It’s sparkling, it’s dazzling, it’s perfect! Imagine you have uncovered the perfect gift that will last a lifetime for that special person in your life. Isn’t that a great feeling? Whether it’s a beautiful necklace for that special someone, a timeless watch, or an instrument for your child, wouldn’t it be nice to know how it is protected if something were to happen to it? Let’s start with the basics.

What’s included on a standard homeowners policy?

Personal Property or Contents Coverage is the portion of your standard homeowners policy that covers the cost of replacing your possessions in the event that they are destroyed by a covered peril (wind, fire, hail, lightening, theft). The standard policy will provide 50 percent – 70 percent of your dwelling coverage limit (Coverage A) towards your Contents Coverage, though you can increase the limits. However, coverage is limited on certain items. Insured personal property is covered anywhere in the world as long as it is owned by you or residents of your household.

Which items need endorsements?

Most standard homeowners policies limit the amount paid for loss to certain classes of property, such as jewelry, furs, and silver. There is minimal coverage for personal property in these classes and a standard policy may limit the perils or cause of loss for which an item is covered. Rule of thumb – if you have an item or a collection that is valued over $2,500, you should mention it to your local insurance agent. The limitations for valuable articles can differ from carrier to carrier and from policy to policy (see sidebar).

Adding valuables to your policy – Two ways:

No matter which way you decide to add your valuable items on your policy, you first should compile a valuables inventory. This will help in identifying items on the policy and help in the settlement of your claim. You should get an appraisal for any valuable items. You should update your appraisals every three to five years and should send your local agent any updated appraisals you receive.

Scheduled coverage

Scheduling allows you to determine the insured value of each specific item. In the event of a total covered loss, you will receive repair or replacement value. There is no deductible and no depreciation. Scheduling may also provide broader coverage, such as the mysterious disappearance, which a standard policy excludes. Another benefit of scheduling is that it provides protection for the full value of a set, so if you lose one diamond earring, it will reimburse you for the set. Some insurers will allow for agreed value, paying the full amount the item is insured for.

Blanketed coverage

If you have a number of “smaller” pieces that when put together represent a large total investment, you can choose blanket coverage for the total value of the collection. In the event of a covered loss, the carrier will pay the value of each item up to its blanket limit. There may be a per item limitation such as $10,000 or $50,000 depending on the carrier, so more expensive items are better off scheduled.

How your policy works:

Your typical household belongings, such as furniture, clothing, appliances, computers and kitchenware are included in the amount of Personal Property you have covered by your homeowners policy (Coverage C). Property is covered on a “specified perils” basis, meaning you are only covered for the perils listed on the policy contract: fire, windstorm, explosion, smoke, theft and vandalism, to name a few. Items are usually covered on an Actual Cash Value basis, subject to a deductible. This means that each item is covered for its market value at the time of the loss. Since depreciation often occurs, the cash value is often well below the cost to replace the item. You can, however, change your policy to replacement cost for a minimal premium.

As you begin the shopping process this holiday season, hold on to your receipts. If necessary, obtain a professional appraisal on the item and call your local insurance agency to inform them of the new purchase. They can help you figure out the best way to insure the item. Of course, feel free to call us with any insurance related questions: 781-444-3050 x148.

Marissa Goldstein is a licensed insurance broker where she specializes in personal and business insurance at Aronson Insurance Agency, a leading, award-winning independent insurance agency located in Needham and Newton. Aronson Insurance represents more than 15 insurance companies and personally services over 6,000 clients. For more information, please call 781-444-3050 x148 or Marissa@AronsonInsurance.com.

Needham & Newton, Mass – June 17, 2011: Aronson Insurance, a leading, award-winning independent insurance agency in the suburban Boston area, is pleased to announce that Steven Aronson, President & CEO of Aronson Insurance, was selected to present at the Commercial Lines Insurance Carrier Session in Dallas, Texas.  Hosted by the Association for Cooperative Operations Research and Development (ACORD), the seminar took place on June 9, 2011.

Mr. Aronson participated on the “Sales Culture” panel and discussed the techniques and technologies that are helping companies communicate more efficiently and succeed. Participants came from all aspects of the insurance industry, including agencies, brokers, carriers and solution providers. 

“I was honored to be chosen to speak at this important seminar that is helping agencies succeed,” said Steven Aronson, President & CEO, Aronson Insurance.  “Of importance was the discussion of how agencies have evolved to be more of a sales culture in order to improve business, ensuring that independent agents have more time for service, retention and sales, rather than data processing.”

Mr. Aronson is a third-generation insurance professional, who joined Aronson Insurance, alongside his father, in 1975. Since this time, Mr. Aronson has led the firm through acquisitions of several agencies as well as setting the tone for organic growth.  In addition to leading the agency, Mr. Aronson is an insurance educator and industry technology expert. He serves the insurance industry in leadership positions on various national committees (ACT, ACORD, AUGIE and NetVU), often lecturing at insurance conferences around the country.

About Aronson Insurance Agency
Aronson Insurance is the leading, award-winning independent insurance agency in the suburban Boston area, specializing in providing the highest quality insurance products and services to individuals and businesses that protect and safeguard their assets from financial loss.  With three locations in Newton and Needham and a staff of over 20 insurance professionals, Aronson Insurance represents more than 15 insurance companies and personally services over 5,000 clients.

Aronson Insurance, with offices at 120 Highland Ave & 950 Highland Ave in Needham, as well as 697 Washington Street in Newton, is open six days a week while the client-service phone team is available 24/7.  For more information, visit www.aronsoninsurance.com or call us at (781) 444-3050.

Media Contact:
(617) 965-3030 x148

A company will typically utilize traditional property/casualty insurance products to protect its physical assets, various liabilities and employees. Trade Credit Insurance is an additional tool that can help protect accounts receivables against non-payment by commercial customers.

In deciding if this type of insurance might be right for your company, here are answers to some commonly asked questions.

• Exactly what is Trade Credit Insurance?
  Answer: It is an insurance product that can help protect the accounts receivables of a company against the insolvency of, or non-payment by its corporate customers.

 

• Why would a company consider buying Trade Credit Insurance?
  Answer: Most often it is used to help protect a significant concentration of accounts receivables against potential non-payment.

 

• What types of companies buy Trade Credit Insurance?
  Answer: All types. Availability and cost will vary by industry sector and specific company / customer profile.

 

• What types of customers (buyers) can be covered?Answer: Commercial customers. Various options are available such as domestic only, foreign only, both domestic and foreign, its top 10 or 20 buyers, etc.

 

• Is this insurance expensive?
  Answer: It depends on many factors, but costs are often reasonable. Minimum premiums can start as low as $5,000.

 

• Is this insurance available even in uncertain / tougher economic times?
  Answer: Yes. Insurance companies are very active in the current economic environment.

 

• Are there other benefits to buying this insurance product besides protecting against significant non-payment loss?Answer. Yes there are. Among others, securing Trade Credit Insurance can often support more attractive bank financing.

While these high level questions and answers should be helpful in providing some initial information about this product, we strongly suggest that you work with an insurance broker who specializes in Trade Credit Insurance to learn much more about this coverage, its features and benefits, and how it may be able to assist your specific company.

At Aronson Insurance, we have experience in this area and would be happy to answer your questions and see if we can be of assistance. Please contact us at agent@aronsoninsurance.com.

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I have spent the past six years studying why consistent, industry-leading growth is hard to produce over long periods of time. And I have tried to understand the “DNA” of companies that have been able to put together an impressive string of industry-leading growth. Among others, these companies include SYSCO, Best Buy, UPS, Stryker Corp., Total Systems Services, Tiffany & Co., Outback Steakhouses, American Eagle Outfitters and Walgreens.

My work has focused on who seems to create earnings the old fashioned way — more customers, more products/services, more operating efficiencies — in contrast to earnings created by serial acquisitions or generated by financial engineering, currency gains, or accounting elections or reversals, etc.

What I found was that consistent, organic growth is much more than a strategy — it is both a process and an internal system. This system is aligned in that it is seamless, consistent and self-reinforcing. The critical components of the system are one’s strategy, structure, culture, execution processes, employee policies, leadership philosophy, and measurement and reward procedures.

These systems are designed to drive desired behaviors and seek to measure much more than just financial returns. Likewise, these systems are aimed at getting every employee emotionally engaged in growth, not just the executives. The “magic” or beauty of these systems is that line employees take “ownership” and act more entrepreneurially, leading to higher loyalty, emotional engagement and productivity, which results in incremental growth.

When I began my research, my hypotheses were that consistent growth companies had:
(1) differentiating and diversified strategies;
(2) the best talent;
(3) visionary leadership;
(4) unique products or services;

(5) outsourced non-core competencies;
(6) the lowest labor costs; and
(7) the best innovation.

To my surprise, I found none of those hypotheses to be necessary for creating a consistent, high organic-growth company. Instead, I discovered the six keys to organic growth, which are discussed in my book “The Road to Organic Growth” (McGraw-Hill, 2007).

High organic-growth companies had an internal system made up of:

(a) simple, focused strategies;
(b) high employee engagement leading to an ownership mentality and high levels of execution excellence;
(c) humble operators as leaders committed to being better each day;
(d) best of class technology to drive efficiency, productivity and measurements;
(e) an iterative, incremental improvement culture and process mentality focused on being better, faster, and cheaper; and
(f) a resistance to complacency, executive elitism, and in most cases, an avoidance of big-change initiatives and big acquisitions.

Leadership was focused inward on the details of execution and outward on customers. There was less emphasis on industry trends, the competition or Wall Street. The leaders understood that, no matter how good a strategy is in theory, it still has to be executed, and execution happens on the front lines, not with consultants or by executives.

These companies did not necessarily have the “best talent” but they did have engaged talent because of an “ownership” mentality, a stable measurement and reward system, and a promotion-from-within policy buttressed by the devaluation of executive perks other than compensation.

The creation and management of this internal growth system is hard. It takes a heightened sensitivity to ward off inconsistent messages, which lead to hypocrisy that destroys employee trust in the system.

It all comes down to drilling down deep to understand what behaviors drive value creation in your business and learning how to measure and reward those behaviors by creating the right environment that enables, rewards and reinforces those behaviors closely in time to their occurrence.

Growth is much more than a strategy — it is an aligned, internal growth system that enables and rewards execution excellence.

Adapted from Virginia Business magazine. Edward D. Hess is professor of business administration and Batten Executive-in-Residence at the Darden School of Business. His writings can be found at http://www.EDHLTD.com

From Fairfax County Economic Development Authority: http://www.e-country.org/tw_ne.htm

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Long-term-care insurance may not be right for every situation. It may not
be the answer for people who can rely on family members to provide care for
them at home, says Michael Haubrich, a fee-only certified financial planner
in Racine, Wis.
“Most of my clients have family members who are willing and able to assist
in keeping them out of institutional care,” Haubrich explains. “In
those cases, the most valuable asset is cash, not insurance. Having that cash
will allow the family to be unconstrained by policy limitations that exclude
payments to family members and unlicensed service providers.”
The flipside of this argument is that having long-term-care insurance alleviates
the pressure on a spouse or family member to be the primary caregiver, says
Don R. Campfield, the national sales director of Guardian’s long-term-care
division. “This shifts the emotional burden,” he adds.
When shopping around for a long-term-care insurance policy, buy only from
an insurer with at least $1 billion in assets as well as an A.M. Best rating
of at least A-.
In addition to John Hancock and Genworth, some of the best carriers include
Guardian, Met Life, New York Life, Northwest Mutual and Mass Mutual. All long-term-care
policies are guaranteed renewable as long as you pay your premiums.
“This is a policy that people typically own forever,” says Buck
M. Stinson, president of Genworth’s long-term-care insurance division. “The
older you get, the more valuable it becomes.

Medicaid only pays for the indigent, and won’t help middle-class health care
consumers, who will quickly go through retirement savings if they should end
up needing nursing care in their 60s or 70s. Don’t look to Medicare to pay
for it, either. Only if a Medicare enrollee spends at least three days in
a hospital and then goes to a nursing home for the same condition that put
him or her in the hospital will it cover the care. In these cases, Medicare
will pay for 100% of the costs for the first 20 days (with a co-payment after
that). Medicare won’t pay for any care given at home or an assisted-living
facility.

“Without it, a person could go through his savings and retirement nest
egg pretty quickly,” says David Weinstock of Weiser Capital Management,
a New York-based financial services firm. Self-insuring requires assets that
generate at least $100,000 to $150,000 a year in funds available specifically
for long-term-care costs, he adds.

Today, the average age of a long-term-care insurance buyer is 56. Fifteen
years ago, the average age of the buyer was 69. The younger you are when you
apply for a policy, the more likely it is you will be approved–57% of those
who apply for long-term-care insurance at age 80 or older are declined by
insurers, while only 11% of those who apply between the ages of 50 and 59
are turned down. “The time to start thinking about long-term-care insurance
is when you turn 50,” says Buck M. Stinson, president of Genworth’s long-term-care
insurance division. “That doesn’t mean buy it, but at that point, you
really need to start accessing your goals and retirement plan.”

Most policies have benefit periods that range from two to 10 years and offer
a lifetime benefit option designed to cover diseases like Alzheimer’s or Parkinson’s,
in which case you might be in a facility for many years. A policy offered
by Guardian that covers lifetime benefits costs 25% more than one with a five-year
benefit period. According to Buck M. Stinson, president of Genworth’s long-term-care
insurance division, the average claim lasts two-and-a-half to three years.
However, 20% of the people who file a claim will need long term care for more
than five years, says Don R. Campfield, national sales director of Guardian’s
long-term-care division. “It is important to know you won’t outlive your
benefit,” he adds.

“You are buying a pool of money with these policies,” says Weiser’s
Weinstock. For example, if you buy a policy that pays benefits for 10 years
(or total benefits of $600,000), but in the first year, you only use $30,000
in benefits, you will have $570,000 left to use. If, after 10 years, you haven’t
used all of the money available to you, the policy’s life will be extended
until the pool of money available to you is gone, he adds.

If the daily benefit is $200 and you opt for the 5% inflation protection,
the benefit in 15 years will be $400 and the daily benefit in 30 years will
be $800. “No one should go without the inflation protection,” says
James M. Glickman, chief executive of LifeCare Assurance, a long-term-care
reinsurer and founder of the Society of Actuaries’ Long Term Care Insurance
Section. “You are buying a product for the future, and prices will go
up. So you need to have a benefit that will cover future increases.”

A comprehensive policy pays for care at a facility but also offers the option
of receiving care in your own home or community. “You want your care
to be paid for regardless of the setting you are in,” advises Joan Antoniello,
vice president of personal and corporate insurance at Weiser Capital Management.
Less expensive plans, called “facility-only,” cover only care given
in a nursing home or assisted-living facility. Be sure to ask about the elimination
period, which is how long you must wait after buying the policy before a benefit
can be paid.

Consider getting a “10 pay” option. It costs more in the short
term, but may be less expensive over the long run. This option requires premiums
be paid for 10 years, after which you will have a paid-up policy which protects
you from rate increases that might occur down the road (although you are exposed
to rate increases during the 10-year payment period). This premium is typically
three times the cost of an annual pay policy, depending on your age. Most
policies have a “waiver of premium” clause, which means that when
you are in a facility and receiving claims, you won’t have to pay a premium
(but if you are receiving care at home, you will pay premiums). Some companies
will charge a small extra premium if you want the home health care waiver
of premium. Every carrier offers a spousal discount of 25% to 40% (that also
applies to any two people who live together). Some insurers offer “shared
benefits” policies for couples, which means the pool of money will be
available to either party.

When you buy a long-term-care policy, you will choose between a reimbursement
and an indemnity option. The reimbursement option is for actual expenses up
to a daily limit. The indemnity option, which is more expensive, pays a daily
benefit of a specific amount, regardless of how much you spend. Daily benefits
range from $100 to $400, but the higher the daily benefit, the more you will
pay in premiums. Keep in mind that the average nursing home in the U.S. costs
$75,000 a year, while a full-time home health aid costs $34,000 a year on
average.

There are some tax incentives for those who buy long-term-care insurance.
No taxes are owed on benefits paid out, and there are 35 states that offer
a tax credit to long-term-care policyholders. In New York, tax filers are
eligible for a tax credit equal to 20% of their annual premium. Alabama residents
may deduct the value of all premiums for qualified long-term-care insurance
policies paid in a given tax year, while Wisconsin residents are able to deduct
100% of the annual cost of a long-term-care insurance policy (spouses are
also eligible), minus the federal gross-income deduction for long-term-care
insurance. If you are self-employed and between the ages of 51 and 60, you
can get a federal tax deduction of as much as $1,150; as much as $3,080 if
you are 61 to 70, or $3,850 if 71 or older, says Joan Antoniello, vice president
of personal and corporate insurance at Weiser Capital Management.

Reprinted from www.Forbes.com

Spring is synonymous with warm weather and blooming flowers. It also means spring showers and basement flooding. Did you know that everyone’s neighborhood can flood and that flash flooding occurs in all 50 states? Did you also know that everyone lives in a flood zone? Worst of all, most homeowners insurance does not cover flood damage. Flooding continues to be the most common and costly type of emergency that the commonwealth faces annually. Below are some helpful tips to better protect your home from a costly flood.

Flood zone vs. high-hazard zone

First and foremost, find out whether your property is located in a flood zone. You can do this by going to www.floodsmart.gov/floodsmart and simply input your address into the One-Step Flood Risk Profile. This will tell you if you are in a moderate- to-low, or high-hazard zone. Surprisingly, 25 percent of flood insurance claims come from moderate- to lowrisk areas.

Understanding your policy
Next, make sure you fully understand your homeowner’s coverage. Ninety-nine percent of all homeowners’ policies do not cover flood damage. Flood insurance It takes 30 days after the purchase of a flood policy for a policy to take effect, so it’s important to buy insurance before the floodwaters begin to rise. Flood policies in lowhazard zones can cost as little as $6 per week.

What’s covered The house, foundation, electrical and plumbing systems, furnaces and built-in appliances are covered. Personal property items such as window treatments, carpeting, clothing and electronic equipment are not covered.

Flood preparation tips

Keep important documents, including your insurance policies, birth certificates and passports, in a waterproof box where you can easily access them.

Stockpile emergency building supplies, such as plywood, plastic sheeting, lumber nails, shovels and sandbags. Keep a flashlight, batteries and first-aid materials nearby.

If you have a finished basement, understand what valuable items you have and be prepared to bring valuable household possessions to the upper floors or to safe ground if time permits.

Plug sewer traps with check valves. This will prevent floodwater from backing up into the drains of your home. You can also use large corks or stoppers to plug sinks and tubs in an emergency.

If you have a sump pump, make sure it’s working correctly – you should test it periodically (pour water into the hole) since it is a mechanical device. Keeping the sump pump in working order is vital to protecting your home and personal property from moisture damage, including mold.

Marissa Goldstein works at Aronson Insurance Agency, a leading independent insurance agency located in Needham and Newton. With three locations and a staff of over 20 insurance professionals, Aronson Insurance represents more than 15 insurance companies and services over 5,000 clients. For more information, please call 617- 965-3030 x148 or Marissa@AronsonInsurance.com.

Credit Card/Debit Card Payments

Their new credit and debit card payment options provide even more payment flexibility. Credit and debit card payments can be processed through:

• eServices. Customers can use their credit and debit cards to pay online by logging into their eServices accounts at plymouthrock.com.
• Our mobile website. Customers can also pay online via eServices from a mobile device, using the same method as the last payment made using eServices from a computer.
• By phone via their new automated telephone payment services (see separate section below).

 They will also continue to accept electronic withdrawals from a checking or savings account. 

Automated Telephone Payment Services
Beginning Monday, December 13, Plymouth Rock customers will have even more choices that let them make payments anytime, anywhere, and now, from any phone.  Our new 24-hour automated telephone payment services offer customers the ability to enter a policy number and:

• Obtain billing information.
• Make a payment (via credit card, debit card or one-time withdrawal from a checking or savings account).
• Get agent contact information.

 The automated telephone payment services system has both touch-tone and voice response capability. When customers call the toll-free number at 866-353-6292, they will be given the option to obtain information or make a payment before requesting assistance from a Customer Service representative. Customers can make more than one payment by phone on the same day.

Flexibility and Advantages for You and Your Customers

Plymouth Rock now offers more convenient ways to pay than ever before:

• Four easy-to-use payment methods: check, electronic withdrawal, credit card and debit card.
• Four convenient payment channels: from a computer, from a mobile device, by phone, and by mail.

There is no additional fee for customers to use any of their payment methods. All payment methods are available to both new and renewing customers. Credit and debit card payments also provide quick and convenient alternatives to help prevent a lapse in coverage for customers who may receive a Notice of Intent to Cancel.