Insurance Consultants Of Maine Newsletter

Insurance Consultants of Maine Newsletter
Scott Simmonds, CPCU
December, 2004

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Feel free to forward this newsletter to your colleagues. Your comments, questions and suggestions are always welcome. Email: scott@icofmaine.com

Leased Property - Leasing equipment (copiers, phone systems or other equipment) may create an insurance coverage issue. Most standard insurance policies provide coverage for your property on a replacement cost basis - you receive the cost to replace an item when it is lost to an insured peril. Leased property, however, is not "owned" by you. Most property insurance policies value property of others on a depreciated or market value basis. The difference is significant. The replacement cost of your two year old copier may be $5,000. The depreciated / market value of the same copier may be $500. Some policies include a provision where leased property is covered the same way as owned property. Call me for more information.

Insurance Policy Storage - I'm often asked how long a business should keep their insurance policies. The answer is simple: Forever. I recommend that the current year and prior year's policies be kept at hand. Policies prior to that should be stored with corporate records for the appropriate year or stored in their own file location or box. Insurance policies involve three parties - your insurance company, your agent and you. Insurance companies and agencies generally keep policies for seven to ten years. With electronic storage records may be kept longer. Don’t rely on your agent or insurer though. Proof of insurance is the policyholder's responsibility. There are now hundreds of cases in the courts litigating insurance issues from policies of twenty or thirty years ago. If a claim comes up down the road you'll have the proof of coverage.

Required Posters At Job Sites - State and federal guidelines require certain posters be displayed at work sites. For a complete list of what the Feds require go to the Department of Labor site at http://www.dol.gov/osbp/sbrefa/poster/main.htm. Visit your state's labor department web site for details on what they require of you.

Biggest Business Insurance Mistakes White Paper - Several readers and clients have suggested that I provide a copy of my 20 Biggest Business Insurance Mistakes ebook in printer friendly form. Who says I don't listen? Send a blank email to bizmistakes@icofmaine.com to receive your no obligation copy. What was on 40 pages of etext is now available in 10 printer friendly pages.

"The 20 Biggest Personal Insurance Mistakes" White Paper Now Available! - Readers have been asking for my personal insurance hints. It's here, hot of the ether! Just send a blank email to personal@icofmaine.com. Your copy will be sent to you immediately. No cost of course. Readers of my business insurance mistakes paper will see some of the same issues. I guess that means they're important!

Here's the list. For details get the white paper. :

Mistake #1 - Not Having the Right Agent
Mistake #2 - Failure to Monitor the Financial Rating of Your Insurers
Mistake #3 - Failure to Review Your Coverage at Least Once a Year
Mistake #4 - Splitting Coverage between Two or More Insurance Agents
Mistake #5 - Renters without Insurance
Mistake #6 - Failure to Understand Homeowners Policy Limitations
Mistake #7 - Contents Valued on Actual Cash-Value Basis
Mistake #8 - Using Insurance to Pay for Little Losses
Mistake #9 - Not Considering Flood Coverage for Your Home
Mistake #10 - Depending on Personal Insurance to Cover Your Business
Mistake #11 - Not Considering Earthquake Insurance
Mistake #12 - No Coverage for Libel, Slander, False Arrest
Mistake #13 - Not Maximizing Your Medical Reimbursement Account
Mistake #14 - Buying Collision Insurance on an Old Vehicle
Mistake #15 - Not Buying the Collision Damage Coverage for Rental Cars
Mistake #16 - No Umbrella Liability Policy
Mistake #17 - No Disability Coverage or Buying the Wrong Kind
Mistake #18 - Not Buying Enough Life Insurance
Mistake #19 - No Will or Old Will
Mistake #20 - Misunderstanding the Hazards of Volunteer Work
Mistake #21 - Failure to Use an Insurance Consultant

Your comments and suggestions are always welcome.

Happy Holidays!

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Free Teleseminar: How To Avoid the Biggest Business Insurance Mistakes - Join me in a free teleseminar for insurance buyers. December 14 from noon to 1:00 Eastern. Details on my web site: http://www.icofmaine.com/. You'll get easy to implement ideas on how you can improve your insurance.

Your Privacy - I will never sell or distribute your email address to any other person or organization.

Do You Have The Right Insurance? Contact me to discuss an unbiased review of your insurance program. Do you have the right coverage? Can your policies be fine-tuned to improve the protection? Can changes be made to ease the administrative burden insurance causes? Are you getting the service you should from your broker? I can help. Call 207.284.0085 or email me at scott@icofmaine.com. Remember, I don't sell insurance so I'm unbiased.

Need A Speaker? I'm pleased to speak to trade, business or service associations about insurance topics. Call 207.284.0085 or email me at scott@icofmaine.com. Also check out my speaker's page at www.icofmaine.com/ispeaker.html.

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Scott Simmonds, CPCU
Insurance Consultants of Maine, Inc.
20 Sofia Road
Saco, ME 04072-9017
Phone 207 284-0085
Fax 801 991-4027
scott@icofmaine.com
http://www.icofmaine.com/

Unbiased Insurance Solutions

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Insurance Consultants of Maine, Inc. is an unbiased, fee-only insurance and risk management advisory firm. We don't sell insurance and never accept fees or commissions from insurance companies or agents.

Comments regarding insurance policies or products in this newsletter are for information purposes only and do not constitute an endorsement. We accept no fees or payments of any kind from any insurance organization or any company mentioned in this newsletter.