Your comments, questions and suggestions are always welcome. Email: scott@icofmaine.com
Has Your Insurance Been Cancelled Or Non-Renewed?
I can help. There are laws and rules that insurance companies must follow. They must give you proper notice of their intent not to renew. Some insurers will reconsider their position with a discussion of the risks and changes you have made (or are willing to make) to your operation. Call me for more information, phone 207.284.0085 or email scott@icofmaine.com.
Blanket Property Insurance
If you have more than one location you may be able to improve your insurance coverage by moving the protection from a specific limit on each building to a blanket limit of coverage. Instead of buying $250,000 on building 1 and $300,000 of coverage on building 2, blanket coverage allows $550,000 on both buildings. Such eliminates issues of underinsurance in the event of a claim.
Insurers are cautious in this "hard" insurance marketplace. Many will not offer blanket insurance. Contact me to discuss your options.
Insurance Company Financial Rating Downgrades
As insurers continue to regroup, reorganize and adjust to the current insurance marketplace there is real concern in some quarters with insolvency and insurer financial ratings. I utilize a variety of rating services to review the health of insurance companies. AM Best Company, Flitch Ratings and Weiss Ratings provide a good cross section of opinion and analysis. If you're concerned with the financial strength of your insurer I'm happy to talk.
Property Insurance Deductibles
Insurance companies are starting to offer significant discounts for higher deductibles. More and more businesses are considering increasing their deductibles to $5,000 or $10,000 up from the almost standard $1,000 of several years ago. Reducing your deductibles is a good way to control your premium!
Business Interruption Basics - Extra Expense
Extra expense insurance is part of business interruption coverage - protection against the financial consequences of a property loss. Extra Expense coverage pays for the increased cost of getting back into business after a fire or other covered claim. The protection is triggered by your property insurance. A loss covered by your building or contents coverage allows extra expense protection to kick in.
Covered expenses can include temporary rental of office space and the expenses of fitting the location out with phone, computer and electrical services. The increased cost of shipping equipment you need to operate may be included in extra expense items as is overtime for your staff and advertising of your temporary location.
Maine Work Comp Rates
New workers' compensation rates became effective on January first. See our chart of various classifications and the historical rates - www.icofmaine.com/wcrates.pdf. Remember that rates are but a part of the premium you pay. Experience modifications and scheduled credits have perhaps a bigger impact on total cost. Different insurers use different rate structures. Some will be high that MEMIC. Some will be lower.
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My Other Newsletters
Subscribe to my other newsletters. For bankers I offer a special monthly Bank Insurance Newsletter filled with insurance info unique to bankers. I also publish the Weekly Workers' Compensation Tip designed to save business owners premium. Use the link at the bottom of this newsletter to update your subscriptions.
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Life Insurance
How secure is your life insurance? Do you have the right kind? Is the policy set up correctly? 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 happy to make presentations to civic or service clubs, chambers of commerce or trade associations.
Click here for details: www.icofmaine.com/ispeaker.html
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Scott Simmonds, CPCU
Insurance Consultants of Maine, Inc.
15 Cherryfield Ave
Saco, ME 04072
Phone 207 284-0085
Fax 801 991-4027
scott@icofmaine.com
www.icofmaine.com
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Insurance Consultants of Maine, Inc. is a fee-compensated insurance and risk management advisory firm. We improve our Clients’ operations by controlling their cost of risk including their cost of insurance. Insurance Consultants of Maine helps businesses manage, develop and implement insurance and risk management plans tailored to their unique needs.
Our Service Always Pays For Itself.
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.
© 2003 Insurance Consultants of Maine, Inc. All Rights Reserved.
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