From the monthly archives: June 2014

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

Make Certain to Insure the Finer Things in Life

Do you own high value insurables such as coin collections, jewelry, furs, and collectibles? If so, it may be wise to develop a well-thought out strategy regarding the risk of loss or damage to the finer things in your home.  Most homeowner's policies limit the amount of coverage for luxury items, and an additional specialized policy may be required. These specialized policies or "floaters" are designed to cover valuable items at a pre-determined dollar amount as scheduled in the policy. If you prefer, your insurance company might be willing to cover your high value items on a blanket basis at an agreed upon value per type.  For instance, if you own quite a bit of fine jewelry, and you are comfortable with insuring all of it on an aggregate basis, you might agree upon $100,000 as the coverage amount.  If your home is decorated with antiques and you own fine china, check to see if your policy includes accidental breakage and if it needs to be scheduled.  Under a typical homeowner's policy, ...
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Managing Diversity - What An Employer Needs To Know

"Managing Diversity" is a critical human resources function for organizations large and small.  All too often, though, executives and managers lose sight of what diversity means from a legal and moral perspective, and the message then gets lost in the translation when it comes to the rank and file employee. In 1997 the Department of the Interior identified diversity for its workforce as a crucial issue and provided the following definition of diversity for its own management purposes: "The term 'diversity' is used broadly to refer to many demographic variables, including, but not limited to, racial, religious, color, gender, national origin, disability, sexual orientation, age, education, geographic origin, and skill characteristics...  Managing diversity is a comprehensive process for developing a workplace environment that is productive for all employees... The term 'diversity' is also used narrowly in employment recruiting and retention efforts to refer to race/national origin, gender, or dis ...
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Why Condo Owners Need Insurance

If you own a condominium, you may think you don’t need insurance protection. Think again. Although your condominium association offers a “master” insurance policy that covers the building and commonly owned property, this insurance probably does not protect your upgrades, furnishings and other belongings.

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Understanding the Role of Loss Mitigation Insurance

Loss Mitigation Insurance transfers an unknown or unwanted exposure from one company to an insurance company for a price. LMI caps what would otherwise be an unknown amount and is particularly effective if the company with the liability is in the process of merging or being acquired. Employers of all sizes can benefit from a LMI policy. The coverage helps risk managers dispose of costly litigation that could damage the bottom-line and impair their ability to complete a refinancing arrangement. Before LMI, when an uncertainty in a merger or acquisition came up, both sides walked away until the lawsuit or financial impediment was resolved. One solution used in such cases required the seller to deposit funds into an escrow account to cover the estimated losses from the claim or lawsuit. This tied up capital and there was no guarantee that the amount deposited would be enough to cover the final settlement. With a LMI policy, these problems can be resolved and the transaction put on track again. LMI Takes Many ...
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After the Accident - Working with the At-Fault Driver's Insurer

You have just emerged from a car accident, but the good news is that you are not at fault. Now comes the task of successfully dealing with the other driver's insurance company. In order to begin, you must collect certain details at the site of the accident from the at-fault driver: their name, address and phone number, the name of their insurance company, their policy number, their claims number and their insurance company's address. With this information you can begin the process by making a phone call to the company in question. Now, it is the responsibility of the at-fault driver to tell their insurance company about the accident; unsurprisingly, many of them are reluctant to do so. Therefore, it is a good idea for you to make the call in case they do not. During the call, tell the insurance company that you were involved in an accident with one of their policyholders and also inform them of any property damage or personal injuries, if any. At this stage, it is only necessary to report the simple facts of ...
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Why Your Company May Need Product Liability Insurance

If your company manufactures any kind of product, from lemonade to engines, computers to clothing, it could easily find itself on the wrong side of a lawsuit by a plaintiff claiming your product(s) caused some kind of injury or damage. In today's litigious society, it is not even necessary for you to be the manufacturer of the product. Sellers are often sued alongside the manufacturers. It's only natural that people want to be safe from injury and property damage whether from food poisoning, getting into an auto accident due to tire failure, or having the foundation of their home crack, but how do protect your company from liability? The answer may be with product liability insurance. Most liability claims are covered as part of your company's commercial general liability (CGL) policy. However, products that are particularly likely to lead to liability may be handled separately. As part of a sound risk management program, you should know well in advance how your current coverage would respond to such clai ...
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Discourteous Driving Can Be Deadly

Basic decency during driving can seem hard to come by these days. "Road rage" refers to the ability of perfectly sane people to become angry maniacs when behind the wheel of a car. On average, at least fifteen hundred people including men, women and children are killed or injured each year in America due to aggressive driving. Aggressive driving such as tailgating, cutting off other vehicles, and giving the one-finger salute are unfortunately quite common in the United States. In fact, the problem of discourtesy when driving is responsible for as much as thirty percent of all traffic collisions. Drivers routinely ignore the basic rules of driving, engaging in overtly aggressive behaviors even to the point of murder. One of the most important situations where discourtesy results in injuries or death to other drivers is in right-of-way situations. Whenever two vehicles are driving along a path that puts them at odds with one another, the problem of right-of-way becomes boiled down to who goes first. Right-of- ...
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Sarbanes-Oxley Act Changes Rules for Privately-Owned Businesses

Responding to a number of scandals involving fraud at publicly owned companies, the U.S. Congress in 2002 enacted a new law intended to make undetected fraud less likely to occur.  The law applies only to public companies, mainly those whose securities are registered in accordance with the Securities Exchange Act.  Even so, experts predict that it will have an enormous impact on private companies as well.  Among the changes many businesses, public and private, will undergo are creating mechanisms for fraud whistle blowing by employees, adapting to a different relationship with their external auditors, upgrading internal financial controls, becoming much more aggressive at preventing fraud, and improving audit committee accountability.  This magnitude of change is why the Sarbanes-Oxley Act has been variously described as "a paradigm shift" in how companies do business and "a whole new way of thinking about corporate governance."           ...
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