Buying Your Policy from a Connecticut Life Insurance Company

You shouldn’t lose sleep over trying to determine your family’s life insurance needs, although sifting through all the different types of products available, coupled with calculating the figures to find the right amount of insurance, can make the task seem a bit daunting. The first step is to contact a Connecticut life insurance company agent to guide you through the process, which is an essential part of maintaining your family’s financial well being.

Researching the many available options will certainly help, since the more you know about it before speaking to an agent, the better off your coverage will be. By not planning for your life insurance needs you might possibly be wasting thousands of dollars on inappropriate or ineffective coverage, or worse, experiencing financial hardship due to not having the proper amount of insurance in place.

Give the agent some specific information about your situation

By sharing information about your current situation and your objectives, your agent can make the process of buying life insurance easier by providing you with unbiased information and a plan of action. He or she can present you with some basic guidelines about when you should purchase life insurance and also provide you with a system for determining how much you need. This process involves a discussion about the types of insurance available, the suitability for various situations, after which you can then comparison shop for a policy that will benefit you the most.

One of the primary purposes of life insurance is to provide a source of income, in case of your death, for your children, dependents, or other beneficiaries. A policy from a Connecticut life insurance company can also serve other estate planning purposes, such as giving money to charity upon your death, pay for estate taxes, or provide for a buy-out of a business interest.

Determining how much insurance to purchase requires you to invest some time in calculating such things as your current annual household expenses as well as your assets, debts, and other sources of income. It’s vital that you find out how much insurance you need before considering which type of insurance to buy, since you can always switch to a more cost-effective or investment-oriented type of policy later.

Ideally the amount of coverage you’ll want is an amount that would allow your dependents to invest the insurance proceeds after your death, thus maintaining their desired standard of living without having to touch the principal. Speak to an agent in your area who specializes in this important coverage.

Automated Systems Takes Insurance Processes to the Next Level

Whether one is a program administrator, managing general agent (MGA), or an insurance carrier, if you are striving to be among the best in the industry, you are no doubt relying on an automated insurance rating system to function at the core of your operation. What do these marvels of modern technology accomplish? Just about everything in the lifecycle of a policy, for one thing, from the application submission to the creation of a declarations page and generating a statement; renewals, endorsements, or policy rewrites; claims filing and management, data reporting, and more–these systems are typically modeled after the workflow of an actual insurance company (and programmed by professionals who have many years of experience in the Property/Casualty insurance industry), yet taken light-years beyond in terms of automation and integration with other systems.

Systems are flexible, far beyond default settings

Many of these products offer a variety of cutting-edge business solutions, with myriad capabilities such as:

  • Flexibility to migrate to and grow with increasingly larger hardware platforms to match company growth
  • Seamless connectivity with operating system software, complete with drop-down selections for simplicity and auto-filled fields to streamline inputs and reduce errors
  • Customization opportunities to tailor to fit the specific needs of a program administrator, managing general agent, or insurance carrier
  • Affordable, flexible pricing to fit most any budget, reflecting modules selected, lines of business used, and the size of the organization

The road to quality has many entrances

Whether one is a program administrator, managing general agent, or an insurance company, it is vital for your organization’s survival to ensure your processes reflect both efficiency in the short term, as well as effectiveness in the long run–which means that it is vital to make sure that, at the hub of your operation, is a robust automated insurance rating system. Contact a quality provider of these products today to learn more. The best in the industry are ready to take your operation to the next level, with policy management systems for both property and casualty lines of business as well as commercial lines of business. Contact a quality provider today.

The Benefits of Marine Surveyor Insurance

Marine surveyors provide essential services to the marine industry, including the performance of inspections of vessels of all types, including pleasure craft, passenger vessels, tugboats, barges, and dredges. In addition, they regularly inspect oilrigs, ferries, cargo vessels and warships, along with marine cargo, marine engines and facilities (such as canals, dry-docks, loading docks and more) for the purpose of pre-purchase evaluation, insurance eligibility, and insurance claim resolution and regulation compliance.

Obviously there may be significant risks that these professionals need to address, including claims of errors, omissions and other often-costly mistakes requiring a total insurance solution. They also need to concern themselves with issues of loss control and risk management in order to minimize and prevent losses from occurring. Agents that specialize in marine surveyor insurance are capable of providing this solution.

Boatman of all types and sizes can benefit from these services

It’s important to have a detailed inspection of a boat performed by a qualified surveyor for the purpose of determining its current condition, as well as its seaworthiness. For example, an expert is best suited to determine if the vessel is safe to use in the conditions for which it was designed, and suggest what maintenance and repairs may or may not be required (or are likely to be required in the near future).

Most first-time buyers are not yet experienced enough, or mechanically inclined enough to make an adequate evaluation on their own, while those who are qualified can benefit immensely from a second, professional opinion. Buying a marine survey buys peace of mind provided that the surveyor does a thorough job and does not demonstrate any type of negligence in establishing their determination regarding the vessel.

Anyone who purchases a boat, first and foremost, wants to learn everything that will be necessary to maintain the vessel properly in order to keep themselves and their families safe, along with securing their investment. A good surveyor will be familiar with most models, aware that certain types and makes of boats may be prone to having recurring problems or requirements. In this way they can advise clients on the long-term suitability of their intended purchase.

As a surveyor, your reputation and your business could be on the line from one careless mistake. Having marine surveyor insurance will help keep you from losing everything if an unhappy customer sues you over accusations of negligence on your part.

E&O Insurance for Real Estate Agents

The real estate industry can be a rewarding and exciting line of work. Imagine helping first time buyers secure their dream home. However, mistakes and errors are also par for the course, and insurance for real estate agents is designed to aid professionals who have the misfortune of ending up in a courtroom trying to settle a claim.

Errors and omissions insurance (E&O), as the name suggests, doesn’t cover you for claims of committing outright fraud. Typically, this policy will come in handy when a disgruntled buyer sues an agent or broker for failing to disclose a defect in a property, for misleading the purchaser about what they’re buying, or for any action construed as a breach of contract. An agent may be sued for any number of reasons, including undisclosed termite infestations, mold contamination, or even hidden water damage.

These are just some of the typical sources of litigation. Boundary disputes can certainly be another area of concern. For instance, the property could be in good shape, but the buyer alleges that the square footage of the home or surrounding property is smaller than was actually stated. Brokers and agents may also find themselves being sued for failing to disclose that a property is encumbered by a lien, which entangles the property in the previous owner’s debts.

Having coverage relieves the agent of financial responsibility

When an agent is targeted with a claim, their insurer hires an attorney in order to craft a defense strategy or negotiate a settlement. If an agent isn’t covered, they must then assume the bulk of the legal costs, which typically could wind up being in the hundreds of thousands, and up to over one million dollars.

Having a lack of information about E&O insurance, and the differences in local laws and market conditions, makes it hard to compare policies or know what to look for in the fine print. So shopping around for a policy makes a lot of sense, and acquiring an agent with experience in the E&O market is a smart decision.

Some brokers forego getting insurance for real estate agents for fear that potential plaintiffs might be lured by the thought of a pile of insurance money being recovered, but this could be an even worse mistake. Insurance is absolutely the best line of defense.

Savvy Businessmen Wear Hats But Leave Insurance to the Experts

With all the things that can happen unexpectedly in the course of conducting business, it’s a wonder that companies aren’t afraid to open their doors. In one mom and pop auto shop, a customer trips over some tools left on the workshop floor and falls to the cement, fracturing his wrist. Blocks away, a window dresser loses her balance while balancing on a stepladder to put a beret on a mannequin, falling backwards and crashing through the store’s plate-glass window, causing substantial injury to herself as well as to a woman who happened to be jogging past at just that moment. Across town at a high-end bike shop, a woman perusing a 21-speed sustains injury when she brushes against a row of precariously balanced performance bikes which fall against her, domino fashion. In each of these cases, a lawsuit could easily ensue-and unless these businesses have purchased public liability and professional indemnity insurance, they could literally be out of business.

The cost of compensation could be crippling

This type of business insurance coverage offers protection in the event you are sued for causing personal injury, death, damage to someone’s property, or bring advertising injury to another. The policy pays for court fees and legal costs, including damages should they be awarded-payouts that could possibly cost so much that, without coverage, your business could be crippled for years or even shuttered completely.

Savvy business owners don’t look at paying their premiums as just an expense; they know that protecting their property and activities is one of the best investments they can make in their company and their future. And while they are accustomed to wearing many hats as a small business owner, smart owners also know that analyzing and evaluating all of their risks and determining what suite of coverages they need is best accomplished by a professional who has the necessary education and experience. Understanding the differences between policy features and benefits offered by competing companies, exclusions, policy limits, and premium comparisons is an incredibly important job.

Seek the advice of a professional insurance agent to make sure you are receiving the most comprehensive coverage at the best price.

Professionals at Risk and New Jersey EO Insurance

As most professionals know, errors and omissions (E&O) is the insurance that covers your company, or you individually, in the event that a client suffers financial damage and holds you responsible for a service you provided, or failed to provide, that did not have the expected or promised results.

Here in New Jersey the list of people who can benefit from having New Jersey EO insurance are doctors, lawyers, accountants, architects, engineers, which are just a few obvious professions. However, many other individuals ranging from advertising agencies to commercial printers, Web hosting companies to real estate agents also need this policy in place.

If you’re in the business of providing a service to your clients for a fee, you will likely experience exposures regarding errors or mistakes you might make. For example, New Jersey real estate agents and brokers face a long list of exposures to malpractice claims, including, failure to disclose material facts, failure to inspect property or to recommend a reasonable price, or failing to provide documentation or reports, and this is just the short list.

For many professionals, this type of coverage is often referred to as professional liability insurance. Whatever name you call it, it’s coverage that protects you financially and something no one with these types of exposures can really afford to be without.

Most E&O policies cover judgments, settlements and defense costs

Even if the allegations are found to be groundless, thousands of dollars may be needed to defend against a lawsuit. This can bankrupt smaller companies or individuals and have a devastating effect on the bottom line of larger companies. Having New Jersey EO insurance coverage provides protection for you in the event that an error or omission on your part has caused a financial loss for your client. You may want to consider what will happen if the service you provide is not done correctly or on time, and it brings harm to the reputation of your client.

By not purchasing a professional liability policy a company can be taking a serious financial risk since these types of losses are not covered under a general liability policy. As with any insurance, the best time to buy a New Jersey EO insurance policy is before the risk is taken. If you are in the service industry and you know you will have these exposures, make this policy a part of your insurance portfolio.

Cyber Security Insurance to Combat Cyber Crime

Cyber theft and cyber crime is rampant across all companies both big and small in the US. The damage, both financial and reputational, to these entities is often costly and a concern to those affected, as well as the insurance providers who must answer the call when claims are filed.

It is in the best interests of those operating in the healthcare industry to take certain precautions in order to prevent the disclosure of personally identifiable information and alert those responsible for the cyber security insurance coverage in the insurance industry should a breach occur and/or if an action is taken against those victimized.

Medical accounts have significant value on the black market

It is estimated that hackers can steal a company’s medical accounts and quickly sell those numbers to black marketers for a price up to ten times more than that of a stolen credit card. The black marketers then buy those account numbers in order to purchase medical supplies and drugs. Some black marketers will even go as far as to create authentic-looking counterfeit medical cards, selling them to customers who will then use it to go to a clinic, dentist, or possibly even to seek critical care at an emergency room.

Unfortunately, the medical industry is unprepared to deal with many of these cyber attacks taking place. Many of the current solutions will be difficult to deploy quickly or cheaply, mainly because medical care is provided via a patchwork of independent insurance companies, practitioners and hospitals.

This can be costly to all parties violated by these thefts and often has a rippling effect. Those companies that are best prepared will have procedures and guidelines in place to enable them to deal with the crisis, having employed any reasonable efforts to prevent a cyber attack as well as protect personally identifiable information.

Instituting a data breach response plan (DBRP)

An essential component of any plan is preparing for an incident suffered by an insurer, insurance producer and other third-party companies (a data breach response plan). Third parties and producers should be audited to determine if controls are in place to protect personally identifiable information.

Despite the best efforts of cyber crime specialists, these thefts will continue to undermine the healthcare industry for some time to come. Cyber security insurance is the one thing that helps to somewhat level the playing field.

Home Safety Tips and CT Insurance Companies

Connecticut homeowners should take heed there are certain precautions and safety measures to consider now that the hottest months of the year are upon us. If you have a claim or concern, this is the time to speak to representatives at insurance companies in CT where your policy is being serviced. The National Association of State Fire Marshals (NASFM) has issued a fire safety advisory to be passed on to the general public. In addition, these summer heat waves along with any sudden storms can likely cause frequent power outages, so follow this advice that can help towards preparing for the possibility of potential outages.

Indoor and outdoor safety tips

  1. Use great caution with lit candles: keep them away from upholstered furniture, drapes and any other combustible items and never leave lit candles unattended.
  2. Use flashlights instead of candles whenever possible.
  3. Be sure that extension cords are in good condition and are the proper gauge for the electrical current capacity.
  4. Unplug electric tools and disconnect spark plug wires on gasoline-powered tools before making adjustments or clearing jams near moving parts and be sure that power tools are turned off and made inoperable if they must be left unattended (thus helping to prevent use by children).
  5. Never fill gas tanks while machinery is operating or when equipment is still hot and store gas in an approved container away from the house making sure to never smoke or use any type of flame around gasoline and also wipe up any spills.

Restoring electrical power safely after a disaster

Before restoring electric power after a flood, hurricane or other disaster, make sure the power is off before working on any equipment. In addition, the following steps should be taken:

  • Replace anything that has visible damage
  • Electrical equipment that has been submerged must be replaced or reconditioned by trained factory service personnel
  • Seek professional advice from a local building official, electrical utility or qualified electrician before restoring electrical power, and
  • Select and apply electrical equipment in accordance with ratings, nameplates, wiring diagrams, instructions and warnings for that equipment

Practice safety in all aspects of life and rest assured that CT insurance companies are designed to help you in the event that a claim has to be filed for any damages that occur to your homes.

Insurance Rating Software is the First Step in Innovation

In a competitive market such as insurance sales, insurers are always looking for an advantage. Gaining an edge over your competitors means increased revenues, added sales and more stability as a whole. Many insurers have been able to gain such an advantage through the use of Insurance Rating Software. Carriers, MGAs and Program Administrators leverage the use of rating services to automate ratings processes. This software is able to deliver specific industry quotes efficiently, helping brokers to present proposals to their prospects.

In addition, for insurance carriers, custom rating packages also provide a platform to analyze market opportunities and existing policy portfolios, enabling them to identify new opportunities and enhance business results.

A rise in the level of competition

Many insurers are providing rating systems to agencies either in the form of software to be used on the agency computer, or in the form of online access to systems on an insurer’s computer. While the concern used to be beating industry rivals and traditional peers to the punch, the challenge is now also coming from challengers for a share of the market who weren’t originally in the business of selling insurance. There are now outside companies that are exploiting their capability to collect and apply data as well.

Although just entering the personal auto market, Google is a leader for innovation in the data-strategy realm and, with its strong market presence, it could lead the revolution in the evolving of insurance marketing and distribution, possibly leaving many of the biggest traditional companies in the lurch. Google and other interlopers are driving customer engagement, customer demographics, digital models, data use, capital access and deployment, and new and exciting innovation in a way that many in the traditional product-creation and distribution channels have not dreamed of, much less planned or financed for.

For clients, it’s a no-brainer; they simply want accuracy, speed and ease of interaction. This can be accomplished through the use of Insurance Rating Software along with a visionary approach to what the future holds for the insurance market.

Challenges for a Freight Forwarder

A Freight Forwarder provides services to businesses that send packages, goods, containers, and other merchandise from one place to another. Forwarders often act on behalf of importers and exporters to get their client’s goods to their destination, both on time and in good condition. This could include booking cargo with shipping lines and airlines, as well as by rail or road carriers.

When a company or individual is entrusted with someone else’s goods, they take on a legal responsibility for taking all the necessary steps to protect and preserve that consignment, making them liable to the owner for any subsequent damage or loss to the goods. The forwarder is legally entitled to limit the amount they are liable for, provided this has been agreed upon in advance.

When goods are lost or damaged, it’s possible that, during the transportation, someone was negligent, and there is likely to be a demand for compensation. While the damage or loss might not have been the fault of the forwarder, they will still be found liable. A policy can, and should, be purchased that protects forwarders in the event that a claim is filed.

Freight Forwarders take on many obligations

There are instances where forwarders have their own road transport and may carry the goods themselves. Among a forwarder’s responsibilities is the preparation of bills of carriage, arranging insurance, and where necessary, arranging storage. This often involves a journey of several thousand miles, and may require using more than one mode of transportation.

The client should be aware of the forwarder’s trading conditions in order to make sure the client and the forwarder fully understand and agree on their responsibilities in the transportation process. This needs to be done before details of the contract are agreed upon, ideally when the forward is providing a quote for his or her services.

Trading conditions generally establish the circumstances under which any service may be provided and limits the forwarder’s liability in the event of a claim; however, failure to do this could leave the forwarder with unlimited liability, which would likely prove to be costly.

Trading conditions also include making sure the client knows their goods are not automatically insured, providing safeguards to help make sure the forwarder is paid once the job is done, and protecting the Freight Forwarder if the client fails to fully disclose the contents of a consignment, (for example, hazardous material or goods of an exceptionally high value).