National Risk Management and Associates

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In Case of Flood

Flood InsuranceCourtesy of iii.org

Floods occur in every region and 90 percent of all natural disasters the United States involve some type of flooding. Minimize the damage and losses from a flood by taking these precautions.

Understand flood watches and flood warnings

There are different alerts for floods, depending on the type of and immediacy of the potential danger. Educate your family and yourself about your community’s flood warnings:

  • Flood watches are issued when rain is heavy enough to cause rivers to overflow.
  • Flood warnings describe the severity of the situation and indicate when and where the flood will begin.
  • Flash flood watches are issued when heavy rain is occurring or is expected to occur.
  • Flash flood warnings are issued when flooding is occurring suddenly. In the event of flash flooding in your area, move immediately to high ground.

Take practical measures to protect yourself, your family and your property

Preparedness is paramount when it comes to encroaching floodwaters. Here are precautionary steps to take well before the threat of a flood is upon you.

  • Maintain a supply of emergency provisions, such as flashlights, batteries, a battery-operated radio, a first aid kit, medication, sturdy shoes, emergency food and water, cash and credit cards.
  • Maintain a supply of building materials and tools so you can fortify your house from a storm. These would include plywood, plastic sheeting, nails, hammer, shovels and sandbags.
  • Make a home inventory listing all of your possessions to help facilitate the claim filing process if your belongings are damaged or destroyed.
  • Locate switches for gas, electricity and water and know how to shut them off. In the event of an evacuation, you’ll want to turn these off before you leave.

For more preparedness tips, handy checklists (including ones you can personalize yourself) and evacuation planning advice to cover a variety of disasters, get the I.I.I.’s Know Your Plan app. It’s a great tool to help get you and your family—including pets—organized and ready to act more quickly if an emergency strikes.

Next steps link: Think you’ll need financial protection against flood damage? Read these facts about flood insurance.

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Did You Know, Family & Business Liability Facts

Family InsuranceCourtesy of iii.org

One might think that family-owned and operated businesses would be relatively immune from employee lawsuits, but that’s not the case according to a recent Gen Re article.

The reasons family-owned businesses get sued include: most family owned businesses employ at least one non-relative; the non-relative is likely to be first to be fired when the business is struggling; and family members are reluctant to discipline each other for bad workplace behavior, especially if the family patriarch is the one misbehaving.

The article gives several examples of lawsuits against family businesses and the awards paid out, concluding that a family-owned business would benefit from including employment practices liability insurance (EPLI) as a part of its insurance package.

According to GenRe:

These workplace scenarios and settlement amounts mirror those we see for all businesses. Discrimination and sexual harassment – as well as wrongful termination, violations of privacy and other employment wrongdoing – are not limited to any type, place or structure of business.

When it’s time to evaluate insurance for the family business, be sure that Employment Practices Liability insurance is not overlooked. The chances of needing EPLI protection are no less than for a slip and fall or fire loss. It’s all relative.

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Carjacking Safety Tips

Car thief

Courtesy of iii.org

Having your vehicle stolen is bad enough, but carjacking—having it taken while you’re behind the wheel—is potentially dangerous, even lethal. Foil would-be car thieves and keep yourself safe with these precautions.

Having your vehicle stolen is bad enough, but carjacking—having it taken while you’re behind the wheel—is potentially dangerous, even lethal. Foil would-be car thieves and keep yourself safe with these precautions.

Motor vehicle theft takes a human as well as a financial toll

A motor vehicle—car, SUV, truck, bus or motorcycle—is stolen in the United States approximately every 45 seconds. In addition, parts of cars, like airbags and catalytic converters (which are stolen for their recycling value) are stolen out of the cars themselves. Cars and car parts stolen in the United States often wind up on overseas markets, making recovery impossible.

And, though armed auto theft represents a small percentage of the incidents, carjacking is a violent crime that can add a dire emotional toll and even bodily harm to the financial loss.

Auto theft is covered under the comprehensive portion of a car insurance policy. However, as always, it’s better to prevent a loss than to deal with the fallout of having your vehicle stolen.

Prevent motor vehicle theft

There are a number of things that make your vehicle attractive to thieves—including make, model and the value of certain parts. Know that it’s not always the most valuable, the flashiest or the most expensive car makes and models that are most desirable. So whatever your car, don’t make it convenient for would-be criminals. Take these precautionary measures—and check with your insurer; some may even help lower your premium.

  • Keep your doors locked and windows shut anytime you’re not in your car, even for a few minutes.
  • Make valuables invisible. Don’t give thieves more motivation to break into your car. If you have to leave personal property in your car, keep it in the trunk. Even in areas you think are safe, don’t leave a purse or other valuables on the car seat unattended.
  • Park in secure, highly trafficked and well-lit areas. In public parking garages or areas, stay as close as possible to guard booths or store entrances. Best case, keep your car in a garage and always lock the door to your home garage.
  • Make use of anti-theft devices. Use a security device like a steering wheel lock or a gearshift column lock—the more difficult it is to take the car, the less likely a would-be thief will target your vehicle. Most new cars include tracking devices, which can help locate a stolen car, but these are available for purchase and installation into older cars, as well. Check with your insurance pro about how your anti-theft device might qualify you for a discount.
  • Exploit your vehicle identification (VIN) number. The VIN number is utilized by a number of law enforcement agencies and databases and insurance databases to make it harder for car thieves to sell a stolen car or its parts.

The VIN is usually found on the dashboard on the driver’s side of the car. Mark your VIN prominently: Use paint or an indelible marker to put the VIN under the engine hood and trunk lid and on the battery. This will make it harder for thieves to unload the car, and make it easier for the police to identify the vehicle if recovered.

If the worst happens and your car is stolen, you’ll want to file a police report. Then check that your policy covers car theft and get the claims process started. Notify your insurance professional about the incident as soon as possible—the longer you wait, the harder it will be to remember the details.  Note that many insurance companies now use mobile apps, which can help you get the claims filing process started immediately.

Prevent carjacking

Although carjacking is relatively rare, because carjackers are armed when they commit their crimes, it is especially dangerous. Avoid being a carjacking target with these additional precautions:

  • Always have your mobile phone handy—and charged.
  • Avoid being alone in your vehicle in certain areas, such as high crime neighborhoods, isolated roads and intersections and desolate areas of parking lots.
  • Be aware of your surroundings. Pay special attention to people who seem to be lurking or cars that suspiciously follow you into driveways. Call 911 and use your key fob or other car alarm if you feel a threat.
  • Be wary of how carjackers lure victims. These include bumping your car, pretending to be stranded motorists or flashing their lights as if there were something wrong with your car. In each of these scenarios, you might be tempted to pull over—only to have your car taken. Stay inside with the windows shut and the door locked and, if you feel a threat, drive to the nearest police or fire station.
  • Practice safe parking. Stick to well-lit areas. If you have any doubts about where you parked after the fact, find a security guard to accompany you to your vehicle.
  • Don’t sit in your car with the door unlocked or the windows rolled down.
  • Don’t stop at isolated ATMs, which might put you and your bank accounts as well as your car in danger.

 

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Understanding Auto Insurance Premiums

Auto Insurance Premiums & YouCourtesy of http://www.iii.org/article/what-determines-price-my-auto-insurance-policy

The average yearly auto insurance premium is around $800, but there is wide variation around this average. Many factors can affect your premium, and they all help determine how likely you are to have an accident. Perhaps surprisingly, many of them do a better job than just your driving record. Not all companies use all of these factors, and some might use factors not listed here. Your premium may depend on, in no particular order:

  • Your driving record.

The better your record, the lower your premium. If you have had accidents or serious traffic violations, it is likely you will pay more than if you have a clean driving record. You may also pay more if you are a new driver and have not been insured for a number of years.

  • How much you use your car.

The more miles you drive, the more chance for accidents. If you drive your car for work, or drive it a long distance to work, you will pay more. If you drive only occasionally—what some companies call “pleasure use”, you will pay less.

  • Where your car is parked and where you live.

Where you live and where the car is parked can affect the cost of your insurance. Generally, due to higher rates of vandalism, theft and accidents, urban drivers pay a higher auto insurance price than those in small towns or rural areas.

Other factors that vary from one area or state to another are: cost and frequency of litigation; medical care and car repair costs; prevalence of auto insurance fraud; and weather trends.

  • Your age.

In general, mature drivers have fewer accidents than less experienced drivers, particularly teenagers. So insurers generally charge more if teenagers or young people below age 25 drive your car.

  • Your gender.

As a group, women tend to get into fewer accidents, have fewer driver-under-the-influence accidents (DUIs) and most importantly less serious accidents than men. So, all other things being equal, women generally pay less for auto insurance than men. Of course, over time individual driving history for both men and women will have a greater impact on what they pay for auto insurance.

  • The car you drive.

Some cars cost more to insure than others. Variables include the likelihood of theft, the cost of the car itself is major rate factor, the cost of repairs, and the overall safety record of the car. Engine sizes, even among the same makes and models, can also impact insurance premiums. Cars with high quality safety equipment might qualify for premium discounts.

Insurers not only look at how safe the car is to drive and how well it protects occupants, they also look at the potential damage a car can inflict on another car. If a specific car has a higher chance of inflicting damage on another car and its occupants, some insurers may charge more for liability insurance.

  • Your credit.

For many insurers, credit-based insurance scoring is one of the most important and statistically valid tools to predict the likelihood of a person filing a claim and the likely cost of that claim. Credit-based insurance scores are based on information like payment history, bankruptcies, collections, outstanding debt and length of credit history. For example, regular, on-time credit card and mortgage payments affect a score positively, while late payments affect a score negatively.

  • The type and amount of coverage.

In virtually every state, by law you must buy a minimum amount of liability insurance. The state required limits are generally very low and most people should consider purchasing much more than the state requirement—the recommended amount of liability protection is about ten times the average state minimum. If you have a new or recent model of car, you likely will also buy comprehensive and collision coverage, which pays for damage to your car due to weather, theft or physical damage to the car such as being hit by a tree. Comprehensive and collision coverages are subject to deductibles; the higher the deductible, the lower your auto insurance premium. While there is no legal requirement to purchase these coverages, if you finance the purchase of the car or you lease it you may be required by contract.

Perhaps just as important, insurers NEVER use race or religion to set rates. Such practices are illegal. Insurers believe them to be abhorrent as well.

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Florida’s Worst Cities for Pedestrian Safety

Car InsuranceCourtesy of iii.org

Walking is definitely good for your health. But it may be dangerous to your life in busy cities, particularly in Florida. A study by Smart Growth America ranked eight Florida metros in the top 10 after analyzing pedestrian deaths over a 10-year period.

The group created a Pedestrian Danger Index to compare pedestrian safety in cities of different size, density, and rates of walking. So, it’s not only a factor of big cities with more cars and more walking. The study contends it is also due to “poor pedestrian infrastructure,” meaning roads are designed to move cars along with little thought to people traveling on foot. There is an interactive map on the group’s website that pinpoints dangerous roads near you.

Statistics on auto crashes show that about 20 percent of pedestrian fatalities are caused by hit-and-run drivers. Did you know that uninsured motorist coverage on your auto insurance policy can provide protection if you are hit as a pedestrian? Well, now you know.

Here is the ranking of the 10 most dangerous cities for walkers:

  1. Cape Coral-Ft. Myers
  2. Palm Bay-Melbourne-Titusville
  3. Orlando-Kissimmee-Sanford
  4. Jacksonville
  5. Deltona-Daytona Beach-Ormond Beach
  6. Lakeland-Winter Haven
  7. Tampa-St. Petersburg-Clearwater
  8. Jackson, Miss.
  9. Memphis, Tenn.
  10. North Port-Sarasota-Bradenton

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24 Hour Hotline: (407) 415-8528

National Risk Management & Associates
220 Magnolia Avenue
Sanford, FL 32771
Phone: (407) 767-2950