Hitting the road this summer? Be prepared.

Posted by Alex Boyer on Sat, Jul 08, 2017

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It's summer road trip season! Please enjoy this edition of Risk Solutions Series from our friends at Nationwide Insurance to make sure your summer road trips are safe and fun!

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With gas prices expected to remain relatively low and the current average price of unleaded gasoline at $2.37 per gallon,¹ you can expect another busy summer driving season. With this rise in traffic comes an increase in calls for roadside assistance. Insurance companies are busy preparing for a high number of roadside assistance dispatches for common vacation mishaps, such as a flat tire, dead car battery or keys locked inside the car. The most common calls for roadside assistance from our clients are: towing (54%), jump starts (23%) and flat tires (15%).²

Nationwide Private Client Risk Solutions recommends the following tips to be safe on the road.

Prepare for your road trip

• Take your vehicle to be inspected by a qualified mechanic several days before you depart.

• Make sure your vehicle is in good working order for your trip, including but not limited to tires, battery, belts, fluids and air conditioner.

• Ensure child car seats are properly installed and are size-appropriate.

• Get a good night’s sleep. Drive only when well rested, and make sure to stop every two hours or 200 miles to stay sharp.

• Pack an emergency kit, and include:

--Water
--Warm blankets
--Flashlight
--Jumper cables
--Flares or reflectors
--Tools to change a tire
--First-aid kit
--Fully charged cellular phone

Stay safe during a roadside emergency

• Take action immediately. Pull onto the shoulder and out of traffic as far as possible considering the conditions.

• Warn others you are having trouble. Use your hazard and warning flashers immediately. Raise the vehicle hood, if safe to do so, to alert passing authorities that the vehicle is disabled and help is needed.

• Call for roadside assistance. Nationwide Private Client policyholders with roadside assistance coverage can call our Solutions Center at 1-855-473-6410 and select option 1, then option 1 again, to be directly connected to our roadside assistance partner, Agero.³

• Wait for professional help to arrive. Don’t attempt to fix your vehicle unless you have training to do so. In 2016, the wait time for roadside assistance arrival was an average of 30 minutes or less.

• Don’t exit your car until it’s safe. Don’t exit the vehicle unless it is necessary and safe to do so — especially if you are on a  busy road or highway. Don’t stand next to or behind the vehicle. Too often people survive car accidents only to be injured from a secondary accident because they have gotten out of their vehicle.

• Download our mobile app. With the Private Client Connect™ mobile app, help is at your fingertips. You can access roadside assistance benefits whether or not you are in an insured vehicle. This will give you added peace of mind, especially if you have children since the benefits follow the client, not the vehicle. Your children can get assistance even when traveling in a friend’s car.

About Agero, our roadside assistance partner:

With more than 40 years of experience, Agero is a leading provider of vehicle and driver safety, security and information services, including roadside assistance, consumer affairs and claims management services.

Agero protects over 80 million vehicle owners in partnership with leading automobile manufacturers, insurance carriers and others. Managing one of the largest national networks of service providers, Agero responds to more than 10 million requests annually. Agero’s awardwinning solutions leverage advances in technology and information services to accelerate and enhance response to drivers’ needs while strengthening customer loyalty. Agero, a member company of The Cross Country Group, is headquartered in Medford, Mass., with operations throughout North America.

• 11 out of 15 top insurance carriers choose Agero
• 75% of new passenger vehicles sold in U.S. use Agero’s solutions

If you have any questions, please contact your agent or Nationwide Private Client Risk Solutions professional. For more information on how you can help prevent losses, visit nationwide.com/solutionseries.

We offer this information to assist you in making decisions that can help mitigate your risk. While we cannot address every possible scenario or guarantee these tips will work for you, our goal is to support your efforts to protect yourself and your family.

 

1gasprices.aaa.com/ as of 5/31/17
2Data provided by our roadside assistance vendor Agero as of August 2016.
3Roadside assistance benefits are only available to Nationwide Private Client policyholders. Coverages may vary by state, so check with your policy or insurance agent to verify what benefits are available to you.

Tags: E&K Insurance, safety, auto insurance, driving, Car insurance, accident, prepare, personal insurance, vehicle maintenance, vehicle preparation, personal liability, motor vehicle, nationwide insurance, roadside, roadside emergency, roadside assistance, summer, road trip, emergency, nationwide

Here's Why You Can Depend E & K’s Independence

Posted by Alex Boyer on Sun, Jul 10, 2016

Rather than simply a policy, don't you really need comprehensive risk management and a true partner that can fit you with the right coverage at the best value?

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Unlike exclusive agents that are beholden to one insurer, E & K is independent and represents scores of  insurers.  This allows us to provide a wide variety of valuable insurance options tailored to you and your unique needs.

But that's really just the beginning of why E & K’s independence is valuable.

Greater Satisfaction

According to J.D. Power and Associates, overall satisfaction among customers who patronize small auto insurers is now greater than with large insurance firms. This is notable because smaller auto insurers are typically marketed by independent agents like E & K.

"Price perception among customers of smaller insurers is likely influenced by the fact that they frequently select their insurer with the help of an independent agent," said Greg Hoeg, J.D. Power vice president of U.S. insurance operations. "Smaller insurers benefit from the personal interactions provided by their agency force, including their  ability to educate customers about the value their policy provides."

Speak on Your Behalf

E & K's top concern is its clients.  Your interests are our interests, so if you're having a problem with your coverage or encounter issues that prevent you from being fully satisfied, we're ready to go to the plate on your behalf.

One-Stop Shopping

E & K deals with multiple products, including renters, homeowners, automobile and business. Bundling is a great savings tool, and E & K can help you take advantage of these savings by finding you the right "package" of coverages from a single carrier.

The insurance buying process can be daunting.  E & K’s Insurance Counselors make it easy.

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Well-Versed In All Things Insurance

E & K’s Insurance Counselors  devote their professional lives to insurance, making them extremely knowledgeable on the topic. According to data from PayScale.com, nearly 40% of insurance agents have between five and 19 years of experience.  The longevity of experience of E & K’s staff far exceeds the national average.  At a time when so many consumers complain about the constant turnover of employees at the large insurers and direct writers from whom they try to get help, the average E & K Insurance Counselor at E & K has been part of our family for over a dozen years.

Confirms Your Insurance is Appropriate

All too often people buy insurance only to learn they're underinsured when they need to make a claim. As we like to say:

Cheap insurance is good when you buy it…

The right insurance is good when you need it.

This is one of the risks of buying coverage on your own. E & K’s Insurance Counselors not only help you determine you're buying the right type of insurance, but also the right amount.

Ready to get started? Learn more about how E & K can help you at:

www.e-kinsurance.com

info@e-kinsurance.com

732-389-6000

Learn more about Insurance Independence at:

http://www.e-kinsurance.com/resource-center

Tags: E&K Insurance, Insurance, independent insurer

Mortgage Life Insurance – Is There a Better Way?

Posted by Alex Boyer on Wed, Apr 27, 2016

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Many of our clients are bombarded with mailed solicitations for the purchase of Mortgage Life Insurance. A common question they ask us, particularly those for whom we write homeowner’s insurance, is:

"Do I need, or should I get, Mortgage Life Insurance?”

Our short answer is that, like much life insurance, Mortgage Life Insurance can be helpful in the right circumstance. However, there may be far better alternatives for you and your family.

Let us share 5 reasons why you should speak to E & K about Term Life Insurance, as compared to Mortgage Life Insurance, if you are concerned about how to leave your family without the worries of a mortgage should something happen to you.

  1. Unlike most Mortgage Life Insurance, with Term Life Insurance your coverage amount will not decline as your mortgage balance declines.
  2. Your family may use the proceeds of Term Life Insurance for whatever they deem necessary.  This may be to pay off your mortgage, but it doesn’t have to be. Your family may use the proceeds for other important household, medical or college expenses  It’s nice to have that flexibility when you never know what life may throw at you.
  3. As the owner of your Term Life Insurance, you can pick the beneficiaries. The beneficiary doesn’t have to be the bank holding your mortgage.
  4. Even though you pay the premiums of a Mortgage Life Insurance policy, the bank, not you, usually owns the policy and is the beneficiary – not your family.
  5. You may have to replace your Mortgage Life Insurance policy if you refinance your home. Aside from being a pain, health changes may make you less insurable in the future. With Term Life Insurance, you don’t have to replace your policy just because you refinance your home.

Let E & K help you make the best life insurance decisions for your family.  We can help you structure protection with the flexibility you want that makes sense with your budget.

Please call us to speak to one of our life insurance professionals and, as always, thank you for giving E & K the opportunity to service your insurance needs.

This is not an offer of coverage or a solicitation of insurance to anyone outside of the State of New Jersey. Policy descriptions provided here are not statements of contract. Please refer to the policy forms for full disclosure of all benefits and limitations. Please note that any life insurance offered by insurance companies through E & K as an agent of the companies is not a deposit, not FDIC or NCUSIF insured, not guaranteed by the institution, not insured by any federal government agency and may lose value.

Tags: Homeowner Insurance, E&K Insurance, Homeowner, Insurance, Homeowners insurance, term life insurance, mortgage, mortgage life insurance, life insurance

If We Talked About Flood Insurance

Posted by Alex Boyer on Sun, Mar 20, 2016

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The transcript of an imaginary conversation between you and E & K Agency about a flood policy.

E&K: Are you aware that you don't have any protection for your home and its contents in the event of flood damage?

You: I buy my homeowners insurance from you. Doesn't that cover me for flood?

E&K: No. Nobody's homeowners policy covers damage caused by flood. What you need is a special flood policy to protect your house. And since your community participates in the National Flood Insurance Program (NFIP), you are eligible to purchase this coverage.

You: Why should I buy a policy now? Can't I just order it when the weather turns bad?

E&K: It doesn't work that way. There is a 30-day waiting period before coverage begins, so now is the right time to buy.
 
You: How much flood insurance should I get?
 
E&K: The NFIP allows you to purchase up to $250,000 on your home and $100,000 on your contents. A deductible applies. If you want more coverage than this, I can get you the numbers.

You: How much will an NFIP flood policy cost with those limits?

E&K: Your annual rate can be as low as a few hundred dollars or less for lower limits! Your actual cost depends on the location, construction and age of your home. Special lower rates apply to you because participates in the NFIP! 

You: Great. How do I sign up for the policy? 
  
E&K: It's easy. Just give me a call at 732-389-6000 or email
ProtectMe@e-kinsurance.com and I'll get everything started for you.
 

Tags: Flood, Homeowner Insurance, E&K Insurance, Insurance, Flood Insurance, Flood insurance policy, Homeowners insurance

Coverage Gap Evaluator

Posted by Alex Boyer on Mon, Mar 07, 2016

Personal insurance clients often ask us what is a sufficient amount of liability insurance?  Here’s an easy, helpful tool to help you figure out the right liability coverage for you.

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Tags: E&K Insurance, Insurance, Liability, personal insurance, coverage gap evaluator, personal liability, liability coverage, coverage gap, liability insurance

Plan Fiduciary Liability

Posted by Alex Boyer on Tue, Dec 15, 2015

If you are the Trustee of a 401(k) Plan, you may be interested in the article below, presented here courtesy of our good friends at Advanced Pension Designs in Wall Township, New Jersey.

Many of E&K’s clients sponsor a 401(k) Retirement Plan for their employees. This article outlines some of the fiduciary responsibilities of 401(k) Plan Trustees.

As a Plan Trustee, you may have obtained the federally required “ERISA Fidelity Bond” in the amount of 10% of your Plan Assets. While required by law, this bond does not protect you from potential Fiduciary Liability as a Plan Trustee. Please review this article and call your insurance counselor at E&K to learn more about the difference between ERISA Fidelity Bonds and Fiduciary Liability Insurance which we can secure on your behalf.

As always, thank you for giving E&K the opportunity to service your insurance needs.

A Plan Fiduciary's Responsibilities

Many employers establish retirement plans without being fully aware of their fiduciary responsibilities. It is imperative to know whether you are a fiduciary and, if so, what your responsibilities are because there are risks for the unwary. A fiduciary that breaches any obligation or duty can be held personally liable to make good any losses incurred by the plan resulting from the breach, even if the breach was made unknowingly. Pleading ignorance or inexperience will not be adequate defense.

The Employee Retirement Income Security Act of 1974 (ERISA) imposes rigorous standards for fiduciaries—those who manage a retirement plan and its assets. Therefore, it is important that all fiduciaries be aware of their responsibilities and understand and comply with ERISA's fiduciary provisions.

Following is a general overview of who the plan's fiduciaries are, their required duties and steps to limit liability.

Who or What is a Fiduciary?

You become a fiduciary under ERISA by title or by action including the following:

  • Being named in the plan document or being appointed as a fiduciary;
  • Exercising discretionary authority or control over plan assets and/or the management of the plan; or
  • Providing investment advice for a fee.

Every plan must have at least one fiduciary named in the plan document (either a person or an entity). Many times the plan sponsor is the named fiduciary. If the plan sponsor keeps some or all of those duties, its officers or principals who perform those duties are ERISA fiduciaries.

Further, the appointment of a fiduciary is itself a fiduciary act. So, whoever appoints the officers or committee members has a duty to prudently select those persons and to periodically review their work to make sure they are doing their job. Typically, it is the board of directors or corporate president who appoints the fiduciaries. As a result, the board members or the president are also fiduciaries.

In general, professional service providers offering legal, accounting/auditing or third-party administration services are not considered fiduciaries because they do not exercise discretion or control over the plan.

Fiduciary Duties

The primary duty of all ERISA fiduciaries is to act in the sole interest of the plan and its participants and beneficiaries. You must:

  • Act with the care, skill, prudence and diligence of a prudent person who is familiar with retirement plan matters;
  • Follow the plan documents;
  • Pay only reasonable plan expenses;
  • Diversify plan investments; and
  • Avoid conflicts of interest and self-dealing in directing plan transactions.

Expertise in a variety of areas is required of fiduciaries. Fortunately, you can act to limit potential exposure by relying on competent outside advisors to assist with complicated matters. Your obligations do not end with the selection of a service provider because ERISA imposes an ongoing duty to monitor with reasonable diligence the providers in order to ensure that they are meeting the plan's expectations.

Consequences of a Fiduciary Breach

In addition to being held personally liable for a fiduciary breach, you may be personally liable to restore plan losses resulting from violations as well as forfeit any realized profits. The DOL will also assess a civil penalty against you and, in extreme cases, you may be subject to criminal penalties.

You can be held liable for both your direct actions or for the actions of co-fiduciaries. If you become aware of an improper action on the part of a co-fiduciary and do nothing, you also become liable for that breach.

Regardless of how well the fiduciaries in a plan perform their duties, it is inevitable that mistakes can be made. Several self-correction programs are available for correcting errors. However, self-correction is not available for all violations.

Steps to Limit Liability

There are actions that can be taken to demonstrate that your responsibilities were carried out properly as well as other ways to limit liability which are described below.

Documenting Decision-Making Processes

In order to demonstrate that you acted prudently, you should fully document in writing the process used in making fiduciary decisions.

For example, an Investment Policy Statement can provide important documentation that demonstrates you are meeting your responsibilities regarding plan investments. It is a written guideline which outlines the process for selecting, reviewing and changing the plan's investments. Although ERISA does not specifically require an Investment Policy Statement, it is one of the first things that the DOL will ask to see when they audit a plan and will want proof that it was followed.

Monitoring Plan Expenses

The prudent fiduciary must understand what expenses are being charged and what services are being provided for those fees. Thanks to the fee disclosure regulations, you are no longer in the dark about how much compensation plan providers are receiving from various sources, directly or indirectly. It's a great thing because you have the duty to only pay reasonable expenses and that was often hard to analyze when the plan providers didn't have to disclose their fees.

The problem is that with this added information comes added responsibility. So it's not important enough to get the fee disclosures—you have to benchmark your fees to determine whether they are reasonable. You are not required to pay the lowest fees, but you have to determine whether the fees you are paying are reasonable for the services you are provided.

Letting Participants Direct Their Accounts

Another way to limit liability is to allow participants to direct their own accounts. ERISA Section 404(c) allows fiduciaries to transfer investment responsibility to participants who direct the investment of their accounts. Generally, you are not liable for losses resulting from the participant's exercise of investment control if all of the ERISA 404(c) rules are satisfied. However, you retain responsibility for the selection and monitoring of the investment alternatives that are made available to the participants.

Much of the recent litigation in this area has involved the fiduciary's failure to monitor investment menus after initial selection. Therefore, you should review the menu on an ongoing basis and document your actions in the same way the initial selection was documented.

There are a number of 404(c) requirements including offering a broad variety of investments so the participant can diversify; giving the participants sufficient information to make informed decisions about their investments; and participants must be able to transfer money between options at least quarterly.

There are also very specific disclosure requirements including general plan information about how to manage and change their investment options and full disclosure on any plan administration and/or individual expenses that might be paid out of their account.

Avoiding Prohibited Transactions

ERISA prohibits fiduciaries from engaging in a variety of transactions that are inherently tainted by conflicts of interest. Specifically, you may not engage in transactions with the plan in which you use plan assets for your own interest, act for a party whose interests are adverse to the plan or plan participants or receive compensation from a party dealing with the plan.

Bonding and Insurance

ERISA requires that every fiduciary of the plan and every person who "handles funds or other property of such a plan" are required to be bonded. The amount of the bond is 10% of the amount of the plan's assets as of the beginning of the plan's fiscal year. Unless the plan holds company stock, the maximum amount of the bond is $500,000. The bond protects the plan, not the fiduciary, against loss by reason of acts of fraud or dishonesty on the part of persons required to be bonded.

You can obtain fiduciary liability insurance that provides coverage for expenses such as legal defense or monetary judgments. These policies differ based on features such as deductibles, exclusions, etc., so it is important to work with a property and casualty agent who understands the nuances of ERISA fiduciary liability.

Administrative Responsibilities

Fiduciaries are responsible for overseeing the administration of the plan and should be familiar with the plan's terms, loan policy, etc. There are many aspects to plan administration including:

  • Enrolling and covering the right employees;
  • Timely correction of problems with regard to testing failures or operational issues;
  • Authorizing distributions and loans;
  • Timely deposit of employee contributions; and
  • Complying with reporting and disclosure requirements.

Timely Deposit of Employee Contributions

Deposits must be made as soon as they can reasonably be separated from the company's assets, but no later than the 15th business day of the month following the month withheld. The 15th business day of the month following withholding is not a safe harbor and many times funds can be segregated within days of being withheld. For plans with under 100 participants there is a "safe harbor"—if the deposits are made within seven business days of withholding, they are considered to be timely.

Reporting and Disclosure Requirements

Fiduciaries are subject to a number of reporting and disclosure requirements. One is the annual filing of Form 5500 with the DOL. Form 5500 is a government mandated return comprised of a main document and, in some cases, multiple schedules that report information relating to the plan and its operation.

Other disclosures must be made to the plan participants. A summary plan description (SPD), which is a "plain English" summary of the plan's provisions, must be provided to new participants and, in general, every five years. After the SPD is distributed, you must continue to make participants aware of material changes to the plan through explanations called summaries of material modifications. Also required is a summary annual report which is a snapshot of the financial schedules attached to Form 5500.

Conclusion

It is important for fiduciaries to focus on all aspects of maintaining the plan including the selection and monitoring of investments and service providers; paying reasonable expenses; and overseeing the administration of the plan. Decision-making processes should be put in place and actions documented in writing demonstrating that these processes were followed.

Fiduciary duties are myriad and complex. Fortunately, you can seek guidance from competent outside advisors who have experience with these complex rules.

This newsletter is intended to provide general information on matters of interest in the area of qualified retirement plans and is distributed with the understanding that the publisher and distributor are not rendering legal, tax or other professional advice. Readers should not act or rely on any information in this newsletter without first seeking the advice of an independent tax advisor such as an attorney or CPA.

©2015 Benefit Insights, Inc. All rights reserved.

Tags: E&K Insurance, Insurance, fiduciary, plan fiduciary insurance, ERISA

Winterization and Preventing Ice Dams with MAPFRE Insurance

Posted by Alex Boyer on Sun, Dec 13, 2015

Winter's on its way, so make sure you're prepared to winterize your home with some help from our friends at MAPFRE Insurance. Be sure to take their Winter Challenge at mapfreusa.com! #prep4winter

See the full PDF version here.

Also see how to prevent frozen pipes this winter.

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Tags: Homeowner Insurance, E&K Insurance, House, Insurance, home, winter, Homeowners insurance, ice dams, winterization

How to Prepare for a Hurricane

Posted by Alex Boyer on Tue, Aug 25, 2015

It's hurricane season, so we have some tips and information to get you prepared, courtesy of our friends at Travelers Insurance.

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Your level of preparation before a hurricane can determine how well you weather the storm and how quickly you recover from it. You should start preparing your home, inside and out, long before a storm is in the forecast. In the end, you can never be too prepared when it comes to protecting your loved ones and your property from extreme weather events such as hurricanes.

Know the Forecast

You may hear the terms "hurricane watch" and "hurricane warning" in your local forecast. Understanding the difference between them is essential to helping you prepare for a hurricane. As soon as a hurricane watch or warning is forecast for your area, it is important, depending on the type of alert, to immediately begin or complete your preparations.

A watch means hurricane conditions are possible within 48 hours. You should begin to stock up on emergency supplies in the event a warning is issued. If you live in a coastal area, you also should be prepared to evacuate.

A warning is more serious. Hurricane-force winds (74 mph or higher) are expected to hit your area within 36 hours. You should seek shelter or evacuate, if notified to do so.

General Hurricane Preparation Tips

  • Prepare a survival kit that includes items such as water and non-perishable food for everyone, including your pets; medications; a portable radio; flashlights; batteries; and battery chargers for your cell phones and other portable electronic devices, which can be powered by your car.
  • Plan your evacuation route and leave as soon as an evacuation order is issued. Also, fuel up your car before you leave.
  • Build a content inventory of the items in your home or at your business.
  • Secure all outdoor objects or move them inside. Close your home’s storm shutters and board up windows and glass doors as appropriate.
  • If possible, bring in gas or charcoal grills, but do not use them indoors. Also, do not store propane tanks inside the house or garage. Chain propane tanks in an upright position to a secure object away from your home.
  • Secure your boat or move it to a safer place.
  • Fill your emergency generator fuel tank, if you have one, and have spare fuel on hand. Store generator fuel in an approved container in a garage or shed, away from open flames, heat sources and appliances such as natural gas appliances.

Five Tips to Help Prepare Your Home for a Hurricane

1. Help Avoid Water Damage

Heavy rains have the potential to cause significant water damage. These tips can help you prepare your home.

  • Closing and locking all windows and doors and removing any window air conditioners.
  • Removing valuable items from your basement or elevating them off of the floor.
  • Clearing debris from exterior drains and gutters.
  • Repairing damaged gutters and downspouts to make sure water can drain away from your foundation.
  • Checking your sump pump and the battery backup to confirm they are working properly.

2. Monitor Your Trees

In a powerful windstorm, trees can be a hazard. Broken limbs or fallen trees – even uprooted shrubbery – could damage your home and fences, or your neighbor's property.

Routinely maintain the trees around your home:

  • Prune tree limbs within 10 feet of your home.
  • Check for cracking or splitting in trees.
  • Remove dead limbs and weakened trees.

3. Roofs, Doors, Windows and Skylights

It is important to keep wall openings, such as doors, windows and skylights protected. The roof, doors and windows of your house are especially vulnerable to wind damage. When houses are exposed to hurricane force winds, roofs are most susceptible to damage, followed by walls and openings such as skylights.

Strengthen doors and windows by:

4. Secure Outdoor Items

If you live in an area that experiences high winds, outdoor items around your property that are not properly anchored can become airborne and cause damage.

  • If high winds are expected in your area, move as many outdoor items indoors well before the high winds arrive. As mentioned earlier, do not store propane tanks in your home or garage.
  • Adequately secure any remaining outdoor items that cannot be safely moved to protected areas.

5. Strengthen Your Exterior Structure

During a windstorm, wind forces are carried from the roof down to the exterior walls and then to the foundation. Homes can be damaged when wind and wind-driven water gets under the building’s exterior walls if proper controls are not in place.

Strengthen exteriors by employing a contractor to:

 

To read more about prevention tips and storm preparedness, visit travelers.com.

Tags: Hurricane preparation, Homeowner Insurance, E&K Insurance, Safe, Insurance, safety, Homeowners insurance, prepare, storm damage

Some Insurance Issues Concerning Your Children

Posted by Alex Boyer on Tue, Aug 04, 2015

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Driving Your Teenager's Car

"Our child has no assets, why worry about liability limits?”

Auto insurance is expensive and many parents are looking for ways to save money. While putting your teenager on a separate policy with lower liability limits may seem to be a good answer, it can create several problems.

  1. If you occasionally drive your teenager’s car, in the event of an accident you would be covered with their lower liability limit, not the higher limit that you have chosen to protect your assets. Your child’s car would be considered “available for your regular use” and, therefore, excluded from your policy.
  2. If your teenager maintains the proper liability limits on their policy, your personal umbrella (excess liability) policy can be written to protect your child above their own policy liability limits. Please call E & K to make sure coverage is properly coordinated among your household members’ policies.

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Income Continuation & Expense Coverages

“Are they ever going to leave the nest! ???”

Your personal auto policy provides Personal Injury Protection (“PIP”). In addition to the basic medical portion of this coverage, additional PIP is available to cover Income Continuation, Essential Services, Death and Funeral Expense Benefits. Typically, an auto policy provides these coverages for the named insured and spouse. What about the kids? Income continuation may not seem a big deal while they are students, but many are not leaving the nest when the college years are over. Often, adult children are living in your household, on your auto policy, and working full time. They can be included for additional PIP (for a premium charge), and be afforded the same financial protection you have purchased for yourself. Also, this may be a good time to discuss life insurance with your adult children.

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Your Child’s Belongings at School

“Is my child insured while away at school?”

Your child’s temporary residence while at school is covered, regardless of it being a dorm room or an apartment. The key word is temporary. Your student must maintain permanent residence in your home to be considered an insured. The policy provides 10% of your contents limit for personal property at another residence.

Tags: E&K Insurance, Insurance, auto insurance, Teen Driving, driving, umbrella policy, umbrella liability coverage, Car insurance, injury, coverage, personal insurance

Have a Safe and Healthy Independence Day!

Posted by Alex Boyer on Thu, Jul 02, 2015

Happy 4th of July from everyone at E & K. We hope you have a happy and safe Independence Day holiday!

As a reminder, all E & K offices will be closed on Friday, July 3, in observance of the holiday.

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Tags: E&K Insurance, Safe, Holiday, safety