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Archive for May 2012

Hurricane Season is coming. How long does it take to get Flood Insurance?

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In case the East Coast did not learn anything from 2011, here we are at the start of the traditional hurricane season.  We at GBW Insurance are busy going to seminars about hurricane preparedness and the National Flood Insurance Program (NFIP).  If you’re not ready, or would like some suggestions, head to our page of advice and connections (click here).

And the answer is… most of the time it takes 30 days to get Flood Insurance.  And insurance companies shut off new and addtitional business about 48 hours before a hurricane hits.  So neither the NFIP nor private companies are available just before a hurricane arrives.  Plan ahead.  We can help.  1-800-548-2329

Written by gbwinsurance

May 23, 2012 at 3:26 pm

What’s the state of Workers’ Compensation?

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Here’s a link to a presentation by the National Council on Compensation Insurance (NCCI) Chief Actuary in May 2012.  In a word, nationally results are bad for the insurance companies and Workers’ Compensation rates will be rising.  https://www.ncci.com/Documents/AIS-2012-SOL-Presentation.pdf 

In summary, losses are rising, expenses are not improving, medical costs keep rising even though lost time claims are not, and even with price increases insurance companies are losing money.

If you have questions about Workers Compensation in New Jersey, see our primary site at http://www.gbwinsurance.com/workers_compensation or call us at 1-800-548-2329