Insurance Consultants Of Maine Newsletter

Insurance Consultants of Maine Newsletter
Scott Simmonds, CPCU, ARM
February, 2006

Feel free to forward this newsletter to your colleagues. Comments, questions, and suggestions are always welcome. Email: Scott@InsuranceFixer.com.

Pollution
A reminder... Most standard insurance policies exclude pollution. Your auto policy will not protect you if you're hauling paint and an accident causes pollution. Your liability insurance policy will not help you if your heating oil tank pollutes a neighbor's well or infiltrates their basement. There is no coverage for your company's liability for the pollution of a nearby stream.

Likewise, there is no coverage for damage to your property from pollution - your basement is infiltrated by another, or someone pollutes your well.

Special policies are available. The premiums have moderated in the past few years. If you have the exposure (storage tanks, hazardous materials hauling, handling, or storage) this may be the time to consider the coverage.

Employee Use Of Personal Autos
Jane has been an employee of your company for many years. She has been a good and faithful employee. On her way back from a meeting in the next city a truck kicks up a stone that breaks Jane's windshield. Jane is now in your office asking you to pay for her windshield.

It's a common occurrence. Many employees expect that you will pay for damage to their car while they are driving on company business. Some think you have insurance to cover it.

Would you pay it? What if it was a more serious accident and the damage was $2,500? What if Jane didn't have collision insurance?

Put out a company policy to set your employees expectations. Let employees know your policy by sending an annual reminder.

Many see my recommendation as harsh. I've just seen too many instances where employers have caused themselves great trouble by agreeing to pay for these accidents for their employees.

While individual disability insurance is important, the coverage is vital for businesses too. Many buy/sell agreements are missing a funding mechanism for the disability of a key employee or owner. Disability can have a catastrophic affect on a small business. See my article at http://www.insurancefixer.com/content/disability.html.

Disaster Planning Resource
The website www.ready.gov has some ideas, advice, and tools to help families and businesses plan for an emergency or disaster.

Insurance Teleseminars For Bankers - I'm holding a series of four teleseminars designed to provide bankers with useful insurance information and advice.

February 16 – Directors & Officers Insurance for Banks
March 16 – Bankers Bond and Related Coverage
April 20 – Employment Practices and E-Banking Insurance
May 5 – Property, Liability, Auto, and Workers' Comp Issues For Banks

Each session will start at 9:00AM Eastern and last for 45 minutes with time for questions. I promise the programs will be fast-paced and filled with helpful information bankers can put to use immediately.

Admission is free for bankers who are members of a state or national banker’s associations. Regular admission is $45 per session. Those interested in attending should call or email me for the details and access codes - 207-284-0085 or - Scott@InsuranceFixer.Com. More info can be found at http://www.InsuranceFixer.com/bankseminars06.html.

I'm planning a similar series for other businesses. More info later.

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New Insurance Blog Address – I've moved my blog. Go to - http://www.InsuranceBuzzer.com/. The site contains more information and an easier interface. Subscribe so you receive emailed updates of my postings there.

Special Reports - Get Info on My Special Reports - Guaranteed To Help You Save Premium Dollars.

Life In Maine And Other Stuff - The weather here has been fairly confused. We have had little snow since Christmas and the temperatures have hit 50 several times. I just know we are going to get clobbered soon. Two feet of snow and four feet drifts might even be fun right now.

I attended a two-day seminar in Rhode Island a few weeks ago. The topics included the latest thinking in management and business consulting practices. Unlike most of these programs, marketing was nowhere to be heard. We learned of the latest research in leadership styles, teams, organizational development, and group dynamics. Focus groups and 360 degree reviews were also discussed.

It was good to get away from the world of insurance for a while. The sessions included people from all over the US and five other countries. I was the only insurance guy in the room!

Some of the sessions focused on some pretty simple but profound truths. For example, there is a difference between teams and committees. In a team the members either all win or they all lose. In a committee some people win, while others may lose. Most organizations have too many committees and too few teams.

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.

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.

Insurance Consultants of Maine, Inc. is an unbiased, fee-only insurance and risk management advisory firm. We don't sell insurance and never accept fees or commissions from insurance companies or agents.

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.