“Many homeowners are unaware that while standard homeowners insurance generally covers damage from wind, it does not protect you in the event of flooding. If you want additional protection from flood damage, consider purchasing a separate flood insurance policy.” – Excerpt from the NY Daily News, June 20, 2011.
HUB International Northeast, Your Firewall Against Risk, is frequently sought out as a voice of insurance authority by various media outlets including The NY Daily News.
On June 13th, The NY Daily News published an article titled “Getting Ready for Tornado Season in New York City Means Preparing Your House, Insurance”, in which Dorothy Zaleski, Vice President of HUB International Northeast’s Personal Insurance division, was quoted because of her extensive experience insuring condos and co-ops in the New York City area against flooding, and other perils not typically covered under standard policies.
It is often thought that when it comes to homeowners’ insurance, every policy is as good as the next. That is a dangerous misconception.
The truth is, three factors are critical to understanding the market and gaining the right coverage:
- Some brokers sell substandard policies. They can be inexpensive and are offered as “good buys,” when in fact, they are often woefully inadequate to cover you for the losses you may sustain.
- HO3 policies are widely touted as “the gold standard.” Yes, they are the right policies for most homeowners, but many high-end homeowners with homes valued at $3 million or more find out too late that the HO3 did not cover them for a large loss.
- For this upper end of the market — homeowners who often have expensive assets — we often recommend custom policies or special coverage forms that do not carry the HO designation. They are offered by a handful of premiere carriers, such as Chubb, Fireman’s Fund and Chartis, and can be written with strong protective features, such as:
- Assurance that in the event of a true disaster, your home will be rebuilt as it was, regardless of the cost;
- In the event of a total loss from a fire, you can be paid for the value of the home and NOT have to rebuild it;
- D&O protection if you are an officer or director of a non-profit association or your cooperative board.
Are you protected from all of the major risks that can take a toll on your personal life, your wealth and your business? Given that so much of the risk you face is virtually invisible or unthinkable until it strikes, it is hard to quickly identify the true extent of your exposure. Answer the following yes/no survey questions to analyze your immediate risk – click here.
The Playstation security breach has no entertainment value. Who would have thought that one of the most popular gaming systems in the world would become a tech nightmare? A hacker’s dream? A corporate fiasco?
Certainly not its maker or its legion of adoring followers. But the failure to protect the users’ identification from what was thought to be an unthinkable breach of security, has led to law suits, horrendous PR and a backlash by many who love the game and now feel compromised.
Undoubtedly, the company took many steps to protect its system and its customers, but even in the best of circumstances, Murphy’s Law can strike.
Whatever size or type of business you own or manage, do you have the insurance to protect against reputational damage from security breaches and cyber disasters? Does your Privacy/Internet Insurance policy include Crisis Management or Reputational Injury coverage to assist with a PR fallout; First Party coverage to assist with notification/monitoring costs; and Privacy Violation solutions that would protect your company from 3rd party claims?
This may be a good time to double check.
APRIL 28TH, 2011
By ADMIN
According to a study by NeighborhoodScout, a company providing location-based research statistics to real estate buyers, three of every one thousand cars will be stolen. The FBI recently reported that a motor vehicle is stolen in the United States every 40 seconds. These are amazing facts, particularly for anyone who lives near a dense urban area, like New York City, where the risk is higher. Most startling is that in western U.S. cities like Las Vegas, the statistics show that nearly one of ten cars will get stolen! Car theft costs Americans $5.2 billion yearly.
In light of such alarming statistics, it is clearly important to have the right coverage. When purchasing auto insurance, most drivers worry only about collision and other “car-damage” coverages, yet coverage against theft is not only imperative, but typically affordable. You can receive added discounts for common car features like built-in car alarms, LoJack, GPS and other car tracking devices, which will help in recovering your stolen automobile.
APRIL 8TH, 2011
By ANGELA
Waiters and Waitresses view tips as part of their salary, and not as a bonus for work well done. In some businesses, managers and salaried employees partake in these tips, which can lead the business owners straight into court.
Despite widespread attention on the issues of tip pooling, Continue reading “When Tips Can Become a Ticket to Court” »
MARCH 25TH, 2011
By ANGELA
The devastating earthquake in Japan serves as a solemn reminder of the impact natural disaster can have on individuals and businesses alike. In addition to the tragic loss of life, global estimates of economic loss are expected to top $35 billion, according to The Wall Street Journal.
Natural disasters and other tragic events have a rippling effect on commerce around the world. Continue reading “Rippling Effect of Natural Disasters and Other Global Events” »
Although we’d like to hope that all of the snow and ice storms of 2010 are behind us, we still have three weeks of winter upon us and the potential for more storms, clean-up, and other inconveniences that may be caused as a result of inclement weather. With spring on the way, we can experience torrential downpours and unpredictable weather fronts, leading to a series of other issues that can directly affect your business operations. Continue reading “More Storms, Less Stress” »
FEBRUARY 3RD, 2011
By ADMIN
Most business owners consider discrimination, sexual harassment and wrongful termination lawsuits to be exclusives to big business. They also think they are safe from computer hackers because, “Why would anyone try to break into my system, when there are Fortune 500 companies out there?” The truth is most business owners don’t understand that they are just as much targets as companies with more employees and bigger bankrolls.
With legal fees running Continue reading “Is Your Business Too Small For Big Business Problems? Think Again” »
JANUARY 20TH, 2011
By ADMIN
Every morning, for the past few weeks, people young and old have been checking their local news for school delays, office closures and road conditions. Kids jump with joy as they read their school’s name off the TV screen, while workers groan as they dig out their cars from the newly formed snow.
To most of us, snow invokes mixed thoughts of beauty and inconvenience. But lurking in back of our minds is the fear of how treacherous winter weather can be.
Anyone can Continue reading “Winter Wonderland or Disaster Waiting to Happen?” »
JANUARY 10TH, 2011
By ADMIN
You may think that the employees with access to your corporate data are totally honest. And perhaps they are. But what if even one doesn’t think the company is environmentally friendly, sees this as a “sin” and wants 15 minutes of fame in seeking to take the company down. Even if their job goes with it.
A recent study by Forrester Research shows that 23% of information workers are detractors, or likely to speak ill of their employer on a social networking site. Many may assume that those detractors would be low level employees Continue reading “Does Your Business Have A Julian Assange In Disguise?” »
