Archive for November, 2013


Polybutylene Plumbing Failure

The fitting/connection in the photo appears to have just broken under pressure. This type of plumbing is a red flag if found during an inspection for insurance coverage. Outdated and obsolete plumbing is a real concern causing extensive and expensive damage. Wayne Collier Home Inspections performs these inspections for insurance coverage and also during Real Estate Inspections we recommend replacing with updated plumbing. The fitting in the picture failed and caused 8,000.00 dollars in damage resulting in a complete re plumb of entire home in addition to a policy cancellation. Know what is in your home. Call Wayne Collier Home Inspections for inspection before you have a problem.

877.990.4019
863.990.4019
http://www.waynecollierinspections.com

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Electrical Safety

Electrical safety in the home

 
                

Safety Tip    

Have all electrical work done by a qualified electrician. Read all of NFPA’s electrical safety tips and download our free safety tip sheet.

U.S. fire departments responded to an estimated annual average of 47,820 reported home structure fires involving electrical failure or malfunction 2007-2011. These fires resulted in 455 civilian deaths, 1,518 civilian injuries and $1.5 billion in direct property damage.

Video: NFPA helps Dan Doofus get grounded in the basics of electrical safety.

Facts & Figures

  • Roughly half (48%) of home electrical failure fires involved electrical distribution or lighting equipment in 2007-2011. 
  • In 2007-2011, 46% of electrical failure home fires involved other known type of equipment. The leading other known type of equipment involved in home electrical failure fires are washer or dryer, fans, and portable or stationary space heater.
  • U.S. fire departments responded to an estimated average of 22,410 reported home structure fires involving electrical distribution or lighting equipment in 2007-2011. These fires resulted in 325 civilian fire deaths, 950 civilian fire injuries, and $817 million in direct property damage.
  • Some type of electrical failure or malfunction was cited as factor contributing to ignition for 74% of electrical distribution or lighting equipment home structure fires.

Source: NFPA’s “Electrical Fires,” by John R. Hall, Jr., April 2013

Also see: Printable fact sheet on home electrical fires. (PDF, 59

News and Trends

insurance news events and marketing trends breaking news up to date industry news and trends regulatory changes legislation lawsuit information precedents and regulatory oversight changes nationally and in the states, market forces natural disasters health care reform technology impact electronic records privacy concerns 

Tax Reform from Congress a Concern for Insurance Industry Study shows hefty marginal tax rate burden on “pass-through” business. In some states that segment of the economy is seeing rates as high as 50 percent.

Wellness 101 Article on the bisuness case of implementing worksite wellness programs.

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Wellness 101 Article on the bisuness case of implementing worksite wellness programs.

Domestic Medical Tourism: A New Trend Artricle on new health care and health insurance trend: Domestic Medical Tourism

Domestic Medical Tourism: A New Trend Artricle on new health care and health insurance trend: Domestic Medical Tourism

Survey: Insurance Fraud Expected to Rise A survey issued by FICOshows 57 percent of U.S. and Canadian insurers say personal lines insurance fraud losses will rise further in 2013, while roughly half  say they expect fraud losses to rise further in commercial lines as well.

Trend: Insurer IT Budgets Convery Shifting Emphasis News trend article on shifting information technology needs in American insurance companies shifts are toward more customer-centric needs due to acknolwedgement in the industry that greater focus is needed on customer service the effort is largely targeting social media information technology enhancements as comasnies strive for greater “hippness” and attractiveness to younger consumers Insurers devoting more time and money to customer experience, new research shows.

Small Business Tax Credits Under the ACA Examined Article reviewing the impact of small business tax credits under the ACA examined

Small Business Tax Credits Under the ACA Examined Article reviewing the impact of small business tax credits under the ACA examined

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Insurance news: digital
Get our 2013 report on why insurance is lagging in tech.
http://www.ey.com/2013InsuranceDigitalSurvey

Insurance Consultants- Technology, Social Media Strategy are Keys to Success Resource on means to maximize success using technological tools and social media opportunities to maximize marketing leading to sales and career success

Worksite Wellness Shows Solid Return on Investment Article on worksite wellness programs and evidence showing their strong return on investment

October is National Cyber Security Awareness Month October is National Security Cyber Awareness Month, which will hopefully lead more people to have greater concern about the risk in their lives.

Renters: An Agent’s ‘Best Customer’ of the Future Insurance agents who ignore renters and focus solely on homeowners insurance customers are missing a chance to build long-term relationships.

Top 2011 Health Insurance Trends Article detailing top 2011 Health Insurance Trends ACO Accountable Care Organizations Wellness Value-based purchasing Medical Home

Top 2011 Health Insurance Trends Article detailing top 2011 Health Insurance Trends ACO Accountable Care Organizations Wellness Value-based purchasing Medical Home

Do Insurers You Work With Evaluate Client Credit Scores Article discussing trend in insurance industry of the use of credit scores in evaluating a client’s application for insurance coverage, article asks for agent brokers and insurance professionals feedback on insurer use of the data

Developing Additional Revenue Streams Article detailing possibel paths to increased revenue streams in an era of difficult insurance commissions and industry uncertainty

Disability Income Insurance Trends Article describing new disability income insurance trends

Disability Income Insurance Disability Income step by step guide

How to Assist Client Disaster Claims Article on assisting clients in disaster claims filing and disaster recovery in times of crisis.

Medical Loss Ratios- State Impacts Analysis of the impact of the medical loss ratio rules under the Affordable Care Act in various states

Health Savings Accounts Resource on health savings accounts

Workers Compensation Trends for 2011 and Beyond Article describing the current status of the workers’ compensation insurance industry.

Uninsured Healthcare Tab- $49 Billion Annually Article describing the U.S. uninsured Healthcare Tab- $49 Billion Annually.

Indexed Annuities See Record Sales Increase Article on record-setting sales year in 2010 for indexed annuities.

Pay as You Drive Auto Insurance Explained Article describing Pay as You Drive Auto Insurance discount program

Tornado Season on Pace to Be Costliest Ever Article on the devastating 2011 tornado season and historic insured losses and death toll.

Educating Clients Key to HSA Sales Article describing effective HSA sales strategy focusing on client education.

Insurance Industry Shows Hiring Optimism Article about insurance industry optimism concerning hiring over the next several months

Will PPACA Provide Incentives to Drop Health Coverage? Article detailing how the PPACA might provide incentives to drop health coverage

Producer Commissions and the MLR Dabate Article discussing producer commissions and the Medical Loss Ratio Dabate

Thomson Reuters Names Top 10 Health Systems Article discussing Thomson Reuters naming of top 10 health systems

The Health Care Cost Problem Article describing in detail the U.S. health care cost problem

Florida Hurricane Risk Management Assessment Article on Florida hurricane risk anagement assessment for 2011 hurricane season

Medicare Cost Savings Experiment Achieves Little Article assessing results of Medicare cost savings experiment which provided bonuses to health plans which met targeted cost savings goals.

Floridians Win $55M Chinese Drywall Settlement Article discussing Florida homeowners win of $55 million Chinese Drywall settlement.

UnitedHealth Sues Over Lost TRICARE Contract Article describing lawsuit brought by UnitedHealth against U.S. government for award made to Humana

“The Time is Now” for ACO’s Article on an innovative effort to make health care more accountable and therefore health insurance more affordable.

Details on readability issues with insurance policies and state requirements Article detailing readability issues with insurance policies and state regulatory readability requirements

Debt Ceiling Failure Risky Proposition for Insurers Debt Ceiling Failure Risky Proposition for Insurers

The Post-Reform Broker The Post-Reform Broker

SLIMPACT Surplus Lines Reform Moves Forward Is SLIMPACT the Solution for Surplus Lines Regulation?

1 in 14 Physicians Sued Each Year Article concerning how 1 in 14 physicians is sued each year

Carolina Coastal Plans Ready for Irene Article on the readiness of Carolina coastal plans for hurricane Irene

2011 Catastrophic Losses $23 Billion and Counting Article detailing 2011 catastrophic losses of $23 billion and counting before hurricane season begins

10% of Large Employers May Drop 2014 Health Benefits Article regarding 2014 employer health care decision-making.

Insurance Outsourcing Trend to Keep Rising Article on the continuing rise of insurance outsourcing.

Effects of Health Plan Consolidation Article detailing the effects of health plan vonsolidation

Firms Expect Small 2012 Rise in Health Insurance Costs Article detailing employer health insurance cost survey results and what they expect for 2012

2011 Flood Insurance Review Article detailing activity in the insurance industry in 2011 related to floods

Disability Insurance Costs Rising Article describing rising costs of disability insurance

Pay-as-You-Drive Discounts 101 Article on latest discount auto insurance tactic– pay-as-you drive discount.

Travel Insurance Primer Article providing Travel Insurance Primer

Professional Liability & 2012 Uncertainty Professional Liability Line Faces 2012 Challenges

Tornado Coverage Details Article decribing tornado coverage details, April tornado awareness week building windstorm coverage personal belongings coverage

Defined Contribution Plans a Growing Trend Article on how Defined Contribution Plans are a Growing Trend

Life Insurance Trends for 2012 Article describing Life Insurance Trends for 2012

Report- Fewer Used COBRA Subsidy Than Expected Article showing data and providing analysis of the consumer use of COBRA extension and subsidy of continuing insurance premium for health insurance when an employee is losing or terminated from employment.  The extension and subsidy were authorized and extended under the American Recovery and Reinvestment Act(ARRA).

State Health Insurance Exchange Status Update Article on state implementations of health insurance exchanges

2012: The Year of Critical Illness Coverage Article stating why 2012 will be the year of Critical Illness Coverage

Irene has New York City in Sight Article on Irene’s path toward New York City and the consequences

Climate Change and Property Cassualty Risk Article on potential climate change impact on property casualty insurance

Why Are U.S. Health Costs so High? Article exploring why U.S. Health Costs are so High?

Mercer Report Details Employer Health Spending Trends Article detailing Mercer survey report on employer health spending trends

Would Tort Reform Lower Health Costs? Article analyzing whether Tort Reform would lower health costs?

Health Insurance Rebate Analysis Health Insurance Rebate Analysis

With Auto Insurance, Mayhem May or May Not be Covered Details on mayhem coverage

Consumer Directed Plan Savings Detailed Consumer Directed Plan Savings Detailed

GOP Planning ObamaCare Ruling Reaction GOP Planning ObamaCare Reaction

Next Battle: Health Insurance Exchange Rules Next Battle: Health Insurance Exchange Rules

Many States Pursuing Medicaid Cuts Citing PPACA Many States Pursuing Medicaid Cuts Citing PPACA

Crop Insurance Coverage Basics Crop Insurance Coverage Basics

Workers Comp Injury Duration Increases Workers Comp Injury Duration Increases

Workplace Retaliation an Increasing Insurance Liability Workplace Retaliation an Increasing Insurance Liability

Mini-Med’s Thriving in Reform Era Mini-Med’s Thriving in Reform Era

What is an Essential Benefit? What is an Essential Benefit?

China: A New Insurance Frontier China: A New Insurance Frontier

Small Business & Stop Loss Coverage Small Business & Stop Loss Coverage

Romney vs. Obama Health Care Policy Romney vs. Obama Health Care Policy

Info Tech Jobs & Insurance Industry Info Tech Jobs & Insurance Industry

IRS Sets 2013 HSA Contribution Limits IRS Announces 2013 HSA Limits

Agent Groups Continue MLR Fight Article concerning agent groups continuing fight against Medical Loss Ratio rules

Trend: Insurer IT Budgets Convery Shifting Emphasis News trend article on shifting information technology needs in American insurance companies shifts are toward more customer-centric needs due to acknolwedgement in the industry that greater focus is needed on customer service the effort is largely targeting social media information technology enhancements as comasnies strive for greater “hippness” and attractiveness to younger consumers Insurers devoting more time and money to customer experience, new research shows.

Insurance Consultants- Technology, Social Media Strategy are Keys to Success Resource on means to maximize success using technological tools and social media opportunities to maximize marketing leading to sales and career success

Agent Commissions Not Exempt From Final MLR Rule Article on Agent Commissions Not Exempt From Final MLR Rule

Santorum’s Opposition to ObamaCare is Personal Article on Presidential candidate Rick Santorum’s opposition to ObamaCare.

Pet Insurance Essentials Pet Insurance Essentials

Kansas City Demos $11M in Health Savings Article concerning how Kansas City collaborative achieves creat health savings

AMA’s Obesity to Disorder Change Impacts Insurers The American Medical Association has classified obesity as a disease instead of a disorder, a change that is likely to have numerous impacts on the insurance industry.

Do Insurers You Work With Evaluate Client Credit Scores Article discussing trend in insurance industry of the use of credit scores in evaluating a client’s application for insurance coverage, article asks for agent brokers and insurance professionals feedback on insurer use of the data

Report- Fewer Used COBRA Subsidy Than Expected Article showing data and providing analysis of the consumer use of COBRA extension and subsidy of continuing insurance premium for health insurance when an employee is losing or terminated from employment.  The extension and subsidy were authorized and extended under the American Recovery and Reinvestment Act(ARRA).

Worksite Wellness Shows Solid Return on Investment Article on worksite wellness programs and evidence showing their strong return on investment

Developing Additional Revenue Streams Article detailing possibel paths to increased revenue streams in an era of difficult insurance commissions and industry uncertainty

Tornado Coverage Details Article decribing tornado coverage details, April tornado awareness week building windstorm coverage personal belongings coverage

Disability Income Insurance Trends Article describing new disability income insurance trends

Disability Income Insurance Disability Income step by step guide

Cyber Insurance Coverage Decision Points Article detailing Cyber Insurance Coverage Decision Points

Health Savings Accounts Resource on health savings accounts

Intro to Chinese Insurance Regulation Intro to Chinese Insurance Regulation

How to Assist Client Disaster Claims Article on assisting clients in disaster claims filing and disaster recovery in times of crisis.

HSAs Expand Dramatically in 2011 HSAs Expand Dramatically in 2012

Medical Loss Ratios- State Impacts Analysis of the impact of the medical loss ratio rules under the Affordable Care Act in various states

Workers Compensation Trends for 2011 and Beyond Article describing the current status of the workers’ compensation insurance industry.

Uninsured Healthcare Tab- $49 Billion Annually Article describing the U.S. uninsured Healthcare Tab- $49 Billion Annually.

A New Era of P&C Risk? Article identifies a New Era of P&C Risk

2011 Flood Insurance Review Article detailing activity in the insurance industry in 2011 related to floods

Romney’s Health Care Policy Romney’s Health Care Policy

Indexed Annuities See Record Sales Increase Article on record-setting sales year in 2010 for indexed annuities.

Pay as You Drive Auto Insurance Explained Article describing Pay as You Drive Auto Insurance discount program

How to Launch a Health CO-OP Plan Article describing IRS rules on how to Launch a Health CO-OP Plan

Educating Clients Key to HSA Sales Article describing effective HSA sales strategy focusing on client education.

Huntsman’s Health Care Reform Policy Article on Republican Presidential candidate John Huntsman’s health care reform policy

Sebelius Decision Aids Obama Re-election Sebelius Decision Aids Obama Re-election

Tornado Season on Pace to Be Costliest Ever Article on the devastating 2011 tornado season and historic insured losses and death toll.

Insurance Industry Shows Hiring Optimism Article about insurance industry optimism concerning hiring over the next several months

Producer Commissions and the MLR Dabate Article discussing producer commissions and the Medical Loss Ratio Dabate

Will PPACA Provide Incentives to Drop Health Coverage? Article detailing how the PPACA might provide incentives to drop health coverage

Thomson Reuters Names Top 10 Health Systems Article discussing Thomson Reuters naming of top 10 health systems

The Health Care Cost Problem Article describing in detail the U.S. health care cost problem

Florida Hurricane Risk Management Assessment Article on Florida hurricane risk anagement assessment for 2011 hurricane season

Medicare Cost Savings Experiment Achieves Little Article assessing results of Medicare cost savings experiment which provided bonuses to health plans which met targeted cost savings goals.

Floridians Win $55M Chinese Drywall Settlement Article discussing Florida homeowners win of $55 million Chinese Drywall settlement.

UnitedHealth Sues Over Lost TRICARE Contract Article describing lawsuit brought by UnitedHealth against U.S. government for award made to Humana

“The Time is Now” for ACO’s Article on an innovative effort to make health care more accountable and therefore health insurance more affordable.

2011 Catastrophic Losses $23 Billion and Counting Article detailing 2011 catastrophic losses of $23 billion and counting before hurricane season begins

Details on readability issues with insurance policies and state requirements Article detailing readability issues with insurance policies and state regulatory readability requirements

Debt Ceiling Failure Risky Proposition for Insurers Debt Ceiling Failure Risky Proposition for Insurers

The Post-Reform Broker The Post-Reform Broker

SLIMPACT Surplus Lines Reform Moves Forward Is SLIMPACT the Solution for Surplus Lines Regulation?

1 in 14 Physicians Sued Each Year Article concerning how 1 in 14 physicians is sued each year

Carolina Coastal Plans Ready for Irene Article on the readiness of Carolina coastal plans for hurricane Irene

Irene has New York City in Sight Article on Irene’s path toward New York City and the consequences

10% of Large Employers May Drop 2014 Health Benefits Article regarding 2014 employer health care decision-making.

Insurance Outsourcing Trend to Keep Rising Article on the continuing rise of insurance outsourcing.

Effects of Health Plan Consolidation Article detailing the effects of health plan vonsolidation

Firms Expect Small 2012 Rise in Health Insurance Costs Article detailing employer health insurance cost survey results and what they expect for 2012

Would Tort Reform Lower Health Costs? Article analyzing whether Tort Reform would lower health costs?

Disability Insurance Costs Rising Article describing rising costs of disability insurance

Pay-as-You-Drive Discounts 101 Article on latest discount auto insurance tactic– pay-as-you drive discount.

Travel Insurance Primer Article providing Travel Insurance Primer

Professional Liability & 2012 Uncertainty Professional Liability Line Faces 2012 Challenges

Agent Commissions Not Exempt From Final MLR Rule Article on Agent Commissions Not Exempt From Final MLR Rule

Defined Contribution Plans a Growing Trend Article on how Defined Contribution Plans are a Growing Trend

Life Insurance Trends for 2012 Article describing Life Insurance Trends for 2012

Santorum’s Opposition to ObamaCare is Personal Article on Presidential candidate Rick Santorum’s opposition to ObamaCare.

State Health Insurance Exchange Status Update Article on state implementations of health insurance exchanges

2012: The Year of Critical Illness Coverage Article stating why 2012 will be the year of Critical Illness Coverage

Cyber Insurance Coverage Decision Points Article detailing Cyber Insurance Coverage Decision Points

Climate Change and Property Cassualty Risk Article on potential climate change impact on property casualty insurance

Why Are U.S. Health Costs so High? Article exploring why U.S. Health Costs are so High?

Mercer Report Details Employer Health Spending Trends Article detailing Mercer survey report on employer health spending trends

Mini-Med’s Thriving in Reform Era Mini-Med’s Thriving in Reform Era

Health Insurance Rebate Analysis Health Insurance Rebate Analysis

IRS Sets 2013 HSA Contribution Limits IRS Announces 2013 HSA Limits

Consumer Directed Plan Savings Detailed Consumer Directed Plan Savings Detailed

GOP Planning ObamaCare Ruling Reaction GOP Planning ObamaCare Reaction

HSAs Expand Dramatically in 2011 HSAs Expand Dramatically in 2012

Next Battle: Health Insurance Exchange Rules Next Battle: Health Insurance Exchange Rules

Many States Pursuing Medicaid Cuts Citing PPACA Many States Pursuing Medicaid Cuts Citing PPACA

Crop Insurance Coverage Basics Crop Insurance Coverage Basics

Workers Comp Injury Duration Increases Workers Comp Injury Duration Increases

Workplace Retaliation an Increasing Insurance Liability Workplace Retaliation an Increasing Insurance Liability

Small Business & Stop Loss Coverage Small Business & Stop Loss Coverage

Pet Insurance Essentials Pet Insurance Essentials

China: A New Insurance Frontier China: A New Insurance Frontier

Intro to Chinese Insurance Regulation Intro to Chinese Insurance Regulation

Romney vs. Obama Health Care Policy Romney vs. Obama Health Care Policy

Info Tech Jobs & Insurance Industry Info Tech Jobs & Insurance Industry

What is an Essential Benefit? What is an Essential Benefit?

Agent Groups Continue MLR Fight Article concerning agent groups continuing fight against Medical Loss Ratio rules

Kansas City Demos $11M in Health Savings Article concerning how Kansas City collaborative achieves creat health savings

Romney’s Health Care Policy Romney’s Health Care Policy

Sebelius Decision Aids Obama Re-election Sebelius Decision Aids Obama Re-election

Huntsman’s Health Care Reform Policy Article on Republican Presidential candidate John Huntsman’s health care reform policy

How to Launch a Health CO-OP Plan Article describing IRS rules on how to Launch a Health CO-OP Plan

A New Era of P&C Risk? Article identifies a New Era of P&C Risk

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