As I sit down to write this article we have just experienced the worst fires in Southern California history. Many of our employees live in the communities that were affected by this horrible incident. On Monday after the Simi Valley fire nearly devastated the area all our staff that live in Moorpark and Simi Valley showed up and ready to help our customers affected by the firestorm. We are dedicated to provide a high level of service and to work extra hard during a crisis. We understand our mission and we are here to help you through the good and tough times. Please call us if you have questions about coverage issues or need help with any claim. I know the insurance companies have mobilized their claim units to provide excellent service during this difficult time but sometimes you need the comforting touch of your agent. We are here! In my last article I discussed the rising prices of insurance and stated that hopefully pricing would stabilize. Other than workers compensation I think this has been accomplished. Insurance companies as a whole are reporting profits and have begun to price their products accordingly. We are seeing much more stability in pricing especially for property insurance. In fact the insurance company's appetite to write new insurance has increased and they are encouraging new policies instead of non renewing. This is a positive step towards increased competition which will lead to increased coverages and better pricing being offered. Unfortunately workers compensation is still a problem in California. Our new governor has made it a top priority to fix the workers compensation system. We are encouraged by his words; now let's hope he and the legislature can get the job done. Without a fix to this broken system jobs are going to be lost and once they are gone they never come back. Tri County Insurance has done our job to help the economy. We have experienced good growth during 2003. Our employee count is now 32 an increase of 3 over last year. The reason for this is we continue to represent insurance companies who offer the type of insurance we specialize in at very competitive prices. We will continue to research the market to make sure that our customers have the best coverage and the best price. Please let your friends, colleagues and business associates know about Tri County Insurance so we can provide them with the same level of service and competitive pricing that you have come to expect. If you have any questions please give me a call or drop me an email at ebossuk@tcinsurance.com. If you find anything lacking in the service we offer please let me know. We can only improve with your help. Have a happy, healthy and safe holiday season. Thank you for your continued confidence Eric Bossuk
Your homeowner policy provides personal property and personal liability coverage for you. This policy can be endorsed to extend limited business liability coverage as well. You can also increase the amount of business personal property automatically provided for you in the basic policy. However, if the business exposure cannot be adequately covered by your homeowners policy, because of the business exclusions presented in the policy, then it may be necessary to obtain a strictly commercial policy. Some business activities can only be insured with separate policies. Certain business related activities are specifically not considered "business" by definition (e.g., part-time or seasonal activities performed by minors, a mutual exchange of like services, etc.) There are also exceptions to the business liability exclusion (i.e., incidental business coverage) that will allow for coverage in certain situations. It is also important to keep in mind that for the business exclusion to apply, the business activity typically must involve two elements. The activity must be conducted on a continuous or regular basis, and for the purpose of making a profit. If you have concerns about whether or not your homeowners policy covers your business pursuit, or if you feel you need additional coverage, please call us. The call could save you a lot of grief if a claim should occur in the future.
In our last newsletter, Eric Bossuk discussed a changing marketplace. The insurance industry is going through changes which have been forcing premiums upwards for a variety of reasons. A common reaction to increasing premiums is for the business owner to see what coverages can be reduced. This usually is a mistake. Your building and business personal property need to be insured to the current replacement value, i.e.-should you have a complete fire loss, can you replace the building and/or business personal property in today's dollars? I would advise all business owners to review their insured values to be sure they are current. Once a policy is written, it is common to renew "as is"---just pay the premium and say to yourself, "I am covered". Our office sends a review of your coverage prior to the renewal. It is rare for an insured to increase the value of the business personal property for fear of higher premium, but should you have a loss you may not be in a position to re-open your business. Why purchase the insurance coverage if it will not cover you when you most need it? To help offset any potential increase in premium, consider higher deductibles. Operate your business with an eye to minimizing claims, for even if you select higher deductibles, a devastating claim could close it forever. Proper safety procedures will help to ensure that your business continues to operate for the mutual benefit of you and your customers. Another area of concern deals with your liability exposure. Most of the commercial policies are written with a liability limit of 1 million per occurrence and 2 million aggregate. We live in a state which is quite litigious. I would urge you to consider either a 2 million per occurrence and 4 million aggregate or a commercial umbrella to best protect your business assets. Please contact us if you have concerns after reviewing your policy more thoroughly.
Water damage claims have been on the rise in California, both in terms of the number of claims and amount of damage associated with such claims. According to the Insurance Information Network of California, water damage insurance losses rose $66 million from 2001 to 2002, compared to a $58 million increase for all other causes of loss combined over the same period. Water claims now comprise one-third of all California homeowner insurance claims. Here are a few hints to help you protect your home from water damage claims: Inside your house 1. Inspect your sinks, toilets, dishwasher, garbage disposal and washing machines for any leaks. 2. Check hot water heaters for corrosion, as rust can be a sign that failure may occur soon. 3. Install a water shut-off valve for washing machines that can be used when away on vacation. 4. Replace washing machine hoses with the metal banded variety. 5. Install exhaust fans in all bathrooms with a shower or tub. 6. Inspect and replace caulking around windows, doors, bathtubs and showers. Outside your house 1. Locate the house water shut-off valve and be sure it works. 2. Inspect the roof for missing shingles or other signs of potential leaks. 3. Clean out gutters and downspouts and make sure they drain away from the house. 4. Make sure your automatic sprinklers are watering your lawns & gardens, not your house. 5. Shut off the water to your house if you are going to be away for more than a day or two.
Did you know that most homeowners insurance policies do not offer protection against flood losses? The recent fires have vastly increased the risk of floods. Trees, bushes, shrubs and grasses are natural watersheds. They generally hold rain water and allow the water to soak into the ground. The fires have eliminated much of this watershed and the water has no way to go but down the hills. Standard homeowners policies will cover the damage a storm might cause to your home and possessions, but exclude damages from what is known as "rising water". Why? The Insurance Information Network of California explains that insurance is essentially a device to spread risk, and few homeowners really need or would purchase this coverage. It is not feasible for a private insurance company to collect enough homeowners insurance to be able to afford to cover those who suffer the loss from flood. This would make the price an insurance company would have to charge to cover its losses too high. However, flood insurance is available through the National Flood Insurance Program. The NFIP requires all homeowners in all flood hazard areas in the country to purchase flood insurance thus spreading the risk over the greatest number of people and making the coverage both affordable to consumers and actuarially sound for the government to underwrite. For residential properties, the flood insurance program covers buildings and contents for loss or damage resulting from flooding. It does not cover erosion of soil or damage to fences. The rainy season is coming. If you live in a hilly area or an area that is subject to flooding, call us. Flood insurance is available. Be aware that coverage does not go into effect until after it is accepted by the NFIP.
Term life insurance has always provided maximum protection for the lowest outlay of premiums. Now you can obtain this coverage and receive 100% of all premiums paid if you survive the period of coverage you select (15,20 or 30 years). Call Sandi Sanders or Glen Futterman for a complimentary quote.
Automobile Homeowners Apartment Condo Unit Owners Renters Print Shops Boats Life Insurance Restaurants Disability Personal Article Floaters Business Owners Policies (BOP) Health Insurance Flood Group Health & Accident Dwelling Fire Umbrella Liability Workers Compensation If you need any type of insurance that is not on this list, call us. We are a full service, independent insurance agency, committed to serve you.
Long-Term Care needs relate to the types of assistance people will require, who cannot independently perform the duties of daily activities over an extended period of time. Although often thought of as an issue for the elderly, anyone at any age could develop a need for long-term care over their lifetime (look at Christopher Reeves as an example). The long-term care issues affect nearly everyone, whether you will someday need care or will provide care (or pay for care) of spouses and relatives. The prospect of having to deal with long-term care issues are not something most of us put much thought into or even want to take into account, but the facts are that most people will have to deal with this issue at some point in their lives. Current estimates are that 1 out of every 3 men (33%) and 1 out of every 2 women (50%) will need care at some time in their lives. The other unfortunate fact is that long-term care is expensive, regardless of who pays for it. Nursing Care (and In-Home Care) can run in excess of $200+ per day and Residential Care Facilities can run between $150 and $400 per day. Most of us have not adequately prepared ourselves or our families for this expense or the financial, emotional or physical stress that will be placed on us. To help you determine if Long-Term Care coverage is right for you based on your current age and financial situation, please call Sandi Sanders or Glen Futterman.
In this issue we will introduce you to the members of the department that services your commercial insurance needs.
The department is headed by TALIN JABOURIAN, who has been with the agency for ten years.
In previous issues you have been introduced to MICHELLE MANTHEI, and SHARON ESKRA.
NICOLE HARTOCH has been with the agency for 2? years. She enjoys spending time with family and friends. Her principal interests are photography and attending concerts.
The two persons sketched below have joined the department in recent months to assist those mentioned above.
LORETTE LOY - besides the joy she finds in helping her clients, her outside interests are decorating, sewing and scrap booking.
SHANNA HALL - recently moved from the personal lines department. Some of you may have spoken to Shanna when she relieved Jan on our switchboard. Her outside interests include the classic games of UNO and Dominoes, watching Forensic Science TV programs and dining out near her home in Studio City.
