Beauty Shop and Salon owner / operators should talk to an agent about a business owners policy to cover their business. Commercial Insurance can design a salon insurance package for hair salons, barber shops, day spas, nail salons, tanning salons and more. Business Insurance plans can be designed to cover business property, general liability and more. A salon insurance package for a beauty shop and/or salon should at least cover all property, equipment and protect the owner from small and major disasters such as fire or sewer / drain backup. There are many other points to consider so if you are interested in a salon or beauty shop insurance quote please go the home page located at CommercialInsurance.NET.
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Archive for November, 2009
Posted by Admin | November 22, 2009
Climate change could risk trillions in U.S. assets: Report
The joint report, released by German insurer Allianz S.E. and the World Wildlife Fund, said the planet’s atmosphere is close to dangerous temperature thresholds, or “tipping points,” that could cause devastating environmental and economic consequences.
According to the report, a sea level rise of 20 inches by 2050, as predicted by climate scientists, could jeopardize roughly $7.4 trillion of U.S. assets. About $1.4 trillion worth of U.S. coastal-area assets are at risk due to storm surge from a one-in-100-year event, the report said.
The report ranked Miami, New York, New Orleans and Boston among the U.S. cities with the greatest asset exposure by mid-century due to global warming effects.
In addition to rising sea levels, the report highlighted three other tipping points that are likely to have the biggest impact by mid-century: an increasingly arid climate in California, disturbances in the summer monsoon in India and Nepal, and the reduction in the Amazon rainforest due to drought.
The report called on world leaders to take “immediate action” at the upcoming United Nations-sponsored climate change summit in Copenhagen on Dec. 7.
The report, “Major Tipping Points in the Earth’s Climate System and Consequences for the Insurance Sector,” can be accessed online at http://assets.panda.org.
Posted by Admin | November 18, 2009
U.S. life reinsurance segment stable: Best
The report by Oldwick, N.J.-based Best, which is dated Nov. 23, states that while reinsurers “certainly were not insulated from the fallout of the economic downturn, direct writers generally were impacted more severely.”
“Direct writers maintain significant exposure to separate-account risks through variable product platforms,” according to the report. “U.S. life reinsurers deliberately have avoided underwriting these products because of their complexity, tail risk related to market exposure and pricing considerations, including the costs of hedging.”
Life reinsurers also are less dependent on investment income and achieving higher yields because they have less exposure to interest-sensitive lines of business, according to the report.
However, life reinsurers do “need to remain vigilant in their own capital management practices,” says the report. And their balance sheets do “reflect some impact from the credit-market contagion, including bond impairments, downward credit migration in fixed-income portfolios and pressures from the decline in the carrying value of derivatives.”
In addition, providing reinsurance collateral is integral to reinsurers’ business model, and access to cheap collateral such as letters of credit “has become a thing of the past,” the report says.
Copies of the r
Posted by Admin | November 17, 2009
Companies drop pensions, pay execs $350M: GAO
Forty executives in a range of industries received the compensation in base salaries, bonuses, severance and perks in the five years before the pension plans failed, the nonpartisan Government Accountability Office said in a new report.
Rep. George Miller, D-Calif., who chairs the House of Representatives Education and Labor Committee, said in a statement he is considering legislation to freeze executive compensation if a company’s rank-and-file pension plan becomes significantly underfunded.
“It is fundamentally wrong that executives were able to line their pockets with millions of dollars … while watching their workers’ retirement security slip into peril,” said Rep. Miller, who requested the GAO’s investigation.
Four cases in particular were singled out where the dropped pensions covered a total of more than 202,000 participants and were left underfunded by some $11 billion.
A source familiar with the report said the four most egregious cases cited by the GAO involved UAL Corp.’s United Airlines, U.S. Airways Group Inc., electronics company Polaroid and insurer Reliance Motors & Drivers.
The other cases involved auto parts maker Harvard Industries Inc., steel-makers Republic Technologies, National Steel and LTV Steel, and textile companies Westpoint Stevens Inc.
Posted by Admin | November 13, 2009
N.Y. seeks to drop charges against last Marsh defendants
The action comes just weeks after New York County Supreme Court Judge James A. Yates acquitted three other ex-Marsh executives of all charges in the case.
Last month, those individuals–Joseph Peiser, former managing director and head of Marsh’s global broking excess casualty unit; Greg J. Doherty, former Marsh senior vp and ACE USA local broking coordinator team leader; and Kathleen M. Drake, former Marsh managing director and local broking coordinator team leader–were found not guilty of scheme to defraud and restraint of trade charges by Judge Yates.
In February 2008, two other former Marsh executives, William Gilman and Edward J. McNenney, were found guilty of an antitrust charge but acquitted of all other charges.
Marsh itself has not faced any criminal sanctions over the scandal and in January 2005 paid $850 million to end officials bid-rigging and fraud probes.
Posted by Admin | November 13, 2009
Convenience Store Insurance
Are you looking for a convenience store insurance quote? At Commercial Insurance.NET we can help you save on your business insurance package. Some of the requirements insurance agents can look for when evaluating a convenience store insurance policy include;
- Buildings that are 25 years old or less unless they have been remodeled
- Current owners have been in business for 1 year
- Gross Annual Sales are over $2,000,000
- Property you own or use in business
- Equipment and materials within 100 feet of building including computers
The above is a summary of convenience store insurance. If you are interested in a quote please go to the home page of Commercial Insurance .NET.
Posted by Admin | November 09, 2009
Benmosche ‘frustrated’ but will remain at AIG
“Let me be clear: I and the board remain totally committed to leading AIG through its challenges and to continuing to fight on your behalf,” Mr. Benmosche told employees.
According to the newspaper report, Mr. Benmosche had told AIG directors he was “done” with the job he took in August, but agreed to think it over when they reacted with shock. The memorandum sent Wednesday was intended to address employee “concerns” about the speculation, AIG said.
AIG is in the process of trying to sell assets, streamline its operations and improve profitability in an effort to repay the government after it received an aid package of about $180 billion from the government last year in exchange for an 80% stake in the company.
Last month, Mr. Feinberg demanded executive pay cuts at seven companies that had received Treasury funding, including AIG. The restrictions called for bailed-out companies to reduce total compensation for their top 25 highest-paid employees by 50% on average, with some executives’ salaries reduced as much as 90%. In addition, Mr. Feinberg said salaries at the insurer could not exceed $500,000 a year.
According to the report, Mr. Benmosche and other AIG board members met with Mr. Feinberg in New York last week and discussed the difficulties of complying with pay policies and retaining top executives.
“To be certain, I and the board are indeed frustrated and we are in ongoing discussions with the Treasury and the special master to resolve the uncertainty surrounding the issue. We are all work
Posted by Admin | November 07, 2009
Types of Commercial Auto Insurance – Fleet Insurance
Small business should never over look commercial auto insurance as it is one of the most important aspects of the business. If your business uses a vehicle or even a fleet of vehicles you should contact your insurance specialist or go to our home page and request a commercial insurance quote. Make sure to give your insurance specialist the full story of who is driving vehicles. It is wise to always carry uninsured motorist protection even if you have a policy for workers to not let anybody drive or ride in the vehicle. Accidents happen and you need to be protected.
How many vehicles should you insure for your business?
Commercial auto insurance companies often separate coverages based on type and number of vehicles in your fleet. It is wise to insure every vehicle as you never know when you will need the protection and you are likely going to get a discount for fleet insurance.
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