Here are some important facts about flood insurance.

• Flooding can happen anywhere, at any time. In fact, according to FEMA, more than 40% of claims come from homes outside high-risk flood areas.
• Flooding is not covered under a Homeowners Policy. A separate flood policy is needed.
• There is a 15-30 day waiting period for new coverage to begin.
• Contents must be purchased separately under a flood policy, and it has its own deductible. A detached structure would need a separate policy.
• There are limitations to what is covered under a basement (exclusions include: finished walls, flooring and personal property is not covered).
• Your home must be insured to at least 80% of its full replacement cost or you must carry $250,000 Dwelling coverage to avoid deduction for depreciation in the event of a claim.
• Call us for a quote or to represent you on your existing flood policy that you insure elsewhere.
• In addition to National Flood, we represent many private flood companies.

You can buy Water Backup coverage under a Homeowners policy.

Please do not hesitate to contact our office for any of your insurance needs!

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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 info@ccpinsurance.com.

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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: 
https://www.dfs.ny.gov/system/files/documents/2020/03/re_consolidated_amend_pt_405_27a_27c_new_216_text.pdf

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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
https://www.insurancejournal.com/news/east/2020/03/09/560599.htm

The travel insurance I use:
https://www.quotewright.com/affiliate/2500_5598

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Did you know that if you die without a will,  the state’s statutory laws will apply and all your assets will be divided amongst your family members without any say from you?  In addition, guardians will be appointed for your dependents and they probably will not be the same that you would have chosen.  There could be many additional costs in terms of legal fees and, if you had even a modest estate, most likely higher taxes.   The state will not make any attempt to limit your exposure to taxes and will not make charitable contributions on your behalf.

By making and properly executing a will, you get to appoint your own executor,  name the guardians for your dependents, make specific bequests and charitable contributions and be as creative as you would like.  Since this could be the last interaction with others where it affects your loved ones, why not have your will properly represent your thoughts, wishes and values?

Another great estate planning tool is the use of a Trust.  Whether it be a Family or a Life Insurance or Charitable Trust, a trust can allow you to ensure the financial well-being of your family by removing assets from an estate which helps to reduce probate expenses and possible estate taxes.  A trust can potentially provide an income to you and/or your designated survivor(s) for life (or a set number of years).  Lastly, a trust can enable assets to move swiftly, smoothly, and confidently into the hands of the desired recipient(s) because the assets escape probate. A trust is a very efficient estate planning tool in so many ways.

Feel free to call our agency for advice and direction on any and all estate planning questions.  We believe in the importance of estate planning and would love to share our knowledge with you.

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With this in mind, every individual and business’s needs are different.  Each one of us is different and our needs differ in so many ways.  Therefore, one should consider insurance that is customized to best suit his or her individual lifestyles.  In my opinion, what is most important to insure are those things that you cannot afford to replace and losses that would have a devastating effect on your family.  If you can replace something without it affecting you or causing you any type of anxiety,  that you can self-insure.  Here in the Berkshires, having the proper insurance on your home or property and everything in it makes great sense.  Having the proper liability insurance when you have grown up toys, a business or building is critical.  Umbrella coverage can provide an extra layer on top of everything else.  Insuring for physical damage on your older vehicles,  ATV or snowmobile, might not be as critical, depending upon the values of those items.  Knowing and having great medical insurance is also key and having the proper life and disability insurance to protect yourself and your family’s financial future is also very important.

When speaking to clients, I try to put things into perspective in such a way that they can relate to it.  Like the Berkshires,  I love my profession and how I help clients better understand coverages.  If you have an insurance challenge, an insurance professional can perhaps help you.  There is never a problem until the problem occurs.  My suggestion is to be prepared for anything as best as possible and insurance can play a huge role, if properly obtained.  You should choose your insurance professional like you choose any other professional.  Take the time and you will be rewarded with knowledge and the ability to make great decisions.  To insure or self-insure, that is the question?

-As seen in the April 2019 issue of the Otis Gazette, Massachusetts

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We had the exciting opportunity to visit Florida this past weekend and celebrate UPC’s 20 Year Anniversary with them. We are grateful to be working with such a good company and look forward to work more with UPC in the future!

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An ounce of prevention can save you your deductible. Over the years I’ve heard various types of water damage claims that clients have experienced. Partly because of this, I’m taking matters into my own hands as it relates to trying to prevent water damage at our home or office. Our properties are now heated via a baseboard system that runs a direct water feed line to our hot water heater and oil burner.  Due to this change, I am able to install a cut off valve to all of the other piping that feeds the rest of the house and building so that when we leave, we can simply turn off that valve. This simple step reassures me that some random second floor pipe will not burst and create havoc in the form of water damage. Any essential piping can remain separate- such as those that feeds to sprinklers. A direct line still potentially minimizes your risk.

The cost of hiring a qualified plumber to add a few pipes and valves will be inexpensive compared to the resulting damage of a pipe burst.  Another great solution is to add a water cutoff; this turns off the main valve when sensors become wet.  Our properties  already have these, but unfortunately,  there are only so many you can add and they do not provide the same coverage as simply turning off the water.  We have large deductibles to help reduce our premiums so I am always thinking about prevention and how to save money in the event of a loss.  Having great insurance is so important and not having to use it is even better.

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