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