March, 2018

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Find The Right Coverage For Your Family

life insurance in New Jersey

Are you looking for life insurance in New Jersey? There are several options available to you. There are two types of life insurance policies to consider before making your decision.

Term Life Insurance

The two most popular types of life insurance coverage are term and whole life. Term life insurance is probably the easiest to understand in that they only pay if you die during the life of the policy and usually have no other benefits.

Two types of term life insurance exist on the market level and decreasing term. With level term, the benefit received after death stays the same throughout the life of the policy. In decreasing term policies, the benefit drops, usually on an annual basis, throughout the length of the policy.

Whole Life Insurance

Whole life, also known as permanent insurance, pays a benefit even if you live a really long time. There are three variations of whole life insurance traditional whole life, universal life, and permanent life insurance, with traditional being the most popular. In traditional whole life, the benefit and premium amounts remain at the same level throughout the life of the policy so that youre not having to pay higher premiums as you get older.

Several options are available for life insurance in New Jersey. Start your search early and take your time to figure out whats best for you and your family.

Surety Bonds and Imports

Customs Clearance Bond.

The importing of goods into a country comes with several requirements. Often the most important requirement is a Customs Clearance Bond. It is required for imported merchandise to clear customs.

The primary reason for this bond is to guarantee compliance with all regulations and laws governing the entry and the payment of taxes and import duties.

Parties to the Bond

The parties that make up the bond contract are the obligee, principal (importer), and surety company. In the United States, U.S. Customs & Border Protection (CBP) is the obligee.

Customs Clearance Bond Features

The bond provides the following agreements:

  • Entry will be completed.
  • All taxes, duties and charges will be paid on time.
  • Product will be redelivered if requested.
  • Merchandise will be allowed to be examined.
  • All duty-free entry special requirements will be complied with.
  • Any non-compliance will be corrected as a condition of admission.
  • The United States is exonerated and will be reimbursed.
  • Evidence of shipment and documentation will be produced upon request.

Drawback Bond

Merchandise that has been imported and later exported may entitle the principal to a refund of taxes and duties. This is referred to as a drawback claim. Accelerated drawback is the most frequent form of payment for drawback claims. It refunds the funds before the liquidation of the claim. The Drawback Bond affirms that the CBP will receive full repayment of any overpaid drawbacks as determined by the final liquidation of the claim.

An Annual Review of Nursing Home Insurance Ensures Complete Coverage

Insurance for nursing homes

The nursing home industry has changed a lot just in the last decade. Insurance for nursing homes has adapted to keep up with the different types of facilities. Its easy to just pay the premium when the insurance comes due, but you should review your insurance on an annual basis.

Consider These Things When Renewing Insurance Coverage

You are providing new services. You should make sure you know your legal liability for everything that happens in your facility.

You are using subcontractors. You may not actually employ the beautician that comes to your facility, but there are added risks.

You’ve added new equipment that may not be fully covered under your current policy. You may need to increase the amount insured on the policy to make sure you can replace costly medical equipment in case of a total loss.

You’ve made improvements to your building. This makes your building more valuable and more expensive to replace. Check to make sure you have enough insurance coverage to meet the needs of your business.

Youve employed more staff or lost staff. You may need to update your workers compensation insurance to make sure youre adequately covered. If you have less staff, then you may be overpaying.

Know Whats Included in Your Insurance Coverage

Insurance for nursing homes is often much more specialized than it once was. Review your policies to know what is covered and what is excluded. Don’t find yourself under insured.

Policy Options for Boat Enthusiasts

yacht insurance in Newport beach

Boat owners in California have the opportunity to hit the high seas practically all year around due to the mostly pleasant weather. Those in the southern part of the state are the most fortunate, and with so many people utilizing the waters off the coast there exists a higher probability of accidents occurring. Having yacht insurance in Newport beach allows those boat owners the added confidence that, when an incident occurs their policy will help them deal with the matter promptly and efficiently.

There are two basic types of boat insurance on the market; agreed value and actual cash value. How depreciation of your vessel is handled is what sets them apart. An “agreed value” policy covers the boat based on its value when the policy was written. While it may cost you more in up front costs, there is no depreciation for a total loss of the vessel, although some partial losses may be depreciated.

“Actual cash value” policies cost less up front, but you must then factor in depreciation. This simply means that the policy will only pay up to the actual cash value of the boat at the time it is declared a total or partial loss.As time passes and your boat ages, your insurer will probably insist that you take an actual cash value policy since it often provides you with substantial savings.

Separate your boat insurance from your homeowner’s policy

When it comes to insuring your boat, many homeowners policies limit or in many cases dont cover marine-specific risks, such as salvage work, wreck removal, pollution or environmental damage. But there are exceptions. Many homeowners policies include adequate coverage for smaller boats and motors, usually with a horsepower limit of from 25- to 100-horsepower.

Many homeowners insurance riders apply only to use in inland waterways, lakes and rivers and coverage seldom extends outside a coastal inlet or along the beach. If you plan to boat outside the inlet you definitely need to speak to an experienced marine insurer about your Newport beach yacht insurance needs and what your policy limits should be to determine what policy is the right fit for you.


The Requirements of a Co-Employment Arrangement

employment agency insurance

There is a broad array of staffing operations geared towards helping their clients fill short-term positions at their places of business. These agencies are all different, from the industries they serve, to the exposures they face, from lower risk levels to higher hazard concerns. Their clients can range from staff clerical, to healthcare, technology, warehousing, manufacturing, industrial, and lots of other business models.

Staffing agencies and the companies that employ them need a solid understanding of co-employment and what it will take to work with a staffing firm in order to better handle many of the issues that may arise from this type of relationship. One important step in managing these risks that can occur is securing the appropriate employment agency insurance policies designed to address those matters.

Working in a co-employment environment

Co-employment is defined as a relationship between two or more employers in which each has actual or potential legal rights and duties with respect to the same employee. In a single employer/ employee relationship, the employer bears certain responsibilities with respect to his or her employees, including paying wages, overtime pay, and taxes.

In co-employment, the employer of record has certain obligations with respect to providing workers compensation, benefits and pension plans, as well as ensuring civil rights compliance, appropriate labor/management relations, and a safe work environment. In co- employment, these responsibilities are often shared depending on how the relationship between the two entities is initially set up or created.

Co-employment is inherent in staffing firm/client relations, and since both have sufficient contact with an assigned employee, each company will legally be viewed as an employer. The staffing firm is viewed as the primary employer and bears most of the responsibility for the employee. The client, for their part, takes full responsibility for supervising and directing day-to-day work assignments.

Both entities must adhere to the safety and well being of any temp employee at all times. Having employment agency insurance protects both the workers and the staffing company when safety issues, rights violations, or other claims relating to negligent acts become an issue that must be addressed.


Do Staffing Agencies Need EPLI?

employment practices liability

Traditionally, employment practices liability insurance has been used to protect businesses against employee claims of discrimination, harassment, wrongful termination and failure to promote. However, it is also becoming more common for staffing agencies to carry this type of policy. They can face increased exposure to claims when their employees are introduced it another workplace.

Todays updated employment standards can be challenging to interpret. Based on rulings by the National Labor Relations board, staffing agency employees can also be considered economically dependent on the contracting business. This may blur the lines between who the actual employer is. As a result, claims are becoming more complex. Agencies need to protect themselves in the event of a claim.

Protect Against Claims

According to a three-year study launched by the EECO, recruiting firms and other types of employment agencies have been liable for harassment and discrimination faced by individuals theyve placed at work sites. The focus has recently moved from worksite issues to the placement policies of the staffing agencies. EPLI coverage protects the business in the event the EEOC makes claims such as:

  • Discrimination
  • Emotional and mental distress
  • Sexual Harassment
  • Slander/libel
  • Privacy invasion
  • Wrongful termination

If employees or the EEOC file a claim stating discrimination, the costs for firms to defend themselves or pay settlements could devastate the business. If you don’t have employment practices liability, talk to an insurance professional today. They can help you determine what types of coverage meets your agency’s needs.

Fine Art and Properly Insuring High Valued Items

North Star Insurance Agents

If you own fine art or expensive collectibles then protecting your artwork, instruments, or other valuable artifacts will requires the services and expertise of an insurer that fully understands their immense value. Stolen or damaged art requires a risk management expertise that is in line with the proper care of these fine collections. You have very unique risks and exposures that you must deal with constantly and North Star Insurance Agents are ready to assist you with the task of properly insuring your precious commodities for almost every circumstance.

Every collection is different and unique, so it is important that we deploy the necessary insurance solutions that address your individual needs. This is achieved by accessing several premier insurers and determining which company will be able to deliver a tailored program designed specifically for your collection.

Who needs fine art insurance?

Large private collections, naturally, have taken the precautions necessary to fully secure insurance solutions and also have proper risk management in place and are covered for the full value of their precious items. But many smaller collections tend to be under insured, or have settled for a traditional homeowners policy. There are even some that have failed to procure any insurance at all. If these collectors were faced with a devastating event, such as a theft or some incident resulting in significant damage, they may quickly come to the realization that their coverage is simply not sufficient to deal with a major crisis.

Unfortunately, the limit on fine art and collectibles coverage generally ranges from $500 to $2000 for a standard homeowners policy, without the addition of a floater or rider. Even with an added floater or rider, homeowners policies tend to limit the level of exposure. A collectibles policy from North Star Insurance Agents can provide you with limits based on the value of the items being insured.

Keep in mind that filing a claim against a homeowners policy can often leave an insured faced with premium increases at renewal or even the possibility of non-renewal. With a separate collectibles policy from North Star, claims will never affect homeowner premiums or loss history. Plus, you’ll be better off with adjusters that have specialized knowledge and are better able to determine the value of your unique or rare items, which will help to expedite the claims process.


Three Keys To Getting The Right Homeowners Insurance

best homeowners insurance in California

Finding the best homeowners insurance in California can be difficult. With most carriers offering similar coverage options, consumers usually settle for the option with the lowest rates. Here’s are four steps to help you identify the coverage that is right for you.

1. Ask Friends & Family

Talk to your network of friends and family, especially those in similar circumstances as you, about their home insurance. Find out what they like and don’t like about their carrier and coverage and determine how that aligns with your needs.

2. Shop Around

Compare insurance carriers on all aspects including financial strength, pricing, and customer service. In California for example, you can compare rates for standard coverage from various carriers as its made available by the states insurance department. Use the internet to research each carriers reliability, customer satisfaction, and other relevant attributes.

3. Don’t Just Focus On Lowest Rates

There are basic coverages that are mandated by each state, but certain carriers offer additional benefits that may cause their rates to be higher. Determine the best coverage options based on your needs as the benefits can often outweigh the cost.

There are many factors that go into determining the best homeowners insurance in California, but the most thing is finding the coverage thats right for you. Even if the rates are slightly higher, nothing is more important than having the proper safety net for your home and family.