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Insurance problems and cures

Archive for May 2010

Flood Insurance expires again

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We’re getting pretty tired of Congress (that’s probably a general small business comment). Once again they have let the National Flood Insurance Program (NFIP) expire, leaving people who need flood insurance twisting in the wind. Here’s a quote from Travelers Insurance, which services part of the program.

“It appears that Congress will be adjourning without passing a bill that will reauthorize the National Flood Insurance Program (NFIP) beyond May 31, 2010. This means that the program WILL EXPIRE at midnight on May 31, 2010.
The Senate is not due to vote on the bill to extend the NFIP until at least Monday, June 7, 2010. This means we will be faced with another lapse in statutory authority to issue or renew flood insurance policies pursuant to the NFIP. Based on past experience, this lapse means that we will be unable to issue any new or renewal flood policies, or make coverage changes on existing flood policies after May 31, 2010.
PLEASE NOTE – In order for New Business, Renewals or policy changes to be effective, payment MUST be received BY TRAVELERS before midnight May 31, 2010.
FEMA has advised us to pend premium transactions received after May 31, 2010, until, and if, Congress and President Obama pass and sign the bill that re-authorizes the NFIP. New and renewal policies or coverage changes will go into effect at the earliest date, which is consistent with the receipt of premium and waiting period rules of the NFIP and the expected extension of authority for the NFIP. For applications made in connection with a mortgage loan, if the extension of the authority to issue flood insurance policies under the NFIP is granted retroactively, new policies will be issued effective as of the date of the loan closing. Additionally, if Congressional extension is granted retroactively, any claim for insurable losses suffered from the effective date for the policy term will be honored by the NFIP, even if the authority is granted after the date of such losses.
Please note that policies or coverage changes will only be effective if the extended authorization of the NFIP becomes law, which is expected. If Congressional extension is not granted within a reasonable period, premiums will be refunded. In this event, the requested coverage will not go into effect and no coverage will be afforded. “

Written by gbwinsurance

May 27, 2010 at 2:57 pm

Controlling Workers Compensation costs

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This is an excellent article in a good blog. Focused on medical case management.

Landlord default and implications for Tenants

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Mark Twentyman (mtwentyman @ raised some excellent and disconcerting points about what happens when the Landlord goes under. Tenants should be examining their leases to see what happens to the lease and their rights.

Written by gbwinsurance

May 12, 2010 at 7:06 pm

What can kill a small business, and is insurable?

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1) Being sued. Even mid-size businesses have trouble visualizing that a slip and fall case can put them out of business.
1 a. Physical injury. Especially from driving a vehicle on business.
b. Product or installation problem.
c. Professional service problem
d. Employee practices problem. (See an attorney about keeping your 1099 relationships straight.)
2) Inadequate insurance limit for the business’ property.
2 a. Building cost to replace increased or space added without telling insurance company.
b. Content or merchandise values increased and were not increased on the policy.
3. You changed your business or took on more risk and did not realize it or tell your insurance advisor.

4. Death or disability of an owner or key employee.

5. You did not stop to think, once a year at least, about what could happen. For example, damage from surface water is not covered in many cases. Easy to fix but tough to take the loss if you don’t stop to think.

Written by gbwinsurance

May 6, 2010 at 10:04 am

Questions for automobile insurance

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Here’s an article on Money about questions you should, but most people don’t, ask. They left out an important one: Do I have enough liability insurance to protect myself?

1-800-548-2329 or info

Written by gbwinsurance

May 6, 2010 at 9:45 am