Thanksgiving is near and we have much to be thankful for in this country. My first thanks goes to our men and women in uniform who are serving here and abroad. Secondly I am thankful for my family and friends. Without them I fear my life would have taken a wrong turn. At this time of year stop and ask yourself what you should be thankful for. Meditation and restful thoughts go a long way in bringing peace in this very confusing world. Take care of yourself and since life is a journey enjoy the trip.
Wednesday, November 18, 2009
Tuesday, April 7, 2009
Insurance savings
Well St. Paddy's day has come and gone and next weekend is Easter. God's blessings upon all this special time of year.
It takes only a little bit of homework to see savings in your insurance program. Here are a few guide points: 1.Remember Risk Mgt. rule; Never risk a lot to save a little.
2. Use deductibles whenever and wherever possible. This applies to health insurance, auto insurance and property insurance. Some General Liability insurers allow deductibles. Review your cash position and consider the General Liability deductible. 3. Control losses through the use of safety programs. Lower losses lead to lower premiums. At least once each year review all losses with your agent to be sure they have been handled properly and close claims that have been settled. Far too often insurers leave settled claims open with reserves that go against your loss ratio even after the claim has settled. We once saved a client a good deal of money by reviewing the claims history with his insurance company.
It takes only a little bit of homework to see savings in your insurance program. Here are a few guide points: 1.Remember Risk Mgt. rule; Never risk a lot to save a little.
2. Use deductibles whenever and wherever possible. This applies to health insurance, auto insurance and property insurance. Some General Liability insurers allow deductibles. Review your cash position and consider the General Liability deductible. 3. Control losses through the use of safety programs. Lower losses lead to lower premiums. At least once each year review all losses with your agent to be sure they have been handled properly and close claims that have been settled. Far too often insurers leave settled claims open with reserves that go against your loss ratio even after the claim has settled. We once saved a client a good deal of money by reviewing the claims history with his insurance company.
Monday, January 12, 2009
Bonds Vs. Insurance policies
Far too often insurance clients needing a bond or bonds believe that purchasing these contracts are just like buying an insurance policy. This is far from the fact of the matter. Insurance policies and bonds are purchased through insurance agents but there the similarity ends. Bonds are financial guarantees. Insurance policies are not! This is the big and major difference.
Too often clients will call an agent and say write me a bond.They then become irritated when the agent says that quite a bit of financial information is required. Bonds are underwritten to a zero loss ratio. This means that the insurance company never plans on paying a claim. This is especially true of contractor's performance bonds. Insurance policies on the other hand are written with the anticipation that losses will occur. Insurance companies do write bonds but require a financial statement from the client along with a company history including resumes on the owners. The insurance companies are very strict in their underwriting on bonds.
So when in the market for a bond or bonds get your material ready and be patient.
Too often clients will call an agent and say write me a bond.They then become irritated when the agent says that quite a bit of financial information is required. Bonds are underwritten to a zero loss ratio. This means that the insurance company never plans on paying a claim. This is especially true of contractor's performance bonds. Insurance policies on the other hand are written with the anticipation that losses will occur. Insurance companies do write bonds but require a financial statement from the client along with a company history including resumes on the owners. The insurance companies are very strict in their underwriting on bonds.
So when in the market for a bond or bonds get your material ready and be patient.
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