Thursday, July 31, 2014

History of Employee Benefits

Have you ever wondered when employee benefits began in the United States? Take a glance at our "History of Employee Benefits" infographic to see which key dates and events occurred to help shape our employee benefits into what they are today. Let us know what surprised you the most in the comments section below!

This is Part II of the Employee Benefits Infographics series. View Part I: “Three Key Events That Lead to the Evolution of Benefits

If your business in located in the U.S. and you have employee benefits questions, contact Senn Dunn today and we will be happy to assist you!

Wednesday, July 30, 2014

10 Things the World Cup Revealed about Insurance

I don’t often write about sports because I’m not a particularly big sports fan. I run, but not nearly enough to share my thoughts on it. And I’m pretty active in mixed martial arts, but my thoughts on that tend more toward the inner aspects of my training rather than the physical.

But I do like soccer. Quite a lot, actually. I watch the English Premier League with great enthusiasm, and root for Arsenal, a team I chose because any sports club with a cannon for a logo can’t possibly be all bad. And I love the World Cup. To me, it is the pinnacle of global sport. Forget the Olympics. First off, you can’t watch the entire Olympics, whereas you can watch the entire World Cup. And even if you don’t like soccer, at least it’s a sport you have heard of. With respect to medal-winners in curling, race walking and synchronized swimming, these are sports that just don’t do a whole lot for me.



Monday, July 28, 2014

Senn Dunn Consultant to Participate in Las Vegas Furniture Mart

Senn Dunn Insurance, a Marsh & McLennan Agency LLC company, announced that Business Insurance Consultant and Manufacturing Practice Group Leader Karl Sherrill will be participating in the Chemtura sponsored breakfast at the Las Vegas Furniture Mart on July 29, 2014. 


Thursday, July 24, 2014

8 Facts about Credit Cards and Car Rental Insurance

It's summertime, and peak season for vacationers and car rentals. Even though most standard auto insurance policies cover rental cars, roughly 20% of consumers always purchase supplemental coverage when renting a car, and 20% do occasionally, according to a study by Progressive. Why? A study by the National Assn. of Insurance Comissioners finds that 62% of consumers don't think their personal auto insurance automatically covers rentals, and 24% aren't sure whether their credit cards provide any coverage.
Most credit card companies offer some sort of free rental car collision coverage, along with other perks. But what exactly does it cover? A recent report by CardHub examines each major card network’s rental car insurance policy and explains what type of rental car insurance coverage consumers automatically receive through their credit cards, how they can take advantage of it, which credit cards offer the best insurance coverage, and whether any other forms of supplemental insurance are needed.

Tuesday, July 22, 2014

10 Tips To Prevent A Boat From Sinking

Summer is the perfect time to take a boat out on a lake or the ocean, whether it is just to soak up the sun with friends and family, waterski or maybe fish. But a fun afternoon on the water could turn into a disaster should corroding parts give way to gradual leaks, and the boat unexpectedly begin to sink.

Unfortunately, when a boat sinks, that is likely the end of her simply because repairs to a sunken boat often cost more than the value of the boat; therefore, boaters want to prevent a sinking at all costs.


Read More!

Monday, July 21, 2014

How to Obtain a Health Plan Identifier (HPID) Under HIPAA

The Health Insurance Portability and Accountability Act (HIPAA) requires the Department of Health and Human Services (HHS) to adopt standards for certain transactions to promote the efficient and uniform transmission of health information. One of the standards is a unique identifier for health plans.
The primary purpose of the Health Plan Identifier (HPID) is for use in standard transactions. In standard transactions, the HPID replaces proprietary health plan identifiers that vary in lengths and formats. The HPID is a 10-digit, all numeric code similar to a credit card number.
In addition, information about health plans and their HPIDs will be available in a public database to facilitate the routing of transactions.
The deadline for health plans, except small health plans, to obtain their HPIDs is Nov. 5, 2014. Small health plans (those with annual gross receipts of $5 million or less) have an additional year to comply, until Nov. 5, 2015.
For assistance in obtaining a Health Plan Identifier, view our Step by Step Guide, which provides an overview of HPID information, as well as step by step instructions for the application process. A System Overview for HPID as well as OEID has been published through the Centers for Medicare & Medicaid Services (CMS), and is also available on their website.
For additional information, please contact your Senn Dunn Employee Benefits Consultant.

Sunday, July 20, 2014

Week in Review July 18, 2014
Last week the Senate approved two important pieces of legislation, renewal of federal Terrorism Risk Insurance Act (TRIA) and National Association of Registered Agents and Brokers Reform Act.  TRIA renewal was critically important to the stability of the insurance markets which is important to our clients.  The intent of NARAB is to allow for a single registration process for agents, this is important for agencies like ours who service our clients in all 50 states.  Link to news article below:
IBA: Senate Approves TRIA and NARAB
As you may know, I serve on North Carolina's Political Action Committee (PAC) for our state association.  In that role, I have been fortunate to meet over the last 6 years with our legislators in DC to discuss the need for these two pieces of legislation.  It is great to see it moving forward and to have been part of the process.

Las Vegas Furniture Market:
I have been invited to speak on Tuesday, July 29th, at a breakfast sponsored by Chemtura to discuss the changing regulatory environment regarding flame retardants in the furniture products space and how that changes the risk profile for companies.  If you are going to be at the Las Vegas market, please let us know so that we can send you an invitation to this event.  Also, I will be attending the market on Tuesday and hope we can connect.

Furniture Today Regulatory & Compliance Summit Video Available
Thank you to Furniture Today for hosting this great event in April of this year and for the video they provided of my presentation.  If you would like to view our discussion on Product Liability Insurance, just follow the link below:
Furniture Today Summit April 2014_K Sherrill
Let us know if you would like to discuss the implications of this presentation as they relate to your business.

Headlines of Note:

The past two weeks have seen two companies announce their plans to leave High Point.  Merz Pharmaceutical and Steelcase will be closing their locations.  While their continue to be positive stories locally and nationally about manufacturing and related industries, it is important to understand that there are still organizations making tough decisions and in the case of Merz, that our community leaders keep improving the business-friendly climate in our area. 

Triad Biz Journal: Steelcase Closing High Point
Triad Biz Journal: Merz Corporate Office Closing

Learning Opportunities:

We were excited to host a packed house for our Employment Law seminar in High Point last week and look forward to seeing you at the next seminar.  The link below will take you to our updated Seminar Schedule.  We hope you will consider this your invitation to be our guest at any of these seminars.
Senn Dunn Seminar Schedule

Have a great week!


Thursday, July 17, 2014

Jennifer Taylor Among Elite Women in Insurance

Senn Dunn Insurance, a Marsh & McLennan Agency LLC Company, is pleased to announce that Jennifer Taylor, Executive Vice President & Branch Director of the firm’s Raleigh office has been named to the list of Elite Women in Insurance by Insurance Business America. This prestigious award recognizes hard work and dedication shown by women in the insurance profession.
Congratulations Jennifer!

Wednesday, July 16, 2014

This week's eTextile Communications newsletter includes announcement that Mike Hubbard will be leaving NCTO and they are closing their Gastonia office to consolidate operations in DC.  The NCTO's efforts to mitigate the risk to US textile operations from the Tran Pacific Partnership (TPP) trade act negotiations is critical. 

Also, a great article on one a knitting machinery manufacturer maintaining a presence in the US.  Link here to the articles:

eTextile Communications Newsletter

Have a good rest of the week.


Weekly Export Risk Report from Euler Hermes highlighting recent statements from fed chair, China economy commentary and also some important dates to watch regarding global economic data/reporting due out in July.  Here's the link to their report:

Euler Hermes Weekly Export Report July 16-2014

10 Most Ridiculous Travel Claims

For many, summertime means vacation time. For insurers, it can mean some strange claims arriving on their desk from vacationers who have found themselves in strange situations.

Here is the top 10 list of the most ridiculous claims ever made, compiled by the U.K.’s Telegraph


Tuesday, July 15, 2014

Top 10 U.S. metro areas at risk for hurricane storm surge damage

More than 6.5 million U.S. homes along the Atlantic and Gulf coasts lie in the path of potential storm surge inundation, representing nearly $1.5 trillion in total potential reconstruction costs, according to the 2014 storm surge analysis by global property analytics provider CoreLogic.

The analysis examined homes along the coastlines of 19 states and the District of Columbia, as far west as Texas and as far north as Maine. The concepts in the survey complement Federal Emergency Management Agency (FEMA) flood zone information to provide a snapshot of potential damage exposure at the property level, as many properties located outside designated FEMA flood zones are still at risk for storm surge damage.


Read the Top 10 here!

Monday, July 14, 2014

Thank You From Your Senn Dunn Team!

Hello from your team at Senn Dunn, a Marsh McLennan Agency!  Thank you for all the support regarding our recent ownership change.  It has been an exciting time for our company.  We have spent the last several weeks internally learning how to take advantage of the additional resources that MMA brings to our clients.  We have a lot to learn, but it has been energizing to all of us.  We look forward to bringing those enhanced resources to you using the local Senn Dunn team that you already enjoy.  It has been a smooth transition so far, and we are working hard to keep it that way.  

Externally, one of the interesting things about our role is that we are very close to the operations of our clients.  Due to the nature of our work, we are very familiar with aggregate payroll changes, staffing changes, and capital investments.   We continue to see good economic indicators from a broad array of industries including construction, manufacturing, and business services.  While each business faces its own competitive pressures, we feel a strengthening of the economy here in the Carolinas.  With those economic changes can come additional exposures. Please remember to connect with your Senn Dunn team early if you are expanding your operations, adding locations, or adding new products or services.  We want to proactively help you manage your risk and cost. 

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Over the next few months and years, you will see us revise our "brand" to incorporate the Marsh logo and colors.  We feel that the combination of the Senn Dunn spirit and the Marsh resources will make for a strong business partner for you now and in the future.  Since 1927, we have  adapted and updated our deliverables to meet your needs.  This merger is one more example of that adaptation!  We sincerely appreciate the support we have received from our friends and clients these past few weeks.  Have a good summer, and thanks again for your business and confidence.  

Friday, July 11, 2014


 Week in Review - July 14, 2014
We hope that everyone had an enjoyable 4th of July holiday and as we celebrated our nation's independence, I was sent a link to the Declaration of Independence which I have included below:

Declaration of Independence - National Archives

The unique experiment in freedom proved to be a defining moment for our country and a review of this document brings historical perspective to this past holiday.

Headlines of Note

McGladrey Data 2014
This is a resource that I have found to be very insightful over the years and is considered by many to be one of the premier surveys regarding the state of manufacturing.  Here is a link to the 2014 edition:
McGladrey Manufacturing and Distribution Report 2014

Furniture Orders Up
TBJ article providing data from Smith Leonard surveys showing continued increase in orders.  This is indicative of the conversations we are having with furniture companies and related industries. 
Triad Business Journal Article - Furniture Orders

More Good News
Three international companies have announced plans to open manufacturing operations in the US, specifically in North Carolina and Georgia. 

SGRTEX (India based) to open in Eden and whose CEO said in the article that Eden is "cheapest place on earth to do business":
SGRTEX Business Journal Article

Sudwolle (German textile company) announced plans to expand with opening of a distribution center in Mount Airy:
Sudwolle Winston Salem Business Journal Article

ShriVallabh Pittie Group (India based textile company) announced plans to open a yarn operation in Georgia.  This would be their first operation in the US.  Local Fox affiliate report link below:
ShriVallabh Fox News Story

Interesting Blog Post from eTextileCommunications discussing the "socially awkward stage" that the textile industry finds itself in today.  Excerpt from the post: "If we're ever going to shake our reputation as a "stale, old" industry, we have to prove this to the general populace, who ultimately is our end user. We have to figure out ways to use social media to prove we're "hip, happening and hiring." - Link below:
eTextileCommunications Blog

Miscellaneous Notes
Useful iPhone tips from
21 Things You Didn't Know Your iPhone Could Do

Learning Opportunities
We continue to receive positive feedback on our various seminars as our guest explore topics around Human Resources, Safety, Claims Management, etc...  A complete list of our upcoming seminars including registration information can be found at the link below:
Senn Dunn Seminar Schedule

Wednesday, July 9, 2014

Top 10 Most Costly Insured Natural Catastrophe Losses in 2013

Natural catastrophes quite often prove the most costly in terms of insured P&C losses, including a wide spectrum of triggers from auto and property damage to business interruption and even supply chain losses.

Insured losses were roughly $45 billion U.S., down from $81 billion in 2012 and below the inflation-adjusted average of $61 billion for the previous 10 years, due largely to a benign hurricane season in the U.S., says Swiss Re in its latest Sigma report on natural catastrophes in 2013.

In 2013 almost 26,000 people lost their lives or went missing due to natural catastrophes and man-made disasters, making the year the 20th most deadly on Sigma records. The number of lives lost was up 83% from the previous year but was well below the yearly average since 1990 of around 68,000 deaths.



Monday, July 7, 2014

Ever wondered just how to insure a fireworks show?

Severe fire risk and a spike in hospital visits every Fourth of July has made just about every aspect of the pyrotechnics and fireworks business difficult to insure. From a fireworks manufacturer to a simple at-home show, most risks bypass standard markets and go straight into surplus lines.

But fireworks are arguably the visual core of the Independence Day holiday, and someone is obviously taking advantage of the market.

Writing through Prime Insurance Company and Lloyd’s of London, Utah-based XInsurance places coverage for pyrotechnicians, at-home shows and commercial firework displays and events, have been at it for roughly 30 years.


Wednesday, July 2, 2014

Top 4 Wedding Insurance Claims of 2013

A wedding has the potential for many unexpected mishaps, such as poor weather and cancellations. And with the average cost of a wedding now exceeding $25,000, couples don’t need to worry about how they’ll pay for any unanticipated costs that arise when their perfect day goes perfectly wrong.

That’s why Travelers offers wedding insurance: to help couples that are oftentimes making their first big financial commitment together to avoid the added costs of unexpected wedding glitches. From the expense of retaking photos or reimbursing lost deposits, wedding insurance can help couples get back on their feet and continue on with a happy and financially secure marriage.


Read the Top 4 Claims here!

2014 Business Growth in Charlotte

Economic growth is on the up-tick in North Carolina, particularly in the Charlotte Metro area. According to an article published by the Charlotte Observer, employment gain is the strongest in NC and new home construction is on the rise as well. This is likely due to the influx of new businesses moving into the area in 2013 and 2014 with other businesses projected to start up or move to the Charlotte Metro area in the coming months. With new businesses come more jobs. Per the Economic Forecast published by Babson Capital/UNC Charlotte, the  economic sectors in North Carolina that are forecasted to experience the largest expected growth in 2014 are agriculture, mining, transportation, warehousing, utilities, hospitality and leisure.  

Businesses require Charlotte business insurance for the protection of commercial assets and liabilities as well as the need for employee benefits to ensure a happy, healthy workforce. Senn Dunn professionals are knowledgeable and experienced in the same businesses projected to boom this coming year: small business, transportation, warehousing, hospitality, and technology.  

Partner with Senn Dunn today or schedule a complimentary consultation to learn more about how we can help protect your business and your employees as well as keep you informed as you grow.