Register Investment Advisers who typically charge a fee for their investment advise are deemed fiduciary and must act in the capacity of placing their clients’ interest first. RIAs are register with the Security and Exchange commission (SEC) or with individual states.

Broker-Dealers are register with each state which they sell their products. They also register with the Financial Regulatory Authority, a self regulatory organization. Broker dealers are not regulated the same as investor advisers and have different standards.

Most insurance agencies who sell financial products understand the compliance regulations and bidding by them consume time. There is a new regulation for broker dealers - suitability requirements which are being embraced by the state insurance departments and the National Association of Securities Dealers (NASD). The National Association of Insurance Commissioners (NAIC) with the NASD have adopted the Suitability in Annuity Transaction Regulation. It was drafted to insure the broker dealers as RIAs, should only recommend products suitable for their clients.

It is now more important than ever to document the clients specific questions as how many years does he/she not require their money, tax status and the level of risk aversion.

It is important for customers to have a fair expectation of the service the broker dealer is providing. Is the agent/broker providing full financial planning or a limited service of simple family needs analysis (FNA). FNA focuses on income replacement in the event of premature death.

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Current news releases on the Promoter AEG for the London Jackson concerts, reported that AEG has insurance coverage for the concerts which includes coverage for the performer not being able to perform because of death.

Since performers often engage in risky behavior, the cost for covering a performance can be very expensive. Insurance exists for this industry but it comes with a high cost and typically the coverage does not cover all the losses thus leaving a promoter with loses but much less than if insurance coverage was not purchased. This insurance coverage is typically underwritten by specialty insurance companies. Lloyds of London is a well known under-writer that takes on special coverage for unique perils as concerts for famous stars, aerospace flight systems and many other unique perils.

In current news releases it is reported the AEG, the promoter for the planned London Jackson concerts has coverage from Lloyds of London for losses from canceled concerts caused by Jackson’s death. The coverage amount reported was for 17 million, well below the estimated loss of greater than 25 million dollars.

Insurance for covering the promoting of an event typically goes by the name of Event Planning Insurance. Event planning insurance includes commercial general liability. Commercial general liability coverage protects the insured against covered liability claims for bodily injury and property damage arising out of premises, operations, products and completed operations, and personal and advertising injury.

Inland marine  provides coverage for direct loss or damage to your supplies and equipment, furnishings, improvement and betterments, and signs.

Event Cancellation Insurance covers cancellation caused by a peril to the venue leaving it unusable (fire, flood earthquakes).  Event Cancellation Insurance also covers perils that prevents the audience from attending the venue. These coverage are similar to business interruption insurance coverage, but cancellation insurance covers a venue instead of your own business premises.

Other coverages as Non-Appearance insurance covers the peril of a performer not being able to appear at the event. This coverage has many exclusions such as: pre-existing illness, any hazardous feat or activity, contractual dispute, and pregnancy. Life insurance is also purchase to cover key persons whose activities are required for the event to continue.

Source: various press releases on the internet

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Owning a pool allows families to enjoy the water in their own environment, but with this pleasure, pool owners are subjected to possible liabilities which owners should consider.  One step in protecting yourself from liability is to follow water safety rules.  Safety rules are simply a good idea and a win for all, not only preventing you from a liability peril,  you may be helping to save injury to family members and friends.

What a pool owner may not know is that they are unknowingly facing liability from non-guests - strangers.   Pools are an attractive nuisance that can pose a risk to uninvited guests, children in the neighborhood and intruders. Homeowners may be found liable for injuries to uninvited guests.

Insurance plays a key role in protecting consumers who have pools on their property. Homeowners and liability insurance cover bodily injury and liability protection in the event of an injury or claim.

Read further on water safety tips and liability related suggestions for pool owners. The following information is provided by Trust Choice, and Insurance Agent Association.

The information in this post is for informational purposes only, and no claims are made on it’s accuracy.  Always contact an Insurance  and/or Legal professional for your liability protection and strategy.

Stay Cool with Swimming Pool Risks

Trusted Choice

It’s summer, and thoughts of Americans everywhere turn to water. Whether it’s in the pool, on the lake, at the ocean or in the river, water draws people almost magnetically as the weather turns hot. In fact, swimming pool trade groups teamed up to make May “National Water Safety Month” in the United States to make consumers “water aware.”

Swimming pools are popular but also present a risk to a homeowner. While homeowners are welcoming friends and family with a clear, clean pool, they’re also assuming significant financial risks by doing so. What’s more, they are unwittingly facing liability from strangers since pools are an attractive nuisance that can pose a risk to uninvited guests, children in the neighborhood and intruders. Homeowners can be found liable for injuries to uninvited guests.

Drowning is the second-leading cause of unintentional injury-related death for children ages 1 to 14 years, reported the American Red Cross. Its survey of more than 1,000 adults showed that more than 90% of families with young children plan to be in the water this summer, and almost half (48%) plan to swim in a place with no lifeguard. If that’s on your property, be prepared.

Insurance plays a key role in protecting consumers who have pools on their property. Homeowners and liability insurance cover bodily injury and liability protection in the event of an injury or claim. Plus, insurance carriers, by virtue of inspecting or requiring compliance with building codes, can make a swimming pool safer.

If you have a swimming pool:

1) Let your Trusted Choice^® insurance agent or insurance carrier know. Coverage is most likely to be provided if the structure and risks are known prior to a claim. Insurance carriers view pools as presenting a unique and heightened set of risks. Put simply, a swimming pool will increase the risk of property damage or a liability claim, as compared to a home without one.

Typically, a homeowners insurance policy covers property damage to a home and additional structures. An in-ground pool usually is considered an “additional structure” in insurance parlance, as are sheds and detached garages. An above-ground pool may be considered “personal property” and insured under that section of the homeowners policy.

Homeowners insurance also offers liability coverage in the event a homeowner is hit with a claim or lawsuit as a result of an incident in or near the swimming pool. Friends and family who are injured in a pool accident may not want to sue, but may need to sue in order to pay medical bills and replace lost income.

2) Check the amount of homeowners property coverage. A standard coverage amount for additional structures on a property is 10 percent of the amount written for the home itself. Thus, a $500,000 home might have $50,000 of property damage coverage for other structures. Ask your independent agent to help you determine the proper amount of property coverage.

3) Check the amount of homeowners liability coverage. One claim can pierce a standard homeowners liability insurance limit, so check with your Trusted Choice^® insurance professional to discuss increasing the limit and/or adding an umbrella policy. An umbrella (or excess liability) policy pays up to a limit (usually $1 million) for claims.

4) Check the perils covered. Homeowners insurance comes in a variety of types, and some policies protect against additional “perils” in addition to fire, lightning and windstorm. Other perils may be excluded. Check which type of policy you have and whether it suits your needs. For pool owners in the north, note that damage by freezing/thawing is usually not covered by homeowners insurance.

5) Check that your pool is up to code, and whether any features are specifically not permitted or insured. Plumbing, fencing and deck requirements all can vary by state and locality. A homeowner increases the risk of loss if a pool is not up to code. Additionally, amenities such as diving boards and slides are particularly hazardous and may be excluded by building code or can be uninsured.

The U.S. Centers for Disease Control noted that drowning prevention requires appropriate adult supervision while children are in the water, as well as multiple layers of protection (such as four-sided isolation fencing, pool alarms, and locked gates) to keep children away from swimming pools.

Check with your Trusted Choice^® insurance agent about insurance protection for a swimming pool. You can find an insurance professional at www.TrustedChoice.com.

source: TrustedChoice.com, June 2009

Post  Source: TrustedChoice.com, June 2009, and Morrell Insurance

The information in this post is for information purposes only, and no claims are made on it’s accuracy.  Always contact an Insurance  and/or Legal professional for your liability protection and strategy.

Health Care Needs More Empathy

Forrester’s Bruce Temkin shares a few details from the executive panel discussion he led recently at Forrester’s Customer Experience Forum. Included among the panelists were Ingrid Lindberg and M. Bridget Duffy, MD, chief experience officers at CIGNA and the Cleveland Clinic, respectively. “Health care needs more leaders like Lindberg and Duffy,” Temkin writes.
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Twitter, Meet “Specialised” Insurance

If you didn’t know that Celent’s Catherine Stagg-Macey was based in London, her spelling of the word “specialised” probably gave it away — although I suppose they spell it that way in Canada too. In this post, Macey discusses her skepticism towards social networking and her frustration with insurance industry call centers.
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Bucking the Cloud Computing Hype

Intelligent Enterprise’s David Linthicum makes a case for reducing the amount of hype that has surrounded the cloud computing concept over the past several months. Also, his use of “all that and a bag of chips” in the opening sentence marks the first time someone has used the phrase since 1995.

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