John M. Biggio Lighthouse Weekly - Issue #14

Article of The Week

Insurance needs are often overlooked in the last-minute scramble. But relying on existing coverage — or a lack of it — can end up costing families during the college years and perhaps beyond. Parents don’t need to buy all kinds of additional insurance as they pack the kid off to college. But they had better at least review their coverage to know whether they’re prepared for that stolen iPad, trip to the emergency room or worse.
Don't Forget Insurance With College-Bound Kids

Automobile

No matter how carefully you drive, it's not always possible to avoid unpleasant encounters with the abundance of jerks you'll find on the road. Sooner or later, you're bound to have interactions with drivers who cut you off, are screamers, or refuse to give up their insurance information following a collision. Here are some tips on how to deal with them.
How To Deal With Jerks On The Road

Homeowners
Whenever hurricanes approach, nervous residents reach for their insurance documents to better understand how well they're protected against damages. Understanding the basics of how you're protected can provide some peace of mind now and help you make informed decisions in the future.

How Hurricane Insurance Works

Commercial Line

With the recent downturn in the real market, investment purchases of rental property are actually on the rise. Many people turn to real estate to increase their assets and wealth.  Owning investment property makes you a business owner.  Every business needs to protect its assets and reduce the owners from personal risk.  This is done with the purchase of landlord insurance.

Landlord Insurance

John M. Biggio Lighthouse Weekly - Issue #13

Article of The Week

Commercial property/casualty insurance rates continued to rise in July, increasing 4% on average compared with those of a year earlier, according to a report released Monday by MarketScout.
Property/casualty insurance rates increase in July: MarketScout

Automobile

The first "driverless cars" now are hitting the highways, aiming to reduce accidents and make traveling safer. Fewer accidents should lead to lower car insurance rates. But who will be "at fault" if an automated car causes a crash?
It Wasn't Me, It Was My Car!

Homeowners

The following list is courtesy of A.M. Best. Rankings are based on direct premiums written for homeowners multiple peril insurers.
The Largest Home Insurance Companies By Market Share

Commercial Line

Two out of five drivers admit they've fallen asleep at the wheel, according to the AAA Foundation for Traffic Safety. One in 10 drivers acknowledged doing so in the previous year. Knowing that a one-ton vehicle could crash into you at any given moment because of an exhausted driver is scary -- but what if that driver was operating a semi-truck weighing more than 30,000 pounds? If a commercial truck driver were to cause an accident after falling asleep at the wheel, the result likely would be catastrophic. With this in mind, officials are proposing stricter rules for commercial drivers.
Proposed drowsy driving rules target truckers

John M. Biggio Lighthouse Weekly - Issue #12

Article of The Week

Tower Group, Inc. (NASDAQ: TWGP-News) today announced that it has exercised its previously announced option to combine with Canopius Holdings Bermuda Limited and Canopius Bermuda Limited (together, “Canopius Bermuda”), the Bermuda reinsurance business currently operated by Canopius Group Limited (“Canopius Group”). The merger with Canopius Bermuda will enable Tower to create a global specialty insurance company with greater diversification supported by an efficient international holding company structure and should enable Tower to increase its profitability.
Tower Group, Inc. Announces Execution of Merger Agreement with Canopius Holdings

Automobile

I guess we shoulda known by the way you parked your car sideways that you like to drive fast. So we performed a review of high-performance cars and the cost of auto insurance, Insure.com has found some insurance bargains among cars that deliver quick acceleration. And you say, “What have I got to lose?” Not much -- you can drive a powerful auto without paying top dollar for your coverage.
Baby you're much too fast: Speedy cars with the cheapest insurance

Homeowners

These days, saving money is a top priority, including when it comes to homeowners insurance quotes. You bought that policy to protect one of your most important assets and to save money in the long run. But that doesn't mean much if your policy has a lot of hidden coverage gaps.
Look for Homeowners Insurance Gaps, Advises InsuranceAgents.com

Commercial Line

Spurred by the economic downturn, some businesses are being dishonest. When applying for business insurance or workers' compensation coverage, businesses are required to provide detailed information (number of employees, jobs being performed, location) so that the insurer can accurately assess the risks -- and determine premiums. But insurance is expensive -- and some businesses try to lower their premiums by not giving insurers the full story. This is known as premium fraud.

To Dodge High Premiums, Some Businesses Stretch The Truth

John M. Biggio Lighthouse Weekly - Issue #11

Article of The Week

Nearly two-thirds of homeowners are underinsured. Make sure you're not one of them. Hunkered down at home in Great Falls, Va., during the blizzard of 2010, Doug Colley and his wife, Christina, discovered a sparking surge protector that quickly set their bedroom on fire. Engulfing smoke drove the couple out into the cold with only their coats and Christina's purse. Fire trucks from several area firehouses responded, but they couldn't reach the house because 3 feet of snow covered the couple's half-mile-long driveway. The Colleys watched as the fire consumed their home of 32 years and, along with it, a lifetime of belongings.

Upgrade Your Home Insurance

Automobile

Cruising down a desolate two-lane highway in an unknown town, the needle on the speedometer is pushing 55 miles-per-hour when the cell phone on the dashboard vibrates. It's a text message: "Who is your favorite athlete and what sport do they play?" Around a corner there's a red SUV stopped in the middle of the road. At this speed, the brakes lock. There's no time to swerve, and little time to brace for the impact of the high-speed rear-end collision. It would have been an ugly wreck...had it been real.
Local Teens Get Crash-Course In Distracted Driving

Homeowners

Between the Colorado wild fires, Tropical Storm Debby and the record heat wave, Americans have already been faced with Mother Nature's fury quite a bit this year. A fire or a flood may not have destroyed your home in 2012, but nobody knows what's coming in the future. Because of that, it's important to plan for how a natural disaster may affect your finances. Here are a few ways to prepare for an event you hope will never happen.

5 Ways To Financially Prepare For A Natural Disaster

Commercial Line

Investing in a company-owned fleet or hiring drivers who provide their own vehicles is among the many choices facing delivery businesses. Whether your company delivers pizza, flowers or restaurant supplies, this decision can affect business insurance premiums, as well as how much you can afford to pay your drivers. When it comes to delivery businesses, there are many risks to insure. Drivers often are required to work alone and drive at night. According to the U.S. Bureau of Labor Statistics, truck drivers and driver/sales workers accounted for one of every six job-related deaths in 2007.

Commercial Auto Insurance Covers The Vehicles That Drive Your Business

John M. Biggio Lighthouse Weekly - Issue #10

Article of The Week

Having to make a car insurance or home insurance claim is never a good situation — it means you've experienced damage or loss, possibly significant. Don't make matters worse by taking the wrong action. Below are common ways that policyholders shoot themselves in the foot.
Don't Do That! Actions That Will Wreck Your Insurance Claims...

Automobile

Asking the right questions when you get car insurance quotes can save you money and frustration. For one reason or another, your agent may not always discuss your policy in excruciating detail. They assume you'll read it. But if you're like most people, you'll park it in your filing cabinet and forget about it. We asked insurance agents across the country to give us their tips. Here's what they said customers should ask their insurance agents, but often don't.
5 Questions to Ask Your Auto Insurance Agent

Homeowners

In today's economy, having a roommate may seem like an ideal solution for a stretched budget. Your main concern about roommates may be whether they can pay their share of the household expenses, or if you'll get along with them. MSN Real Estate has created a survival guide for those who decide to share a home. However, before taking that step you should consider how having a roommate may affect your auto, homeowner or renter’s insurance.
Why You Should Tell Your Insurer About Your Roomate

Commercial Line

According to the National Safety Council, slips-and-fall accidents are the third leading cause of injury to customers and employees every year. They cost American businesses $70 billion annually, in the form of workers' compensation and insurance claims. While most accidents are just that, there are some fraudsters who actually make a "living" from claiming false injuries took place at a business and then suing for damages and compensation.

Slip And Fall Fraudsters Milk Businesses For Insurance Payouts

John M. Biggio Lighthouse Weekly - Issue #9

Article of The Week

If you were recently married or you're busy making plans for what will be one of the most memorable days of your life, there might be one important action that many people forget yet it's vitally important. Studies show that one third of all brides will lose their wedding ring at some point, and since the wedding ring is one of the most valuable pieces of jewelry most people own, insuring it should be on the pre-wedding to-do list. Even if it's not wedding-related, if you have jewelry that is valuable, it's important to have it insured, and your homeowners insurance policy may not be enough.
Making Sure Your Jewelry Is Insured

Automobile

I was the bearer of bad news in my last column when I passed along this advice from insurance experts: When renting a car while on vacation, purchase the rental company’s extra insurance, despite the added cost. But several of you weren’t convinced. “For your follow-up, can you address the added coverage that American Express offers?” wrote reader Scott Boyages. “They claim that it's equal to the coverage you get if you take the rental company's insurance. Curious whether it actually does.” We’ll do our best today to explain how major credit cards may or may not protect you when renting a car. Plus, as promised, the lowdown on renting Zipcars and moving vans.Credit Cards Offer Some Extra Rental Coverage...

Homeowners

No matter what type of home insurance policy you buy, there's a list of common "perils" that most insurance companies will not cover.
Test your insurance IQ. Do you know which of these scenarios is not covered by your policy?
A) A car careens off the street and drives into your living room.
B) A skunk gets into your house and now everything you own stinks.
C) A foreign army invades the United States, destroying your house in the process.
Answer: You're not covered if an invading army destroys your house (acts of war are excluded), but you are covered if your house is hit by a car or perfumed by a skunk.
Knowledge is your best defense when you have a possible home insurance claim. Knowing exactly what your homeowner insurance policy covers and excludes also helps you determine whether you need to purchase additional coverage for your circumstances.
Home Insurance Exclusions: What Your Policy Won't Cover

Commercial Line

In the 21st century, preparing for cybercrime is just part of the cost of doing business. As governments around the world scramble to protect their own IT assets against "cyberwars" (and sometimes initiate similar offensive measures), business leaders in the private sector are worrying about legions of unaffiliated hackers who can attack from the comfort of their living rooms.
Get Insurance To Protect Your Business From Cyber Attacks

John M. Biggio Lighthouse Weekly - Issue #8

Article of The Week

The U.S. Fire Administration reports that each year more than 8,000 Americans experience fire-related injuries or damages and more than half of those take place during the first week of July. In 2005, approximately 10,800 people made emergency room visits to treat firework-related injuries. The U.S.F.A. also estimates that cooking grills alone are responsible for approximately $35 million in property loss. Fifty-nine percent of fires caused by fireworks occur during the Fourth of July holiday. While property loss from fires related to fireworks may be fewer (because this activity typically takes place outside in open fields or near water), the past year’s dry weather raises the fire risk.
Fun On The Fourth = Fire Risks Are More Abundant

Automobile

When I’m on vacation, the last thing I want is a delay at the airport car-rental office, so I fly through the paperwork, automatically checking “no” when asked whether I want rental insurance. I figure the question is redundant anyway, as state law says my personal automobile insurance is supposed to cover me, even when driving a rental. Why waste time and money on insurance I don’t need?
When Renting A Car, Best Insurance Is To Read Fine Print

Homeowners

Congress on Friday approved a 5-year extension to the National Flood Insurance Program, which covers 5.6 million people. Failure to renew the program would have been a blow to the fragile housing market because potential homeowners in flood-susceptible areas would be unable to close on mortgages or refinance loans. A two-month lapse in the program in 2010 resulted in some 1,400 home sales a day being cancelled.
Congress Votes To Keep Flood Insurance Program

Commercial Line

Business owners know that their business insurance coverage has their back when property damage, bodily injury and liability are concerned. But their coverage might be limited when it comes to certain rare, but still costly, scenarios.  For instance, if a business property is so badly damaged that the owner must close its doors while it's being repaired, business interruption coverage would cover costs of operating in a temporary location. But if business is interrupted because of a product recall, that business owner would need additional coverage. Some specialty business insurance companies offer coverage for non-traditional risks, from recalls to terrorist attacks to intellectual property risks.
Make Sure Your Business Insurance Covers Everything That Can Go Wrong

John M. Biggio Lighthouse Weekly - Issue #7

Article of The Week

With most home insurance, you are required to prove that your personal property claim happened due to one of the named perils listed on your policy. However, there are premium policies where the only way you won't get reimbursed for personal property damages is if the peril is specifically exempted from your policy.
With HO5 Insurance, You're In Charge

Automobile

According to the Insurance Institute for Highway Safety, 16-year-olds are the riskiest drivers on the road -- and the most likely to get into car accidents. So it shouldn't come as a big shock that adding a teenage driver to your automobile insurance policy will cause your insurance premiums to rise. Click through to find the biggest issues facing parents of teen drivers.
Top Reader Questions About Insurance For Teen Drivers

Homeowners

The basic goal behind buying insurance is to make you financially whole following a loss. You agree to pay a (relatively) small fee to an insurance company today, causing a small but certain loss to you now, in exchange for a guarantee from the insurance company that it will bear the burden of a large but uncertain loss in the future.
The Importance Of Property Insurance

Commercial Line

The April 2011 wildfires in Texas left millions of dollars in property losses in their wake -- as well as untold devastation for homeowners, renters and businesses. Yet the right insurance coverage and property modifications can help business owners rebuild and bounce back.
A Business Owner's Guide To Wildfires

John M. Biggio Lighthouse Weekly - Issue #6

Article of The Week

Many renters do not realize they have so much to lose, whether it is personal belongings or financial loss due to legal liability. If you do not already have renters insurance, you may question its importance and the coverage it provides. Check out some common questions and answers below. You might be surprised to learn just how much you risk losing without proper insurance for both your personal liability and your personal belongings.

Questions Answers About Renters Insurance

Automobile

Auto Insurance Bodily Injury (BI) Liability and Property Damage (PD) coverage is Legally required in most states today. (BI & PD) Most people understand that they need BI & PD, but they have no idea how to determine how much coverage they need.
Determine How Much Coverage Your Autos Need

Homeowners

This morning I awoke to the sound of a loud fire engine siren signaling a strong warning. It was code, I later learned, for all firemen out. The home they had been trying to save had gotten too hot, and their mission shifted from trying to save the structure to trying to contain, and eventually put out, the fire before it spread to the neighbors’ lots.
A Wake Up Call To Homeowners Insurance

Commercial Line

Becoming a corporate businesses allows home-based businesses to take advantage of benefits originally designed for larger companies. Even small businesses, such as those that produce incomes around $50,000 (or, in Canada, anything over $30,000), can benefit from incorporation. Incorporation can build legitimacy for a business and its services. For the sole proprietor business, incorporation also provides benefits by reducing personal liability or income taxes.
Shouuld You Incorporate Your Business?

John M. Biggio Lighthouse Weekly - Issue #5

Article of The Week

It's impossible to predict whether you might lose a lawsuit resulting from a car accident or an accident on your property. Nor is it possible to predict the amount that might be awarded to the winning party, an amount that you would be responsible for paying. To protect yourself against the possibility of devastating financial loss from these unforeseen events, you may want to purchase an umbrella policy.

It's Raining Lawsuits: Do You Need an Umbrella Policy?

Automobile

Most of us believe that in order to drive an automobile in America, we have to show proof of auto insurance, and in most cases that's true. According to the Discovery Channel, there are approximately 6.2 million automobile accidents each year in America. On average, an accident involves two drivers and one passenger making the total amount of people involved close to 18.6 million. This means that there is a one in 16 chance that each of us will get into an accident in any given year.

What You Don't Know About Auto Insurance May Cost You

Homeowners

Here are some factors to consider when purchasing home insurance.  All of these factors can and will have an influence on the price you pay for home insurance.
Factors That Can Affect the Price of Your Homeowners Insurance

Commercial Line

When you start a home-based business, buying insurance may not be your first priority, but you cannot afford to ignore it either. When the unexpected happens -- and it will -- having insurance coverage may mean the difference between the success and failure of your home-based business. You may not require all types of insurance listed here, but taking some time now to consider your insurance needs can save you money and headaches in the future. Ultimately, after reading this article, the best way to determine your complete needs is to consult with your insurance agent. Explain to them the details of your home-based business and he or she should be able to determine the best insurance coverage for you (and any employees).
Home-Based Business Owners, You Need Insurance

John M. Biggio Lighthouse Weekly - Issue #4

Article of The Week

Many of the big insurance companies price their insurance rates to attract a particular segment of the market. They usually price their insurance to attract homeowners who need to insure not only their cars, but also their homes and their lives (and other things). Many other companies can beat them on price if it's left to a head-to-head price check on a single line of insurance (such as auto or home), but these big companies want customers who will stay with them for years instead of shopping around for a better deal every six months. To accomplish this, companies give the best deal to clients who will use their company to insure all three main lines of insurance, as people who buy one type of insurance usually have additional items that need insuring and end up paying much more in total annual premiums than the single-line customer who only insure a car or a house.
Bundle Your Insurance For Big Savings

Automobile

Due to the litigious nature of our society and the rising cost of vehicles, car insurance rates are hefty throughout the nation. The bad news is that insurance isn't likely to lessen in price any time soon. The good news is that there are things that you can do to minimize increases and/or lessen the burden on your wallet. Let's take a look at 12 tips you can employ to save your driving dollars.
12 Car Insurance Cost Cutters

Homeowners

Claims adjusters, agents and other insurance professionals get a firsthand look at all the things that can go wrong at home. They see everything from catastrophic events -- like major storms -- to more common problems, like dryer fires, burglaries and plumbing leaks. When you see similar claims cross your desk every week, you begin to rethink your own family’s habits.
When insurance pros go home for the day, they implement their own techniques for reducing the chance of mishaps.
8 Ways Insurance Pros Protect Their Homes

 

Commercial Line

It’s normal to have questions regarding the type of coverage your business requires. Commercial business insurance covers a broad spectrum of protection that includes your property, you and your employees, and your liability. With a start up, it’s possible as the owner you have personal assets on the line.  As you begin to understand and put the pieces together, it is important to remember the ultimate goal is to make sure you are never underinsured or exposed in the event of an incident or disaster.  Let’s look at the basics of small business insurance.
Let's Look At Small Business Insurance Basics

John M. Biggio Lighthouse Weekly - Issue #3

Article of The Week

Throughout the entire world, there are many people who rent a home from a landlord. The cost of purchasing a home of your own is quite high, and for many people, the cost is simply too much. There are people who could afford to own a home, but they don`t want the extra responsibilities and costs associated with one, so they rent instead. Despite the reasons for renting your home, as a renter you have a variety of responsibilities that are quite different than those of your landlord, especially when it comes to insurance. So who is responsible to cover each of the areas of the home? Let`s take a look.

Renters Insurance - Who’s Responsible For What?

Automobile

One of the stickiest myths around factors affecting car insurance premiums is that of color. According to that myth drivers of red or back vehicles are more likely to face higher premiums than others, may it be due to a higher propensity to accidents or speeding tickets. Despite serious research on the subject rumors don’t end. A new study released last week on behalf of autoTRADER.ca now stresses again the connection between car colors and driver personalities.

Car Color Insurance Rate Myths

Homeowners

Know your coverage, and know it now. That was the advice of State Farm Agent Bruce Woods, who said he has experienced every peril insurable, just short of an earthquake. When it comes to hurricanes, Woods said, homeowners should put a review of their insurance next to "pay taxes" on their list of April must-dos. "Review your current plan, and if you don't have one, start one today," he said. "Do not put the planning off."

Agent to Homeowners: "Review Policy Before Disaster"

Commercial Line

Just as your personal auto insurance policy covers you in the event of an accident when you are driving for personal reasons, commercial auto insurance covers you in the event of an accident when you are driving for business reasons. Commercial auto insurance also protects business owners when an employee is involved in an auto accident.

Who Needs Commercial Auto Insurance?

John M. Biggio Lighthouse Weekly - Issue #2

Article of The Week

Massachusetts Attorney General Martha Coakley and state lawmakers are seeking to close a loophole in the state’s drunk-driving law (Melanie’s Law) that was brought to light in a recent court decision. Responding to a Supreme Judicial Court decision issued last …

Mass. AG Coakley Seeks to Close Loophole in State’s Drunk-Driving Law

Automobile

Early adopters of electric vehicles have to dig deep into their wallets to make the purchase, but some are reaping unexpected savings on their insurance bills. Insurance premiums vary widely based on driving history, local crime and vehicle theft rates, but experts said owners of vehicles such as the Chevrolet Volt and Nissan Leaf can generally expect a lower insurance premium.

Some Electric Vehicle Owners Find Savings on Insurance

Homeowners

Personal Excess Liability Policies (PELPs), more commonly known as Umbrella Policies, ...Umbrella policies pick up where your homeowner. ... When you raise your deductibles, the cost of the insurance goes down and that...

The importance of an Umbrella Policy - Managing Your Money

Commercial Line

Sometime between now and the end of next year, agents are likely to begin hearing from customers about changes in their workers compensation premiums. Tens of thousands of employers can expect potentially significant increases in their workers compensation premiums based solely on a change the National Council on Compensation Insurance is making to its experience rating plan…

Workers Comp Premiums Likely to Rise

John M. Biggio Lighthouse Weekly - Issue #1

Article of The Week

Federal officials are putting fresh pressure on Congress to take action on the National Flood Insurance Program, whose authorization expires at the end of this month, one day before hurricane season begins. The NFIP has been a …

Flood insurance debate resumes as deadline nears

Automobile

Massachusetts Attorney General Martha Coakley and officials from across the country are advising teen drivers to be mindful of the dangers of texting while driving. “Young adults now spend more time texting, emailing, and accessing data on their phones instead …

Mass. AG Coakley advises teenagers: don't text while driving

Homeowners

Spurred by major storms that had left millions of New Englanders without power last year, a Senate committee is questioning what can be done at the federal level to better prepare for and respond to natural disasters. New Hampshire Sen. …

New England officials testify at storm hearing

Commercial Line

The availability of information today and the velocity of business have increased beyond the capacity and techniques of the traditional insurance broker. Modern and industry-specific social networking and collaboration tools bridge the gap, but your broker may not be using them…

May the Force-Multiplyer be with you