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Your Dollars at Work

Have you heard of the mother nature water cycle? There is rain and there is evaporation. Same thing in insurance. If there is an accidents – there is insurance, following by who pays for a claim, following by who pays back to insurance company. In the past, I personally didn’t see the trends in claims and damages paid. But today is the Day: Seven automobile insurance firms have followed Allstate Insurance Co. in suing Toyota Motor Corp. to recover money they paid in claims for car crashes blamed on unintended acceleration of Toyota vehicles. Toyota issued a statement on Tuesday… Read More »Your Dollars at Work

Watch Your Car This New Year’s Day

You’ve got your plans for New Year’s? The list of commitments is ready, the fridge is stocked for the party. You’re ready to have the best ever yet New Year’s Celebration. And so are millions of people. Everyone is ready to relax, but vehicle thieves. New Year’s Day was once again the leading holiday for reported vehicle thefts in 2009, while Christmas Day repeated as the holiday with the fewest reported vehicle thefts. For the 11 holidays reviewed in 2009, a total of 22,991 vehicles were reported stolen compared to a total of 24,676 reported for those same days in 2008,… Read More »Watch Your Car This New Year’s Day

Quick and Simple Insurance Coverage Explanation Cheat Sheet

MORE COMMON: General Liability including Blanket Vendors –This coverage is broadly written for all operations and respects liability to 3rd parties subject to standard exclusions. The incident would be a covered for damages and defense if needed. Defense limits can be inside or outside per occurrence limit. Blanket vendors coverage, for instance for a manufacturer’s insurance policy, will extend product coverage to those selling merchandise so it can snag big contracts as it expands. Property Policy and/or Building, including Business Income with extensions of perils including spoilage. – Replacement cost on the property will enable a business to get that rebuilding… Read More »Quick and Simple Insurance Coverage Explanation Cheat Sheet

Catalytic Converter Thefts Up

Catalytic converter theft is on the rise in many parts of the country. The converters contain precious metals such as palladium, platinum and rhodium. With these metals trading at record levels, converters have become a hot item for thieves, and can be sold for up to $200 per converter. These converters can be stolen in less than a minute, and also thieves do a lot of damage to the car when they do steal it. Taking a few precautionary measures may deter thieves from attempting to steal your catalytic converter. Replacing a catalytic converter is expensive. The cost can range from… Read More »Catalytic Converter Thefts Up

Top 5 Holiday Insurance Claims

According to Rocky Mountain Insurance Information Association among the top holiday mishaps are: – Stolen holiday decorations from the front yard. Under a standard homeowners insurance policy, decorations are generally covered, but subject to the out-of-pocket deductible and policy limits. Holiday trappings are also generally covered under a standard renter’s or condo policy. – Gifts stolen from the car while it’s parked at the mall. Coverage to replace these items falls under a homeowners or renter’s insurance policy. But, that’s minus the deductible and up to policy limits, so it’s a good idea to keep gifts and valuables hidden. This… Read More »Top 5 Holiday Insurance Claims

FBI Reports: Crime goes down in 2010

The nation experienced a 6.2% decrease in the number of violent crimes and a 2.8% decline in the number of property crimes from January to June 2010. Arson, motor vehicle theft, larceny-theft fell and burglary all decreased. That’s according to the FBI’s Preliminary Semiannual Uniform Crime Report, which is based on information from more than 12,000 law enforcement agencies that submitted three to six comparable months of data to the FBI during the first six months of both 2009 and 2010. Violent Crime From January to June 2010, all four of the offense types in the violent crime category declined… Read More »FBI Reports: Crime goes down in 2010

Stolen Car Crashes – Owner’s Responsibility

Have you heard a joke about  a landlord, whose house was burglarized, so the landlord is found guilty for not having a knob on the storage door, as the thief couldn’t leave the crime scene and had to struggle with no food, water and restroom, until finally rescued by the homeowner? Funny? Stupid? Not really: a Tennessee court has ruled that a person who leaves keys in a car can be held responsible if the car is stolen and then involved in a crash. Another words, if your car is stolen and involved in the third party’s property damages or personal injuries you can… Read More »Stolen Car Crashes – Owner’s Responsibility

California State Fund Launches New Online Tools

State Fund created a small business resource center, featuring: Information about workers’ compensation insurance – what it is, who needs it Safety information for a variety of industries Business resource page with useful links to agencies that help new businesses, such as Cal/OSHA, Department of Industrial Relations, Contractors State Licensing Board, and more

Lower X-Mode for California Businesses

California employers saw lower experience modifications in 2010, thanks to changes to the experience rating formula. On Nov. 9, 2009, California Insurance Commissioner Steve Poizner issued a decision approving several changes to the experience rating formula including updated credibility values (“B” and “W” values) and a revised mechanism for segregating claims into their primary and excess components. These changes were proposed by the WCIRB at the recommendation of the Experience Rating Task Force and are intended to simplify the experience rating system and improve its predictive accuracy. The WCIRB conducted an analysis of the approximately 115,000 2010 experience modifications that were… Read More »Lower X-Mode for California Businesses

Insurance Ribbon News

2011 property/casualty outlook much like 2010 The U.S. property/casualty insurance market’s prospects are unlikely to improve next year as competition continues to promote inadequate pricing and there is no sign of meaningful change in underwriting capacity, Fitch Ratings (New York based rating agency) said in an analysis. Record premium volume placed in London market Insurance premium volume hit a record last year in the London market, according to an analysis released Wednesday. Texas unemployment insurance tax rates goes up in 2011 The standard minimum unemployment insurance (UI) tax rate paid by Texas employers in calendar year (CY) 2011 will be… Read More »Insurance Ribbon News