If you assign the benefits of your insurance policy to a contractor, you lose control of your claim and many other problematical issues may occur in resolving your claim. Please contact your insurance carrier prior to signing any document from a third party vendor if it references your insurance policy benefits! Once you sign it, it’s too late!
Please see this educational video that was produced by the Florida Association of Independent Agents.
Cyber hacks are on the rise and you must have a Cyber Liability policy to be protected.
The third party vendor Sacred Heart Health System uses for it billing Operations was hacked which compromised health information of about 14,000 patients according to this New Herald Article.
How does cyber liability work for customers in similar situation?
When there is a breach in data, company that had the breach must comply with state required remediation and notification of breached individuals and potentially offer credit monitoring.
Below is an outline of coverage that can respond on behalf of insured at the time of a cyber-breach of their business.
1. Provides Risk Management & Loss Prevention Program prior to a loss
2. Offers Third Party Liability for Network & Information Security, Communications and Media Liability and Regulatory Defense Expense
3. Offers Crisis Management Event Expense, Security Breach Remediation and Notification Expense and Computer Program and Electronic Restoring Expense
4. Offers coverage for Computer Fraud, Funds Transfer Fraud, and E Commerce Extortion
Don’t let hackers be an administrative burden to your business!
Review your insurance policies and check the limits on the policies. Make sure the limits are enough rebuild your property if you were to have a total loss.
http://online.wsj.com/articles/protecting-your-home-from-disasters-1401485891
Blackwell Insurance COO Tina Blackwell was recently asked by the Panama City News Herald about the issue of flood insurance for Florida homeowners. Here is an excerpt from the published article.
South Florida homes aren’t the only ones seeing rate spikes. One local home’s flood insurance premium jumped from $3,300 to $26,000, said Tina Blackwell, chief operational officer at Blackwell Insurance in Panama City .
Blackwell said the soaring rate was an “extreme case” and the home was purchased after July 2012.
She said homes seeing the eye-popping rate increases were bought after July 2012, when Biggert-Waters was passed, and are in certain classification of flood zones.
“The increase happened at the renewal this year,” she said, after Biggert-Waters took effect Oct. 1.
The homeowner was not happy, but Blackwell said she searched the private insurance market and will secure a policy for less than than $13,000.
For years, the federally subsidized flood insurance market undercut private insurers, essentially pushing them out, but Blackwell said the skyrocketing premiums are generating more private options.
Blackwell said locals can avoid a flood insurance nightmare by knowing a home’s base flood elevation before buying or raising the foundation before building.
“That’s the best way people are going to be able to protect their assets,” she said.
For as little as $1000 in premium, your company can be protected.
Read this article on CNN regarding Cyber Risk Liability.
Read more about our Cyber Risk Liability Insurance Coverage.
Read this great article by state Sen. David Simmons and state Rep. Bryan Nelson answering this very common question.
See the recent video on WJHG featuring Tina Blackwell of Blackwell Insurance in Panama City, Florida.
Many Affected by Lack of Flood Coverage!
Please find link attached which is an article from the Wall Street Journal reporting the devastation of hurricane Sandy and the driver of losses is caused by the Peril of Flood. Many of those impacted by damage did not purchase a flood insurance policy.
http://online.wsj.com/article/SB10001424052970204712904578092743393773424.html
Over 30% of Flood Losses occur in non designated flood zones and flood is a separate insurance policy that must be purchased and renewed every year.
Be prepared – buy flood insurance!
When I am in a meeting and people ask what is the best risk management advice I can provide to a business or individual I tell them the following three things:
1. The best risk management plan for natural disasters is to make sure that you have purchased FIRE, WIND & FLOOD INSURANCE prior to a storm
2. Take pictures and or video of your insured property inside and out
3. Heed evacuation warnings
1. Get your insurance policies out so that you will have your policy number and the claims hot-line information ready if needed
2. Take photos and or video of your property inside and out prior to storm and upload on line or e mail so that information can be easily sent to a claims adjuster
American Red Cross App Available!
American red cross has created i phone and android app for residents in hurricane-prone areas. The app provides users with the means to prepare for a hurricane or severe storm situation. The app even includes location based weather alerts from NOAA!