In the Year of Natural Disasters, A Reminder That Hurricane Season is Upon Us

Killer Tornadoes in Alabama, Missouri and Massachusetts, Devastating Floods from Louisiana up to Canada, Killer Wirefires in the Southwest and Florida and we have not even officially kicked off hurricane season yet!  2011 has been a year to remember or forget when it comes to weather disasters.

Since it is closer to home, I am going to expand on the incredible weather phenomenon we had on June 1st in Western Massachusetts where we were devastated by a bunch of F3 tornadoes.  The weather pattern is in one of those once in a lifetime patterns where you would witness a rare occurrence of tornadoes of this intensity in New England.  We had a cool spring and there was a lot of heat to southwest of us and it just so happened that the jet stream that normally would be in the Midwest was right over southwestern New England that day.  As a result, businesses and residential properties in Greater Springfield suffered astronomical damage that may never be recoverable.   On top of that, most of these business and homeowners did not have enough property insurance to cover the damage and essentially lost everything they had in a matter of minutes.   Like they said about property insurance, it is a nice to have and not essential... well, do you think the fine folks of Greater Springfield are thinking about that now?

New England also has the benefit and the risk of living right on the Atlantic Ocean.  Of course, living near the ocean brings the risk of hurricanes.  I personally have not been affected by a real hurricane since Hurricane Bob in Rhode Island back in 1991.  What I do remember is the significant damage all around that part of New England.   Hurricanes are one of those type of storms that people tend to not take as seriously since we don't have them as often as a tornado, even in New England.  But they need to be taken seriously especially this year.   2011 is the year of extremes.  We are experiencing some of the hottest weather ever in the Central and Southern part of the country and still have a cool/damp pattern north and east of us in Canada and Greenland.  It is a classic pattern for creating volatile weather conditions.

So, with all of this in mind, it may be a good time to check that insurance policy or get a quote.  Since it would really be awful if you lost everything you worked for because of a freak weather even in our part of the world.

Fourth of July Fireworks Safety Tips

By Dalia Colón

Monday is July 4. Bring on the hotdogs, Katy Perry music and Old Navy’s $5 flag T-shirts! But before you get the party started, chew on this sobering statistic: During the 2010 calendar year, three people died and 8,600 were injured while using fireworks, according to data from the U.S. Consumer Product Safety Commission.

For a safe and happy Fourth, heed these tips from the CPSC, American Pyrotechnics Association and National Council on Fireworks Safety.
 
DO:

• Use fireworks outdoors, in an area clear of dry vegetation and combustibles.
• Follow the directions on the packaging.
• Wear safety goggles and close-toed shoes.
• Keep a hose or bucket of water handy, and soak each device after burning.
• Keep kids and spectators at a distance.

DON’T:

• Don’t freestyle. Avoid altering or combining fireworks, and steer clear of homemade devices made from illegal explosives.
• Don’t try to relight a “dud” firework.
• Don’t hold or light more than one sparkler at a time.
• Don’t let kids under 12 use sparklers.
• Don’t drink alcohol. Have a “designated shooter.”

For more tips, check out this video series from the American Pyrotechnics Association.

Rizzo Announces New Partnership with Quincy Mutual

Rizzo Insurance is happy to announce a new partnership with The Quincy Mutual Insurance Company. The Quincy Mutual Fire Insurance Company has proudly provided consumers with insurance protection for more than 150 years, and Rizzo is excited to be working with them. 

They offer a variety of Personal and Commercial insurance products including Homeowner/Renters Insurance, Umbrella Insurance, and Commercial Auto Insurance. Quincy Mutual takes great care in designing its products and services to meet the needs of most insureds.

To learn more about Quincy Mutual, visit http://quincymutual.com/.

Business Overhead Expense Insurance

How long would your business survive if you were temporarily disabled? How would you pay the salaries of your employees and meet your monthly expense obligations? Some statistics would have you believe at least 50% of persons aged 35 will suffer a disability lasting at least 90 days before they attain the age of 65.

When a disability occurs, generally three things are sure to happen to a business owner:

• their regular living expenses will continue to occur;
• business expenses will continue to occur; and,
• at this most inopportune time, the income earned from the business will be severely interrupted.

Business overhead expense (BOE) insurance is designed to reimburse a business for overhead expenses in the event a business owner becomes disabled. This is not the same as personal disability insurance which usually pays benefits to age 65. A business overhead expense policy pays a shorter benefit of one to two years after a waiting (elimination) period. It is generally considered that no business can stay open more than two years if the owner is disabled and the business will either be shut-down or sold.
These policies also work where there is more than one owner. If there is a business partner each partner can take out a policy to accommodate their share of the expenses.
The premiums paid for the business overhead expense insurance is a legitimate, tax-deductible business expense; however, the benefits are treated as taxable income when paid.
Generally, there are two conditions which must be met to trigger the payment of benefits:

• total disability due to injury or sickness must be present and
• the expenses covered by the policy must be incurred during the disability.

Typically, eligible business overhead expenses are:

• employee salaries
• employment taxes
• employee benefit costs
• rental payments for property and equipment
• principal and interest on mortgaged business property
• utilities
• accounting and legal fees
• business insurance expenses
• interest on business debts
• property taxes
• general office supplies

Any agreements and insurance polices within a business must be integrated with the overall plan and objectives of the business. Careful consideration must be given to the selection of the plan which is right for your business and to the method of funding your plan.

For more information, contact Rizzo Insurance or visit www.rizzoinsurance.com

*Copyright Financial & Tax Fraud Associates, Inc.

Hurricane Preparedness Checklist for Your Boat (Rack Storage)

1.     General Hurricane Plan information

• Persons/business to receive a copy 
• Define stages of plan (e.g., storm watch, vessel preparations, vessel securing)
• Determine when each stage should be enacted.  This will change depending on vessel type, location, and any storage contracts

2.     Personal information

• Name
• Addresses
• Phone

3.     Vessel information

• Year, make, model, length
• Hull Identification Number (HIN)
• Motor serial number(s)
• Reg#/DOC# and boat name
• Boat present location (address, phone number, and information of key contacts)
• Insurance carrier
• Hurricane Club information (if any)

4.     Alternate Information

• Name
• Address
• Phone and pager numbers

5.     Dockmate/Neighbor Information

• Name
• Address
• Phone and pager numbers
• Boat year, make, model, HIN
• Exchange copies of hurricane plan

6.     Vessel

• Perform vessel inspection (hull, deck, hardware, rigging, ground tackle, machinery, and electronics)
• Make copies of a vital paperwork (title, registration, insurance policy)
• Take images of vessel
• Inspect condition of trailer and determine storage location
• Create list of electronics equipment to be removed from boat 
• Create list of windage and portable gear to be struck and lashed to the deck or stowed below and create a plan of stowage:

• Deck gear
• Portable gear
• Radio antennae
• Outriggers
• Fishing chairs
• Deck boxes
• Bimini tops
• Sails
• Dinghies

7.     Equipment Considerations (All Equipment of Proper Size And Weight For Your Vessel)

• Extra line and chafing gear
• Ground tackle, shackles, and swivels
• Plugs, duct tape, and sealant
• Fenders and fender boards
• Battery-operated weather radio
• Tie-downs and bungies

8.     Vessel location (Rack Storage)

• Check owner requirements in storage contract
• Disconnect battery
• Remove drain plugs and ensure they are free and clear of debris
• Pump out any black and/or gray water holding tanks
• Take photos of final preparations and place images with vessel paperwork

9.     Five Questions Before You Leave Your Boat

1. Have I safeguarded against environmental or sewage concerns?
2. Have I removed or secured all projective items and safeguarded against loss or theft?
3. Have I provided enough line and chafing gear to secure my vessel from wind, waves, and surge?
4. Have I protected my vessel from taking on water?
5. Have I chosen the best location that appears to be the best option available for my vessel?

Your Ticket to Weekend Bliss – Summer Maintenance & Insurance for your Car

So you’re making the trek to the Cape this weekend with the family? No doubt you’ll have a good time on the beach for some much needed relaxation, but the drive there is always terrible. Whether you take the Bourne or Sagamore Bridge, you can expect lengthy delays on the weekends, and especially holiday weekends. When you are already stuck in traffic with restless kids, you don’t want to experience car difficulty to prolong the agony.

As always, you should check your car before making a lengthy drive. Car Talk offers some helpful tips and pointers for summer car care. The tires, suspension, oil, and air conditioning should all be checked before you pack up the car. Sure, the windows can provide some cool air, but when you are at a standstill on route 495 or route 3, air conditioning can make the wait a little better.

Of course, malfunctioning parts and more traffic increases the likelihood of an accident. Your car might be protected but are you? Reviewing your Massachusetts car insurance policy with your Massachusetts Insurance agent can go a long way to having your mind at ease on long trips. Happy relaxing on your well deserved vacation!