On May 8^th, the U.S. Department of Labor published guidance concerning notices that employers are required to distribute to current and new employees by no later than October 1, 2013, regardless of whether they provide a group health insurance plan.

Employers must provide the notices free of charge by either first class mail (or electronically if certain criteria are met).  For new employees hired after October 1^st, the notices must be provided within 14 days of the individual’s date of hire.

The Department of Labor also published new model COBRA election notices for groups that are required to provide COBRA benefits.

The guidance document and the model notices can be accessed using the links below.

• Technical Release 2013-02 – Guidance on the notice to employees of coverage options under FLSA §18B and updated model election notice under COBRA is available at http://www.dol.gov/ebsa/newsroom/tr13-02.html
• Model notice for employers who offer a health plan to some or all employees is available at http://www.dol.gov/ebsa/pdf/FLSAwithplans.pdf
• Model notice for employers who do not offer a health plan is available at http://www.dol.gov/ebsa/pdf/FLSAwithoutplans.pdf
• COBRA model election notice is available at http://www.dol.gov/ebsa/modelelectionnotice.doc

COBRA model election notice redline version (to show May 2013 changes) is available at http://www.dol.gov/ebsa/modelelectionnoticeredline.doc

“This is a great victory in our efforts to curb the enormous impact uninsured driving has on Oklahoma citizens on a daily basis,” said Doak. “I am very grateful to Gov. Fallin and the bill authors for working so hard to see this law come to pass. We are one step closer to putting an end to this serious problem.”

House Bill 1792, authored by Sen. Corey Brooks, R-Washington and Rep. Mike Christian, R-Oklahoma City, seeks to lower the number of uninsured motorists in Oklahoma over the long-term while providing minimum liability insurance in the short-term at no cost to the state. Law enforcement officers will be allowed to remove the tag from the uninsured vehicle and replace it with a temporary sticker, insuring the driver for a period of up to ten days. Once the offender pays the required fees and fines and purchases insurance, his or her tag will be returned.

“Driving without insurance is not only irresponsible and illegal, it also raises costs for those who play by the rules and insure their vehicles,” Gov. Fallin said. “This bill will give law enforcement officers another tool to encourage all drivers to purchase insurance, and to thereby drive down costs for everyone.”

“For every motorist driving without auto insurance in Oklahoma, those who do obey the law and purchase insurance pay more,” said Chuck Mai, Oklahoma AAA Vice President and member of the Coalition Against Uninsured Drivers (CAUD). “And when the number of uninsured motorists reaches 25 percent of all drivers, the rest of us wind up paying a lot more. This law will do much to bring those numbers down.”

“It has been estimated that the financial cost of uninsured driving to the state alone is around $9 million in lost premium taxes. This money would have gone to into the General Revenue Fund to help fund public schools, social services, police and firefighter pensions, and other vital programs,” said Doak. “We cannot afford uninsured motorists on our roads any longer.”

The new law was modeled after a similar law in Louisiana. The uninsured motorist rate in Louisiana dropped from 30% to 12-13% upon implementation of the law.

April 24, 2013

Did you know: *70% of Americans look at product reviews before they buy. *Consumers consult 10.4 sources prior to purchasing. This stresses the importance of your product/service having good reviews and ratings. Be a part of this by being informed, staying informed and keeping your customers satisfied.

Click picture below to here the entire presentation.

The Executive Luncheon Series is a one of a kind networking opportunity that is sponsored by Tedford Insurance and Regent Bank. The Executive Luncheon Series brings together CEOs, Business Owners, and Executive Level Managers from all over the Tulsa Metro area. The mission is to grow and learn from one another’s experiences and apply that knowledge in everyday life. Each series has a different presentation. Each speaker brings with them not only the position they hold within their career field and community, but their life stories. More than just bullet points on a power point presentation each speaker tells their story on how they overcame some of the obstacles and challenges they have faced. It is these true stories that really inspire the leaders and up and coming to live out the message they hear in each Executive Luncheon Series.

The reality is that a flood can occur from rain, melting snow or even a new development underway near your property. Basically, everyone is at risk because all it takes is a small amount of water to cause damage to a home or other property.

An inch of water can be costly. It’s true.

According to the floodsmart.gov, an inch of water can cause as much as $21,000 worth of damage to a 2,000 square foot property. And, in high-risk areas, the chance of a property flooding is twice that of having a fire. If the property isn’t covered by flood insurance, the owner is on the hook for the entire cost.

Avoid Costly Mistakes

The standard Flood Insurance policy provides separate coverage options to protect against damage to the building and its contents. Depending on your need, you may decide to purchase both. Combined coverage protects against damage to:

• Structural elements such as walls, floors, equipment and fixtures
• The property’s contents such as furniture, appliances, wall and floor coverings
• Personal items such as clothing, audio equipment and televisions

Don’t wait until water is at their door. If you have not done so already, I encourage you to consider purchasing flood insurance. In most situations, there is a 30 day wait after purchase for the policy to take effect.

We’re here to help, call 1-918-299-2345 or email your flood questions to info@tedfordinsurance.com

Safety Tips for Homeowners –
(Before, During and After the Flood)

Flood can cause devastating damage. Even minor flooding can cause financial and emotional hardship. The Hartford has created these handy step-by-step guides that you can download and share to minimize loss before, during and after a flood – and to help with the clean-up and claim process.

Preparing for a Flood: Safety Tips for Homeowners

After the Flood: Safety Tips for Homeowners

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Want to know more about your policy of get a quote? CLICK HERE!
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Some gun owners feel insurance companies are sending a political message, when they may refuse to offer homeowners insurance, or cancel coverage, for firearms owners keeping guns in their homes. Insurance companies are not really concerned with 2nd amendment rights, but they are concerned with paying out large claims regarding the use of guns, such as a wrongful death lawsuit, if someone is accidentally killed by the use of your gun.

The good news is insurance companies differ as to how concerned they are with their customers owning guns, and many insurance companies have no problem with responsible gun ownership, and do not ask you a lot of questions about your firearms. For most gun owners, getting homeowners insurance is no problem.

The usual limitation on a basic homeowners insurance policy is limiting coverage for your guns to a certain dollar amount if they are stolen.

For example, you may have a $1,000 limit for ALL your guns (not per item) if they are stolen.

If you have 3 guns, worth $5,000 to replace with the same kind and quality (make sure your homeowners insurance has the replacement cost option, like most customers have) and all of your guns were stolen, you would have a property loss of $5,000. Subtract your deductible from the property loss.

For this example, we will say you have a $500 deductible. $5,000 minus $500 leaves you with a claim for $4,500.

But since your policy has the $1,000 limit for guns in the event of theft, you get only $1,000 for all 3 guns. Whether one or all your guns were stolen, the most you could get for the claim is $1,000.

Now, if all your guns are damaged in a fire, you don’t have the limitation, since it applies only to theft, so you would get $4,500 ($5,000 cost to replace or repair the damaged guns, less your $500 deductible).

Why is there limited coverage for guns on your homeowners insurance? It is not because insurance companies hate gun owners. Guns, like certain other types of personal property (jewelry, watches, camera equipment, stamp & coin collections, etc.) are targeted by thieves, but not every homeowner has these types of property.

Every homeowner has the risk of their house burning down, but not every homeowner has the risk of theft of $50,000 of jewelry, and does not want to pay higher homeowners insurance rates to cover these types of claims. Customers usually have the option to adjust their insurance coverage to cover their high value items, if they need it.

Do you need to adjust your homeowners insurance coverage to properly cover your guns? Here is what you need to consider to make this decision:

1. How much would it cost to replace all your guns with the same kind and quality if they were stolen, and compare the cost to your deductible. Do you really need insurance on them?

It may cost $5,000 to replace your guns, but if you have a high deductible, like a $2,500 deductible, the most you could collect from a claim is $2,500 — without considering the dollar limit for guns on your policy.

You could pay more for a lower deductible, and more gun coverage, but if you have a claim, it could also increase your rates a lot.

Paying more for homeowners insurance to cover smaller claims, which will increase your rates even more if you file them, is rarely a good idea. Having 2 claims in 5 years can often get your homeowners insurance canceled, leaving you to purchase a high risk policy to insure your home, with limited coverage and very high rates.

Paying out of your own pocket to rebuild your stolen gun collection is no fun, but it may be a better option than losing your homeowners insurance.

If the cost to replace your guns, if needed, is bearable for you, you may decide you don’t need to have insurance for them.

I can’t speak for all homeowners insurance companies, but most companies limit coverage for guns only if they are stolen. The best option for you may be to better protect your guns by buying a gun safe.

2. If you think you need insurance coverage for your guns, contact your insurance company and find out about your homeowners insurance policy’s limitation for guns, and what you can do about it.

What is the limit for all guns? Is there a per item limit, too? Does the limit apply to anything other than theft?

The answers to these questions will depend on the details of your own homeowners insurance policy, so you need to ask your agent or insurance company. Ask about the cost to increase your guns coverage.

For example, you ask about increasing your $1,000 gun limit to $5,000. Even though you have $5,000 for all your guns, there may be a $1,000 per item limit. If you have one gun worth $4,000, the $1,000 per item limit makes this a poor option for you. Are accessories, like scopes, and ammo also included in the gun limit?

Some insurance agents & insurance company representatives make the mistake of subtracting the deductible from the coverage limitation.

For example, your agent may tell you with a $5,000 gun limit and a $1,000 deductible, the most you can collect for the theft of your guns is $4,000.

However, you can collect up to the full amount of the limit amount, as long as the property loss, less your deductible, is the limit amount or more. That is if you have $6,000 or more worth of guns stolen, and a $5,000 gun limit, and a $1,000 deductible, you can collect $5,000 for the claim.

Some insurance companies may not offer higher limits beyond $5,000 for your firearms. Some insurance companies may allow you to schedule your guns (list the items specifically, for a specific amount, based on an appraisal or bill of sale) for expensive guns or large gun collections.

3. When you contact your insurance company and ask about gun coverage, they may ask you questions about the guns you own and how they are kept. If the insurance company decides your situation poses a “substantial increase in hazard,” you can see your homeowners insurance canceled, and you will have difficulty getting replacement coverage.

Usually, this applies in less common situations, like if you have an assault rifle, or a shooting range on your property. Though, if you are an avid gun enthusiast, this may apply to you. I never had an issue with it in my work experience, but I have read complaints about some insurance companies refusing to insure people keeping loaded guns in their homes.

If you have an extensive gun collection, contact an independent insurance agent, representing several insurance companies. Ask about a separate insurance policy to insure your guns. These types of policies are called inland marine policies or personal property floaters. A separate policy for your guns can keep you from having problems with your homeowners insurance, and avoid higher rates or cancellation of your homeowners insurance due to claims.

Many insurance companies use PPC information to help establish fair premiums for home insurance — generally offering lower premiums in communities with better protection. The program provides an objective nationwide standard that helps fire departments plan and budget for facilities, equipment, and training. In addition to securing lower insurance premiums for homeowners, the PPC program provides incentives and rewards for communities that choose to improve their firefighting services.

ISO Ratings are determined by the evaluation of:

• fire alarm and communication systems, including telephone systems, telephone lines, staffing, and dispatching systems
• the fire department, including equipment, staffing, training, and geographic distribution of fire companies
• the water supply system, including the condition and maintenance of hydrants, and the amount of available water compared with the amount needed to suppress fires

Why Get an ISO review?

• Lower home insurance rates
• Increase the safety of the community
• Improve fire department capabilities
• Identify areas for improvement
• Promote economic development

Interested in learning how you can improve the ISO rating in your community?

We can help you understand the process. Please contact us for a pre- ISO review meeting. For more information contact Kevin Stoneking, OID Fire Coordinator with the Oklahoma Insurance Department at 405.522.2404

By classifying communities’ ability to suppress fires, ISO helps the communities evaluate their public fire-protection services. The program provides an objective, countrywide standard that helps fire departments in planning and budgeting for facilities, equipment, and training. And by securing lower fire insurance premiums for communities with better public protection, the PC program provides incentives and rewards for communities that choose to improve their firefighting services.

ISO has extensive information on more than 47,000 fire-response jurisdictions of which 1,605 are in Oklahoma.

http://mabeecenter.com/eb/mc/t/130115/tedfordcitizens.htm