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Spring Showers bring May Flowers…and Flooding

Spring has sprung and, while that means summer is around the corner, it also means flood season. Most Americans live or work in areas that have some kind of flood risk. Unfortunately, many still do not have flood insurance, according to the Insurance Information Institute (I.I.I.).

Flooding is caused by a number of conditions including severe storms, overflowing rivers or tidal waters, heavy rain, mudslides, levee failure and snowmelt. About 90% of natural disasters involve flooding in one way or another.

Here are a few key things to note:

• Homeowners insurance does not cover flood damage. Only flood insurance will cover your losses in the event of a flood.

• There is a 30-day waiting period before your coverage takes effect, so don’t delay.

• Floods and flash floods occur in all 50 states. The National Flood Insurance Program says that one out of four flood claims come from outside the floodplain and “high risk” areas.

• Flood Insurance costs are reasonable.

Only you can determine your appetite for risk but it’s important to consider your exposure and protect yourself in the event flooding happens to you.

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The Hidden Impact of a Loss

Insuring a church is more than covering the building and its contents inside. It’s important to consider a variety of situations and possibilities to ensure you have the coverage needed in the event of a loss.

When thinking insurance for churches most of us think Property. Property includes not only the building but the items within the building, as well as iconography or the iconostas. According to industry data, there are more than 1,800 fires every year in religious properties. While property claims such as a fire can have a devastating impact on the property of the church, consider some of the other areas that may be impacted as well.

What would happen if you couldn’t gain access to your sanctuary for a period of time? Are you covered for the use of another space? What about loss in revenue from donations? We have seen crippling fire losses to churches which resulted in, not only the need to rebuild and replace the structure, but also the need to find a temporary home to hold services which can impact attendance, donations, and ultimately impact revenue and stewardship.

Consider the impact a loss may have on cancelled income-generating activities or community outreach programs, as well. When a major loss occurs, it can create a ripple effect throughout the organization and parish.

While we pray you never need to use it, it is important to consider the domino effect a loss can have and ensure you are properly protected.

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Insurance: Football’s Cause of Death?

A recent Outside the Lines article published on ESPN.com outlined a new and growing threat to football: an evaporating insurance market.

“From the NFL to rec leagues, football is facing a stark, new threat: an evaporating insurance market that is fundamentally altering the economics of the sport, squeezing and even killing off programs faced with higher costs and a scarcity of available coverage, an Outside the Lines investigation has found.”

 

Prior to 2011 when concussion litigation and awareness came to light, at least a dozen carriers occupied the insurance space. Now, only a couple. Whether its Pop Warner leagues, football camps, helmet manufacturers, or even the NFL’s general liability and workers compensation, the insurance market has all but dried up.

 

"People say football will never go away, but if we can't get insurance, it will," Jon Butler, Pop Warner's executive director, lamented to colleagues after discovering that just one carrier was willing to cover the organization for head trauma, according to a person who was present.

 

With youth participation rates continuing to fall, the insurance crisis adds another layer of uncertainty to the future of America's No. 1 sport.

 

But football isn’t the only sport feeling the absence of insurance markets due to the rise in litigation. Soccer and Hockey have both seen available insurance markets decrease drastically as well.

 

"Certainly, if insurance goes away, it's not going to be just football. It's going to be all of youth sports," Butler said. "I think it would be the proverbial domino effect."

 

You can read the article in its entirety here: http://www.espn.com/espn/story/_/id/25776964/insurance-market-football-evaporating-causing-major-threat-nfl-pop-warner-colleges-espn

 

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Landlords and Risk Management

In the past few months, we have seen situations of rental properties with major losses as a result of a tenant’s negligence. It happens, especially with rental properties or apartments because the risk of loss is much greater, so it is important to take steps to prevent devastating losses.

 

A few of those steps are:

1. Maintain your property. Keeping up with your property can go a long way with reducing the threats of property and liability losses. Take time to inspect the property monthly, ensuring any potential hazards are resolved quickly.


2. Screen tenants and employees with background checks. Knowing who is living in your property is an important step in avoiding issues.


3. Make sure every tenant carries Renters Insurance. Transfer the risk of loss from you, the landlord, to the tenant. Damages as a result of the tenants negligence (i.e. kitchen fires) can be recovered from their Renters policy rather than filing a claim with your insurance company.


Be proactive in your approach as a landlord and you can help avoid headaches or heartache down the road.

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Let’s Get Moving

stay healthy

Get moving and keep on going. That's the main takeaway of a new study led by the Cleveland Clinic's Dr. Wael Jaber that's highlighted in this MarketWatch story. It finds that a sedentary lifestyle is worse for your overall health than even smoking, diabetes and heart disease. The study was published Friday, Oct. 19, in the journal JAMA Network Open. 

 

"Being unfit on a treadmill or in an exercise stress test has a worse prognosis, as far as death, than being hypertensive, being diabetic or being a current smoker," Jaber, a cardiologist, tells CNN. "We've never seen something as pronounced as this and as objective as this."

 

The United States is particularly impacted by this because we struggle with a fitness challenge. The average body mass index (bmi) for an American male is well over the normal range. What’s more alarming is that it is dangerously close to entering ‘obese’ levels.

 

Moreover, the impact of living a sedentary life is far more deadly than many other medical conditions like kidney disease, diabetes, or illnesses caused by smoking.

 

The good news is that the prescription is exercise, not pharmaceuticals. At any time, an individual can engage in a cure.

 

Improving your lifestyle can have major effects on insurance as well. Health insurance and Life insurance premiums, both of which are based on individual health, are greatly impacted the healthy and more active you are.

 

Any level of exercise can have a positive impact on a person’s health and longevity. "There is no level of exercise or fitness that exposes you to risk," Jaber says. "We can see from the study that the ultra-fit still have lower mortality." Dr. Jaber also shares that, ‘fitness leads to longer life, with no limit to the benefit of aerobic exercise.’

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Medicare Open Enrollment

medicare open enrollment

It’s that time of year again! The Medicare Open Enrollment Period is upon us beginning on October 15th and ending on December 7th. This is the time of year when anyone enrolled into Medicare can review and make any necessary plan changes to their Medicare Advantage plan and Prescription Drug plans which will take affect the beginning of the following year.

 

In the weeks leading up to the Open Enrollment Period all Insurance plans will be sending out their upcoming years “Evidence of Coverage” (EOC) and “Annual Notice of Change” (ANOC). If there are any changes in the plan they will be reflected in these documents. Medicare members are encouraged to review these materials to ensure their plan will still meet their needs for the following year.

 

Another great resource is the “Medicare & You” handbook which is sent out to all Medicare eligible members. This resource provides detailed information on your Medicare options, how to enroll into Medicare, what Medicare will cover for tests and services. In this resource it will also provide a quick preview of the available Medicare Advantage and Prescription Drug plans in and around your service area.


It is also that time of the year where you will receive many brochures in the mail from many companies highlighting their plans.

 

Reviewing your current health and prescription drug plan is highly encouraged. Every year there are changes within the healthcare industry. We’re here to help review and explain how your current plan may be changing, provide a review of your prescriptions and assist in conducting a prescription analysis, assist in making any necessary plan changes, and most importantly serve you on an ongoing annual basis.


For a review of your current benefits, prescription assessment, and/or to review available plan options for the upcoming year contact our Health Insurance Advisor, Rodika Bender who can be reached directly at 440-530-0506 or email by clicking the button below.

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Extreme Weather Can Impact Anyone Anywhere

emergency

When we think of extreme weather like hurricanes and tornadoes, we picture certain states or regions. For example, we think of hurricanes occurring in the Gulf of Mexico, along the southern Atlantic coast and the Pacific coast and islands. However, in recent years, states as far north as Ohio and Michigan have been impacted by hurricanes.

 

And while tornadoes tend to occur in what is known as Tornado Alley, states like Massachusetts and Rhode Island have experienced damaging tornadoes, as have Michigan and Ohio.

 

Why does this matter? Because being aware and prepared can mitigate the impact of extreme weather. Northeast Ohio experienced a great deal of damage from Hurricane Sandy in 2012. According to an article by Kelly Reardon on Cleveland.com, “Northeast Ohio got hit with such intense thunderstorms and wind damage because a cold front collided with the remnants of Sandy, making the storm even fiercer.” 300,000 residents of Northeast Ohio were without power, 500 trees were downed in Rocky River alone, and the damage costs mounted to $17 million.

 

Homeowners, business owners, and government agencies should establish disaster preparedness and recovery plans. History provides us with a picture of what can happen. We can use this information to create a plan that can be quickly implemented in the event of extreme weather heading our way. 

 

Decreasing the impact of extreme weather is in everyone’s best interest. It can diminish the damage as well as the cost. As hurricane season ramps up, keeping an eye on the expected paths can allow us to prepare effectively. 

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Self-Care Is Good For Business, And Family

August is a month for preparation and checkups. Fall is around the corner and families are preparing for the new school year. From vaccinations to eye exams, families carve out time to ensure everyone checks out.

 

Maintaining and monitoring good health can prevent unexpected problems. The same is true for small business owners and leaders. The life of a business depends on the wellness of the owner and key employees.

 

One of the best ways a company can provide some security and sustainability is through “Key Person” insurance. This is a life insurance policy purchased and owned by the company to cover their C-Suite employees in the event of an unexpected death.  

 

If a key employee were to pass away suddenly, this policy would provide the company with financial means to ensure it continues to operate while searching for a replacement. In a small business this is usually the owner. The unexpected passing of a small business owner could mean the end of the business if there isn’t some sort of safety net. That is why life insurance is an important part of self-care for a business.

 

The same can be said for a family. Personal life insurance is essentially a Key Person policy. That financial buffer can cover expenses while the family members decide how to proceed.

 

It’s all about self-care and prevention. Take care of what is most important in your family or business – it’s health. At the same time, implement safety nets, like insurance, to prevent major disruption in the event of a sudden loss of life.

 
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Vacant Commercial Property Can Be Costly

Vacant Commercial Property Can Be Costly

There are times when, even in a good economy, a property can sit vacant. Maybe there are improvements that will be done and the contractor is waiting for approval from the city. Maybe the property was just purchased and will undergo a rehab before new tenants will move in. The reason the building is empty is less important than what can happen while it sits vacant.

From infrastructure theft to graffiti to invaders, the issues that could occur deserve awareness and planning. We'd love to believe that nothing bad will happen. After all, if no one knows the building is empty, why would they do anything to it?

Let's look at it another way. Graffiti appears on all sorts of buildings, whether they are occupied or not. That can be a gateway to more vandalism, especially if it isn't dealt with in a timely manner. With the value of copper, pipes are often stolen from vacant buildings. That can be tremendously costly for the owner.

Moreover, once people discover the property is vacant they can start using it to live, party, or do drugs. Not only can this destroy the property from the inside, but in some states it can be difficult to remove those folks.

There are things that can be done to minimize the risks of an empty commercial property. The first is to ensure it is properly covered by insurance. Knowing you have coverage for any situation can ease concerns until the property is inhabited. In addition, you can make it look like there are tenants in the building. Clear debris, cover windows, do some minor landscaping, or set up a security system. Cameras can be great deterrents. People entering and leaving at random times can also help, as well as times lights inside.

Take some time to think about what makes a vacant property attractive to criminals. Then create an environment that will make it less attractive.

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Giving Back

Members of Insurance Systems Group and Tower Insurance recently volunteered to serve meals at St. Herman's House of Hospitality, an Orthodox faith-based men's homeless shelter in Cleveland, Ohio.

St. Herman's House of Hospitality, founded in 1977 to serve the poor and homeless population in Ohio City, is one of the only shelters in Ohio to provide three hot meals a day, seven days a week, 365 days a year. Last year alone they served nearly 82,000 meals.

To find out more about St. Herman's House or how you can get involved, please visit their website below.

St. Herman's House