August, 2011 Newsletter from Absolute Insurance

August, 2011 Newsletter from Absolute Insurance

Obama Repeals tax reporting requirement portion of Health Care Act

In April President Obama signed into law the repeal of the burdensome 1099 tax-reporting requirement that was included in the Patient Protection and Affordable Care Act.  If this part of the law hadn’t been repealed all businesses would have been required to report information to the IRS on any payments for goods or services of $600 or more annually to other businesses.  

Agents Unionize to Fight Allstate Insurance Company

About 10% of all Allstate Insurance Company agents have formed a collective bargaining unit and have filed with the Labor Relations Board to certify a union.  Allstate Insurance Company has been reorganizing, requiring higher production quotas and reducing commissions to many of their long-time agents.  The agents hope that a union will convince the management of Allstate to re-think the proposed changes.  

10 Things You and Your Commercial Property Insurance Agent Should Know

10.  High Risk Notification Service Available from the Insurance Service Office, ISO.  ISO offers a notification service… if a high risk neighbor moves in, ISO can notify you of the increased risk

9.    You agent should be aware of any adjacent exposures.  Knowing the construction of your neighbor’s building and its tenants and exposures is a job for your insurance agent.  Make sure he or she is aware of any potential hazards from your neighbors.

8.   Probable Maximum Loss (PML) and Maximum Foreseeable Loss (MFL).  PML is the highest maximum loss that can happen if all fire suppression systems are operating fully.  MFL is the highest estimated loss that could happen should any fire suppression systems fail.  Knowing these may help your agent obtain lower insurance costs for your building

7.   Estimated Replacement Cost.  The insurance institute estimates that 75% of all commercial buildings are underinsured.  Knowing the replacement cost of your building will help you eliminate the possibility of not having enough insurance to replace your building.

6.   Risk Improvement Statements.  ISO has available “Risk Improvement Statement” which identifies hazardous conditions in your property and suggests remedies… and the cost of each remedy… to reduce or eliminate the hazard.

The Top 5 will follow in our next newsletter.  For more information, please contact me.

Steve LeMond                                                      www.AbsoluteInsuranceNV.com
President/Owner                                                   SteveL@ai-nv.com
702-699-5569                                                       Fax 702-699-5650