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Steve Brooks Insurance Services eNewsletter
Phone: 800-915-3090 |
"Safeguarding the interests of you and your family"
November 2009 |
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Dear Friends,
We trust this eNewsletter finds you and your family well and in good health.
Thanksgiving is the perfect time to pause, count our blessings, and to give a deep and heartfelt Thank You to all our clients, associates and friends for your confidence and support in Brooks Insurance Services. Without you, we would have no business.
In this issue of our eNewsletter, we look at Identity Fraud Coverage, Commercial Risks Valuation, our new Wedding Protector Plan, some of the top cutting-edge Auto Safety features, and something new (and delicious) to do with your leftover turkey.
Wishing you and your family a warm and meaningful Thanksgiving Holiday. .
With kind regards and thoughts of safety,
Steve M. Brooks, CIC, CPIA
Founder/President
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| Wedding Protector Plan |
Wedding insurance helps make things right when something goes wrong.
You've always dreamed of planning the perfect wedding, but no matter how carefully you plan
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it, there are many things that can go wrong - things that are beyond your control.
What if your reception venue goes out of business a month before the wedding, and you lose your deposit and have to find another location? Or a hurricane causes your wedding to be postponed? What if your bridal shop closes, leaving you without a gown?
A wedding is an investment, and as the average cost of weddings rises, wedding insurance is needed more than ever. After all, you wouldn't buy a new car that costs that much without insuring it against damage.
For as little as $160, your wedding insurance policy can cover a variety of situations, such as:
No Dress. You can get repair or replacement cost if the bride's wedding gown or groom's tuxedo is lost or damaged.
Lost Deposits. We can reimburse your deposit if a vendor goes out of business, declares bankruptcy before your wedding, or simply fails to show up.
Lost Rings. You can receive repair or replacement cost if the bride or groom's wedding bands are lost or damaged.
Severe Weather. If severe weather (such as a hurricane) forces you to postpone your wedding, we can provide reimbursement for non-recoverable expenses.
Transportation Shutdown. If you have to postpone the wedding because a commercial transportation shutdown prevents the bride, groom or their parents from getting there, you can receive reimbursement for non-recoverable expenses.
Ruined Photos. If your photographer's film is defective, or negatives are lost or damaged, we can help cover the cost to re-take new photos.
Call to Duty. If the bride or groom is unexpectedly called up to active duty, or has her or his military service leave revoked, forcing you to postpone the event, we can provide reimbursement for non-recoverable expenses.
Damaged Gifts. You can get repair or replacement cost if your wedding gifts are damaged.
Sudden Illness. If the wedding needs to be postponed because sudden illness prevents the bride, groom or their parents from attending, you can receive reimbursement for non-recoverable expenses.
Venue Requires Insurance. As an additional option to your policy, you can add liability coverage to protect yourself in case a guest is injured or causes damage to property.
Liquor Liability. As an individual liability option to your policy, you can add this coverage to protect yourself against liability arising from alcohol-related occurrences (subject to policy conditions and exclusions).
Additional Expense. If a vendor suddenly becomes unavailable for your event but you can find a last-minute replacement, we can reimburse you for the difference in cost.
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| How to Value Coverage on Commercial Risks |
By Robb Greenspan, SPPA
Claims Consultant for the Policyholder Only
Owning a piece of property is both a blessing and a curse at the same time.
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Of course as an investment, real estate is a great way to grow assets or net worth (the present economy aside)... that's a good thing! However it is a time consuming job at best and there are many pitfalls one must look out for to protect your investment.
One area most people do not want to think about is insuring the risk. What do I need for coverage? What values shall I state? What insurance company is the best carrier for me and at the right price? As a consumer you are expected to know and understand issues that are confusing to even insurance professionals.
In this article I would like to point out terms and concepts you should know and understand before being called upon to make informed insurance decisions by your insurance company.
The most important question you will be called upon to answer is how much insurance do I need and what is the value of my buildings or contents? There are many elements to this question.
You must first understand why accurate values are important before discussing the insurable values with your broker. Most people are unaware that many insurance policies call for a minimum amount of insurance to be purchased. This requirement is referred to as the Co-insurance clause. It is required by your insurance company that 80, 90 or even 100 percent of the insurable value of the property be maintained (or purchased) by the policyholder to avoid penalties when a claim occurs. This concept can apply to buildings, personal property and loss of income insurance. By not maintaining the minimum amounts required by your insurance policy you can suffer substantial penalties in your collections when you have a loss.
For buildings, insurable value is the cost to replace the building using today's cost, not what you purchased it for originally or what the outstanding loan is. To help determine this value a good source to consult is your contractor and ask them to estimate the cost to rebuild the structure today with current materials. Do not overlook the costs to bring the building up to current building codes either. The contractor should be able to help you determine what the cost to bring the building back up to current building codes after a loss occurs. To be on the safe side ask them not to "low ball" the values or quote you the discounted price, insure to the full retail (no discount) cost. Now is not the time to negotiate costs!
If you own a commercial property you will need to deal with Tenant Improvements and Betterment's (TIB's). Is it the responsibility of the commercial property owner or the tenant to replace when damaged? We claims people will look to the lease for direction as to who has the financial interest to replace items (TIB's) damaged and will pay them for these costs if the insurance affords coverage. If the lease is silent we then look at "use interest". Use interest apportions the cost to replace TIB's between the tenant (his interest) and the landlord's (her interest) based upon the time left on the lease. This can be a problem for both the landlord and tenant when they do not have full use of the funds to effect repairs because the tenant (or building owner) has been paid only a portion of the loss. Discuss this with your independent insurance agent/broker, for there is a remedy to this problem.
Are there any specialized build-outs that add to the costs of the building? Incorporating these costs into the values of the building is important, whether they are being used by the current occupant or not. This includes specialized power wiring/panels, water mains or sprinkler systems, dust collectors, HVAC systems, special decorative items, TIB's, parking structures etc. that are attached to the building. For co-insurance compliance, all costs that add to the insurable value must be considered.
There are terms you must understand to be a savvy insurance purchaser. ACV or "Actual Cash Value" is a term that means "the cost of the item or property as it stands today" (used value). This is equal in most cases to the cost to replace today minus depreciation. In most cases this is what you get paid first when a claim occurs. The policy insures some items only for ACV such as awnings, antennas and carpeting.
When RCV or "replacement cost value" is purchased (which I strongly recommend all people buy) it represents "the cost to replace today with no depreciation". You get paid the full value of the loss (the difference between ACV and RCV) when you demonstrate to the insurance company you have replaced items damaged or destroyed due to this loss. RCV is the value you want to insure for with few exceptions. One exception might be for a building that if damaged, replacement might not be with "like kind and quality" materials or of equal value due to code restrictions. This could be an old masonry building that would cost much more to rebuild as it was than to replace with something new and different, say steel and glass constructed building. Perhaps due to zoning you cannot build the same square footage at that location without adequate parking capacity. For this we would look to a policy that calls for functional replacement cost. This is the cost to replace with something different (and less expensive} from what you had. It allows you to insure for less than it is worth without a co-insurance penalty should a loss occur. Functional replacement cost insurance will save on premium dollars but it is only used in certain situations. Discuss this with your broker.
In the next issue we will discuss Business Income issues and how to calculate those values to protect your self.
Note: Robb Greenspan is the senior partner of THE GREENSPAN CO / ADJUSTERS INTERNATIONAL, a loss consulting firm who prepare and negotiate claims of policyholders.
Robb Greenspan, SPPA
The Greenspan Co./Adjusters International
Claims Adjusters for the Policyholder
818-386-1313
www.greenspan.com
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What to do with leftover Turkey?
Make a Pizza!
Easy Turkey Pizza Recipe
Don't get me wrong, I love turkey... on Thanksgiving Day, and even |
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the next day. But by the third day or so, I need a change - so here's how you combine your leftover turkey with something everyone loves - PIZZA!
Preparation Time: 10 minutes
Baking time : 20-30 minutes minutes
Ingredients:
1 baked thin pizza crust (12 inches)
1-1/2 cups shredded Mozzarella cheese
1 cup Diced Tomatoes
Diced Basil, Garlic and Oregano according to your taste
1 cup chopped leftover cooked turkey
1 can sliced black olives
1 cup parmesan cheese
Method of Preparation
1.Preheat oven to 450ｰF. Place crust on ungreased baking sheet. Sprinkle with mozzarella cheese.
2.Top with tomatoes, turkey, olives and parmesan cheese.
3.Bake for 10 minutes, or until cheese is melted.
And for a real taste sensation, try smearing a little cranberry sauce over your finished cooked pizza, mmmm, mmmm, good!
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Identity Fraud
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The #1 Way Criminals Steal Your Identity
Computer crimes make headlines but thieves prefer low-tech, old-fashioned theft
Identity fraud increased substantially in 2008, reversing a four-year trend of decreasing incidents. Researchers say identity fraud increased by 22 percent last year and they anticipate another 22 percent jump in 2009.
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They attribute the increases to crimes of opportunity driven by the economic downturn. What's more, despite recent headlines and growing fears about online security and data breaches, old-fashioned theft is the most popular way thieves steal identities and perpetrate identity fraud.
According to 2008 claim data compiled by Travelers, burglary and theft of wallets, purses and personal computers provide thieves the best opportunity to gain access to personal information. In instances where the victim knew their identity had been stolen, it was the result of personal property being stolen nearly 78 percent of the time.
Travelers identifies the following as the top known causes of identity fraud:
78% - burglary and theft of wallet/purse/personal identification/computer
14% - online or data breach
5% - change of address/postal fraud
3% - lost credit card and other miscellaneous causes
What do thieves do with the information once they have it? More than 75 percent of the time, criminals use the information to open new credit card accounts or use the existing credit cards to make charges. Twenty percent of identity thieves will withdraw money from existing checking, savings and online accounts and 16 percent open utility accounts in the victim's name.
"Our data indicates that identity fraud can happen to anyone at any time. Thieves don't discriminate. They prefer crimes of opportunity," said Joe Reynolds, Identity Fraud Product Manager, Travelers. "So, it really becomes a matter of being vigilant and prepared in the event identity fraud happens to you."
Reynolds recommends taking a proactive approach to protecting your identity, for example, guarding social security numbers and financial information and shredding documents like receipts, credit/insurance applications and bank statements. Reynolds adds that Identity Fraud Expense Coverage with high-quality resolution services offers another important layer of protection. "Restoring an identity is time consuming, costly and requires expertise," said Reynolds. "Travelers offers coverage that reduces victim's burden by doing the work required to resolve a stolen identity."
Travelers was the first insurer to offer insurance protection to identity fraud victims. Coverage includes reimbursement for the costs associated with identity restoration as well as providing the services required to restore an identity.
"Our dedicated identity fraud team assists victims when they need it most and helps make sure all the required phone calls are made, the letters are written and further preventative measures are put into place. Travelers will take the necessary steps to get our customers' identities back into safe and secure standing," said Reynolds.
Of all the calls Travelers receives, not all are actual identity fraud. Sometimes it's someone who has simply misplaced or lost their wallet. In those instances, Travelers provides guidance on preventing fraud by advising customers to do things such as cancelling credit cards, changing bank account information and putting free fraud alerts on their credit. The Identity Fraud Expense Coverage is available as an endorsement on a Travelers homeowners policy for $25 annually and offers protection up to $25,000 with no deductible. Travelers also offers Identity Fraud Expense Coverage to financial institutions and commercial entities as an employee, customer or membership benefit.
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| Top Auto-Safety Features |
The most significant technologies that help make the road safer for everyone.
Safety technology has experienced a quantum leap in the last few years, with advances spurred by the government in an effort to lessen loss of life and injury, as well as automakers seeking a competitive edge. But it's equally driven by consumer awareness. |
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Below we highlight some of the top auto-safety technologies currently available, ranging from the common to the cutting-edge. And if auto-safety tech follows the typical pattern, even innovative features currently found only on higher-end cars should trickle down to more affordable automobiles.
Pre-Collision Systems
This technology uses various methods to sense and prepare for a collision. When a sensor signals an impending crash, the system takes preemptive action such as pre-tensioning the seat belts, preloading the brakes and even aligning airbags to better protect occupants.
Electronic Stability Control
To help drivers maintain control, ESC compares steering and braking inputs with the car's lateral acceleration, rotation and individual wheel speeds. If a difference in the driver's intended path and that of the car is detected, brakes can be automatically applied and the throttle can be dialed back until the vehicle is back on track.
Brake Assist
This technology resulted from a study that determined that most drivers do not push the brake pedal hard enough in emergency situations. So when sensors detect "panic" braking, Brake Assist applies maximum brake boost and therefore decreases stopping distance.
Dynamic Head Restraints
Few people adjust their car's headrests properly to prevent whiplash, so some vehicles now come with active head restraints that move into more effective positions when a car is rear-ended. Volvo's Whiplash Protection System (WHIPS) and Saab's Active Head Restraint (SAHR) go a step further by getting the seats to help in mitigating whiplash injuries.
Blind Spot Warning Indication
The Volvo S80's Blind Spot Information System (BLIS) uses a camera on each side-view mirror to scan a driver's no-see zone and indicators in the corners of the front windows alert the driver to the presence of vehicles. The Side Assist in the Audi Q7 and Side Blind Zone Alert in the Buick Lucerne and Cadillac DTS and STS work in much the same fashion, except the indicators are located on the side-view mirrors, and GM's system use radar instead of cameras.
Lane Departure Warning System
Infiniti's Lane Departure Warning (LDW) System uses a camera in the rearview mirror to detect when the vehicle gets close to the lane marker and sounds an audible warning. GM also offers the technology on the Cadillac DTS and STS, and Buick Lucerne.
Adaptive Headlights
This technology directs light from the headlights in the direction that the steering wheel is turned, to help illuminate where the driver intends the car to go. A feature currently found only on higher-end cars, adaptive headlights will likely trickle down to more affordable vehicles.
Head-Up Display
Looking away from the road for even a few seconds can be dangerous. By projecting vital information from the speedometer, tach or navigation system on the windshield, a head-up display (HUD) allows drivers to keep their eyes straight ahead.
Voice Activation
Using voice activation, you can change a radio station or adjust the volume on the audio system, raise and lower the temperature of the climate control, even enter destinations into a nav system預ll without lifting a hand off of the wheel.
Dual-Stage Airbags
The National Highway Traffic Safety Administration (NHTSA) stipulated that all passenger cars and light trucks produced after September 2006 must include passenger-side front airbags that are automatically enabled or disabled depending on whether a front passenger is detected (typically by seat sensors). Many vehicle manufacturers airbags now deploy in stages depending on the severity of a crash or the weight of the front-seat passenger.
Side and Supplemental Airbags
Side airbags can greatly reduce injuries, since occupants are often more vulnerable than in front- or rear-end crashes, where there's more of a "crumple" zone to protect them. Side airbags are not mandated by the NHTSA, however, and auto manufacturers can decide where and how to deploy them, and whether they're a standard or optional feature. Some luxury cars also include supplemental airbags, such as with BMW's Active Knee Protection and Head Protection systems.
Adaptive Cruise Control
Adaptive Cruise Control automatically keeps a safe distance between you and the car ahead so that the driver doesn't constantly have to adjust the speed. A radar sensor monitors the distance and speed of vehicles in front of you, and most systems allow selecting a gap with which you're most comfortable.
Obstacle Sensors
As with rear-vision cameras, obstacle sensors can help make you aware of objects you wouldn't normally see. The systems detect objects in close proximity to the vehicle and issue audible and/or visual warnings.
Heartbeat Monitor
The key fob remote for the Volvo S80 will not only tell you if someone has broken into the vehicle while you were away, but a heartbeat sensor will alert you if someone is hiding inside.
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| STEVE BROOKS INSURANCE SERVICES |
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Steve Brooks Insurance Services, Inc. is a full service, Independent Insurance Agency, offering California Automotive Insurance, California Homeowners Insurance, as well as Renter, Condo and Earthquake coverage.
We have access to the products and services of over 20 A+ Rated Insurance Companies.
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