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
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:
We are proud to be able to now offer the AETNA International Medical Insurance suite of products to all eligible clients. With over 37.9 million client members worldwide covering businesses and diplomats through their Consulates, Missions and Embassies, the AETNA’s program is one of the best options for medical, dental and vision insurance for any business or government entity that has an international exposure. AETNA is focused on providing great services to their clients as well as assisting them in whatever way possible when overseas or local. AETNA will provide excellent benefits and can create a tailored plan to suit your needs. With 4 international hubs across the world, employees in 16 countries, 1.2 million medical providers in the US alone, AETNA is able to assist customers 24/7 anywhere. Call us today if you would like to learn more about how Aetna and our agency can help your organization.
(Also see the PowerPoint in this link for more information – AETNA International business)