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Omni Risk Mgmt E‑Newsletter |
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November/ December, 2005 Happy Holidays to all! Volume 1, Number 1 |
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In This Issue á Commercial
Lines á Personal
Lines á Surety
Bonds á Life
& Health á Construction News Insurance Industry Links www.ambest.com Lines Of Business Bonds Property Work Comp Commercial
Auto General
Liability Umbrella Inland
Marine Ocean
Marine Personal
Auto Homeowners Flood
Insurance Group
Personal Lines Pension
Plans Payroll
Deduct Plans Health
Insurance Disability
Insurance Boiler
& Machinery Professional
Liability Executives Rob Mastrantonio,
Pres. Rob@omni-risk.com Frank
Strcich, VP Frank@omni-risk.com Glenn
Glubiak, VP Surety Commercial Lines Tara Pattona Tara@omni-risk.com Christine Schuller Chris@omni-risk.com Adam Stone Adam@omni-risk.com Gina Di Paoloa Gina@omni-risk.com Tom Weigand Teressa Richardson Teressa@omni-risk.com Personal Lines Patricia Micari Pat@omni-risk.com Joe Schepis Mechelle Diaz Surety Jennifer Spadaro Jen@omni-risk.com Lori Fay Life &
Health Joe Schepis Claims Debbie Oggeri Accounting Maria Salvo Maria@omni-risk.com Administration Natalie Perry Candace Strasser Candace@omni-risk.com |
Commercial Lines Every
employer, large or small, faces the reality that it will be the target of
legal action from past, present, and prospective employees. Consider the
Following Facts: From October 1, 1993 through September 30, 1994, the Equal
Employment Opportunity Commission and related state and local agencies
received 156 discrimination complaints. As of May 1, 2003, the Equal
Employment Opportunity Commission had a backlog of over 100,000 complaints
and the average complaint took more than a year to handle. In 2002 over 13,000 complaints of sexual harassment were filed
with the EEOC. Settlements for cases in 2003 exceeded 50 million. Defense
costs were several times this number. A recent telephone poll found that almost 31% of all female
workers claimed to have been the object of sexual harassment at work. Seven
percent of all male workers also claimed to have been sexually harassed. Through legislation like the Americans With Disabilities Act and
the Family Medical Leave Act, Congress has created new grounds for employers
to be sued. Not only are the numbers of employment-related claims
increasing, but so is the potential financial risk to your business.
Defending a wrongful termination or discrimination claim -- whether you are
innocent or guilty, or even if the claim is groundless or fraudulent -- can
be expensive. The potential exposure for a money damages award threatens your
company's financial resources. In the face of this increased risk to your business, it is also
increasingly likely that your current insurance excludes coverage for
employment-related claims. Most comprehensive general liability policies
specifically exclude employment-related claims. For the small for-profit
business, a directors and officers policy may offer a limited form of
insurance coverage, but will probably not extend coverage to the business
entity. Other forms of insurance, such as fiduciary liability coverage, are
unlikely to cover these types of claims.
In response to the escalation in employment-related litigation and the financial risk to small businesses for employment-related claims, we offer our clients the service of shopping for Employment Practices Liability. Flood Insurance You donÕt have
to own waterfront property to need flood insurance. High water can
happen where you least expect it. Not
every flood comes from a tidal surge or raging river. Increased development, clogged or
insufficient storm drains, and excessive rain, ice or snow, contribute to
unexpected flooding. In fact,
about 25% of all flood claims are paid on buildings in low- to moderate-risk
areas. The Preferred Risk Policy is designed to provide
affordable coverage for those properties located in the low- to moderate-risk
flood zones that meet certain underwriting eligibility criteria. A Preferred Risk Policy is available
for Combined Building and Contents package for little as $112 a year, and
Contents-Only for as little as $39 a year. You can qualify for a Preferred Risk Policy, if... € You own a one- to four-family dwelling (Combined
Building and Contents), or you are a tenant or owner in a one- to four-family
dwelling or other residential (apartment, co-op, etc.) building and do not
need building coverage (Contents-Only). € The property is located in one of the low-risk flood
zones designated by FEMA (B, C or X) as of the effective date of the policy. € The property has not experienced two flood claims or
disaster assistance payments, each more than $1,000, or three flood claims or
disaster assistance payments, regardless of amount. DonÕt wait until the
waters rise... For information on how you can obtain a Preferred Risk Policy, or
determine eligibility, call Joe x106, Pat x101 or Mechelle x 100. Surety Bonds
Omni Risk Management is an independent surety agent located in Smithtown, NY. Our team of exceptionally talented surety professionals includes people who have come from the ranks of prominent surety companies. In order for a surety broker to add value to a relationship in today's environment, the broker must do far more than simply deliver a bid, performance or payment bond when asked. We provide our surety clients with the following services: Execute
Bid, Performance and Payment Bonds The primary function of the surety broker is to assure that the necessary bonds are executed and delivered as needed. In order to assure that this is completed as efficiently as possible, we possess powers of attorney with every surety market that we represent and will do whatever is necessary to exceed our clients service expectations. Update Clients With Changes In the Surety Marketplace Today's surety marketplace is one characterized by rapid and constant change. It seems as though every day there are new companies entering the marketplace and those already established are constantly changing their underwriting procedure. We represent a diverse cross section of the construction community and have significant relationships with many of the primary surety companies. We regularly provide our clients with information regarding rate, indemnity, work program trends, carrier financial strength and commitment to the marketplace. Strengthen the Surety Relationship As a facilitator of dialogue between the contractor and the surety, we will work to assure that all lines of communication are open, that the expectations of all parties are clearly understood and that a mutual buy-in exists. Depending on the client's needs, we can also use our relationships with financial institutions, CPA's and other contractors to create partnerships that would be a benefit to the successful execution of your business plan. Assist With the Prequalification Of Owners and Subcontractors Given the
competitiveness of the current construction marketplace, management of
subcontractor/specialty contractor exposures has become the key component of
every project manager's responsibilities. One easy way to transfer this risk
is to require that certain subcontractor/specialty contractors be bonded.
Unfortunately, many times the ultimate outcome of this request is the receipt
of a bond written by a financially weak surety or a subcontractor simply not
being capable of producing a bond. We can help assure that the bonds that you
are accepting are being backed by responsible surety markets. Life & Health
HSA or HRA? Why
Employers Shop For HSAs and Buy HRA Plans President Bush has aggressively promoted Health Savings Accounts, or HSAs, as one solution to the high cost of healthcare. However, more employers are discovering on their own that Health Reimbursement Arrangements, or HRAs, are a better solution. Why? The HSA will cost companies more than an HRA; it's simple economics. Interestingly the HRA has been kept from the spotlight by the current administration. Read on to learn why. (PRWEB) June 15, 2005 - Last year the average annual cost for health
insurance for an employer-sponsored plan reached $3,695 ($308 month) for
single coverage and $9,950 ($829 month) for family coverage. Based on current
increases, those average costs are expected to double in the next four years
to $7,390 for single coverage ($616 month) and $19,900 ($1,658 month) for
family coverage. Traditional forms of health insurance are becoming too
expensive to be practical. As a result, the growth of HRA plans has been
significant. By 2005, approximately 2.6 million individuals were covered by
HRAs, far outnumbering those using HSAs, according to publisher Atlantic
Information Services. Construction News Why Safety Pays Rather than enact needed reforms, state legislatures have
instead broadened injury definitions to include such intangibles as "job
stress". The inevitable result is a system overburdened by specious
claims, and worse, massive abuse. To add someone to this email list, send newsletter@omni-risk.com and put in subject Line ÒAdd to NewsletterÓ To be removed from this email, send newsletter@omni-risk.com and put in subject Line ÒRemove from NewsletterÓ |
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