Thursday, August 28, 2014

9 Tips to Help Prepare for Any Disaster

While the phrase “disaster planning” typically invokes images of floods, hurricanes or other fits of Mother Nature, disaster comes in many forms—from the death of a CEO to a data breach or system failure; from workplace violence to the loss of a vendor; from a mechanical breakdown to a top sales rainmaker leaving the company.


Disasters—“events,” in professional parlance—fall into three categories: natural perils (earthquakes, hurricanes, wildfires); manmade perils (fire, terrorism, workplace violence); and technological perils (cyber breaches, software corruption, system failures), says Ken Katz, property risk control director at Travelers. And even small events can cause significant damage.

source: www.propertycasualty360.com

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Monday, August 25, 2014

How Much Credit Score Effects Home Insurance Premiums by State

Homeowners with poor credit pay 91 percent more for homeowners’ insurance than people with excellent credit, according to a study by an online insurance shopping service.

The report by insuranceQuotes.com also found that homeowners with median credit pay 29 percent more than those with excellent credit.


People with poor credit pay at least twice as much as people with excellent credit in 37 states and Washington, D.C. West Virginia’s 208 percent increase is the highest in the nation, followed by Virginia (186 percent), Ohio (185 percent) and Washington, D.C. (182 percent).

The greatest differences between excellent and median credit were observed in Montana (65 percent), Washington, D.C. (60 percent) and Arizona (55 percent).

source: www.insurancejournal.com

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Thursday, August 21, 2014

7 Insurance Facts about the Panama Canal

When the Panama Canal officially opened 100 years ago, it forever changed the face of world maritime commerce and shipbuilding. Today, nearly $9 trillion in seaborne commerce transits the canal, with more than 12,000 vessels making the trip each year. Of them, some 3,100 are container ships, another 2,900 are dry bulk ships, and around 2,500 are tankers.


The canal is 51 miles long and takes 8-10 hours to transit, but the big limitation is its width. Today, the canal can admit ships up to 4,400 teu (twenty-foot equivalent). The teu is basically the size of a standard, 20-foot-long cargo container. With global shipping on the rise, the pressure has been on to make the canal much bigger, to admit more ships, and to admit larger ships.

Source: www.propertycasualty360.com

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Wednesday, August 20, 2014

Senn Dunn Insurance Hire New Director in Greensboro

Senn Dunn Insurance, a Marsh & McLennan Agency LLC Company, announces the hiring of Kelly Kehoe as the Director of Service for the business insurance division of the agency. She brings over twenty years of business insurance experience in both client and operations management as she begins her new position at Senn Dunn. Kelly has industry expertise in the construction, manufacturing and transportation market segments.
 

 

Wednesday, August 13, 2014

Top 10 States for Uninsured Motorists

The estimated percentage of uninsured motorists in the U.S. has been trending down for the past three years, according to new estimates from the Insurance Research Council (IRC) in its "Uninsured Motorists, 2014 Edition" study. In 2003, a cyclical high of 14.9% of drivers were uninsured, while the IRC’s most recent findings show the ratio has fallen to 12.6%. Nationally, the number of uninsured peaked at 29.9% in 2009 and moderately declined thereafter to 29.7 million in 2012.


Discounting fatalities and total permanent disability claims, the IRC estimates that $2.6 billion was paid in the U.S. on 2012 uninsured motorists claims. Despite the declining trend in uninsured rates over the last decade, this amount has increased 75% over the last 10 years, translating to $14 per insured individual in 2012.

source: www.propertycasualty360.com

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Monday, August 11, 2014

Smartphones Not All That Security Smart

Security researchers revealed two separate threats last week they say could put up to 90 percent of the world’s 2 billion plus smartphones at risk of password theft, stolen data and, in some cases, let hackers take full control of devices.

One vulnerability involves flaws in the way scores of manufacturers of Apple, Google Android and Blackberry devices, among others, have implemented an obscure industry standard that controls how everything from network connections to user identities are managed.



The threat could enable attackers to remotely wipe devices, install malicious software, access data and run applications on smartphones, Mathew Solnik, a mobile researcher with Denver-based cyber security firm Accuvant, said in a phone interview.

A separate threat specifically affecting up to three-quarters of devices running older Android software has been unearthed by researchers at Bluebox Security of San Francisco.

source: www.insurancejournal.com

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Thursday, August 7, 2014

Protect Your College Student's Possessions

Do you have a young adult heading off to college in the fall? College can be a fun time for the student but a stressful one for the parent. Reduce some of the stress by planning ahead to make sure your college student has appropriate insurance protection while away at school.


Insurance companies cover full-time students under age 25 in various ways. You’ll want to consult your agent with questions about your specific policy and situation.

There are three basic ways a student may have coverage.

Source: http://blog.cinfin.com

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Wednesday, August 6, 2014

Expect More Tech Glitches in Year Two of Obamacare, Official Says

Producers haven’t seen the back of the technological glitches that plagued the inaugural year of health insurance exchange site Healthcare.gov—at least not yet.

That’s the message from one Obama administration official this week, as the country’s health insurance agents and clients gear up for this year’s open enrollment process. Andy Slavitt, the principal deputy administrator of the Centers for Medicare and Medicaid Services (CMS) told Congress the site “won’t be perfect” in November, nor “fully ready.”


“It’s a bumpy process at times,” admitted the former UnitedHealth Group executive during a congressional hearing. “We’ve got committed people who by-and-large are doing a good job. There will certainly be bumps.”
 
source: www.ibamag.com
 

Monday, August 4, 2014

Marsh & McLennan Agency Cyber Survey

You are invited to participate in the 2014 Cyber & Data Security Risk Survey!

2014 CYBER & DATA SECURITY RISK SURVEY: GATHERING DATA TO SHARE KNOWLEDGE

THE NEED FOR RELEVANT INFORMATION

When cyber-criminals hit big-name companies, the media love covering the fallout. As these headlines persist, expert studies and reports are created to help explain the ins and outs of cyber risk for the very large employer.
 
But investigations into what smaller and midsize companies think about the issue and what they’re doing to protect themselves are few and far between.
 
That should change.
 
That’s why we’re doing this survey, because your company is different than the Fortune 100 employers grabbing headlines. Your opinions and business processes are different, and so are your needs.

SURVEY DETAILS:

We need data, and that’s where you come in. If you share with us your thoughts on cyber risk, we’ll share with you what we learn. As a survey participant, you’ll be among the first to get this meaningful information.

Your answers will remain confidential, of course. And we won’t share any identifiable information with anyone outside our organization.
 
You don’t need to locate any special information ahead of time, and we’re not asking for company secrets. Just tell us what you think.
 
Please take 10 minutes—probably even less—and fill out our brief survey today.

By participating, you’ll learn:
  • The prominence of cyber liability insurance
  • Common risks facing similar employers
  • Protections being used by other employers
  • Typical levels of exposure for most employers
Participate if you are:
  • A midsize or small public, private or nonprofit organization (basically, any non-Fortune 1000 employer)
  • Involved in purchasing insurance
  • A company executive or owner