Hurricane Sandy

It is hard to turn on the television, open a newspaper, or even look at your favorite website without seeing some news about Hurricane Sandy making its way up the east coast.  As an insurance agent, we receive a lot of alerts on disaster preparedness from the insurance companies we represent.  Here are links to a few of them, as well as links to a few non-insurance resources that are worth looking at:

American Red Cross
Download this Hurricane App:
http://www.redcross.org/mobile-apps/hurricane-app
 or search "Redcross" in the App Store.  The app provides local weather updates, shelter locations, and helps you set up an emergency plan.  Even better?  The app has options personalize weather alerts for places where your family and friends reside, and an "I'm Safe" feature that posts to social media with one click.  You can follow the American Red Cross on Twitter at @RedCross

Massachusetts Emergency Management Agency

http://www.mass.gov/eopss/agencies/mema/

MEMA also has a mobile app available here to send instant notifications about circumstances near you. 

Chubb Insurance

Preparedness for Commercial Customers

Preparedness for Personal Lines Customers

Philadelphia Insurance

Windstorm Checklist

Rainstorm Emergency Checklist

C.N.A. Insurance

ACT NOW! Emergency Preparedness Website

If you need to report a claim

Visit our Agency Website at www.imaagency.com  and click on the "Claims" tab.

Be prepared, stay safe, and have a great weekend!

Sprinklers In Action

It is common knowledge that sprinklers can help minimize fire loss.  But how much of a difference can it make? 

Below is a video of a demonstration that Affiliated FM recently conducted for guests of a Broker Engineering Forum at their research center in Connecticut. Two identical warehouse setups were created and simultaneously set ablaze.  One had an approved sprinkler system above it; the other did not. The difference in the amount of damage suffered is dramatic. 

Video courtesy of Affiliated FM/FM Global

May is Disability Awareness Month

According to the U.S. Census Bureau, 67% or 100 million American workers don’t have long term disability insurance through their employers, leaving them – and their paychecks – vulnerable.  Workers risk severe financial hardship without basic life and disability insurance. 

There are many misconceptions that drive lack of coverage.  The majority of wage earners believe they have only a 2 percent or less chance of being disabled for three months or more during their working careers.1 However, the actual odds of a worker being disabled for at least six months is 33 percent.2

One reason for this discrepancy could be what workers think causes a disability,” Koll says.  “Lifelong ailments aren’t the main cause of disabilities.  The vast majorities – 91 percent – are caused by common illnesses or health conditions such as cancer, childbirth or heart attack.3 That means many disabilities aren’t covered by workers’ compensation.”

Most workers don’t have the financial resources to sustain a hit like a disability or death, which removes your ability to maintain your family’s current standard of living.  61 percent of American workers live paycheck to paycheck.4  In a recent Colonial Life survey, 65 percent of employers said they didn’t think their employees would be able to maintain their current standard living if they were unable to work for two or three months because of an illness or accident.5

So what’s holding people back from buying?  Not all employers offer these benefits to their employees.  This is where you come in.  You as the employer can play a key role in providing access to this protection and helping your employees understand the need for coverage.  Employers can offer voluntary life and disability insurance.  Voluntary insurance plans allow employers to offer cost-effective protection at little or no direct cost to the business. 

Most carriers will handle the enrollment from beginning to end.  That means providing you with the marketing materials, meeting with the employees as a group or one-on-one and when enrollment is completed they provide you with a report of the employees that purchased a benefit and the deduction amount based on the payroll frequency.  So, what’s holding you back now? 

If you would like more information about offering voluntary life and disability insurance or to obtain a quote, please call us at (508) 753-7233 or 1-800-649-6655.  

    

1 Council for Disability Awareness Disability Divide proprietary research, March 2010.

2 Social Security Administration Fact Sheet, March 18, 2011.

3 Council for Disability Awareness, “The Disability Guide, CDA 2010 Consumer Disability Awareness         Survey,”March 2010.

4 CareerBuilder.com survey, April 2011.

5 Colonial Life insurance and disability insurance survey, October 2011.

Check on your properties

Do you have a second home? Do you have someone that checks on that home frequently? You should. Recently a clean up/restoration company came into the agency and shared some devastating photos of a home that suffered a water leak, that sat for three weeks. The mold was everywhere. Walls, ceilings, tables and chairs were covered. In all my years of being in insurance I had never seen anything like this. Please check on your properties.

Explaining the Massachusetts Auto Policy

So, you have a Massachusetts auto policy, but what does that mean?  What events does each part of the policy cover?  Hopefully, after reading this you will understand your auto policy better, and be able to determine if you should increase or enhance your coverage!

Part 1: Bodily Injury to Others

·         This coverage pays for damages to any person injured or killed by your vehicle only in an accident that happens in Massachusetts.  The limit for this coverage is a maximum of $20,000 per person and $40,000 per accident.  Injuries to you as the driver or your passengers are not covered by this coverage.  You can and should buy additional Bodily Injury to Others coverage in part 5.

Part 2: Personal Injury Protection

·         This coverage also known as PIP pays a maximum of $8,000 to you or any person who you allow to drive your vehicle, passengers, and pedestrians, regardless of fault.  PIP pays medical bills (not covered by your health insurance), replacement services, and 75% of lost wages.  A PIP deductible is available; you should discuss this deductible option with your agent.

Part 3: Bodily Injury Caused by an Uninsured Auto

·         This coverage protects you, any person you allow to drive your vehicle, household members and passengers (unless they are covered by another Massachusetts auto policy) from losses caused by an unidentified or uninsured operator.  This does not cover property damage or damage to your vehicle.

Part 4: Damage to Someone Else’s Property

·         This part of the Massachusetts auto policy pays for the damage to someone else’s personal property and the costs related to the loss of use of the property, when you, a household member, or another driver with permission to drive your vehicle causes an accident.

Part 5: Optional Bodily Injury to Others

·         Part 5, extends and increases your liability protection from part 1 up to the amount of insurance you purchase.  This coverage protects you in the event that the accident happens outside of Massachusetts, but inside the United States, its territories and possessions or Canada.  This coverage also pays for injuries to guests in vehicle as a result of an accident.

Part 6: Medical Payments

·         This covers medical expenses for you, your household members, and passengers, in excess of the PIP coverage regardless of fault in the accident.

Part 7: Collision

·         Part 7, provides coverage for damage to your vehicle, minus the deductible regardless of fault in the event of a collision. 

Part 8: Limited Collision

·         Limited collision coverage can be chosen in place of part 7 collision coverage.  This would also cover a collision, however, it will only pay if you are less than 50% at fault and the owner of the other car must be identified.

Part 9: Comprehensive

·         This coverage pays for damage or loss of your vehicle, minus the deductible, as a result of fire, theft, vandalism, and hitting an animal.  This coverage does not protect your personal property unless it is permanently installed in your vehicle.

Part 10: Substitute Transportation

·         This coverage reimburses you when your vehicle is undergoing collision or covered repairs up to the limit of coverage you chose for a temporary vehicle or transportation costs (tax, bus, train fare). 

Part 11: Towing and Labor

·         Part 11 covers towing and labor expenses up to your chosen limit (usually $50 or $100) each time your auto is disabled.  The Massachusetts auto policy will only pay for labor done at the scene to the extent that the labor was needed to get your car moving.  This does not cover the cost of repair parts.

Part 12: Bodily Injury Caused by an Underinsured Auto

·         This coverage protects you, any person you allow to drive your vehicle, household members and passengers (unless they are covered by another Massachusetts auto policy) from losses caused by an operator without enough bodily injury coverage.  Part 12 pays you up to the difference between the total amount paid from the bodily injury liability insurance covering the owner and driver of the other vehicle and the limits of your Massachusetts auto policy.

What is Accident Forgiveness?

You may have heard that many auto insurance companies have begun to offer the Accident Forgiveness Endorsement to their customers.  The purpose of  Accident Forgiveness is to avoid the surcharge premium on your auto insurance policy after your first at fault accident under most circumstances.  In simpler terms- Your insurance premium will not increase due to your first accident.  This endorsement can be added to many company’s policies for an additional fee (varies by company).  Most companies only offer accident forgiveness to customers with clean driving records.   Just because an accident is forgiven with your insurance carrier does not mean it will be forgiven if you change companies or agencies.  Before cancelling any insurance policy it is always important to contact your agent.  Accident Forgiveness endorsements may vary from company to company, state to state, if offered at all by your carrier.  If you are interested in endorsing Accident Forgiveness onto your policy call IMA at 1-800-891-1226 or email info@ima.com.

Meet the Staff

At IMA, we like to recognize our colleagues that go above and beyond to make IMA a better place for our employees and our clients.  We are pleased to announce that Don Donegan has earned the title of Employee of the Month for February 2012.  Here are a few things that his fellow employees had to say about Don:

“able to leap tall buildings in a single bound, resolve a complex claim, and shoot under par on the back nine without a sweat”

“If you were to look up the words “team player” in the dictionary, you would probably see a picture of Don. He consistently puts the interests of IMA and its employees first.  He knows his stuff better than most, and is willing to go to bat for any of IMA’s clients.  It is not uncommon to find Don in the office after hours with a thick claim file searching for coverage for a tricky loss. His contributions help us enjoy an extra level of loyalty from many of the clients he has assisted.”

“Donald is always very helpful and is a delight to work with.  He is always helping out with tough claims situations.”

Not only is Don our employee of the month, but he is also celebrating his birthday this weekend.  Please join us in thanking him for his contributions to IMA and wishing him a very happy birthday!

What to do if you’ve had an auto accident

Protect yourself, your passengers, and your property.  To care for everyone and everything involved, follow these important steps.

At the accident scene:

·         Make sure everyone is safe.

·         If anyone is injured, call 911 for emergency medical assistance. Don’t move injured parties unless it is absolutely necessary.

·         Notify law enforcement.

·         In the case of an auto theft or a hit and run accident, it is very important that you report the loss to the police within 24 hours. Cooperate with the authorities.

·         Exchange insurance and other information with other involved parties and obtain witness information. Remember to collect names, addresses, phone numbers, license plate numbers, vehicle descriptions, and injury information for all parties in all vehicles.

·         Do not take responsibility for the loss or discuss accident details with anyone except, your independent insurance agent, and the police.

If your vehicle was stolen:

Report the theft to your local police department promptly.

If your vehicle had a fire:

Complete a Fire Report in person at your local fire department as soon as possible.

Source: Arbella Insurance

If you have any questions about what to do in the event of an accident, or any other concerns about your insurance, do not hesitate to call us, 800-891-1226.

Will One-to-One Benefits Counseling Be Beneficial To Your Company?

One-to-one benefits counseling during open enrollment significantly improves employees’ understanding of their benefits, according to a recent post-enrollment survey.

In a survey of more than 15,000 workers in the U.S., 96% who take part in individual counseling sessions say they better understand their benefits. Forty-seven percent of employees say personal benefits counseling sessions significantly improved their understanding.

Ninety-eight percent, meanwhile, believe having annual one-to-one benefits counseling sessions is important and 63% say such sessions are very important.

“The investment made in providing a strong benefits package is lost if employees don’t understand and appreciate what they’re offered,” says Randy Horn, president and CEO of Colonial Life, which conducted the survey.

Source:  Colonial Life

IMA Goes Red!

On Friday, February 3^rd, IMA participated in the American Heart Association’s National Wear Red Day to raise awareness about heart disease among women.  Together, we raised $842 for the American Heart Association!  The American Heart Association uses these funds to conduct lifesaving educational programs and develop new treatments to fight heart disease.

For more information, visit www.goredforwomen.org.

Thank you to all of the IMA staff for your generosity and participation!

Why an Independent Agent?

There are a lot of options out there when it comes to your personal insurance coverage.  How do you find the best fit for your insurance needs?

Historically, Massachusetts has been heavily regulated and had a limited number of options for auto insurance.  In the 1970’s, state introduced a rate-setting auto insurance model that provided drivers with the same set pricing across multiple insurers.  In 2008, Massachusetts introduced something called “managed competition” to the insurance marketplace.  This allowed insurance companies to set their own rates, subject to approval by the Division of Insurance.  This managed competition approach allowed some of the larger national insurers to enter the MA insurance marketplace, as you may know from their aggressive advertising campaigns.  Now in addition to the options of working with a salesperson from a direct writer or a local independent agent, you can also choose to do it yourself online, and your premiums will likely vary with each option. 

Direct writers only have the capability to give you a quote from one company – theirs.  If you are working with a sales representative, they should be a licensed insurance professional who can give you advice on what the policy is covering, how much coverage you need, and offer recommendations for coverage.  If you are quoting yourself online, take a look at your current policy and make sure you are getting the same coverage.  Is the online option waiving deductibles on all the same places?  Are they adding deductibles that you didn’t have before?  Online quoting programs often provide you with the building blocks for a complete insurance policy, however if you are unfamiliar with the nuances of each piece of coverage, you can be left bare without realizing it.

Independent insurance agents can provide you with quotes from as many companies as they represent; here at IMA, we represent 9 insurance companies for MA personal auto.  Your agent will discuss coverage with you, make recommendations, and provide you quote options from multiple carriers, as long as you meet their eligibility options. This provides one stop shopping for an opportunity to see various pricing and coverage options.   At the same time, an independent agent will quote your homeowners or renters insurance so you can see how discounts apply and make a decision that works best for your needs.  In addition to the initial coverage guidance and pricing options, an independent agent will also review your policies for accuracy, recommend changes as new products become available, and advocate on your behalf if it becomes necessary for a claim. In other words, an independent agent worries about your insurance so you don’t have to. 

http://www.youtube.com/watch?v=jRW7VNpKlUA