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Oct 08
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CONSTRUCTION SITE TRAFFIC MANAGEMENT CHECKLIST: SAFETY PAYS!

By Construction Insurance Bulletin

Accidents involving vehicles or mobile equipment (excavators, dumpers, etc.) on building sites kill more than a dozen workers a year and injure hundreds more. To help make sure that your workers and outsiders can move around your job sites safely,and keep your insurance premiums down, experts recommend using this checklist:

Keep pedestrians and vehicles apart:

    have separate entry and exit gateways for pedestrians and vehicles

  • provide safe pedestrian walkways that take a direct route where possible
  • make sure drivers with access to public roads can see both ways
  • don’t block walkways or vehicle routes
  • install barrier between roads and walks

Minimize vehicle movements:

  • provide offsite parking
  • control entry to the site
  • have storage areas so that delivery vehicles don’t have to cross the site

Control people on site:

  • recruit drivers and equipment operators carefully
  • make sure that drivers, operators, and those who direct traffic are trained
  • manage the activities of visiting drivers

Maximize visibility:

  • provide mirrors, CCTV cameras or reversing alarms
  • designate signalers to control maneuvers by drivers or equipment operators
  • install lighting for use after sunset or in bad weather
  • make sure that all pedestrians on the site wear high-visibility clothing

Provide safety signage and instructions:

  • ensure that all drivers and workers know and understand the routes and traffic rules on the site
  • use standard traffic signs where appropriate
  • provide safety instructions to all visitors in advance

For a comprehensive – and free– review of vehicle and mobile vehicle safety practices on your job sites, just give us a call. We’re here to help at any time.

Oct 08
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THE ABC’S OF HOLD HARMLESS AGREEMENTS

By Construction Insurance Bulletin

Because construction projects are complex operations involving a number of subcontractors under your supervision, onsite accidents or injuries resulting from their work can easily lead to litigation against you. To protect yourself against claims, losses, and expenses if disputes arise during the project, make sure that all subcontractors sign a “Hold Harmless Agreement” clause.

The terms of these clauses will vary from state to state. In some cases, this clause will protect the contractor from claims by corporations or companies that did not sign the agreement.

There are three types of hold harmlessagreements:

Under the Broad Form, the subcontractor assumes all liability for accidents due to negligence of the general contractor, and combined negligence between the two parties. Because of its sweeping terms, this form is relatively rare – and some states prohibit it.

With the Intermediate Form the subcontractor takes on all liability for accidents and negligence, but will not be held accountable for the general contractor’s actions. It doesn’t matter whether the incident was the subcontractor’s fault. If both parties were negligent, the subcontractor assumes liability all for its acts or omissions. Intermediate form agreements are relatively common.

A Limited Form agreement makes the subcontractor liable only for the proportional part of its responsibility for a mishap. Other parties – such as subcontractors – will be held liable under their hold harmlessagreement(s) for their corresponding part of the accident or negligence.

The type of agreement that’s best suited for your needs will vary depending on the nature of the project and state laws. As always, we stand ready to offer you our professional advice.

Oct 08
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OSHA LAUNCHES CAMPAIGN TO CURB CONSTRUCTION FALLS

By Construction Insurance Bulletin

Falls are the leading cause of construction deaths. In 2010, fatalities from falls accounted for 264 out of 774 deaths in the construction industry.

To curb such deaths and injuries, OSHA has joined forces with the National Institute for Occupational Safety and Health and National Occupational Research Agenda (NORA).The Construction Nationwide Safety Awareness Campaign is comprehensive and based on three key steps for employers: Plan for safety, provide proper equipment, and train workers.

To ensure safety on job sites that involve working from heights, plan how the project will be done and the tools needed. When estimating job costs, include these resources and have them available on site. For example, on a roofing job, think about such potential fall hazards – holes, sky-light, leading edges, etc. – and then select appropriate fall protection equipment, such as personal fall arrest systems (PFAS).

Provide workers who are six feet or more above lower levels with fall protection and the necessary equipment including ladders, scaffolds, and safety gear. If roof work is involved, have a PFAS with a harness for each worker who needs to tie off to the anchor. Make sure the device fits and inspect all equipment regularly.

Finally, give workers “toolbox talk” training on potential fall hazards and the set-up and use of the safety equipment they’ll be using. The OSHA campaign has a number of training tools, job site posters, and other educational resources – (many of which target workers with limited English proficiency).

To learn more about how to keep your workers from falling down (literally)on the job, feel free to get in touch with our construction insurance specialists.

Oct 08
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WILL THE HEALTH CARE ACT SLAM LOW-INCOME SMOKERS?

By Life and Health

Tobacco users could face sticker shock when buying coverage in the state-wide health insurance marketplaces that opened for enrollment on October 1, thanks to a controversial clause in the Affordable Care Act (ACA). The law seeks to discourage smoking, the nation’s largest preventable health hazard – which kills some 443,000 Americans a year at a cost of $193 billion in medical care and lost productivity,

To reach this goal without discriminating against smokers, the ACA will allow insurers to continue charging tobacco users a so-called “smoker surcharge” limited to 50% above what they charge nonsmokers, as of January 1, 2014.

However, combining this surcharge with another health reform rule that prohibits low-income applicants from using federal tax subsidies to help offset it could price some lower-income smokers out of the market. According to the Kaiser Family Foundation, a 50-year-old male smoker earning $15,000 a year would pay $8,100 a year for Health coverage, including a $2,700 tobacco-use surcharge. The federal low-income subsidy would reduce his premium to about $3,000. But if he didn’t smoke, his premium would be just $300.

According to the Center for Medicare and Medicaid Services before the ACA, health insurance companies could impose a surcharge far higher than 50% on smokers – or refuse to cover them. Tobacco users can avoid the 50% surcharge if they live in states that set lower limits on surcharges or prohibit them – or by enrolling in a stop-smoking program.

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Says Rick Curtis, president of the Institute for Health Policy Solutions; ”Long story short, smokers usually won’t pay more for insurance compared to current or previous years. Most of them will have better access and more affordable premiums under the ACA restrictions.”

Oct 08
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FIVE KEYS TO CHOOSING PERMANENT LIFE INSURANCE

By Life and Health

Although both term life insurance and permanent life policies have their advantages, if you prefer permanent life, here are key guidelines to help you choose the best option:

    1. All policies are not created alike. Whole Life insurance combines a fixed premium with a guaranteed cash benefit and a death benefit. Universal Life offers a flexible premium plan that works like a combined term life insurance policy and bank account; you pay as much money as you want and the leftover funds paid will earn a variable interest rate. Variable Universal Life is similar, except that you can choose between mutual funds in which to invest your cash value.
    2. Because permanent life is written for a lifetime, rather than a limited term, you will be required to take a medical exam – the better your health, the lower your premium.>/li>
    3. Permanent life provides a tax-free investment vehicle. In most cases, a loan against the cash value of your policy will not be not taxable – and cash withdrawals (for tuition, medical expenses or other emergencies), up to your basis in the policy, will be tax free. What’s more, the “forced savings” of permanent life can help you build a financial safety net.
    4. Check the reputation and financial stability of the insurance company, as well as the underlying performance of its investments.

 

  1. You’ll pay more for permanent life than for the same amount of term insurance. Premiums depend on your health, age, and gender, as well as how much coverage you buy. Permanent life policies have sales charges, administrative fees, a mortality risk charge and fund management fees. If you cash in your policy during a certain period, you might be charged a surrender fee.

Our Life insurance professionals stand ready to offer you their advice on making this important decision.

Oct 08
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LIFE INSURANCE: A SMARTER BET THAN A LOTTERY TICKET

By Life and Health

You can’t beat the return on investment by a Powerball jackpot winner in Zephyrillis, FL, last May 18– $590.5 million for a $2 lottery ticket. However, if you’re serious about leveraging dollars for your family, a life insurance policy is a far better bet than the lottery.

Sure, the lottery produces a bigger bang for the buck. The latest payout, in fact, was the largest in history. However, your odds on winning big are infinitesimal: one in 175 million for the Powerball jackpot.

With life insurance, in return for a relatively small premium, the policy pays a large benefit to your loved ones if you die within the term of the policy – an event that’s more likely than winning the lottery, (A study for the LIFE Foundation found that the chance of dying after age 25 before reaching normal retirement age is one in six for men and one in nine for women). The average cost of 20-year, $250,000 level-term life coverage for a healthy 30-year-old male comes to about $150 a year, according to LIMRA. Even better, a permanent life policy will provide a guaranteed payout to your beneficiary(ies).

Life payouts are generally tax free, while Uncle Sam will take a healthy 25% cut up front if you take a lottery payout as a lump sum on a lower amount, rather than an annuity. For example, the tax bite would have reduced the Florida Powerball winner’s one-time payout of $371 million to $278 million.

We’d be happy to demonstrate how life insurance can play an essential role in providing financial security for your family.

Oct 08
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HEALTH CARE REFORM: OPEN ENROLLMENT TIPS

By Life and Health

This year’s open enrollment season for selecting workplace benefits comes just before major health care reforms under the Affordable Care Act (ACA) take effect. Because it’s never been more important to choose a health plan for you and your family, we offer these guidelines for enrollment:

• You’ll need to have health insurance or face a tax penalty. If your employer won’t offer coverage or the plan doesn’t meet minimum standards, you must buy coverage from an insurance company or through statewide insurance exchanges, which opened for enrollment on October 1 (in some cases, you might be eligible for a premium tax credit.).

• Compare benefits and insurance plan networks. Check out provider networks to make sure that they include your doctors and preferred hospital system, especially if you’re being treated for a serious or chronic condition. You’ll pay a lot more to see providers outside the network with a preferred provider organization (PPO) and will probably have to pay the full cost of services for out-of-network providers with a health maintenance organization (HMO).

• Remember that your employer does not have to offer coverage in 2014, and will not cover your spouse – because the ACA limits the definition of “dependents” to children.

• Pick the plan with the best value. Your costs include deductibles and co-insurance (the percentage the plan pays after you satisfy the deductible); copayments for doctor visits, urgent care and emergency room treatment; and your portion of the premium. Run scenarios to see how much each health plan would cost, and choose the one that meets your unique needs.

Our agency’s health insurance professionals stand ready to offer you their advice – just give us a call.

Oct 08
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TRAFFIC TICKETS: LAWYER UP OR PAY UP?

By Personal Perspective

Imagine that you ignored or forgot to pay a few minor traffic tickets – and that the police arrested you as a scofflaw.

It can happen. For the past seven years, the “Great Texas Warrant Roundup” has mailed thousands of notices a year giving citizens with outstanding warrants for offenses such as minor traffic violations two weeks to pay up –or face arrest.

Although this is an extreme example, if you have accumulated numerous tickets for minor violations, you’ll need to choose between hiring an attorney to go to court (assuming that you have a strong case) or paying the fine.

Even though using a lawyer will set you back several hundred dollars, it might make financial sense. If you’re acquitted, the tickets won’t show up on your driving record, which will play a major role when the insurance company sets your renewal rate; if you pay the tickets, your premiums could rise as much as 40% to 50% — a hike that will probably be far more than the attorney’s fee.

If you lawyer up, ask the attorney:

  1. Do you charge by the hour or a flat fee?
  2. What is your rate?
  3. What does the rate cover – and not cover?
  4. How and when do you expect payment?

However, paying up for minor traffic offenses is often the way to go. For one thing, unless you have a strong case, you did break the law. If you have several tickets, taking a driving course, might help erase points from your record. If a driver picks up a few minor violations a year, most insurance companies won’t factor them into the renewal rate.

As always, we stand ready to offer our professional advice.

Oct 08
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FIVE INSURANCE MISTAKES THAT CAN THREATEN YOUR MARRIAGE

By Personal Perspective

Because relationships can be complicated – and insurance almost always is – when the two intertwine misunderstandings often lead to insufficient coverage, as well as marital distress.

To help maintain financial and emotional harmony in your marriage, avoid these errors:

  1. Failure to admit bad credit before marriage. Credit issues have a long reach in a variety of ways, such as setting auto insurance rates. Ask how your score will be used and whether both spouses’ credit will be reviewed.
  2. Not naming a spouse as the beneficiary under your life insurance. If there’s no beneficiary and no will, he or she might receive less than half of the benefit. If a life policy is part of a divorce agreement, tell your new spouse.
  3. Trying to save money on auto coverage by not listing your bad driver spouse on your policy. This can lead to denied claims, policy cancellation, and even prosecution for fraud. Because most auto insurance companies offer multiple discounts, you might pay less with a joint policy.
  4. Failure to insure your home and valuables properly before a fire or other catastrophe causes significant damage. Cover your dwelling for its full replacementcost. If your possessions have value, either sentimental (wedding rings) or real (antiques, fine arts, etc.) they’ll need to be insured.
  5. Letting insurance lapse for non-payment. If you’re the spouse who pays the bills, make sure you do your job. If your auto or homeowners policy lapses, you won’t be covered. Even if you don’t suffer a major loss, you’ll need to re-apply and might have to pay more for less coverage. Be aware of grace periods for insurance payments, which vary by state and type of policy.

For a complimentary, comprehensive review of your insurance give us a call.

Oct 08
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REPORTING INSURANCE SCAMS: IT’S THE LAW!

By Personal Perspective

As you go about your daily business, insurance fraud is probably one of the furthest things from your mind. However these all-too-common scams, everything from homeowners who report a non-existent burglary to collect on their policies to drivers who stage auto accidents and file injury claims – are criminal acts that you have a legal obligation to report.

If you’re aware of, or suspect, a fraudulent act that involves insurance follow these steps:

    • Inform the insurance fraud bureau in your state either through its telephone “hot line” or online.
    • Contact the fraud department of the insurance company involved. Most companies have hotlines for this purpose. If a fraud hotline isn’t available, or if you’re uncomfortable using it, write the fraud department instead.
    • If the alleged fraud involves a medical issue – such as a claim for a non-existent condition – contact your state medical board or chiropractic board immediately in order to protect the complainant, as well as other possible victims.
    • If appropriate, notify other authorities, such as the police (if someone’s life might be in danger) or your local Social Security office (in case of suspected Social Security fraud).
    • Remember that, as a witness, you must report all the details involved: full names, dates, organization, company name, the amount of money involved, etc. Provide any documentation or other information you think might help with the investigation.
    • Be patient. Investigating complaints takes time; it might be months before the investigators have gathered enough evidence to bring the perpetrators into court.

A word to the wise. insurance scams costs billions of dollars a year, driving up premiums for everyone – including you.

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