Scott Simmonds - Insurance Newsletter

Insurance from an Unbiased Point of View
www.ScottSimmonds.com

May, 2007
Issue 84 Since 2000

Cost of Construction Increasing - Are You Staying Up To Date?

Your property insurance policy has a limit to the amount of coverage. When you selected the coverage, you thought it was adequate. It may no longer be enough.

According to appraisal data company, Marshall & Swift/Boeckh, the average cost of construction has increased by about 26% since 2002. That means that a building that cost you $2.5 million five years ago will now cost you $3,150,000.

If you have not increased the amount of your insurance since 2002, you may now be subject to a coinsurance penalty of 21%. That means that a $500,000 fire will net you $395,000.

Update your property values.

Questions for Your Insurance Agent #31 -
How does my policy protect me from loss of communications – phone, Internet?

Not every loss to a business operation is insured. Most insurance programs do not include coverage for loss of phone, Internet and other communications systems (some do - not all). This question gets your agent talking about issues not normally discussed - unless there's a claim.

How would your operation be affected by the loss of the phone for 56 hours? Could you survive the loss of email access or the ability to download? How do you manage this risk? Can your insurance help?

This is a great conversation to have with your insurance advisor.

Underlying all the questions in my white paper is an analysis of the abilities and work your agent does for you. How comfortable are you with your agent? Is he paying attention to you and your needs? Are you comfortable with his efforts on your behalf? Is this agent the best agent for you?

Download your free copy of 126 Questions to Ask Your Insurance Agent

Informative Insurance Teleseminars - I hold regular teleseminars to help insurance buyers with their insurance. My goal is to provide useful, easy-to-implement ideas. These are not sales presentations, but solid info you can use to make better insurance decisions.

Email me to register or for more information - Scott@ScottSimmonds.com.

May 29 - For BMW Dealers - Through special arrangement with BMW this is the first in a special series of teleseminars for BMW dealers only.

June 28 - Simmonds On Bank Insurance - Property Insurance, General Liability, and Work Comp Issues for Banks

(These sessions are free to insurance buyers. Insurance people are welcome at a $75 fee.)

All sessions start at 10:00 am Eastern and last for 45 minutes. If you have a topic suggestion for future teleseminars, let me know.

Maine and Other Stuff

Last month I was complaining about snow. Now the grass is green (mowed twice) and hummingbirds are frequenting our feeder again. Spring! A robin has built a nest under our deck. Mr Robin screams at us every time we go outside.

I have a bit over a month left in my stint as Rotary Club president. It's been a good year. We are currently selecting scholarship recipients for the local high schools. Next week we will help the local veterans group placing flags at graves for Memorial Day.

Next Fall I will be teaching a class at a local community college - Introduction to Small Business Management. I taught an adult education class many years ago. This will be my first college experience. I am really looking forward to it.

Biggest Insurance Mistakes White Papers - Get my white papers covering the biggest business and personal insurance mistakes. Send a blank email to bizmistakes@ScottSimmonds.com for a copy of the business mistakes paper. Email personal@ScottSimmonds.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. 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. See my speaker's page.

Please Forward This Newsletter To Your Business Associates

Scott Simmonds, CPCU, ARM
Insurance Consulting
Phone 207-284-0085
Fax 802-992-4027
Scott@ScottSimmonds.com
www.ScottSimmonds.com

See My Insurance Blog - www.InsuranceBuzzer.com

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