by cdowney | Oct 7, 2014 | Blog
Here’s the thoughts / comments from the insurance side of things:
• Always – always get Current certificates of insurance for general Liability and workers comp at the least for anyone doing work for you / per job. ( a certificate is only good for a day – so one of your subs may have given you a cert – however it may not be valid / cancelled insurance next month )
• The Addnl Insured vs primary insured Splitting the limits equally perception is incorrect. There are no set parameters / Limits on who gets what portion of limits.
• Further, There usually is a $ charge to add addnl Insureds to your policy as the insurance company listing them is now insuring them – for the same operations – that you perform.
• I Like having My clients added as addnl insureds on other people’s policies – You do as well… it just adds another layer of protection for your firm; so is good risk management.
• That being said it may not always be feasible to be listed on someone else’s policy. ( it may not be avail from their carrier, or it may be to cost Prohibitive for them; or they may want to charge you back for that coverage – which you already purchase thru your primary insurance – or they may start building it into their contract pricing)
• Typically we use this endorsement to insurance on Larger – more drawn out projects. For instance you may contract with a large venue and they may say you cannot step on their premise unless you list them as an addnl insured. Something of that nature.
In summary its good practice. However may not always be feasible for the subcontractor.
We can help you further with this advice. Just reach out. We’re here to help. 888-875-7539
All the best,
Charlie Downey
by cdowney | Aug 21, 2014 | Blog
Are your kids nervous about returning to school in the fall? As a parent, your goal is to guide them and let them know change is okay. However, do you also experience some anxieties during the weeks leading up to the school season? Perhaps you will find peace of mind with some of these helpful tips to make getting back to school smoother for all involved.
New Routine Means Adjustments: The school year brings about a busier schedule than your family is used to during the lazy summer days. Make sure you are prepared for the challenges ahead, and start early with the adjustment process. Open communication and positive thinking will help everyone’s transition be much smoother.
Organization is Key: As the summer winds down, you can take advantage of this slowed down lifestyle. Get organized for the busy school year by gathering important information your students will need for classes, get their physicals out of the way, and update their school emergency contact and health information for the coming year. Also, you can start to think of creative and healthy meals your kids will enjoy. This way they can continue to be nutritious even when at school.
Gathering School Supplies: This may be your least favorite part of preparing for back to school. But it is important for your children to learn how to take advantage of sales, follow a list of instructions, and stay organized. It is always a good idea to buy what you know you will need early, if you can. Whether this includes new clothes or supplies such as notebooks, pens, assignment books, folders, and more, you can get ahead of the game to avoid stress once school approaches.
All of us here at Downey Insurance Group hope these tips will help your family have a smooth transition back into school. The idea of going to a new institution or returning to old friends with new experiences can be both exciting and nerve racking. Giving your children the confidence they need to succeed in the world of academia is the best gift you can give them. So help them head back to school the right way with organization, the best supplies, and some independence!
by cdowney | May 15, 2014 | Blog
Many Employers across the US are indicating they will be Hiring in 2014. with the increase in Employment practices claims on the rise, this just Increases your exposure. There were nearly 100,000 charges of workplace discrimination in 2012 resulting in $365 million awarded by the EEOC to alleged victims of workplace discrimination – the highest ever. Despite a second consecutive year of almost 100,000 charges filed, many small businesses remain exposed. 31%… the increase in employee-related charges of discrimination since 2006. http://link.videoplatform.limelight.com/media/?mediaId=f130cb131a344e4c829efeed662e7ff6&width=748&height=474&playerForm=b2c719b8be144877a4fc51142489489b&deepLink=true&autoPlay=true&share=social,email,link
by cdowney | May 5, 2014 | Blog
If you have ever gone to a friend’s house and enjoyed sitting around their backyard fire pit on a cool spring evening, you may decide to get one for yourself. Having a backyard fire pit can be a wonderful way to spend time when it’s nice outside. However, we wouldn’t be an insurance agency if we didn’t remind you of all the safety precautions you need to take before striking that first match in your own fire pit.
The most important thing to do before even deciding on the fire pit you want is to find out what is and isn’t allowed in your area. Some towns or homeowner’s associations do not allow backyard fires. Also, discuss how having a fire pit may affect your homeowner’s insurance with your agent. Most carriers allow fire pits as long as they fit within your area’s rules and regulations.
Next, scope out the area you would like to place your fire pit. Make sure it is far enough away from your home and other structures on your property. Do not place it on a wooden deck. Also, clean up anything that could be flammable around the vicinity. Fuel tanks, leaves, pine needles, papers, anything that could catch on fire if a spark were to jump. And never forget o have a bucket of water close by when you do finally have your fire.
Be sure to discuss fire safety with your family members and anyone else who may be enjoying the fire pit with you. Remind them to stay far enough away from the fire at all times, always wear shoes and never run nearby. And don’t forget to remind them how to Stop Drop and Roll if things get out of hand. Contact us for more fire safety tips and have a great time choosing your backyard fire pit!
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by cdowney | Apr 15, 2014 | Blog
Unlike term insurance, which addresses more temporary needs, permanent life insurance is designed to provide life-long financial protection. Because permanent life insurance policies are designed and priced to keep over a long period of time, this may be the right type of insurance for you if you have a long-term need for life insurance coverage. “Permanent insurance” is generally a catchall phrase for a wide variety of life insurance products many of which include a cash-value feature. Within this class of life insurance, there are many different products, including universal life insurance and indexed universal life insurance.
Despite what many people may think, the need for life insurance often remains long after the kids have graduated college or the mortgage has been paid off. If you died, your spouse would still be faced with daily living expenses. And if your spouse outlives you by ten, 20 or even 30 years—would your spouse be able to maintain the lifestyle you worked so hard to achieve, without the death benefit of life insurance? Would you be able to pass an inheritance on to your children or grandchildren? These are questions to consider carefully when determining what type of life insurance fits your needs.
Term insurance is often a good choice for your family in earlier years, especially if the budget is tight, because it allows for affordable, yet high levels of coverage, when the need for protection is often greatest. Term insurance is also a good option for covering needs that aren’t permanent. For instance, paying for college is a major financial concern for many families, but if you don’t need life insurance coverage after the kids graduate, then it might make sense to buy a term policy that’ll get you through the college years.
Term insurance can provide low-cost coverage for a specific period of time (the “term”)—most likely during an individual’s peak earning years when death can cause the greatest financial hardship. Generally the most affordable type of insurance when initially purchased, term insurance is designed to meet temporary needs. It provides protection for a specific period of time (the “term”) and generally pays a benefit only if you die during the term. This type of insurance often makes sense when you have a need for coverage that will disappear at a specific point in time. For instance, you may decide that you only need coverage until your children graduate from college or a particular debt is paid off, such as your mortgage.
If you buy a term policy and then later realize that you still have a need for life insurance, you can either renew your term policy or (depending on the insurance policy’s rules about conversion) convert it to a different type of policy. If, in ten, 15 or 20 years you’re still healthy according to the company’s standards, you might re-qualify at a reasonable rate. But if your health has deteriorated, you may find that it’s too expensive to renew your policy or you may not even re-qualify.
So, when considering a term policy, be sure you carefully consider your needs and how they may evolve, financially, down the road. If your needs will remain temporary, then term insurance may be right for you. But, if you think there’s a possibility that you might need the coverage for a long time, then remember that renewing your term policy after it expires or buying a new term policy at that time, may make coverage more expensive due to your age, health status or other factors.
