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News & Articles
June 4, 2011
 Should I buy earthquake insurance? Or should I not buy earthquake insurance? These questions are all too familiar for those of us living in San Francisco or the greater bay area. Inevitably, we revisit the question every time we feel the ground shake under our home, or when we see a significant catastrophe unfold elsewhere in the world.
Oftentimes the first people we turn to for advice are our neighbors. While it may be comforting to gather the opinions of our neighbors about earthquake insurance, we must remember the decision to purchase earthquake insurance is a personal decision. Unlike homeowners, flood or automobile insurance, there are no requirements to purchase earthquake insurance to satisfy a particular legal obligation. Ultimately, the decision should be based upon the individual characteristics of your unique situation.
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Do you know when to notify your insurance carrier about your home renovation? Are you thinking about building a new home? We interviewed a senior home appraiser from Chubb who provided clarification about when to notify your insurance carrier, common myths and misconceptions, and most importantly areas where gaps in coverage may occur during course of construction or course of renovation projects.
What is a Course of Construction or Course of Renovation?
By definition, a course of construction is a home building project which begins with the frame of a house, whereas a course of renovation project occurs when a home renovation or update project budget exceeds ten percent of the property’s dwelling replacement cost. Both types of projects create a high degree of risk for insurance companies which may translate into large surcharges to policies. It is not uncommon for clients to shy away from disclosing their renovation or construction project to their insurance agent or carrier in order to avoid a large surcharge. However, failure to notify the insurance carrier about a project may result in large gaps in a homeowner’s coverage.
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A recent survey published by ACE Private Risk Services uncovers an overwhelming majority of high net worth individuals who overpay for insurance and receive far less than what they need. The survey incorporated over 600 responses from independent agents who are constantly surprised by the gaps and inadequate limits established for wealthy clients. A key source of the problem is that most affluent consumers still insure their homes and automobiles with mass-market policies designed for the average consumer. These policies may have been fine for a number of years after they purchased their first car or home, but as their wealth has grown, so has their need for an insurance program that can accommodate the size and complexity of their growing assets.
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 Many clients worry about their personal exposure while serving on a non-profit board or as a volunteer. They frequently ask, “What are the most common insurance claims against nonprofits? How much do they end up costing?” Ninety percent of claims reported by nonprofit organizations are injuries related to automobiles or slips-and-falls at nonprofit locations and events. Interestingly, these incidents result in only sixty-five percent of claim dollars paid by insurance carriers because they are usually small claims involving prolonged litigation. Contrastingly, the remaining ten percent of claims reported by nonprofit organizations result from allegations of improper employment practices (such as wrongful termination), professional errors and omissions, and sexual abuse. While less frequent, these claims tend to be more expensive to resolve and account for thirty-five percent of claims dollars paid by insurance carriers.
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February 9, 2011
 Effective January 2011, updated fire and building codes to increase fire resistance in buildings and homes will take effect throughout California. The new codes will be enforced by CAL FIRE’s Office of the State Fire Marshal and fire and building departments throughout the state. A key component in the new code is the addition of residential fire sprinklers in all new one- and two-family and town-home construction. For many years, the installation of fire sprinkler systems has only been required in office buildings and multi-family dwellings, such as apartments. These sprinkler systems are proven to save lives and extinguish fires. Firefighters almost unanimously agree that homes equipped with sprinklers are more likely to withstand a residential fire than those without.
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In our current economic climate, the majority of Americans are searching for ways to save money and reduce expenses. While your Excess Liability/Umbrella coverage may begin to seem like a luxury, the following jury verdict statistics provided by an independent research company (Jury Verdict Research), demonstrate how Excess Liability/Umbrella policies are instrumental in protecting your total net worth during a downward economic trend. Moreover, this information may cause you to wonder if your current Excess Liability/Umbrella coverage is sufficient to withstand a similar verdict. In order to evaluate your total exposure and areas where you may become vulnerable, we have provided some check points below for your convenience.
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 For the past couple of years, an epidemic problem has threatened drivers throughout the United States. This is an epidemic of accidents related to the use of cell phones- either for calling or even the more popular practice of “texting.” Recent research compiled by the National Highway Traffic Safety Administration estimates that 6,000 deaths and 500,000 injuries were attributable to distracted driving in 2008. And the data shows that these numbers will just continue to grow.
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Protecting Oneself Online
Many of us are enthralled with social media as a new and fascinating window into other people’s lives, but we may be like toddlers climbing on the counter to get to the cookie jar: all excitement and no sense of danger. Social media can be a life enriching tool that is fairly safe, if you approach it thoughtfully. Below are some tips about online risks: Read full article
August 13, 2010
According to research from Scripps and the University of Nevada, Reno, the Lake Tahoe Area may be due for a large earthquake. The West Tahoe Fault runs along the west shore of the lake, comes onshore at Baldwin Beach, passes through the southern third of Fallen Leaf Lake, and descends into Christmas Valley by Echo Summit. Graham Kent, research geophysicist at Scripps states: “[studies] show that the West Tahoe fault is capable of a magnitude-7 earthquake… which is capable of spawning a large tsunami wave.” According to Kent’s Scripps research, historically, earthquakes as large as magnitude-7 have occurred every 2,000 to 3,000 years in the Tahoe basin. However, the last rupture at this magnitude occurred between 4,100 and 4,500 years ago, and the last event took place about 575 years ago. Thus, researchers conclude Lake Tahoe is overdue for a large-scale earthquake.
Research from the University of Nevada, Reno predicts an earthquake of magnitude-6 would result in severe damage, whereas a magnitude-7 earthquake can cause “widespread, heavy damage.” Researchers cautioned that some degree of variability is to be expected. (Source: Insurance Journal-West Region, “Study: Tahoe May be Overdue for Large Earthquake, 06/01/09)
An excerpt from Insurance Journal reveals risks associated with playing certain sports. Data taken from the National Electronic Injury Surveillance System maintained by the Consumer Product Safety Commission, indicates bicycling, football and soccer are top three most dangerous sports as of 2008 (this report does not incorporate injuries from skiing, auto racing and hunting). (Insurance Journal, “Play-and-Pay: Sports Injuries,” 08/17/09)
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