Your comments, questions and suggestions are always welcome. Email: scott@icofmaine.com
January Renewals
A huge percentage of insurance policies renew on either December 31 or January 1. One underwriter told me that 25% of her business has a year-end date. It's a nightmare for insurance buyers, agents and insurance companies.
My biggest concern is that a policy does not get the attention and effort it should when its is just one of many that are being worked on by an underwriter or agent.
My advice is to change policies with year-end renewal dates to another time of year. Pick a date like April 22 or August 17. Put your policy renewal dates at a time when underwriters can give you the attention you deserve. Consider your cash flow. Stay away from April 1, July 1, and October 1 too.
Terrorism Insurance Update
For the past two months I have been reporting on the progress in the implementation of the federal terrorism insurance program. Still no definite word. At some point each policyholder will be provided a quote for the peril of terrorism. You will then have to decide to accept the offer of coverage or refuse it. Stay tuned.
Work Comp Rate Change In Maine
The National Council on Compensation Insurance (NCCI) recently filed for a 5.3% rate increase for Maine workers' compensation. Alessandro Iuppa, Superintendent of Insurance, denied the requested increase and approved a 2.9% hike. Individual policyholders will see rate changes based upon their own classification and the credits applied to their policies. Any policies issued with January 1, 2003 or later inception dates will be amended to reflect actual rates of individual insurers.
Long Term Care Insurance Premiums Are Deductible
Long-term care insurance is one of the fastest growing areas of individual health coverage. The protection pays for your stay in a nursing home and / or for home heath care due to injury or illness. Certain long-term care insurance policies qualify for a tax deduction on your Maine income tax.
See the state Bureau of Insurance website for details - http://www.state.me.us/pfr/ins/ltc_tax_qualified.htm.
Rental Cars
This seems to be the season that many of my clients rent cars from Hertz, Avis, Budget and the like. Here's my advice… Never rent a car without buying collision damage waiver. Either buy it from the rental car company or use a credit card that includeds the coverage as a customer benefit. Call your credit card company. Most gold or preferred cards offer the protection. Don't depend on your personal or commercial auto insurance. The rental agreements contractually obligate you to costs not covered by "normal" insurance.
Rotary Grapefruit & Orange Sale
Thanks for your support of the Rotary Polio Ski Fund Raiser from last month's newsletter. My Rotary Club (Biddeford Saco Rotary) is also raising money by selling cases of Texas Grapefruit ($13 for 20 obs - about 21 grapefruits) and Oranges ($15 for 20 lbs - about 30 oranges) to benefit our community and international projects. Tree ripened, guaranteed sweet and juicy! Delivery to be the first week of March. Call or email me to order. Proceeds go to a good cause.
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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.
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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.
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© 2003 Insurance Consultants of Maine, Inc. All Rights Reserved.
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