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