MANAGING YOUR RISK – MAY 2008
On Track Insurance Programs
By Anthony Bevilacqua
As of 2008, there are now 9 insurance programs for collector, classic and exotic car owners. As all of you know that have purchased such a policy through organizations such as Hagerty, Grundy, Leyland West and others, there is no liability insurance or physical damage insurance provided by these policies while driving on a race track. It is also true almost all of these underwriters exclude protection when you are driving on public or private roads in connection with a rally or autocross event, too. more...
MANAGING YOUR RISK – APRIL 2008
Flood Insurance Misconceptions
By Anthony Bevilacqua
Flood insurance is one of the most misunderstood forms of insurance. According to Army Corp of Engineers and National Flood Insurance Program statistics, New Jersey is historically one of the top five states in the nation in terms of the number of flood losses incurred. Yet, most homeowners don’t purchase flood insurance unless their bank instructs them to do so when they apply for a mortgage. more...
MANAGING YOUR RISK – March 2008
Control Your Jobsite Hazards To Control Insurance Cost
By Anthony Bevilacqua
No one likes to be the subject of a lawsuit, just as no one wants to be the injured party that brings the action against another. According to well documented labor statistics, construction work is one of the most hazardous professions, and a construction worksite is one of the most hazardous places of business. Commercial construction projects routinely limit access to the jobsite from the general public. Further, access is limited only to construction workers who have been properly trained in jobsite safety awareness, employ safe work habits, and utilize personal protective equipment to conduct their work and avoid injuries from others working on the job. more...
MANAGING YOUR RISK – FEBRUARY 2008
Funny Insurance Claims
By Anthony Bevilacqua
To the average person, an insurance policy can be very puzzling. The language is frequently antiquated, an exception to a policy exclusion means coverage is actually provided (!), and endorsements to a standard policy can add coverage or remove coverage. Sometimes, common sense just doesn’t make sense when you try to understand just what a policy covers and what it does not. more...
MANAGING YOUR RISK - JANUARY 2008
2008 Insurance Market Forecast
By Anthony Bevilacqua
2008 is shaping up to be a very challenging year in many, many ways. The Presidential election will take center stage in another couple months, but will fight for air time with a continuing housing slump and the sub-prime mortgage crisis. more...
MANAGING YOUR RISK - DECEMBER 2007
Hidden Risk of Employee Owned Auto Use
By Anthony Bevilacqua
Practically all businesses have some type of auto related risk. For those businesses that own cars and trucks, the risk is obvious. As the fleet grows, driver recruitment, training and monitoring along with fleet safety programs are essential to contain auto insurance cost. more...
MANAGING YOUR RISK - NOVEMBER 2007
Home Replacement Guarantees – Are they really?
By Anthony Bevilacqua
Homeowner Insurance has changed quite a bit over the past several years, especially with regard to an insurance company’s duty to rebuild a home that has been damaged or destroyed by fire or other catastrophic event. The home rebuild or replacement guarantee clause, in days past, was a true commitment by the insurer to pay the total cost to rebuild a home even if it resulted in paying out more than the limit of insurance on the policy. Today’s policies, however, offer no such open ended guarantee. more...
MANAGING YOUR RISK - OCTOBER 2007
Surviving Your Insurance Audit
By Anthony Bevilacqua
An insurance audit of a company’s payroll or sales at policy year end is a standard industry practice designed to capture the correct amount of premium dollars relative to the risk created by the amount of work preformed or business produced. If a business is properly advised about audit techniques and the strategy behind the employee classification system, the audit is a smooth and simple process. More often than not, it is an exercise in frustration and mis-information that leads to a serious disruption in the daily routine of business operations. more...
MANAGING YOUR RISK - SEPTEMBER 2007
Employee or Independent Contractor?
By Anthony Bevilacqua
Recently passed legislation is making this question all the more important when a business engages outside services to do work on its behalf. The construction industry has been the focus for much of this question, but any business in any industry must be cautious when considering the use of independent contractors. more...
MANAGING YOUR RISK - AUGUST 2007
Uncovering Common Misconceptions about Flood Insurance
By Anthony Bevilacqua
According to the National Flood Insurance program (NFIp), flooding is this country's most prevalent natural disaster. In the 10 year period between 1996 and 2005, damage from flooding in the U.S. averaged $2.4 billion annually. Today, there are almost 5 million citizens that take advantage of the NFIp flood insurance program. more...
MANAGING YOUR RISK - JULY 2007
Taking a Vacation? Here’s a Few Insurance Tips
By Anthony Bevilacqua
Planning a vacation by car, boat or plane? Will you be traveling within the United States or outside the country? Along with preparing your checklist of items to take with you and confirming your travel itinerary, here are a few insurance tips to assure your well deserved vacation doesn’t turn into a nightmare. more...
MANAGING YOUR RISK - JUNE 2007
Collector Car Insurance - Who’s On First?
By Anthony Bevilacqua
Remember this wonderful Abbott and Costello comedy skit where Bud tries to explain to Lou the players on the baseball field using pronouns who, what, where, why and how? Well, that seems to be the state of the Collector Car insurance market over the past 20 months! The players are certainly hard to decipher! more...
MANAGING YOUR RISK - MAY 2007
Loss Exposures of Your 401(k) and Other
Retirement plans
By Anthony Bevilacqua
Employee benefit plans are a valuable tool for any type of business to attract and retain qualified personnel. 401(k) retirement savings plan are very popular with all forms of businesses small and large, from two person organizations to multi-national publicly traded companies employing tens of thousands of workers. The Employee Retirement Income Security Act (ERISA) of 1974 was passed to assure that employees participating in pension and welfare plans would indeed receive the benefits promised by such programs. more...
MANAGING YOUR RISK - APRIL 2007
The Ins and Outs of Builders Risk Insurance
By Anthony Bevilacqua
Builders and contractors purchase many types of insurance coverage. One of the most significant ones is builders risk insurance. This form of insurance protects a structure in the course of construction from physical damage--fire, vandalism, collapse, theft of materials--and many other forms of damage. more...
MANAGING YOUR RISK - MARCH 2007
Does my company need Employment practice
Liability Insurance?
By Anthony Bevilacqua
The "It will never happen to me" philosophy of managing your company's financial risk of loss from lawsuits alleging sexual harassment, wrongful termination, discrimination and other employment practice risks is an accident waiting to happen. Inappropriate e-mails, flippant comments about race or ethic origin, risqué comments said in passing to co-workers, all might be harmless to you, but very harmful to others. more...
MANAGING YOUR RISK - FEBRUARY 2007
Insuring Your Trade Show Success
By Anthony Bevilacqua
Trade shows are an important marketing and business development tool for any type of business. Almost every day of the year, somewhere in the United States, there is a trade show. more...
MANAGING YOUR RISK - JANUARY 2007
2007 Insurance Market Forecast
By Anthony Bevilacuqa
The insurance marketplace in 2006 is turning out to be much more consumer friendly than was anticipated at this time last year. Even though the depths of the hard market double digit rate increase years had already passed on during early 2005, there was still an air of trepidation about what to expect during 2006. more...