Key Person insurance is often called Key Man insurance or Keyman coverage. It is a policy taken out by a business to allow compensation for financial losses resulting from the incapacity or death of an important employee. Although there is no legal definition for it, Key Person insurance is an important type of business coverage. Another purpose of this coverage is to contribute to the continuity of the company. A policy’s term does not exceed the point of the key individual’s usefulness. Although this coverage does not indemnify actual losses, it does provide a fixed sum. The exact sum is specified in the policy’s verbiage.
Employers may obtain Key Person insurance for the health or life of a worker contributing special skills, knowledge or other contributions. To be considered for such coverage, a worker’s contribution to the company must be uniquely valuable or consume a considerable portion of the company’s worth. Employers obtain this coverage to offset the costs associated with losing the employee. Expenses such as hiring successors, decreases in business and training temporary workers are all important considerations for employers.
Who Qualifies as a Key Person. Anyone who is associated directly with the business may be considered a key person. In addition to this, individuals whose loss could result in serious financial strain usually qualify. For example, company directors, key salespersons, partners, key project managers or other valuable individuals with unique skills normally qualify.
Loss Categories for Key Person Insurance. For Key Person insurance compensation, there are four separate categories:
- Insurance for protection of partnership interests and shareholders. As a rule, this type of coverage enables partnership interests or shareholdings that current partners or shareholders will buy.
- Losses connected to the period when the key person cannot work, when temporary personnel must be provided and when it is necessary to pay for training and recruiting an adequate replacement.
- Insurance for any parties involved in guaranteeing banking facilities or business loans. The value of the guarantee equals the value of the insurance coverage.
- Insurance for profit protection. Some examples include offsetting lost income from cancellation of a business project the key person was involved in, lost sales or losses from delays. There are also several other types of losses.
The treatment of funds received and tax rules for premiums paid for key person coverage vary. In the United States, premiums are not tax deductible. To learn more about Key Person coverage, discuss the options with one of our agents.
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As seen in: Forbes 6/4/2012 By Micheline Maynard
There are many different reasons why people purchase new cars especially during the summer. Whether they are replacing an old car on its last leg of life or just buying a car for the first time there are ways you can get the most out of your money and obtain a good deal.
Similar to most other aspects in life, in order for you to get a good deal there are things you have to do first.
The first tip to get a good deal is to get an outgoing model instead of the newest one. In order for most dealers to be able to sale the new models they get in they have to sale the old ones first. Which means a better deal for the buyer.
The next tip is to have good credit. Having good credit means better interest rates on loans. By also having good credit means you will qualify for more deals as well.
Shop for a car that’s out of season like a car that will be good in the snow and that you will need later in the future. The last tip is to wait till school is in session because most people buy new cars to have them before school goes back you can get a better deal by holding off a little longer.
Contact scurich insurance today with any questions regarding your auto insurance policy
Content first stated by: http://www.forbes.com/sites/michelinemaynard/2012/06/04/4-ways-to-get-a-smart-summer-car-deal/
Scurich Insurance Services did not write this content
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As seen in: Property Casualty 360 4/25/2012 By Melissa Hillebrand
There is a federal insurance program in place that insurance agents use that specialize in Agriculture Insurance. Throughout the years this insurance program has gone through many different changes like cut backs like a lot of other programs are going though as well. The Federal Crop Insurance Program’s (FCIP) current bill with the Congress expired this September and that may mean even more cut backs for the program. Originally when the program was created during the depression era to help those farmers recover from the damages that occurred from the Dust Bowl.
The 2012 farm bill that is before congress would take the place of the current legislation that was passed back in 2008. The legislation that was passed in 2008 made it so that there was a reduction in the appropriation that is given to insurers that sale and serve crop insurance policies and the administrative fees for coverage with the policies are increased for farmers. The National Association of Farm Service Agency (FSA) County Office Employees (NASCOE) wants Congress to replace the private insurance agents with federal government employees (FSA), although there is much debate over where or not federal employees or private insurance agents should be the ones that handle the policies.
Although there is a significant amount of fear surrounding the Obama administration proposed plan to decrease the amount of subsidies to the industry by $8 billion over the course of 10 years, a reduction of ROI for crop insurers to 12% and having a reduction in producer-premium subsidies and how these changes will in turn affect farmers.
Contact Scurich Insurance Services today about any questions regarding Agriculture Insurance or your Agriculture Insurance Policy today!
Content was first stated by: http://www.propertycasualty360.com/2012/04/25/from-acorns-to-zucchini
Scurich Insurance Services did not create this content.
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CSPs gain certification from the Board of Certified Safety Professionals, which is commonly referred to as the BCSP. The Council of Engineering and Scientific Specialty Boards and the National Commission for Certifying Agencies are responsible for accrediting Certified Safety Professionals in the United States. The ISO/IEC is responsible for international accreditation. To become a CSP, an individual must have a bachelor’s degree in any field or an associate’s degree in health and safety. They must also satisfy the following requirements:
- Pass the Comprehensive Practice and Safety Fundamentals exams.
- Provide the BCSP with proof of maintaining competency by re-certifying every five years.
- Have at least four years of professional safety experience.
Why Companies Should Hire CSPs. Companies that hire CSPs enjoy an enhanced reputation. CSP certification is one of the most coveted credentials in the United States today. Having an individual who is certified in environmental positions, health and safety is an asset. Employers in many fields seek these professionals. They work with not-for-profit organizations, government agencies, businesses, various industries and consulting firms. In addition to this, many lawyers have started using CSPs as expert witnesses in trials where expert testimonies in health and safety are required. They have been involved in cases with OSHA citations, Workers Compensation, injury lawsuits and several other types of court proceedings. Many government and private agencies require CSPs in their contracts for assurance of experience and knowledge.
Employer Benefits of Hiring a CSP. Employers enjoy many benefits from hiring a CSP. The following are some of the most desirable advantages:
- The company name is associated with a prestigious global certification.
- An individual is identified as a source of expertise by extensive examination.
- Company relations with environmental, health and safety communities are improved.
- Enhances company reputation by keeping an individual certified in safety, health and environmental positions on staff.
- Establishes an examination basis for assessment of employee competency.
- Offers easy access to current information on applicable laws, regulations, consensus standards and licenses.
- Demonstration to other parties that certificate holders have been tested and deemed competent under the highest standards.
- Recognition of the highest level of professionalism in certified health, safety and environmental executives.
- Standards of practice for certification maintenance exemplify enhanced professional credibility.
EPA and OSHA standards show recognition of CSP certification in regulations, standards and laws. Many local and state government contracts require CSP services. These professionals continue to grow in value through government, public and employer recognition. They also continue growing in value because of the national accreditation benefit and the high standards they must abide by.
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Here are some of the testimonials from our happiest customers!
“I have had Scurich Insurance cover my home, vehicles, trailer and boat for many years I can’t remember who I had last. I haven’t spent any time shopping around because due to previous experience I have been well taken care of after many incidents in my life that required assistance, attention and insurance coverage. To me that is worth any money that I might save by leaving for a less expensive company. Thank you.” Stacey T. Truckee, CA
“My family has been with Scurich for two generations, and they meet all our needs. They ate practical and reliable!” Brian M. Claremont, CA
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Here are some of the testimonials from our happiest customers!
“We have been with Scurich Insurance for over twenty years and have been extremely satisfied with the services they provide for our company. No high pressure sales pitch, just professionals who work with us to find the right policies to fit our business needs. The entire staff makes us feel as if we are their most important client. A rarity in today’s business climate.” Sharon J. Watsonville, CA
“I’ve been with Scurich Insurance Associates for many years. I really appreciate the personal service and professional approach they take with my business and my insurance needs.” Jeff B. Carmel, CA
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