Scott Simmonds - Insurance Newsletter

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October, 2008
Issue #100 - Since 2000

Employment Practices Liability - How to Buy It E-Book

My latest in the "How to Buy Insurance" series is How To Buy Employment Practices Liability Insurance. It is a free 18 page whitepaper written for insurance buyers who want to know the ins and outs of the insurance protection they buy.

-Employment discrimination
-Wrongful discharge
-Failure to hire
-Harassment

I cover the coverage points, as well as provide an issue comparison chart and a glossary of terms.

For most companies it is not an issue of if you will have an employment practices suit, but when. Unfortunately, anytime you fire someone or you decide not to hire a specific job applicant, you may be moving into lawsuit land.

Download the whitepaper here.

American International Group

The past few weeks have been filled with news of the financial troubles of many companies, including AIG. My advice to insurance buyers currently with AIG has been to sit tight. The "normal" insurance side of AIG is healthy and profitable. Assets will be sold off to other insurers and business groups. That's the time to make decisions. Call me if you'd like to talk about this or any other insurance matter.

What's Your Work Comp Loss Ratio?

According to the insurance industry magazine, National Underwriter, total work comp premiums in the US dropped from $47.2 billion to $26.4 billion from 2006 to 2007.

The annual loss ratio (losses divided by premiums) also increased from 57.8% to 59%.

What's your loss ratio? Divide your losses by your premiums over the last three years.

If you have a loss ratio under 50%, use that number when negotiating for lower premiums with your insurer at renewal.

Insurance Marketplace - To Bid or Not to Bid

If you have not bid your insurance for a few years, now is the time. In most cases, not bidding your insurance now will result in higher premiums and coverage that is not as broad as it could be.

My booklet, "How to Bid Your Insurance," is now on sale, or download it here for free.

Search Feature

Search my website and blog for any insurance topic. Type it in and get the info you need. If the topic isn't covered anywhere send me a note. I'm always looking for new insurance topics to spew forth on.

Life In Maine and Other Stuff

Peak foliage season is now past for Southern Maine. Moose hunting is over. The bird hunters are in the fields. Deer season is coming up. The stores are starting to decorate for Christmas - along with Halloween.

Fall is my favorite season. I love the crisp feeling in the air. I enjoy walks in the woods with a light jacket on. We have some great days in the fall. Usually there is no snow until mid November. Also, I have few trees that put leaves in my yard - my raking is minimal.

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, CMC
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.