The Risk Management Journal

Purchase & Maintain Your Fire Extinguishers

2010-09-21T14:33:00.000-07:00

Image via Wikipedia I was speaking with a customer earlier today about a remodel project that they have planned. When I asked about fire extinguishers for the project, I was pleased with their rapid response that they would go out and purchase some immediately! According to a National Fire Protection Association study, there are approximately 400,000 house fires each year in the United States

Protect Your Landscape Investment

2010-09-08T11:49:00.000-07:00

One of the more common complaints heard from insureds after a major property loss is a lack of homeowners coverage for valuable trees and landscaping. Most homeowners policies provide only limited coverage (with restricted perils) for this loss exposure—usually 5 percent of the dwelling limit subject to a maximum of $500 per tree or shrub. Peril restrictions may also preclude coverage; for

Lower Your Auto Insurance Costs

2010-09-08T11:09:00.000-07:00

Image by shainelee via FlickrI remember listening to a talk radio program on the AM dial about a year ago where the host stated that he chose not to participate in the economic recession. Now he spends a good portion of his program showing empathy to his listeners who have been affected by the economic downturn. No matter where we live, our neighbors are tightening their belts, spending less,

Is Your Flood Insurance Ending?

2010-08-03T14:15:00.000-07:00

I returned to work today from a long family vacation. During the course of our journeys we had the opportunity to drive on Highway 2 near Nebraska City, where one lane of the road was underwater due to flooding of the Missouri river. We later had to detour because on highway 136 near Alexandria, Missouri, because the the road leading Keokuk, and a bridge over the Mississippi river, was under

REDUCE YOUR EXPOSURE TO HOME BURGLARIES

2010-06-16T09:50:00.000-07:00

Image via Wikipedia U.S. residences were burglarized more than 1.5 million times in 2008, according to the latest FBI studies. Nearly 65 percent of the thefts occur during the day because people are often not at home during the weekday. Proper home theft prevention ideas and techniques, however, can reduce the odds of a home burglary. Consider the following loss control techniques to reduce

ARE YOU SMARTER THAN AN IDAHOAN?

2010-06-01T17:03:00.000-07:00

Idahoans and Wisconsonites may take some occasional ribbing from folks in other states, but they top the list when it comes to smart drivers. And while people may talk with disdain about Utah drivers, the lowest test scores came from the Northeast. Read more about the smartest drivers here: http://bit.ly/9poyto So does this list coincide with where the safest drivers are? Yes and no. Many of

NEED FLOOD INSURANCE TODAY? SENATE SAYS, NO WAY!

2010-06-01T15:16:00.000-07:00

For the fourth time, the US Senate has let the funding for flood insurance lapse. What does this mean for the economy? Basically it puts a halt to any loans that are in process, where the loan collateral is in a flood zone requiring flood insurance. You can read more about the lack of funding here: http://bit.ly/dAQhu5 Why is it so hard to fund the National Flood Insurance Program? The

KEEP YOUR DIRECTORS & OFFICERS COVERED

2010-05-27T09:25:00.000-07:00

A recent increase in corporate bankruptcies has brought a new awareness to the quality of Directors & Officers (D&O) Insurance coverage. D&O insurance was created to provide coverage for individual directors and officers to help companies attract and retain talented board members. However, over time it has evolved to include coverage for the entity itself. D&O coverage is now purchased by

DON'T MIX ALCOHOL AND DRIVING, "WELL DUH!"

2010-05-20T11:36:00.000-07:00

When I think of the risks of drinking and driving, the thought, "Well duh!" goes through my head. Everyone knows how stupid it is to mix alcohol and car keys. Unfortunately, some still haven't got the message, so if you are one of them, here is a "Well Duh!" message for you! A National Highway Traffic Safety Administration study indicates that nearly 12,000 people died in automobile crashes

TAKE ACTIVE STEPS TO REDUCE YOUR WATER DAMAGE LOSSES

2010-04-26T17:19:00.000-07:00

Living in Northern Idaho, flash flooding never crossed my mind. ...not until January 2010. We had endured many days of sub zero temperatures followed by heavy snowfall. A sudden warm front moved through, bringing with it heavy rains. The combination of warm air and rain turned all the snow to water, water that couldn't seep into the still-frozen ground! I worked till late into the night

PROPERTY INSURANCE AND THE BLACK HOLE OF HYPERINFLATION

2010-04-19T16:30:00.000-07:00

Image by The Lakelander via FlickrListening to the experts, it sounds like most financial analysts agree that when the economy does begin to recover, inflation will probably be significantly higher than what we’ve seen in the past. This hyperinflation can have a tremendous impact on insurance claims. In the event of a property loss, depending on how the policy is written, if a property is

$$$ WHERE DO HEALTH CARE DOLLARS GO? $$$

2010-04-19T10:06:00.000-07:00

I attended a luncheon last week with a fantastic guest speaker, Scott Kreiling, President of Regence Blue Shield of Idaho. He shared some fantastic information regarding healthcare costs. I will try to disseminate it here and share some links to their web site where additional information can be obtained. ...and here is another chart from their website: Although this information is

Purchase Proper Watercraft Coverage for Your New Boat

2010-03-17T10:37:00.000-07:00

Spring is often the time of year when boat lovers start to consider purchasing a sailboat or powerboat. Many people, however, are unaware of the significant loss exposures associated with boat ownership, and some people mistakenly believe that there is coverage available under their personal auto policy (PAP). Virtually all PAPs, though, do not provide any liability or physical damage coverage

DECREASING HOME VALUES - I CAN INSURE MY HOME FOR LESS, RIGHT? -WRONG!

2010-03-10T10:25:00.000-08:00

Image via WikipediaEconomies are always changing and home values fluctuate with them. During the past couple of years, many homes have decreased in value. Looking for the bright side, I am now asked by optimists if they can insure their homes for less. After all, this makes sense, right? No way! Remember that most home insurance pays for your home to be rebuilt just as it was. While home

BEST DOGS FOR HOME INSURANCE

2010-03-03T17:14:00.000-08:00

Image via Wikipedia I received information from Travelers Insurance today about dogs. They say that the top five dogs to own (for insurance purposes) are: Shih Tzu Poodle Dachshund Bulldog Boxer Here are some additional dog facts: An American has a one in fifty change of being bitten by a dog each year. Approx. 800,000 dog bite victims (1 in every 6) require medical attention annually in the US

CONSIDER BUYING EARTHQUAKE INSURANCE

2010-03-01T11:56:00.000-08:00

Image by PhillipC via FlickrImages of desperation and despair continue to pour out of Haiti in the wake of its devastating earthquake last month, killing over 200,000 people and directly impacting over 3 million of its people. This earthquake also serves to remind Americans of their exposure to this peril as well. Records dating back to 1900 reveal that earthquakes have occurred in all 50 states

DO I REALLY NEED TO INSURE HIRED & NON-OWNED AUTOS?

2010-02-25T16:55:00.000-08:00

Image via WikipediaHired and Non-Owned Auto coverage is a type of insurance often overlooked by businesses, especially companies that don't have insured vehicles. However this coverage is cheap, and neglecting to add it to your policy before a car accident can be very costly. Ask yourself the following questions: Might any of your employees run errands or make deliveries for the business using

BUILDING, RENOVATING, REMODELING AND RESTORING: NAVIGATING BUILDERS RISK INSURANCE

2010-02-22T12:20:00.000-08:00

Home construction was delayed by tornado damage (Image via Wikipedia)As a risk manager for numerous property owners, I am frequently encountering situations where Builders Risk insurance would benefit my customers. Having recently left the world of normal people to enter the realm of insurance and risk management, I can still remember how confusing insurance can be. Hopefully this will help

COLD WEATHER TIP: PREVENTING FROZEN PIPES AND ICE DAMS

2010-01-21T12:04:00.000-08:00

Image by Caffinara via Flickr We're enjoying an unusally warm spell in Souther Idaho. However, this is bound to change. When it does, the season of broken pipes and indoor flooding will begin anew. Taking precautions now can really pay off. I received the following tip from Safeco, a member of the Liberty Mutual family of companies. Click here to visit their web site and learn how you can

AM I OVERPAYING? (From: Insurance: The One Question Everyone Asks)

2010-01-18T16:28:00.000-08:00

Image via Wikipedia “Am I overpaying?” That’s a question that every consumer asks from time to time. Everyone is curious and concerned as to whether he or she is getting a good value for the money, whether it’s for a candy bar, a car or an airline ticket. It’s a good question to ask about insurance, too. After all, Americans spend a lot of money on insurance for homes, autos and businesses. In

SAVING MONEY ON INSURANCE: CAN IT BE DONE?

2010-01-18T16:01:00.000-08:00

Image by Toban Black via Flickr Saving Money on Insurance: How Can It Be Done? In the throes of an economic recession, millions of consumers today are cutting back on discretionary spending—and are even tightening up on the necessities. Now is an excellent time to review your insurance coverages with your Trusted Choice® independent insurance agent to find ways to cut costs while still

PROPERLY PROTECT YOUR MANUFACTURED HOME

2010-01-15T13:49:00.000-08:00

Manufactured homes offer great bargains for many consumers due to a much lower price as compared to site-built homes. And some independent appraisals are now confirming that these homes can appreciate in value just like other forms of housing. Manufactured homes, however, can often pose higher chances of loss from a variety of perils, such as fire and windstorm. This is where safety and sound

IS YOUR HEALTH INSURANCE RIGHT FOR YOU?

2009-12-11T10:14:00.000-08:00

Your health is way too important to leave to chance. That’s why it’s critical that you have health insurance and that it is the right fit for you and your family. Unfortunately, millions of Americans do not know if their health insurance plan will cover their needs—or how to secure better coverage. A good health insurance plan—one that covers every potential need—goes a long way toward

SIGNIFICANT OTHER, SIGNIFICANT ISSUE

2009-12-11T00:37:00.000-08:00

Oh how the times have changed. In 1950, eight in 10 households were occupied by married couples. According to the 2000 U.S. Census, that number declined to 51.7%; the balance being singles and couples living together who are not married. The former includes individuals who either live alone or with roommates; the latter encompasses both opposite and same-sex couples who consider themselves

LIFE INSURANCE: DO YOU NEED IT?

2009-12-11T00:30:00.000-08:00

The most frequently asked question about life insurance is: Do I need it? The answer depends greatly on your situation. So, let’s determine if you need it. Review these statements and check all that apply: □ I am married. □ I have children. □ Our family recently welcomed a new baby. □ I am single, but I have dependents (a child or an elderly relative) who I support. □ I am the