Do you ever think, “wouldn’t it be nice to have a little extra coverage on my home and auto policies?” The fact that your home and auto policies have limitations that may not be enough for certain instances, may be a concern that needs fixing. Personal Umbrella coverage is a really helpful and an in-expensive way to have that little extra coverage for your limited home and auto policies.
Property and Casualty policies have coverage limits, and you end up being responsible for paying any costs beyond your policies standards. That is where the Personal Umbrella coverage would really shine. It is a secondary type of liability insurance that will reinforce, but also extend your original coverage of your home and auto policies. The Personal Umbrella would not take into effect until you have exhausted your liability coverage from your home or auto policies. Another quality the Personal Umbrella coverage has, is that it can protect you from legal costs and litigations arising from property damage or injuries you may have caused. In other words, you are protecting yourself from other people.
Overall, it doesn’t hurt to have that little extra coverage on your home and auto policies for those unforeseen instances you may run into. Consider having this in-expensive, extra coverage to protect your financial future and assets. Remember, the more assets you have, the more coverage you will need. That being said, Personal Umbrella coverage should bring you some peace of mind for the “just-in-case” scenarios that are unforeseen.
By: Valerie Pristupa
Why is it that choosing the appropriate life insurance can be such a hassle? Is it because we are forced to think of the worst happening before it actually happens? Or is it simply because of the long consumption of our time and energy? Which ever the dilemma is, choosing the best life insurance option can ultimately change the lives of your loved ones for the better. Life insurance is simply the protection you can leave your loved ones after you are gone. They will already have to cope with your absence, so why not put them in a non-stressful financial situation too? Individuals often over estimate the cost of life insurance which is why they may be hesitant to proceed with it. When determining between “Term Life” and “Permanent Life,” it really comes down to what you are looking are to get out of it. If you are price-oriented, you may zone for “Term Life” which is essentially the lowest cost option for a policy, BUT it will most likely cancel or expire before you pass away. You would then have to renew the policy, if desired, and at that time you would be a different age and the policy would be altered. The “Permanent Life” option is probably the more expensive alternative, but in the end the pay out could be equal or greater than the amount you paid for it. In the end, this option would be better quality for all your loved ones whom are already adapting to your absence. The quality of “Permanent Life” ends up ultimately, being the biggest payout. Isn’t the idea of your family being financially covered for your funeral costs, bills and medical expenses worth the little extra money? The phrase, “you get what you pay for” is exactly the representation you should think of when determining your life insurance plan. By picking the right insurance; when the time comes, you will be able to rest easy knowing your family will now be taken care of when you are gone.
By: Valerie Pristupa
THE NEW YORK WORKERS COMP RATING BOARD (NYCIRB) IMPLEMENTED A NEW RATING CLASSIFICATION CODE FOR IDLE EMPLOYEES IN RESPONSE TO COVID-19
Effective 5/1/20 to all new and renewal policies after 5/1/20 as well as to all in-force policies as of 3/16/20, the NY Comp Insurance Rating Board has added a new classification – code 8873, Telecommuter Reassigned Employees for those employees that are being paid while not working or working in a different role during New York’s stay-at-home order due to COVID-19.
“… to the payroll of employees who, during New York’s stay-at-home order related to the COVID-19 pandemic (and future stay-at-home orders), are reassigned to either (a) not perform any work duties (idle), or (b) perform clerical work duties at home. The loss cost rate for Classification 8873 will mirror the rate for Classification 8810 (clerical office employees). Further, this provision is applicable at the start of New York’s stay-at-home order and for up to 30 days after its conclusion.”
Furthermore, NYCIRB states claims involving a COVID-19 diagnosis and an accident date on or after December 1, 2019 will be excluded from the experience rating modification of individual employers.
The NYCIRB bulletins can be found here: http://nycirb.org/bulletins/rc2512.pdf
We at CCP urge you to keep clear records of payroll that was reassigned duri
ng the stay-at home order to help at the time of audit. One underwriter we inquired with also mentioned that we can make this change during the policy term if you would like us to. This means you do not need to wait until audit, but she was very firm that is important to keep very good records so any changes being made are clear to the auditor.
If you have any questions about this matter, please contact us at 516-484-5200 or email us at firstname.lastname@example.org.
This notice is being provided in accordance with New York Department of Financial Services emergency regulation 11 NYCRR 229 in relation to the COVID-19 pandemic. A copy of the emergency regulation can be reviewed at the link below. The emergency regulation provides that individuals or small businesses in New York state who have suffered a financial hardship due to the COVID-19 pandemic are entitled to certain relief for premium payments due and any associated late fees for a period of time defined in the emergency regulation.
If you have a question about your policy payment and you have suffered financial hardship due to the COVID-19 pandemic, please contact your carrier directly or us at 516-484-5200 to discuss your policy and any premium due.
Link to emergency order:
Cancel for Any Reason coverage will soon be available in New York State. If you are considering traveling and would like to have this coverage, it will be available once the carriers have updated their filings and policy forms. Please see attached article link from one of our new sources as well as a link to the Travel Insurance Website that we recommend. They are so friendly, knowledgeable and provide excellent guidance. I use them myself for all my travels. -Mike Wittkowski
Travel Policies Offered in New York as Coronavirus Spreads
The travel insurance I use: