
http://www.youtube.com/watch?v=eKvT1laennU
It's an uphill battle.
Property and Casualty Insurance Agent, Jimmy Norton, shares his random thoughts about insurance and risk management. Everyone has to have insurance, so everyone has their own opinion about it. Jimmy's mission is to bring insurance "down to earth" for the business & personal consumer. He would like everyone to love insurance as much as he does, but he knows that may be asking too much.
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A homeowner’s hot water heater suffers an overheating event resulting in damage to the storage tank that is beyond repair. The homeowner replaces this heater with a tank-less hot water heater to provide instantaneous hot water on demand. The green equipment breakdown coverage can be applied to this additional initial cost, creating reduced operational cost for the homeowner. Property damage paid: $1,775 (less $500 deductible) for a tank-less water heater.
A homeowner’s washer and dryer are damaged by a power surge. The repair company determined that the electrical damage was too extensive to repair the covered property. The insured was provided an estimate to replace the washer and dryer with a similar size and quality for $950, as well as an estimate to replace them with Energy Star® rated appliances for $1,480. Property damage paid: $1,480 (less $500 deductible) as equipment was upgraded to an Energy Star® rated washer and dryer.
A homeowner’s refrigerator freezer was damaged by electrical arcing. The repair company determined that the electrical damage was too extensive to repair the covered property. The insured was provided an estimate to replace the refrigerator with a similar style, size and quality for $1,100, as well as an estimate to replace them with Energy Star® rated appliances for $1,600. Property Damage paid: $1,600 (less $500 deductible) for newer Energy Star® refrigerator, plus $430 spoilage.
Central's offering is an example of new changes for Personal Homeowner policies. Green options for Commercial Buildings are sprouting as well. Stay tuned for future posts on this topic.
Does your policy offer any Green options? I'd like to know more about what else is out there.
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1. Counseling, "employees," including their dependents and beneficiaries, with respect to the "employee benefits program";
2. Handling records in connection with the "employee benefits program"; or
3. Effecting or terminating an "employee's" participation in a plan included in the "employee benefits program";
"Employee benefits program" means the following plans:
1. Group life insurance, group accident or health insurance, flexible spending plans, profit sharing plans, pension plans and stock distribution plans; provided that no one other than an "employee" may subscribe to such insurance or plans;
2. Unemployment insurance, social security benefits, workers' compensation and disability benefits.
For example, failure to properly enroll someone on the health plan may leave an employee without coverage for a medical procedure.Reactions: |
In a prior post, I wrote about the E&O exposure that Tech companies face when their clients fall victim to a network security breach. (Access Unauthorized? Claim DENIED!) This post focuses on your potential liability from hacks on your own networks.
Earlier this year, I came across the following article:
The Government relied on this company to maintain secure networks. That security failed, and Apptis found themselves liable. Did their policy cover the loss?Apptis Cited for Lax Computer Security on Army Medical Job
July 24 (Bloomberg) -- Apptis Inc., a military information technology provider, repaid $1.3 million of a $5.4 million Pentagon contract after investigators said the company provided inadequate computer security and a subcontractor’s system was hacked from an Internet address in China...http://www.bloomberg.com/apps/news?pid=email_en&sid=aVGfDq5FlMBU
We will not pay damages or claim expenses for any claim arising out of or in any way related to: Failure to prevent identity theft or disclosure of personally identifiable information.
This is a common exclusion in E&O policies. Check your policy to see if it contains similar wording.
Cyber security has been a hot issue for several years. However, the Federal Government is redoubling its efforts to enforce secure networks and tighter controls on information. As the Apptis article shows, Uncle Sam will not hesitate to recoup his money, if he feels that your security was not up to snuff. The Apptis article states:
If you do business with the Federal Government, you will need to comply with their security standards. If those security standards fail, then your company may be held liable.President Barack Obama is seeking to improve security in government computer systems. He said in May he will appoint a White House adviser to oversee the security of all government and business computer networks in response to widespread breaches and theft of information.
The Pentagon by September will publish proposed revisions to its acquisition rules that will require improved protection of Pentagon information in its contracts, said spokeswoman Cheryl Irwin. A draft proposal will be released for public comment, she said in an e-mail.
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MAREMA Monthly Meeting - September 16, 2009
Join us at the Westpark Hotel in Tysons Corner for the monthly MAREMA Meeting. This month we will be having two guest speakers - Jimmy Norton of Brock-Norton Insurance Agency and Brian Ginter of REVAC, Inc. Jimmy Norton is going to speak to us about "The Pitfalls that could Lead to an E&O Claim" and Brian will speak on "Current Trends and Influences on Appraisers".
Did you know that if your company specializes in residential real estate, you may not have E&O coverage for commercial real estate business. Come and hear Jimmy Norton discuss issues that affect our commercial real estate business.
Bio - Jimmy Norton
Jimmy Norton, CPCU, is an Independent Insurance Agent who specializes in Property & Liability coverages for the Real Estate industry. At this month's MAREMA meeting, Jimmy will discuss how Realtors can protect themselves against Errors & Omissions claims. His presentation will highlight potential pitfalls that could result in a claim, and he will outline the important features of Professional Liability (or E&O) policies. Jimmy has written commercial Property & Casualty insurance since his first day on the job, 12 years ago. Brock-Norton Insurance Agency serves clients in Virginia, Maryland and the District of Columbia, as well as several other states
With the changes in the law affecting appraisals, Brian Ginter will discuss the trends and how it affects our business. This is an opportunity to get up to date with the law.
Bio - Brian Ginter
Brian Ginter currently consults and analyzes properties in the W.DC / MD / VA / NY markets (primary) and in PA / NC / SC (secondary); other States when requested. He specializes in real estate properties (residential & commercial), mostly with issues (foreclosure/non-performing/rehab./changing markets). Brian is often asked by investment individuals & groups to review portfolio holding & acquisitions and organizing investment "money pools". Typically property values in the $0 to $15m range (individual parcels values).
Primary Experience (27+ yrs): Real Estate & Specialized Business Valuations. Secondary: Commercial Finance Origination and Brokerage Sales. Extensive Skills/Knowledge: New Construction / Rehabilitation / Development / Litigation / Property Management / Brokerage-Sales / Senior Project Coordinator & Developer: Ability to work, identify, & report unique valuation factors & trends in any market. Currently
Maintain: General Appraisal Certs. (VA/MD/DC/PA/NY) / RE Brokers License
(NY) - Completing applications for Brokers Licenses in VA, MD, PA, & DC.
Focus: Valuation and consultation on Real Estate for investment and/or "value ad" purposes. Extensive Ability to Lecture & Teach. / Knowledge of Argus & Advanced Excel Spreadsheet Design. Currently Finishing – CCIM Designations
Recently Brian has taken on 10 investment students for a year long education program. In the last eight weeks over 95 /"actual deals"/ have been investigated, two properties have been settled, two are is under contract, and three have pending contracts waiting ratification. In addition, over the past year he has performed assignments for the District of Columbia (Economic Development) on their acquisitions of residential development/conversion projects and have conducted valuations on non-performing /foreclosure residential, commercial, and multi-family properties.
Come and join us this month for some networking, hearing what's new in the industry and some socializing over lunch. Please RSVP at
http://marema.com/rsvpmeeting.html so we can get an accurate head count for the meeting room and lunch.Don't forget to sign up for the MAREMA Annual Meeting that is only one month away. You can get more information and a Registration Form at
http://marema.com/ameeting.htmlThank you for your support and bring a colleague to the meeting!
New to commercial real estate, ask about the new MAREMA Intern Program.
Thanks and see you at the meeting!!!
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MAREMA meets the 3rd Wednesday of every month at the Westpark Hotel in Tysons Corner, Virginia except in October. Bring a colleague!Yahoo! Groups Links
<*> To visit your group on the web, go to:
http://groups.yahoo.com/group/marema/Reactions: |
The following types of property are not covered:If you store a significant amount of plant material at a jobsite, your Installation Floater may not cover it. Check your policy exclusions to make sure your plant material will be replaced if it's ever "gone with the wind."
Trees, shrubs, and plants - "We" do not cover trees, shrubs, plants or lawns.
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This informational piece is part of "The Loss Prevention Journal" published on July 29, 2009.
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MAREMA Monthly Meeting - August 19, 2009
***** *August is Members Bring a Guest Free Month* *****
Bring a colleague to the August meeting and your non-member guest will
get in free.
This month, we have an opportunity to learn how our clients can benefit from Commercial Auctions. Our Guest Speaker this month is Jeff Stein, Vice President, Tranzon Fox. Jeff, a former MAREMA member will speak on “Opportunities in Commercial Auctions”. If you have a listing that is currently on the market, the auction route may be a good alternative. Tranzon Fox has accelerated marketing expertise and experience that can help commercial property owners expose their property to the market in an intensive marketing effort that will bring more activity and interest to the property than conventional sales methods. Jeff brings experience and expertise in the following types of commercial properties: Office Buildings, Retail and Restaurant Properties, Hospitality and Lodging, Warehouse and Industrial, Convenience Stores and Service Stations, Commercial Development Land, and special uses such as Medical, Bank Branches, Retirement, Skating Rinks, etc. Don't miss out on learning more about how auctions can help you and your clients sell properties.
*Bio - Jeff Stein*:
Jeff concentrates primarily on Real Estate auctions and has represented a wide variety of real estate clients from banks and corporations to private owners. He has been an active real estate broker since 1985 and has sold over $200 million in property throughout the Mid-Atlantic
region. Jeff is a graduate of the University of Virginia with a degree in Economics. He is a licensed real estate broker in Virginia, Maryland, the District of Columbia, North Carolina, South Carolina and West Virginia. Jeff is the Sales Manager of the Washington-Baltimore Region and is Principal Broker for Tranzon’s Virginia, Maryland, D.C. and West Virginia operations.
Jeff Stein
Vice President, Tranzon Fox
jstein@tranzon.com
3819 Plaza Drive
Fairfax, VA 22030
Tel.: (703) 539-8111
Fax: (703) 539-8633
Cell: (703) 626-7407
Bring your Package Presentations, Quick Pitches (Haves and Wants), and Cash for the Cash Board and let us hear what you have and/or your Client needs. Forms are available on the MAREMA Web site at http://marema.com/
New to commercial real estate or want to break into the commercial real estate field. Ask about the new MAREMA Intern Program. Networking starts at 9:00 a.m. with the meeting starting at 9:30 a.m. Lunch is served immediately following our guest speaker. Join us this month at the Westpark Hotel in Tysons Corner on August 19, 2009.
Please RSVP at http://marema.com/rsvpmeeting.html as seats are limited. Also, don't forget to RSVP for attending the MAREMA Annual Meeting this year. Join us this year at the Hilton Springfield. Get all the details at http://marema.com/ameeting.html
Looking forward to seeing you there and bring a colleague!!!
Thank you for your support to the MAREMA membership.
The insurance does not apply to any "claim" arising from:
Security or System attack, unauthorized access to, unauthorized use of, tampering with or introduction of malicious code into: firmware, data, software, system or networks, or any resulting denial of service or repudiation of access.
As an IT company, your clients rely on you to protect them from viruses, worms, cyber attacks, & theft of information. Your customer pays top dollar. They rely on your expertise to keep their network running and stay in business.
If a customer's network falls victim to an attack, either by a virus or unauthorized access from an outside party, they will call to ask why you didn't protect them. If they determine that your company made a crucial mistake in configuring their system, then they may hold you liable for their:
Once you receive the call from that irate customer, your next call will be to your Insurance Agent. If your policy contains the above exclusion, then you will not be covered.
Double check your Errors & Omissions policy to see if it contains an Unauthorized Access exclusion. It probably does. If so, ask your Underwriter if you can buy this coverage back by endorsement. If your company can't do it, then I recommend finding another insurance carrier.
Errors & Omissions policies have lots of other landmines that will surprise the IT business owner. I'll describe some of these in future posts. In the meantime, if you have any questions or want to discuss specifics, please do not hesitate to contact me @ jimmy@brocknorton.com.
If you've ever been caught in this coverage gap, let me know about it.
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Your Auditor will ask to review any or all of the following items:
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The U.S. Consumer Product Safety Commission estimates that in one year alone, clothes dryers are on average associated with 15,600 fires, which result in 20 deaths and 370 injuries. Fires can occur when lint builds up in the dryer or in the exhaust duct. Lint can block the flow of air, cause excessive heat build-up and result in a fire in some dryers. These easy steps will show you how to protect your family and your home.
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Source: Consumer Product Safety Commission www.cpsc.gov |
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Justin Schopp
Moss Building & Design
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MAREMA Monthly Meeting – July 15, 2009
I hope everyone had a good Fourth of July Holiday!
It’s that time to put the MAREMA Monthly Meeting on your calendar. This month’s meeting is a special one. Our Guest Speaker is Richard (Rick) Brown, Principal, B&B Realty Investments, LLC. Rick is an expert in TIC (Tenant in Common) transactions. His topic this month is "Tenant in Common Investments, the Good, the Bad and the Ugly", or "How to prosper and take advantage of this growing part of the industry".
If you aren’t familiar with TIC’s, this is a great opportunity to get up to speed. Learn the benefits of these investments. Remember, your real estate principles class. A Tenant in Common is a type of ownership of real property by two or more persons in which each owns an undivided interest in the whole. Upon the person’s death the property will pass on to their heirs. A TIC may be a good investment alternative for your Clients.
Join us this month and learn the "ins and outs" of investing in Tenant in Common properties. Take advantage of Rick’s expertise in this investing alternative.
Bio:
Richard W. Brown, CCIM, 59, has been in the real estate business in the Mid Atlantic region for more than 30 years. As an agent, a manager or an owner he has been involved in over $650,000,000 of commercial investment real estate transactions.
He served as a salesman and then the manager of the Shannon & Luchs Co.
Commercial Division and as Regional Director for the Marcus & Millichap Company in Washington D.C., supervising a staff of over 25 investment real estate professionals.
From 2001 to 2004, Rick was the in-house real estate broker for the Reznick, Fedder & Silverman accounting firm in Bethesda, Maryland. Rick advised clients on the sale, development and tax structuring for a multiple number of projects, including 1031 tax deferred exchanges.
In the past 3 years, Rick has specialized in the acquisition, structuring and Co-Sponsorship of Tenant In Common (TIC) transactions.
His closed volume has exceeded $180,000,000. He has handled the acquisition, financial modeling, due diligence, TIC structuring and equity development for 7 properties: 6245 Leesburg Pike, Falls Church, VA, ($23,750,000), One Town Center, Bowie, MD, ($27,500,000), Yellow Breeches, Harrisburg, PA, ($13,500,000), Village Medical Park, Orangeburg, SC, ($14,000,000), Olde Lancaster Town Center, Charlotte, NC ($23,750,000), Pinnacle Point Center, Columbia, SC ($10,400,000) and Alexandria Corporate Park, Alexandria, VA ($57,800,000). Rick is a Co-Sponsor and signatory on loans exceeding $104,000,000 on these properties.
Rick has also advised The DeSanto Realty Group on their entry into the TIC industry. DRG has recently completed their 7th TIC transaction totaling over $150,000,000.
Rick is also an industry leader and has spoken on TIC issues at the National TIC Association Annual Conference, the National CCIM Annual Conference and the NAR National Convention. He served as a local and national director for the National Association of Realtors (NAR) for 12 years and was National Chairman of the NAR Realtors Political Action Committee in 1990. He currently serves on the NAR Federal Taxation Committee.
He was the founder and 5 year Dean of the Washington D.C. Graduate Realtors Institute and has served on the faculty of the Maryland Realtors Institute for more than 25 years. In 1979, he was named as the "Realtor Associate of the Year" by both the Montgomery County Association of Realtors and the Maryland Association of Realtors and in 1990, Rick was named the "Realtor of the Year" by the Washington D.C.
Association of Realtors.
Rick is a graduate of Towson University with a BS in Business Administration.
Richard W. Brown
Principal
B&B Realty Investments, LLC
4550 Montgomery Ave.
Suite 230N
Bethesda, Maryland 20814
office: 301- 469-3900
dir: 301-469-3902
mobile: 301-367-4489
fax- 301-469-3904
rbrown@bbrealtyinvest.com <
mailto:rbrown@bbrealtyinvest.com>Bring your Package Presentations, Quick Pitches and Cash Board items to the meeting and let’s make some deals this month. You can get the appropriate forms on the MAREMA web site at
http://marema.com/agentsonly/PropertyMarketingForm.pdf and http://marema.com/agentsonly/maremapackageform.pdfDon’t forget to put the MAREMA Annual Meeting on your calendar this year. The meeting is going to be held on October 2-3, 2009 at the Hylton Springfield this year. Get all the details and Registration Form at
http://marema.com/ameeting.htmlIf you are new to commercial real estate or need a little boost in your career, check out the MAREMA Intern and Mentoring programs. Information is available at
http://marema.com/agentsonly/monly.htmlRSVP at
http://marema.com/rsvpmeeting.html to attend the monthly meeting. We need a head count for the luncheon as seats are limited.Interested in joining MAREMA? Get all the information for joining at
http://marema.com/jmarema.htmlThank you for your membership and support!!!
Michael Setunsky
Moderator
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MAREMA meets the 3rd Wednesday of every month at the Westpark Hotel in Tysons Corner, Virginia except in October. Bring a colleague!Yahoo! Groups Links
<*> To visit your group on the web, go to:
http://groups.yahoo.com/group/marema/<*> Your email settings:
Individual Email | Traditional
<*> To change settings online go to:
http://groups.yahoo.com/group/marema/join(Yahoo! ID required)
<*> To change settings via email:
mailto:marema-digest@yahoogroups.com mailto:marema-fullfeatured@yahoogroups.com<*> To unsubscribe from this group, send an email to:
marema-unsubscribe@yahoogroups.com
<*> Your use of Yahoo! Groups is subject to:
http://docs.yahoo.com/info/terms/
This is a reminder of how important it is that your employees properly secure their vehicles at all time, and if you do not have specialty locks on your vehicles, now would be the time to consider it.
Jody Hibbs is the Executive Director of the Plumbing & Mechanical Professionals of Virginia. She can be reached at 800-947-7450, info@pmpv.org, if you have any questions about PMPV. They are a great organization.
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As a devoted reader, you are invited to join The Professional Networking Group (PNG) for a workshop with Ellen Kaminsky, The Elevator Speech Therapist. Her topics will include:
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An ISO inspector will want to review these items during the building inspection:
I will expand on these reports & criteria in future posts, but this is the laundry list. If any of these items is missing when the ISO inspector knocks on your door, then you won't get your sprinkler credit.
This information is drawn from ISO's Property Resources Online:
Feel free to contact me with comments or questions.
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