. Investigate the track record of any roofer, builder or contractor that you consider hiring. You can do this to the contractor the insurance company will send out as well; don’t feel like you have to use any adjuster or contractor the insurance company sends out!
I hope the lessons here don’t apply this year like last year as it was disastrous year for everyone affected by the storms. It’s better to make sure you are properly insured before a catastrophic event than afterwards!
As always comments, suggestions, criticism, etc. are welcome. If you want to do more research on storm activity, I would recommend the NOAA website at http://www.noaa.gov/ for more information.
View the full article to comment
Posted by Tim Luperini on Wed, 14 Mar 2012
tags:
As everyone looks to save more money in 2012, the one aspect of your life that can save some serious dough is your auto insurance. There is a very good chance that you are paying too much for your car insurance right now. If you haven’t shopped your auto insurance in the last few years, now is the time!
Web shopping has created increasing competition between car insurance companies. It is so much easier now for you to shop for low insurance rates, to analyze coverage and compare premiums. The obvious ways you can save on auto insurance are as follows:
1. Keep your driver's record clean and clear.
2. Drive a "low profile" car equipped with certain money-saving safety features – not a Ferrari or Escalade!
3. Shop around for a good, low cost insurance provider that is "A" rated or higher.
4. Increase your deductible and assume more risk.
Here are some insider tips and tricks to use that are not well known by the outside world, but one as an insurance agent I see every day!
Low-Risk Occupations:
Did you know your occupation comes into play with some insurance companies? Insurance adjustors and insurance executives collect information about what type of people get into accidents. They compile data throughout the years on what occupation the driver belongs to. For example, drivers that work as CEO’s tend to get into fewer accidents. Why? Your guess is as good as mine! Insurance companies aren’t concerned with the whys though. All they know is that, in fact, CEO’s are a low risk. Since there is less chance that they will send their cars off into the ditch, they charge CEO’s less for insurance.
But you say you are a teacher or a factory worker? You might still be in luck. There may be discounts for various occupations. You never know unless you ask — and unless you shop around. Not all insurance companies are the same. Retired? Guess what, there is a discount for that?
Professional Affiliations and Auto Clubs:
Have you ever been about to pay $200 for a hotel room, only to discover that an AARP discount saves you 10 percent? It's similar in the insurance business. Affiliation with AARP — and certain other professional organizations like the AAA motor club - will lower your rates. You should check with your employer to see if there are any group insurance rates through the company. Market Financial Group has 3 companies that give discounts to employees if they work for a specific company. At the same time try checking directly with the insurance company representative when you inquire about the cost of policies.
Low mileage usage:
In this day in age of using our cars to go just about everywhere, the average miles per year is now anywhere from 12,000 to 15,000 per year. The days of living near your work, grocery stores, or public buildings is becoming a thing of the past as the suburbs expand and farm land is being used up. Here’s an example of the low mileage discount. If you do happen to take public transportation to work you don’t use your car as much. You don’t use the car as much, the less chance you get in an accident. The insurance companies like when you don’t get into accidents and charge you a lower rate because of it! If you do commute to work, and it it’s within 5-6 miles away you might still qualify for a low mileage discount if you use the car under the national average. Check your daily mileage, check where and when you use your vehicle, and you can easily see if you qualify for the discount. If you are not sure about it then ask an agent like me!
Discounts for Auto Safety Features:
Auto safety features will also lower your payments. Some money saving safety features include antilock brakes, multiple air bags, and even back up cameras are being included as a safety feature with some companies! Check to see if the insurance company gives a discount for safety features on your car. Most insurance companies can calculate the safety features on the car by the VIN#, so make sure what you give them is accurate. The more safety features your car has, the more you might find in savings.
Two of the more well know discounts are as follows, in greater detail:
Combined and Renewal Discounts:
Another big source of savings is to insure your car with the same insurance company that insures your house. This will lower your payments on your car insurance and make your homeowner's policy cheaper as well.
It's also important to make sure you are getting a "renewal" discount that many insurance companies offer. This is a discount given to people who have been with the same insurance company for an extended period of time – say 2-3 years. If you have carried insurance with a company for several years, and not had an accident, your insurance offers you another discount. Some companies give you the “accident forgiveness” discount right away, some companies you have to have 2-3 consecutive years of no accidents to qualify.
Assume More Risk:
Of all the money saving tips, assuming a higher risk has the most benefit towards your savings. The most dramatic reduction can be realized by dropping your collision insurance on an older car. Market Financial Group recommends this option if your car is over 10 years old and is worth less than $2,000.
Another way to save money is to ask for a higher deductible for your collision or comprehensive coverage. The deductible is the amount of money you have to pay before your insurance company begins paying the rest. In other words, you pay for the little dings and bumps and let your insurance company pay for big time incidents.
For example, a common deductible amount is $500. This means if you are in an accident with a covered loss and it causes $2,000 worth of damage, you pay $500 and the insurance company pays $1,500. You could, however, set your deductible to $1,000. This still covers you against heavy losses, but it may decrease your annual premium by as much as 30 percent. Market Financial Group recommends this option on newer cars where the damage may be more expensive in an accident, or vehicles with a higher value.
So now you are armed with some tips for saving money on your current auto insurance. You can use these tips while shopping around as well! But please keep in mind when you go car shopping next time the more expensive and higher-performance the car is, the higher the premium will be. This is particularly true of cars that are frequently stolen, or are expensive to repair. The insurance company keeps this in mind when setting its insurance rates for this vehicle.
I personally recommend websites such as www.edmunds.com, http://www.nadaguides.com, and www.kbb.com as websites to use for resources towards your new car purchase.
Thanks again for reading and please feel free to use the area below to make any comments or suggestions!
View the full article to comment
Posted by Tim Luperini on Wed, 15 Feb 2012
tags:
So now you’re getting past the adjusting stage for when your child goes off to college. Or maybe you just sent them off to college for their new 2012 semester. Those that have lived at a dorm or apartment since last year should have their routine down now, and you have your routine down now. What most people don’t realize is that when your child heads off to college it is a great time to do a review of your insurance coverage to make sure you and your “young adult” are covered properly.
For your Home Insurance and their Dorm/Apartment:
Coverage of personal property on your homeowners policy includes your big ticket items like your fridge, Plasma TV, and furniture, all the way down to the lesser items like tooth brush and socks. Everything in between the two is covered on your personal property coverage. So what happens when your child takes a futon, laptop, TV, clothes, and other personal items from your home to live in their dorm? Most companies will include coverage up to 10% on your personal property for items not stored at home. This includes dorms as well as off-site storage facilities; just don’t forget to pay your storage locker bill! Yuuup!
What this means is that if you have $100,000 in personal property on your homeowners policy, a student’s property would be covered if living in a dorm up to $10,000. This is of course provided that the damage is caused by a covered peril. Storm damage, theft, and vandalism are considered a covered peril. Certain expensive items such as jewelry or an expensive laptop may require a special scheduled items policy to protect the value. Frat parties getting out of control, smashing your laptop because your team lost the big game, and accidentally seeing how far you iPod’s can fly out the window may not be considered covered losses. Just take caution that if your child goes abroad or leaves the dorm for more than 45 days at a time, your homeowner's policy will no longer cover the property.
If your child lives in an apartment near the campus you may want to look into a renter’s insurance policy for them. They are generally inexpensive and will cover the personal property for a higher limit if you need more than the 10% coverage. On a renters policy they will also have their own liability coverage, something that is generally not carried over from your homeowner’s policy. So if you child has $15k in property in their apartment it might be wise to get the renters policy. Most policies are in the $150 - $250 annual premium range depending on the property and liability limit, of course. If you want to have a renter’s policy for the dorm room, you are most certainly welcome to apply!
Your Auto insurance:
There are some things to known about your auto insurance that you should be aware of if your child is going away at school.
Coverage without a car at school: If your child will continue to drive while at home on school breaks, they should still be listed as a driver on your policy. If they are attending a school over 100 miles from home, and they do NOT have a vehicle with them, you may be eligible for a “distant-student” discount. For example, if you live in Crystal Lake and your student goes to the University of Georgia; that is over 100 miles and you should be eligible for this discount.
Good student discount: Just like in high school, your child is still eligible for good student discounts in college. To qualify for this discount, a student must be enrolled full time (most companies say 4 courses per term) and have a good student rating. The rating could be the Dean’s List, “B” average, 3.0 averages, etc. Check with your agent to see what your company offers for this discount.
Car at school with your child: If your child lives at school, or commutes to school it is important to keep the vehicle insured under your policy if it is still titled in your name. If your student takes the car out of state to school and keeps it there, make sure your policy is covered in that state! If you want to see what the rates are for your child on their own car, you can certainly call for quote (of course, to your wonderful local independent agents at Market Financial Group) to see what the difference in rate is.
So now that your child is in college and adjusting to life on campus, make sure you are adjusting your insurance policies accordingly! You may be eligible for discounts, or you may realize that your child has more money tied up in their personal property than you thought. As always, comments and suggestions are welcome!
View the full article to comment
Posted by Tim Luperini on Tue, 17 Jan 2012
tags:
Market Financial Group and its subsidiaries are not affiliated or sponsored by Reliance Industries, LLC. Below is a recall notice issued by Reliance Industries, LLC.
Stop Use, Product Recall & Update Yoke Assembly Safey Notice Immediate Attention Required
In an ongoing effort to enhance our overall quality program & our commitment to safe fall protection products, Reliance is recalling 3092, 3093, & 3098 beam clamp with this notice. It is important to note that no fall or injury has been reported to Reliance, and the decision was based on ongoing QA sampling results performed on field installed units. Preliminary findings reveal that the yoke assembly can be damaged under certain conditions due to corrosion stress fatigue on the D-ring yoke assembly, especially in more severe sulfurous and /or salt-water environments. As a result, the service-life of the product could be compromised and the problem could be difficult to find through an end-user inspection. Given that, Reliance has decided that all 3092, 3093, & 3098 Beam Clamp Anchors with the dates of manufacture specified below must be brought into our facility to be retrofitted or replaced as necessary.
Products Included in this Notice: Reliance 3092, 3093, and the 3098 High Strength Beam Anchors. Note: 3091 Bypass beam clamps are not affected by this recall
Manufacture Dates: March 1st, 2007 – January 14th, 2010
Reliance apologizes for the inconvenience caused by this safety critical notice. If you have a Beam Clamp described above in service, you should immediately take the beam clamp out of service and use the fax back sheet provided to arrange to return your beam clamp and be provided with a retrofitted beam clamp at Reliance’s expense. The retrofit applies only if the returned beam clamp is otherwise in proper working condition as determined by Reliance; if not, charges may apply. Pending installation and use of the upgraded beam clamps, end users must use alternate fall arrest systems (e.g. fall arrest twin lanyards, fall arrest blocks, etc). Alternately you may utilize the lugs provided on any of our stanchion beam clamp receivers (6240, 6235) for connection to our Skyline horizontal lifelines.
Additional help provided
Reliance has allocated a reserve stock of newly recertified beam clamps to accommodate immediate needs as available up to 10% of your impacted units.
At sites that have in excess of 100 of these beam clamps in use, Reliance may provide onsite installation of sub-components & additional training for designated personnel that have been trained onsite to properly remediate these clamps
At sites where less than 100 are in-service, all reasonable efforts will be made to ship the retrofitted product or a replacement product to you within three working days after Reliance’s receipt of your beam clamps. All Beam Clamps will be reconditioned, re-certified, and warranted as if new. Affirmative action will have a
304L-11stamped on one jaw with a yellow recertification tag.
Respectfully,
Dan Adams
Engineering Quality Assurance
Reliance Industries, LLC
2101 South Battleground Rd.
Deer Park, TX 77536
Deer Park: (888) 362-2826
Denver: (800) 488-5751
View the full article to comment
Posted by mei kin on Wed, 12 Oct 2011
tags:
