Insurance Consultants Of Maine Newsletter

Insurance Consultants of Maine Newsletter
Scott Simmonds, CPCU, ARM
January, 2006

Feel free to forward this newsletter to your colleagues. Comments, questions and suggestions are always welcome. Email: Scott@InsuranceFixer.com.

Telecommuter Exposure - The Wall Street Journal reports that 30 million Americans work from home at least 1 day a month. By 2008 that number will approach 40 million. I see, in my practice, a wide variety of clients who have employees who regularly work at home.

Not only does telecommuting change the nature of work, it changes the nature of risk. Company owned computers and other property may be at the home office. An employee who falls down the stairs at home while working is covered by workers' compensation. Client visits to homes may present liability exposures. Home computers may not have proper backup and virus protection.

Consider the exposures presented by your telecommuters and speak with your insurance advisor about how best to address them.

Insurance For Boats & Businesses - Most business liability insurance policies have an exclusion for liability arising out of the use of boats. (BTW liability arising out of airplanes you own, use, or lease is also excluded - that's a matter for another post though.)

Before you dismiss this as unimportant, put a little more thought into it. Do you ever take customers out on a party boat or sponsor a chamber of commerce function on the water? Do your salespeople own boats and take customers out fishing or sailing on a summer evening?

While your company may not own a watercraft you may still have an exposure to a liability loss.

Most general liability insurance policies have an exception for "non-owned watercraft" under 26 feet. Translation - the policy will provide liability coverage for a small boat your company doesn't own. For big boasts, you're on your own.

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Renewal Changes - I currently have three clients who have experienced a similar problem. In all cases, my client has had a renewal for professional liability or directors and officers insurance where significant terms and conditions were changed by the insurer without specific notice.

The insured went through the renewal process with the expiring insurer, negotiated terms and premium, only to have the policy delivered months later with an exclusion not previously discussed.

Review your renewal policies carefully. Read the terms and conditions. Require your insurer to disclose all substantive changes to coverage. Demand timely delivery of policies.

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Insurance Teleseminars For Bankers - I'm holding a series of four teleseminars designed to provide bankers with useful insurance information and advice.

February 16 – Directors & Officers Insurance for Banks
March 16 – Bankers Bond and Related Coverage
April 20 – Employment Practices and E-Banking Insurance
May 5 – Property, Liability, Auto, and Workers' Comp Issues For Banks

Each session will start at 9:00AM Eastern and last for 45 minutes with time for questions. I promise the programs will be fast-paced and filled with helpful information bankers can put to use immediately.

Admission is free for bankers who are members of a state or national banker’s associations. Regular admission is $45 per session. Those interested in attending should call or email me for the details and access codes - 207-284-0085 or - Scott@InsuranceFixer.Com. More info can be found at http://www.InsuranceFixer.com/bankseminars06.html.

I'm planning a similar series for other businesses. More info later.

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Home Insurance Goof - Part 2! Last month I ranted about checking your homeowners insurance coverage to be sure your amount of home insurance will pay to rebuild your house. Well, the note prompted my Dad to check his policy (40-year insurance veteran - insurance company big shot). Seems like the old man's coverage was a bit light. He talked with his agent and got the issue resolved. I'm glad I could help Pop! If you haven't done so, call your agent and get your home insurance policy updated.

Special Reports - Get Info on My Special Reports - Guaranteed To Help You Save Premium Dollars.

Life In Maine And Other Stuff - Many of my readers from other parts of the country have heard of Maine's experiment with a state health insurance system, Dirigo Health. Read my take at www.InsuranceFixer.com/dirigo.htm.

Biggest Insurance Mistakes White Papers - Get my white papers covering the biggest business and personal insurance mistakes. Send a blank email to bizmistakes@InsuranceFixer.com for a copy of the business mistakes paper. Email to personal@InsuranceFixer.com for the personal insurance version. No cost.

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@InsuranceFixer.com. Remember, I don't sell insurance so I'm unbiased.

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 do not constitute an endorsement. I accept no fees or payments of any kind from any any company mentioned in this newsletter.