From the monthly archives: November 2014

We are pleased to present below all posts archived in 'November 2014'. If you still can't find what you are looking for, try using the search box.

Workers' Comp Employer Costs Rose Faster Than Benefit Payments in 2004

According to a study released in July 2006 by the National Academy of Social Insurance, employer costs for workers' compensation grew faster than combined cash and medical payments to injured workers in 2004, the most recent year for which data is available. Combined benefit payments for injured workers increased 2.3 percent in 2004 compared to prior year levels, while employer workers' compensation costs rose by 7.0 percent for the same period. Combined benefit payments fell by 3 cents for every $100 of covered wages, from $1.16 to $1.13. The chief contributor to this decline was the state of California, where benefits dropped by 10 cents per $100 of covered wages. Nationally, premiums paid for workers' compensation insurance rose by 3 cents per $100 of covered wages, to $1.76 in 2004. The increase was the smallest annual increase since 2001. Despite the recent rise in costs, both costs and benefits in 2004 remain far below their peak levels. Total benefits were at their highest in 1992 at $1.68 per $100 o ...
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Tips to Prevent and Combat Residential Electrical Fires

Nearly every home in America has a powerful and primed source of fire at this very moment, and it's called electricity. From overloaded outlets to dated or defective wiring, there's likely to be at least one electrical fire hazard in some corner of your home. The United States Consumer Product Safety Commission reports that faulty electrical wiring in residential homes cause over 40,000 fires each year. Over the last decade, defective electrical wiring has caused an average of 350 deaths per year. According to the National Electrical Safety Foundation, homeowners can use the following fire prevention tips to help create a fire-proof home electrical system: * Use child-proof outlets to prevent small children from sticking an object into the outlets. * Do periodic checks of all electrical cords, replacing any damaged or frayed ones, untangling knotted cords, and ensuring that none have been placed under carpets or rugs. * Never overload outlets or extension cords. Although not always present, it could be a ...
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Worker Found Eligible for Compensation from Seizure Related Injury

In an August 2006 ruling, Connecticut's Supreme Court ruled that the claimant in the case of Michael G. Blakeslee Jr. vs. Platt Brothers & Co, who was injured when co-workers tried to help during a seizure, is entitled to workers' compensation benefits. Typically, workplace injuries caused by a seizure wouldn't be eligible for compensation because the injuries arise from the medical condition itself and not from conditions in the work area. In the Blakeslee case, the claimant received two dislocated shoulders on February 13, 2002, when three co-workers tried to restrain him during his seizure. He had fallen near a large steel scale, and then started flailing his arms and legs as he regained consciousness. The claimant filed a workers' compensation claim contending that because the actual injury resulted from the restraint, and not the seizure itself, the shoulder injuries should be covered. The claimant argued that an injury received during the course of employment is eligible for compensation even if in ...
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10 Essential Hurricane Claim Tips

Hurricane Irene's destruction has left many people facing extensive property damage. Individuals who must file a claim have several things to do. First, make any emergency repairs that are necessary to prevent further damage. Don't attempt any non-emergency repairs until an insurance adjuster is able to assess the property. Be sure to take clear photos of the damage. Next, contact an individual insurance agent. If the number was lost in the damage, consult the Insurance Information Institute's list of claim phone numbers for various insurance companies. Before contacting an agent, consider the following common questions and valuable claim tips. 1. What To Do After Filing A Claim The most important thing to do is prevent further damage. Make sure property is secure, board broken windows, dry carpets and board damaged roofs. Don't attempt any major non-emergency repairs until an adjuster can see the damage. Keep receipts for emergency repair supplies and temporary accommodations. 2. How To Speed Up The Claim ...
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What Factors Influence Malpractice Premiums?

According to a November 2005 article published in the Insurance Journal entitled, "How to Write the Diverse Business of Lawyers Professional Liability," between $1.5 and $2 billion is spent annually on Professional Liability coverage. With numbers such as these, it is important that any firm in the market for this insurance understand the factors affecting coverage rates. Determining premium rates is a complex matter based on a combination of factors. However, there are two main factors insurers review when underwriting an insurance application. The first is your geographic location, because each state has a different risk assumption.  The level of risk is measured by the number of suits brought against other lawyers in your area. The second important factor is your practice area(s). You can expect to pay more for coverage if you specialize in high-risk areas such as securities, banking and/or real estate. Other factors that insurers consider include: ·        ...
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