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Insurance problems and cures

Archive for April 2010

Insurance Losses from Spring Storms

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We were asked what were the majority of losses that were not covered after the March storms.
The wind related losses were generally covered. Business property and homes almost always (and we hope for our clients, always) have coverage for damage caused by wind and wind driven objects. Some homes had trees fall without damaging the house or blocking access. In that case, with most home coverage, there is little or no coverage. But damage to your home or a neighbors, and to some extent when access is blocked, should be covered.

A few of our clients did not have coverage for backup of sewer and drains. It doesn’t make us feel any better to know that we have offered it to every client; but not everyone takes it. Backup of sewer and drains coverage costs about $25 annually for every $5000 of coverage. It is designed for just what it says. And that is not covered by basic Homeowners insurance without adding the backup endorsement. Some idiot agent was on tv recently saying that all Homeowners policies covered backup. Not true. Some throw in a bit of coverage, most can be endorsed, but don’t count on it unless you know you bought it.

Congress Re-authorizes Flood Insurance – Only through the end of May

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Here’s the notice we just got from Travelers as a servicing company for the National Flood Insurance Program:

“Dear Travelers Agents,
We are pleased to report that the National Flood Insurance Program (NFIP) has been reauthorized to May 31, 2010. The bill that was passed by Congress and signed by the President includes retroactivity to March 1, 2010.
This means that Travelers Flood can resume processing transactions using the dates that items were received during the lapse for calculating effective dates. The National Flood Insurance Program waiting period rules will be used to determine all effective dates. We will resume sending renewal offers and will also send those renewal offers that were being held during the lapse.
Because Congress made the bill retroactive, Travelers will be allowed to go back to fix transactions that were impacted due to the lapse. March 1st and 2nd can now be used in determining effective dates according to the National Flood Insurance Program waiting period rules.
Travelers will continue to work with industry trades, legislators and FEMA to help support a longer term reauthorization of the NFIP prior to the expiration on
May 31, 2010.”

Green Construction – Insurance issues

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Insurance companies are bringing out “green” construction coverages.   CNA introduced a “EcoCare Property Upgrade Extension Endorsement”  to allow property owners to rebuild “green” after a loss.  And other carriers have done the same.  Here’s a link to an article on the topic.  Do you think “green” buildings are less likely to suffer losses?

http://www.greenbuildingfocus.com/default.aspx?id=1018 

Here’s another perspective.  http://ohiogreenbuildinglaw.com/2010/02/26/current-trends-in-green-building-insurance/

GBW Insurance 800-548-2329

Written by gbwinsurance

April 12, 2010 at 12:04 pm

A change from flood insurance – Solar Energy

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Installation of solar panels on homes has become more popular, especially with the tax credits available. Here’s a link to an engineering company that does installations. We’re linking to them because 1) we know a client who said their brand new installation held up in the recent wind storm while other people’s panels were blowing down the street. And 2) their web site is helpful in reviewing how such installations work. 3) they do seem to give more complete help in getting the project done. Entech Energy.  But the first point is really important.
http://www.entechgroupinc.com/energy/solarhome.html

http://www.gbwinsurance.com 1-800-548-2329

Written by gbwinsurance

April 5, 2010 at 10:10 am