The Insurance Fixer Newsletter

The Insurance Fixer
Scott Simmonds, CPCU, ARM

August, 2006 -- Unbiased Insurance Info & Advice --- www.InsuranceFixer.com

HR Managers May Be Personally Liable For Benefit Plan Mistakes

Our statewide business magazine, Mainebiz, published a piece by me that outlines the exposures faced by the administrators of employee benefit plans - that means you if you have group health insurance or a retirement plan. See it reprinted at http://www.insurancefixer.com/content/erisa.html.

Renewals

In general, for good risks, renewal premiums are down 5 to 10 percent from last year. Premiums for professional liability are steady. Southern and Northeastern coastal properties are seeing increases on the property section of their policies. Worker's compensation is all over the map.

Contractors and construction related businesses continue to have coverage issues and premium increases - mostly on the liability side.

Healthcare has loosened up somewhat - but not a great deal. Push for a renewal with no rate increase if you're in the healthcare field.

Your next renewal is the time to push your insurer for better coverage, better (more) service, and lower premiums. Consider competitive bids to force value out of your insurance policies.

Your ultimate renewal decision should include a review of the quality of the insurance company, the quality of the broker/agent and the quality of the insurance protection.

One agent recently told me that he would not get a quote from a particular insurance company because they are new to the marketplace. I told him to get the quote and let us decide the viability of the insurer and the offer of coverage. Renewal time is your chance to look at options.

Insurance Company PR

An article in a well known insurance magazine quoted an insurance company executive as saying he was concerned that a light hurricane season could mean a "bloodbath" of premium reductions.

So, he is hoping for a bad hurricane season????

Insurance industry insiders wonder why insurance buyers laugh when told that their insurance company is their partner.

Life In Maine And Other Stuff - I had to put the air conditioning on last week. The only AC we have is a window unit for my office. My wife won't allow it anywhere else. I think I had it on two days last year. Last week, at 92 degrees and 1000% humidity I broke down and put it in. Today it was 57 degrees when I got up.

I took a day off recently to go into Boston with my father and son. We toured Fenway Park. Very interesting. My NY clients and friends might like to be reminded that the first pro game played in Fenway was against the New York Highlanders — later known as the Yankees — before 27,000 fans, 7-6 in 11 innings. We have been beating the Yankees ever since (well, mostly).

Biggest Insurance Mistakes White Papers - Get my white papers covering the biggest business and personal insurance mistakes. Send a blank email to bizmistakes@InsuranceFixer.com for a copy of the business mistakes paper. Email to personal@InsuranceFixer.com for the personal insurance version. No cost.

Forward This Newsletter To Your Friends - Feel free to pass this newsletter on to others whom you think would be interested.

Your Privacy - I will never sell or distribute your email address to any other person or organization.

Do You Have The Right Insurance? Contact me to discuss an unbiased review of your insurance program. Do you have the right coverage? Can your policies be fine-tuned to improve the protection? Can changes be made to ease the administrative burden insurance causes? Are you getting the service you should from your broker? I can help. Call 207.284.0085 or email me at Scott@InsuranceFixer.com. Remember, I don't sell insurance so I'm unbiased.

Need A Speaker? I'm pleased to speak to trade, business, or service associations about insurance topics. Call 207-284-0085 or email me at Scott@InsuranceFixer.com. See my speaker's page at www.InsuranceFixer.com/ispeaker.html.

Scott Simmonds, CPCU, ARM
Insurance Consultants of Maine, Inc.
Phone 207-284-0085
Scott@InsuranceFixer.com
http://www.InsuranceFixer.com

Unbiased Insurance Solutions

Comments regarding insurance policies or products in this newsletter do not constitute an endorsement. I accept no fees or payments of any kind from any company mentioned in this newsletter.