As the average cost of getting hitched keeps rising (to $27,000 in 2012), more and more couples are using Wedding Insurance to protect their investment against mishap – and help ensure peace of mind on this special day.
Wedding policies will reimburse you for losses due to:
- Weather: The cost of rescheduling if the event has to be postponed because of rain or other bad weather.
- Illness or injury to the bridal party. The expenses of postponing the wedding if essential people (such as the maid of honor or best man) can’t be there.
- A missing celebrant. Some of the costs if your minister, justice of the peace, rabbi, or other celebrant doesn’t show up.
- Missing vendors. Some, or all, of the expense (including rescheduling) if the caterer, florist, photographer, or other key vendor is missing in action.
- Damage to the venue. Your losses if fire, electrical or mechanical outage, or going out of business makes the wedding or reception site unusable, forcing you to reschedule. (This coverage might not apply if the sites already carry insurance).
You can also buy coverage “riders” for a variety of other risks, ranging from a military service call-up to the bride or groom and damage to a wedding gown or tuxedo, to stolen or damaged gifts, and cancellation of your honeymoon due to illness, bad weather, or other mishap. If you’re holding the ceremony in your home, you might also want Liability insurance in case a guest gets hurt or injures someone.
Premiums can range from $100 to $1,000 (if you buy Liability coverage and host an open bar).
We’d be happy to tailor a Wedding policy to meet your needs, and budget. Just give us a call.
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If you want to insure a mansion or a priceless art collection, don’t be surprised if a certified thermographer shows up at your door, infrared camera in hand.
Thermal imaging cameras are among the latest high-tech tools Homeowners insurers are using to help stem losses before they become catastrophes, saving policyholders from heartbreak and companies millions in damage claims.
One major insurance company is using thermal imaging cameras for its high-value homes, letting inspectors “see” hidden hot or cool spots. A hot reading might indicate a fire hazard from an electrical malfunction, while a cool reading could come from a leak. In one case, the camera detected a cool spot in a ceiling due to a leak caused by a faulty 37-cent clip in an upstairs ice maker. If the ceiling had collapsed, it would have caused $125,000 in damage.
High-tech devices aren’t limited to the high-end market. One insurer offers an online risk-assessment tool that its Homeowners clients can use to find the risks for flooding, wildfire and storm surge, based on their address. This company also provides its clients inexpensive alarms that can detect potential water leaks before they can cause extensive, and expensive, damage.
Insurance companies are exploring new technologies. One insurer has patented a data recorder that can be installed in building to analyze potential causes of damage or destruction. Another company has filed a patent for a system that would use spectroscopy to identify chemical changes caused by wildfires and other natural disasters. If such a change were detected and confirmed, the company could speed up the claims process.
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Metal car keys are going the way of the land line, as most drivers have graduated to a key fob or remote with a transponder that needs programming before use. If you own a high-tech luxury vehicle you might have a “smart key” – a remote control to plug into your dashboard or leave in your pocket.
Although these devices add convenience, they’re pricey. You’ll pay $200 to $400 to replace a smart key on a luxury car, plus $100 an hour for labor. If you lose all your keys, you might need to replace the locks, which could cost $1,000.
Auto insurance will cover the cost of replacing smart keys (or metal keys) only if the loss comes from a peril covered under the policy. For example, if your keys are damaged when you collide with another car, Collision coverage would pay to replace them. Comprehensive coverage –which reimburses you for loss or damage to your vehicle from theft, vandalism, fire, hail, or flood – would include replacement of the keys, as part of the vehicle.
If your car keys are stolen, Homeowners insurance should pay to replace them because theft is a “named peril” under the policy.
Bear in mind that your Auto or Homeowners deductible will apply against the cost of replacement.
Technology is well on the way to eliminating car keys. According to the AAA, smart phone apps that allow you to unlock and start your car are standard on many vehicles as of 2015.
In the meantime, you can avoid paying the high cost of replacing smart keys by keeping spares in a safe place.
To learn more, please feel free to get in touch with us.
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“Contingent workers” {part-time, temporary, or contract employees) face a high risk of occupational injuries and illness. According to the National Institute for Occupational Safety & Health, reasons include the tendency to outsource more hazardous jobs, worker lack of experience and familiarity with operations in a new workplace, inadequate protective equipment, and limited access to such preventive measures as medical screening programs.
Even though the safety of contract workers is the legal responsibility of the contractor, the OSHA General Duty Clause makes you responsible for protecting everyone in your workplace. To meet this obligation, and bolster workplace safety compliance, we’d recommend these guidelines:
- Make sure that the contractor agrees to comply with OSHA requirements. If the contractor doesn’t follow safety rules, force compliance or stop work for breach of contract.
- Set safety compliance ground rules up front.
- Share accountability for safety compliance with the contractor. Although you might not be legally responsible for an accident caused by a contract employee, it’s still your problem.
- Offer assistance. Explain hazardous conditions or processes during project orientation and stress any rules and restrictions, such as hot-work permit requirements, lockout/tagout, and confined spaces situations and needs.
- Document communications with contractors. Have them sign an agreement for resolving specific safety problems or for conducting inspections.
- Read the OSHA Multi-Employer Citation Policy compliance directive (CPL 02-00-124), which applies to contractors on your work site.
Finally, the fact that most contingent workers will only be in your workplace for a short time adds to the urgency of getting them up to speed on company safety policies ASAP.
For more information on keeping contingent workers safe in your workplace, please feel free to get in touch with us.
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If a catastrophe struck your business, who would provide such critical services as site clean-up, emergency power supplies, off-site redundant data storage, and alternative communication systems until you can get up and running again?
In this situation, having agreements in advance with restoration companies and other service providers can save you time, money, and headaches.
Although most companies recognize that such prearrangements can play a critical role in emergency crisis management planning, few take steps to develop specific relationships with their disaster service providers.
That can be an expensive mistake, says Michelle Cross, Boston-based National Practice Leader for Business Continuity at Wells Fargo Insurance Services USA. She points out that, “for any service provider to really provide quality, top-level, appropriate service, they have to know about your company, what you need, and what hazards you have on site.”
Pre-planning can also reduce Business Interruption deduction and claims significantly by shortening downtime to services and operations after a disaster, notes Dave Boyle, head of Property Claims for Zurich North America (Schaumburg, IL).
A case in point: Starwood Hotels & Resorts Worldwide uses pre-arranged recovery agreements because many of its properties are in locations at risk for natural disaster. When Hurricane Katrina struck, the Starwood Sheraton was the only hotel in New Orleans that remained open during and after the megastorm. Says Stephen Truono, the company’s Vice President of Global Risk Management and Insurance: “It’s about having a plan, practicing that plan, and engaging the necessary critical vendors, such as providers of power, plywood, diesel oil and potable water.”
Prearranged provider agreements are inexpensive and usually do not involve a fee until the time of service.
What’s not to like?
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The disastrous Japanese earthquake/tsunami of March 2011 drowned thousands of people – but the toll would have been far higher without the nation’s comprehensive warning system, which combined radio broadcasts, text messages, and sirens with firefighters’ door-to-door calls.
Every business needs an effective emergency communications notification system that has low-tech and high tech elements. Here’s an overview of the advantages and disadvantages that each type offers:
Low-tech systems can be effective, but have serious limitations. Although calling trees are valuable for mass communications, they’re slow, subject to errors, and breakdowns. Sirens and alarms provide immediate warning and can alert everyone who’s in a dangerous area; however, they can’t provide much information and have a limited range. Intercom systems are reasonably fast and can communicate detailed information, but usually operate in only one building.
High-tech systems provide automated mass notification of detailed warnings rapidly and accurately to a wide range of devices, including phones (land line and cell) and computers (e-mail and instant messaging) through multiple communication networks. High-tech systems can also target messages to individual groups, such as first responders. However, they don’t offer a panacea. For one thing, cell phones might be turned off. Although communication with cell phones is available by voice mail or text messaging, these systems are vulnerable to a general outage of communication networks. Their “call capacity” might be a serious limitation, especially for larger firms.
For most businesses, a warning system that blends low tech (alarms and sirens) with high tech (automated notification) can provide effective communication when an emergency strikes.
When choosing a system, you should also weigh such factors as cost and ease of use.
Our risk management experts would be happy to offer you their advice.
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