Why You Need Uninsured Motorists Coverage

With all the different factors that enter into the automobile insurance purchasing process, it is important for you to be well informed in order to make intelligent decisions. One such decision concerns whether to purchase uninsured motorists (UM) and underinsured motorists (UIM) coverage.

UM coverage provides insurance protection for bodily injury, and in some states property damage, caused by a motorist who is not insured. This coverage allows you to collect from your own insurance company as if it provided liability coverage for the negligent and uninsured driver. In contrast, UIM coverage provides insurance protection for bodily injury, and in some states property damage, sustained by you when a motorist who has liability insurance (but is still not sufficiently insured) negligently causes an accident. The following list provides reasons why you should procure UM/UIM coverage.

§  The chance of a negligent uninsured motorist hitting you is greater than you might think. In some states, up to 26 percent of all drivers lack automobile insurance. The countrywide average is 14 percent.

§  UM and UIM coverage is broad, since it provides benefits for you and your family members' injuries sustained (a) in your own covered auto, (b) in autos you do not own, and (c) as pedestrians.

§  The cost for this coverage is very reasonable, compared to liability coverage and physical damage coverage for your own car. The increased costs for higher UM/UIM limits are quite affordable for most people.

§  If your car is damaged by an uninsured driver, the deductible for UM property damage, if available in your state, is normally only $250. This amount is often considerably less than your collision coverage

Copyright 2014
International Risk Management Institute, Inc.

Protect Yourself with Renters Insurance

Several recent studies have indicated that only a third of all tenants have renters insurance. Respondents to these surveys often indicate that they believe the coverage is too expensive or that the coverage is provided by the landlord. Yet both of these assumptions are incorrect.

First, the average renters premium is approximately $185 per year. In other words, you can get protection for your personal property and personal liability coverage for as little as $15 per month. Second, your landlord will likely have insurance, but it will only cover the house or apartment structure itself along with the landlord's personal liability.

So here are some tips for you to consider concerning this essential coverage.

• Create an inventory of everything in your apartment and list the estimated cost of replacing each item. Think in terms of replacement cost, without factoring in any depreciation. This will help you determine the amount of coverage to purchase.
• Take pictures of your more valuable items and store these off-site, such as in a safe deposit box at your bank, at a friend's home, or in an online cloud storage website.
• Shop around for coverage. Get quotes from at least three reputable insurance agents and verify whether coverage is for 6 months or 1 year. Consider getting coverage with your auto insurance company since you may be eligible for a car/renter's discount.
• If your financial condition is solid, consider a higher deductible for your contents since this can reduce your premium significantly.
• Ask about other discounts, such as ones for smoke alarms, sprinkler systems, nonsmoking households, and security systems.
• If you have high-value jewelry items, you may want to schedule those on a separate policy or an endorsement to the renters policy for broader coverage.

Copyright 2013

International Risk Management Institute, Inc.
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Protect Your Interests after an Auto Accident

While we certainly hope that you are never involved in an auto accident, we realize that they do happen. That's the reason we're in business; that's the reason you trusted us to find the right auto insurance for you. If you are ever involved in an accident, the following suggestions will help the claim process move ahead smoothly. Please print this out and keep a copy in your glove box. 

• Make sure that everyone is unhurt—in your car and any others involved. If anyone is injured, call 911 immediately. Even if you think your injuries are minor, it is probably a good idea to have them checked out—either at the hospital or with your family doctor. A seemingly minor injury could turn out to be more serious.
• Call the police. They can help defuse a difficult situation and ascertain who is at fault. Make sure that police on the scene get the names, addresses, and phone numbers of all other involved parties. Ask for a copy of the police report from the officer.
• If you happen to have a camera with you—or a smart phone—take some photos of the vehicles involved, the general area where the accident occurred, and skid marks.
• If possible, safely move the cars out of the way of traffic.
• Do not admit or discuss liability with anyone other than staff at our office or your insurer.
• Get the following information about everyone involved in the accident: name, address, driver's license number, license plate number, description of car, e-mail address, all phone numbers (home, work, and cell), and auto insurance information. Also, obtain contact information from any witnesses to the accident.
• Report the accident immediately to our office.  Claire Gerlach 800-860-5741 (716-849-4354)
• While the details are still fresh in your mind, write your own account of the accident. Be sure to make note of anything the other involved parties said about their injuries or about how they may have contributed to or avoided the accident.

IRMI Copyright 2013

Lawley Genesee Insurance

http://www.lawleygenesee.com

 

Avoid Turkey Fryer Dangers

With Thanksgiving fast approaching, thoughts turn to turkey, dressing and pumpkin pie. Delicious deep-fried turkey, historically prevalent in the southern states, is growing in popularity around the country thanks to celebrity chefs such as Emeril Lagasse. The only problem is that the turkey fryers used to create this succulent dish are unsafe and not certified by Underwriters Laboratory.

Turkey fryers are devices, resembling a large commercial coffee pot, that are filled with oil heated to 350 degrees Fahrenheit. Turkeys are placed in this hot oil to fry the birds. The big problem, though, is that people often fill the fryers too full of oil, and it overflows when the bird is placed inside. This cascading oil hits the heating flames below, causing an instant fire. In addition, the turkey fryers are often quite unstable and easy to tip over. Lastly, many of these fryers lack adequate thermostat controls. Thus, the units have the potential to overheat the oil to the point of combustion. For these reasons, UL does not certify any turkey fryers with its trusted UL mark.

UL and other safety organizations strongly urge people to discard their existing turkey fryers. But for those people who insist on using their turkey fryers, UL offers the following tips:

• Always use turkey fryers outdoors a safe distance from buildings and any other burnable materials.

• Never use turkey fryers on wooden decks or in garages.

• Make sure the fryers are used on a flat surface to reduce the chance of accidental tipping.

• Never leave the fryer unattended since most units lack proper thermostat controls. If people do not watch the fryer carefully, the oil will continue to heat until it catches fire.

• Never let children or pets near the fryer when in use. Even after use, never allow children or pets close to the turkey fryer. The oil inside the cooking pot can remain dangerously hot for hours after use.

• To avoid oil spillover, do not overfill the fryer. Test it beforehand with water.

• Use well-insulated potholders or oven mitts when touching pot or lid handles. If possible, wear safety goggles to protect eyes from oil splatter.

• Keep an all-purpose fire extinguisher nearby.

Copyright 2010
International Risk Management Institute, Inc.

Verify Your "Other Structures" Are Properly Covered

Your homeowners policy covers "other structures" that are either (a) separated by a clear and distinct space from your dwelling or (b) connected to the dwelling by a fence, wall, wire, or similar type of connection. The limit of insurance for other structures is typically 10 percent of your dwelling limit. Sometimes, however, this limit may be quite inadequate, creating unwanted coverage gaps. For example, residences with detached guest houses, storage units, swimming pools, expensive fences, and gazebos may be vastly underinsured for these other structures. Thus, consider the following tips if you find yourself in that situation.

An other structures on the residence premises (HO 04 48) or similar endorsement can be selected to increase the limits for these structures.

A replacement cost loss settlement for certain non-building structures on the resident premises (HO 04 43) or similar endorsement can provide replacement cost protection for items such as reinforced-masonry walls, metal or fiberglass fences, patios and walks, and driveways. The attachment of this endorsement can often add 30 percent or more to your settlement for your damaged property.

If you own, rent, or lease "other structures" located away from your main premises, consider an endorsement adding property coverage to these off-site structures such as the coverage B—other structures away from the residence premises (HO 04 91) endorsement or the specific structures away from the residence premises (HO 04 92) endorsement.

Sometimes it is not readily apparent whether certain "other structures" are on or off premises. For example, if your "other structure" is a boat dock on a lake, be aware that it may actually be "off premises" since most lakeshores are technically owned by the Army Corp of Engineers.


Copyright 2012

International Risk Management Institute, Inc.

Flood damage: are you covered?

Is my home insured for damage that may result from flooding caused by a hurricane or other storm?
Not necessarily. Generally, coverage provided by a standard home or business policy does not include damage caused by flooding or mudslides. It is important to note this type of damage could be extremely destructive to your property and without insurance you could be devastated financially.

How can I get insurance coverage so I’m protected for flood damage from a natural disaster?
First, contact our agency. We have access to comprehensive information and we can help you determine if you need flood insurance. Th roughout the United States, more than 20,000 communities participate in the Federal Emergency Management Agency’s National Flood Insurance Program, which offers flood insurance. An NFIP policy typically includes coverage for: removing contents; sand bagging (to reduce damage); repairing flood damage and rebuilding; clearing away debris and mud; and compensating for personal belongings and business inventories.

How much protection can I get?
You can obtain flood coverage up to $250,000 on your home, $100,000 on its contents and $500,000 for businesses.

Is flood insurance really necessary?
That is a question you should discuss with our agency. However, you should know that lending institutions may require flood insurance as a condition of securing a mortgage, home improvement loan, home equity loan, commercial loan, etc. Flood insurance also is a prerequisite for receiving federal disaster assistance when property is located in a special hazard area. It is important to note that not only high-risk areas are prone to flooding. Flooding can occur anytime and anywhere. One-quarter of NFIP claims come from outside high-risk flood areas.

Can I buy flood insurance at any time?
Yes, but in most cases, there is a 30-day waiting period between the time flood insurance is purchased and the time coverage is in force.

How can I prepare for a catastrophe such as flooding?

Along with obtaining flood insurance protection, you should heed storm warnings and follow evacuation procedures such as boarding up windows and storing outside items inside; shutting off utilities; and preparing an emergency kit that contains food and water, a portable can opener, clothing, blankets, flashlights, first-aid supplies and a battery-operated radio. Also, maintain a current household or business inventory of your property and possessions and keep it in a safe place such as a safe-deposit box. An up-to-date inventory will prove useful when fi ling your insurance claim. 

Flood facts
On the eastern coast of the United States, flooding occurs mainly during hurricane season, which runs primarily from June through October. Hurricanes affect coastal and inland areas. These areas can be inundated by torrential rains that result in widespread flooding. The FEMA estimates that 75 percent of households located in federally designated special flood hazard areas carry no flood insurance.

Your Professional Insurance Agent …We want you to know about the insurance you’re buying.

107712 CM 9/11 QS90245
 
Lawley Genesee LLC
http://lawleygenesee.com/

New York's No Fault Law and Motorcycles

What is the New York No-fault law?
The New York Comprehensive Automobile Insurance Reparations Act (also known as the no-fault law) took effect Feb. 1, 1974. Legislators wanted to ensure that persons injured in a vehicle accident would receive prompt and suffi cient medical treatment and income replacement without the burden of litigation. Prior to no-fault, only 14 percent of the liability premiums in the state reimbursed accident victims for their economic loss, and the average time to collect was 16 months.

The no-fault law provides a generous package of personal injury protection benefi ts and finances it with the removal of excessive pain and suffering damages, wasted litigation expenses and redundant benefits payable under other social programs (for example, workers’ compensation and Social Security). As a result, covered persons injured in a vehicle accident give up some of their rights to sue for noneconomic (e.g.,pain and suffering) damages in exchange for guaranteed benefi ts that are paid promptly regardless of fault. However, if the injury is severe enough to reach a “verbal threshold,” which is a list of nine injury types, an injured person may then pursue noneconomic damages.


Does this New York no-fault law apply to motorcycles?
Yes, PIP coverage is required for motorcycles, but it applies only to injured pedestrians. Occupants of a motorcycle are not eligible to receive PIP benefits, but, on the other hand, they retain all their rights to sue for noneconomic damages.

What are Personal Injury Protection benefits?
PIP benefi ts emerge from the legislators’ promise of Basic Economic Loss for eligible injured persons, which consist of the following four types of compensation. The first three shown below are subject to a combined limit of $50,000, while the limit of the fourth is in addition to the $50,000 limit.

1. All eligible medical expenses incurred without time limitation.

2. Income loss payments up to $2,000 per month for no more than three years.

3. Other expenses incurred (e.g., housekeeping or transportation) up to $25 per day for not more than one year.

4. Death benefi t of $2,000 payable to the covered person’s estate.

Keep in mind that, while eligible injured persons are guaranteed this Basic Economic Loss, it may not all be payable as PIP benefits. Th ere could be other sources, such as workers’ compensation, state disability or Social Security benefits, which may contribute with your motorcycle insurance to help compensate the injured person for Basic Economic Loss.

What are Optional Basic Economic Loss benefits?
Optional Basic Economic Loss (OBEL) adds an additional $25,000 to the $50,000 Basic Economic Loss for a total of $75,000, but with a twist. Instead of this amount being paid to the party who fi rst demands it (e.g., the hospital), the covered person can decide who gets access to it first. You may want the $25,000 to go toward the payment of income loss, or you may want to use it for psychiatric, physical or occupational therapy and rehabilitation.

Must my insurance company offer OBEL coverage?
Insurance companies are required to make available OBEL coverage to all motorcycle owners who apply for a policy. However, this off er may be misleading because OBEL benefits will be paid only to pedestrians and not to an operator, or occupants, of the motorcycle. One must ask why an applicant would pay additional premium for coverage that would only benefit pedestrians. In most cases, if the extent of this coverage were understood, the applicant would decline it.

Are there any other PIP options available for motorcycles?
There are none required by law and most, if not all, insurance companies do not voluntarily offer other options.

This information is provided as a general summary of the no-fault law and PIP coverage. Please consult the actual law and your policy for specific details that may be applicable to your situation.

PIA Your Professional Insurance Agent …We want you to know about the insurance you’re buying.

PIA Publication 106603 1/12 QS31375