Can You Save Us Money?

Prospective clients often ask if I can really save them money. This week I got a workers' compensation renewal from an agent. I sent an email back with three ideas. The result was a $22,000 savings to my client.Another client came to me with a quote from their agent for a new building. (A BIG building.) I spent ten minutes on the phone with the … [Read more...]

Surprise! Insurance Agents Recommend Buying Insurance

I have had four conversations today with insurance agents.  In all cases the agents wanted my clients to buy more insurance.  More, more, more, more. There is never enough insurance purchased. There is never a reason to lower limits. There is never a premium savings worth increasing deductibles. No risk is too small to recommend the purchase of … [Read more...]

What are “Special Perils”

Perils in a property insurance policy are causes of loss—fire, lightning, wind, or hail for instance. Policies that include coverage for “special perils” provide the broadest coverage— protection for any cause of loss not excluded by the policy. Common exclusions are earthquake, flood, nuclear events, damage by insects or animals, and mold. If … [Read more...]

Oregon Workers’ Compensation Study – 2014 Edition

The results of the 2014 Oregon Workers’ Compensation Premium Rate Ranking study are in, and the summary is available. (Download Here) Each year the good people of Oregon fund a study that compares the workers' compensation rates of the states.  It's a good guide to judge the cost of workers' compensation around the US. … [Read more...]

Exclusion for False Pretense, Trick, or Scheme

Patrick Morin, an acquaintance who is a CPA, wrote an article recently on risk management.  The piece reviews what steps an organization can take to understand and mitigate risk.  The article’s example of exposure points out an event not covered by most property insurance. Almost all property insurance policies exclude loss by false pretense or … [Read more...]

Silly Story to Explain Loss of Business Income Insurance

I'm finishing up the final draft for the second edition of Simmonds on Bank Insurance. (I've been saying that now since 2011.) My editor laughed at my story about loss of business income - then admitted it was effective! Pretend you own a goose (a building). Your goose lays golden eggs (cash flow). If your goose is run over by a truck, it’s … [Read more...]

My Letter To A Client About A Bad Insurance Agent

I work with hundreds of insurance agents each year. Some are great. Some good. Some horrid. There is one who is the worst. I have a client who feels that he must buy insurance through this agent. I have repeatedly suggested/begged my client to move the insurance. Here is my latest letter to this client - after the agent delivered a renewal with a … [Read more...]

How To Report A Loss Or and Insurance Claims

Insurance is purchased in case there are claims. Sometimes the first step in the claims process gets off on the wrong foot. Don't let that happen. Property Claims - Events should be reported promptly once you know you have suffered a significant property loss. I suggest not reporting small losses - losses you can pay for yourself without too … [Read more...]


This from a magazine ad... … [Read more...]

Debris Removal – As Part Of Property Insurance

Debris removal insurance... After a fire or other insured event causes damage to your building, there likely will be debris that needs to be removed. Most property insurance policies limit coverage to twenty-five percent of the loss. ($100,000 fire means you get $25,000 of insurance to pay to haul away the debris.) That sounds like a lot until … [Read more...]