The Terrorism Risk Insurance Act (TRIA) was enacted by Congress in 2002 in response to the 9/11 terrorist attacks on the United States. After New York City was attacked, many insurance companies were reluctant to provide coverage that included terrorist acts for fear that doing so could result in a devastating domino effect in the event of another act of terrorism.
Bound closely to worker’s compensation, the act offered insurance companies the ability to give employers a way to obtain affordable worker’s compensation even if they belonged to those industries that were deemed more likely to fall victim to such acts. This backstop measure put the assurances and backing of the United State government behind each worker’s compensation insurance policy that was written making it an effective answer to issue of terrorist acts.
With Congress failing to renew TRIA before taking a break for the holidays in December 2014, some employers might face confusion over what this non-action means to them. While often referred to as a problem only for businesses in Manhattan, other metro areas have found themselves affected as well. Cities with large numbers of workers such as Los Angeles, Chicago and other cities including Santa Cruz and the San Francisco Bay area need to be aware of what this means for them.
Worker’s compensation is required to provide coverage for acts of terrorism so it is important that all employers — regardless of their size and industry — consult with their insurance providers to determine their next steps. Because there has been speculation for months that Congress would not renew TRIA, most insurance companies has in place a plan to help their clients make the transition a smoother and easier one.
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With the new year comes the tendency to make resolutions that are designed to help a person address what they perceive to be as their own shortcomings. While resolutions such as “exercise more” and “lose weight” are often at the top of the list, these types of resolutions often fall by the wayside all too soon after the first of the year. The following insurance resolutions for the new year are simple to implement and can have long lasting effects.
1. Purchase Life Insurance
This is a resolution that should be on everyone’s list but it does not always seem to make it to fruition. Make 2015 the year you talk to your insurance agent and find the ideal life insurance plan for your circumstances and your budget. You’ll rest easier at night knowing that your loved ones are taken care of and your assets are protected.
2. Take a Fresh Look at Your Homeowners Insurance
Did you or a member of your family receive an expensive gift this holiday season? If so, you might want to take a look at the deductibles that you previously chose for your homeowners insurance. While a high deductible often looks attractive because it can make your payments lower, if it is too high it can be difficult to replace items that are covered unless you dip into savings or other monetary reserves.
3. Does it Make Sense to Bundle?
If you have insurance with more than one company, you could be missing out on significant savings. Most insurance companies have a bundle plan that allows you to save money if you have more than one policy with them. Much like car insurance policies that give you a multi-car discount, bundling your insurances with one company can often allow you to enjoy savings on your policies.
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In
Secretary of Labor v. United States Postal Service the question was whether an employee’s indication of an industrial injury on a FMLA request form triggered an OSHA recordkeeping obligation. To make a long story short, that claimant complained she was having an allergic reaction to dust produced by machinery she worked with. Her doctor provided her a note stating she was not to return to work at that machine. She eventually filled out an FMLA leave request form.
As this was going on, her complaint and that of another employee triggered an OSHA investigation. None of the inspections or analysis generated by her physician or OSHA found any kind of violation of OSHA standards or the exact allergic substance she was reacting to. The OSHA inspector was none the less concerned the company had not recorded her allergic reaction in the OSHA injury logs, a violation for which they were cited.
The Occupational Safety and Health Review Commission overturned a decision by the lower court and ruled due to privacy provisions associated with the FMLA, the employer was required to not share this information with the OSHA coordinator or the employee’s supervisor. The only time it would be appropriate to do so is for job accommodation purposes or emergency medical treatment.
The Commission also ruled the obligation to report an OSHA injury could come from someone’s position or other unique circumstances. According to the Commission no such facts existed to generate the obligation. Which is rather surprising given it was abundantly clear she claimed to be having allergic reactions to working around the machinery and told numerous people about it.
The court reminded employers they should separate FMLA files from the work comp or injury ones.
Take home lesson: do NOT share medical information across the organization unless that person has a “need to know”, there is an accommodation to consider, or there is some kind of emergency. Keep FMLA requests private and don’t automatically share the info with the OSHA
compliance team.
Don Phin, Esq. is VP of Strategic Business Solutions at ThinkHR, which helps companies resolve urgent workforce issues, mitigate risk and ensure HR compliance. Phin has more than three decades of experience as an HR expert, published author and speaker, and spent 17 years in employment practices litigation. For more information, visit
www.ThinkHR.com.
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Investing in rental property is an exciting and cost-effective venture for many people. Savvy individuals are able to charge enough rent to offset the mortgage payment of the rental property, allow for maintenance costs and provide a bit of a profit at the end. In order to protect your investment, however, you need to have an adequate amount of insurance.
Many people assume that their homeowners insurance covers their rental properties as well. It pays to do your research into the subject now before something catastrophic occurs and you find yourself in a financial crisis. Having the right kind and amount of insurance can protect you now and long into the future.
While having homeowners insurance for your rental home is required by almost all lenders who provide you with a mortgage, a traditional policy might not be the best option for your rental property. Here are three points to keep in mind when deciding what type of insurance best suits your needs.
1. Unless you are renting the home out as being fully furnished, you will not need to insure the contents of it. Instead, that responsibility falls to the renter in the form of renter’s insurance.
2. It is highly likely that you will need more liability insurance. With the title of ‘landlord’ comes an increased sense of responsibility. In the event that your tenants are injured while on the property, you will likely need to bear some responsibility. Even if it is due to an event beyond your control, such as the weather, you should plan for the additional responsibility. Your insurance agent can be a valuable guide in this matter.
3. If you are like most landlords, you depend on the rent you receive from your tenants. Consider an insurance policy that specifically protects you from the loss of this income. If you ever experience such a loss, you will be glad to have it.
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In Times Square with thousands of strangers or in your living room with close friends, ring in the new year with a party. Just make sure to follow several tips that keep your New Year’s Eve celebration healthy and safe.
Drink Responsibly
If you’re planning to drink, do not drive. Don’t let your drinking friends drive, either. Instead, choose a designated driver, hire a taxi, take public transportation or invite everyone to crash in your living room.
Go easy on the alcohol, too. Pacing yourself prevents alcohol poisoning and ensures you can pay attention to your surroundings as you act smart and stay safe.
Handle Food Safely
Appetizers, hors d’oeuvre and snacks keep the party going. Heat food adequately and refrigerate leftovers promptly, though, to prevent food poisoning. Check in with guests about possible food allergies, too, as you safely indulge in party foods.
Navigate Crowds
Whether you’re a guy or gal, grab a friend and travel in a group for safety. Keep an eye on your surroundings, never go anywhere with strangers and never leave your beverage unattended. Leave your valuables at home and hold your phone and wallet in a front pocket, too, especially if you’re headed to a crowded celebration downtown.
Drive Carefully
Winter weather can make roads slippery, particularly when you travel after dark. Drive carefully as you leave early, go slow and maintain a safe distance from other vehicles. Of course, if the roads are too bad, stay home and watch the party on TV instead of going out this year.
Ban Guns and Fireworks
Stick with noise makers and sparklers if you need special effects on New Year’s Eve. Otherwise, an inexperienced user could kill or injure someone. Plus, shooting guns and fireworks could break local noise ordinances and other laws.
Ringing in the new year is a fun tradition. Use these tips to keep the party, your guests and you safe and healthy.
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Valued at $46.2 million, the Graff Pink diamond is one of the most expensive pieces of jewelry in the world. Your jewelry box might not hold anything that priceless, but you certainly want to insure your valuable or sentimental pieces, including the diamond cufflinks you wore at your wedding or your grandmother’s ruby brooch.
1. Hire an Independent Appraiser
An independent appraiser will carefully and thoroughly inspect each piece of jewelry you own, and he or she will then determine the exact value of your works of art. Be sure to obtain a signed document that includes a detailed description and appraiser’s value for each piece.
2. Check Your Current Insurance Policy
Most homeowner or renter insurance policies include cash value or replacement coverage for personal belongings. As long as that figure is high enough to cover everything you own, including your real jewelry, you’re set.
3. Purchase a Rider
If your current policy does not cover your valuable gems, purchase a rider. It offers additional coverage for your precious collection.
4. Take Pictures of all Your Pieces
The police need detailed descriptions of your jewelry if a piece is lost or stolen. Take detailed pictures of each piece to increase the likelihood of recovery.
5. Update Your Inventory Regularly
Once you’re sure your jewelry is adequately insured, mark your calendar for an annual inventory review. Add new pieces you recently purchased and remove pieces you sold or gave away to ensure your collection is completely covered.
6. Inspect Your Jewelry
As part of your annual review; take your jewelry for an inspection. The jeweler will look for loose settings, chips or scratches. Take new pictures after any needed repairs are made.
7. Store Your Jewelry in a Safe Place
Insurance will replace your real jewelry if it’s lost, stolen or damaged, but don’t take chances. A fireproof safe hidden in your home or a safety deposit box at the bank protects your gems, especially if you own expensive pieces that you wear only on rare occasions.
You do not want to file a claim for stolen jewelry and find out it wasn’t insured. Follow these tips and talk to your insurance agent today as you protect your valuable collection.
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