Bonus Insurance- How Clemson saved $1,000,000 in coaches bonuses

After losing the 2016 National Championship Game (for the 2015 National Championship) in

Glendale, AZ, Clemson Athletic Director Graham Neff knew his school would have a great shot at winning it the next year.  As with many big time college athletics programs, contracts for football coaches specified large bonuses, in the millions, for winning the National Championship.
In a move that saved the athletic department $1,000,000 Neff purchased Bonus Insurance to cover some of the anticipated payout.  For $272,500 the athletic department bet on itself (and not in Vegas) and insured $1,300,000 in bonuses.  Clemson received a check for $1,300,000 to help defray much of the bonuses owed to staffers.  Read more HERE
Boca Insurance Group would be glad to help with any and all performance based/bonus insurance.  Call us today at 954-596-0691.
Boca Insurance Group is a full service insurance agency located in Deerfield Beach Florida handling all forms of insurance.  www.bocainsgroup.com

Car Insurance Premiums Rise In Florida

Floridians have seen an average auto insurance premium increase of almost 14% since January 1.  This article from the Tampa Tribune lays out the various reasons for the increase- Click Here.

Make sure you are receiving every possible discount on your auto insurance policy.  Many companies give discounts for the following:

Paperless- receiving all your correspondence through email.
EFT- Electronic Fund Transfer for all payments
Paid In Full- Paying a policy in full at the beginning for the policy period often results in substantial savings.
Senior Driving Course- Drivers 55 years and older can take an online course and receive a discount from many companies
SnapShot- Progressive offers discounts to drivers who install the "Snapshot".  The devise tracks your driving habits including the amount of driving you do and applies discounts to your policy.

Of course if you are like me and have two drivers under the age of 25 you will be paying very high rates no matter what.

For a free no hassle insurance review, call Boca Insurance Group at 954-596-0691.

Citizens to Shed another 81,500 Homeowners Insurance Policies

Citizens is shedding more policies to new, private insurers. IF this happens to you, make sure you call your insurance agent and review the specifics about the new company and the coverage offered. Many of the "take out" companies offer enhanced coverage compared to the Citizens policy you previously had. Also, be aware that many of the new companies have a "right to repair" clause in their policy which means they can choose the contractor to repair damage. Stay informed about your options and call Boca Insurance Group- 954-596-0691.  

For more information please read this article that outlines Citizens plans- Click Here

Kick Ball Injury a Work Comp Claim?

A warning for all business owners, human resource managers and executives.  Do you think that company softball or kick ball game and picnic will build morale?  Well watch out- your may have a workers' compensation claim on your hands.

The South Carolina Supreme Court ruled that an employee injured in a company sponsored kick ball game is entitled to workers' compensation benefits.

The key in this case was that the court felt in employee was required to attend the game because he had organized the event.  Making it voluntary may have absolved the company from the work comp claim.

Read the entire article Here.

Company sponsored events and parties create risk exposure for work comp and liability claims even though good intentioned.  It is imperative that executives review all possible scenarios and limit the risk exposure of the company.

To discuss workers compensation insurance, call Boca Insurance Group today and see how we can help you.

Boca Insurance Group
954-596-0691
pat@bocainsgroup.com

Citizens To Reduce Premiums

Finally some relief for Citizens Property and Casualty customers appears to be on the horizon.  Citizens plans to file for a rate reduction for 2015.  This would bring down Palm Beach County homeowners insurance rates by 7% and Broward County by 7.4% for standard homeowners insurance policies.

Its not all good news as Palm Beach county wind only rates would rise by 5.7%.

Click here to read the entire Palm Beach Post article

Boca Insurance Group always advises customers to avoid Citizens if at all possible.  If you are currently with Citizens, Boca Insurance Group wants to help you find better coverage for a better premium.  Call us today to see how we can help or e-mail us at pat@bocainsgroup.com

Deal Reached to Delay Increases in Flood Insurance Premiums

Key House and Senate members have reached a bipartisan deal to delay changes to the federal flood insurance program that are raising premiums for many homeowners. The bill would require regulators to address affordability of the coverage before implementing rate hikes.

Here is a link to the entire article from the Insurance Journal

Hopefully, this signals a desire to reconsider the increases in flood insurance premiums that in some cases could increase flood insurance premiums as much as ten fold.  This article from today's Sarasota Herald-Tribune illustrates how the increases in flood premiums are hitting middle income families in the community.  Many lawmakers stated that these increases were only going to hit the rich, waterfront properties, but as you can see from the Sarasota Herald-Tribune article, the increases are hitting all income brackets.

There will be much more to some on this subject as this is only a four year delay of the proposed changes.  Part of the bipartisan deal calls for FEMA to do an affordability study which will hopefully point out the burden placed on homeowners. 

There are a number of groups in favor of the increased flood premiums as pointed out in this article  This promises to be a fight for many years. 

Please be aware that homeowners insurance policies do not cover flood damage.  Not having flood insurance in Florida is a serious gamble that could have disastrous consequences effecting your most valuable asset.  Protect your investment in your home by purchasing flood insurance.

Please call Boca Insurance Group with any questions about flood insurance or any of your insurance needs.  We are a full service insurance agency offering advise on all forms of insurance. 

Boca Insurance Group- 833 SE 9th Street, Deerfield Beach, FL 33441- 954-596-0691

www.bocainsgroup.com  pat@bocainsgroup.com

South Floridians- will your flood insurance premiums increase or will your zone change?

Many changes are on the horizon for the National Flood Insurance Program.  FEMA has redrawn the flood zone maps and is in the process of changing many flood zones and Congress passed legislation last year making changes to the long running program which will increase many homeowners premiums, in some cases substantially.

If you live east near any body of water (not just on) your rates will likely increase as a result of the law that now requires premiums to be actuarially appropriate.  Premiums will increase 25% annually until the appropriate premium is reached.  Additionally, homeowners with "second" homes have already seen increased premiums as Congress stipulated these owners will be required to pay a larger share of the premiums.

But while some homeowners or buyers face a bigger bill for waterfront property, some people who live in relatively high and dry areas at the edges of flood plains will get lower rates for flood insurance. The reason: periodic updates of federal flood plain maps will show they live in low-risk areas.  Additionally, many homes that were in a "high risk" flood zone will now be located in a "preferred" flood zone.  Mortgage companies do not require flood insurance be purchased for home located in "preferred" flood zones. 

It is still advisable to obtain flood insurance for any property in South Florida.  REMEMBER- HOMEOWNERS INSURANCE POLICIES DO NOT COVER DAMAGE CAUSED BY FLOODING (RISING WATER).  Do not get caught without flood insurance. 

Click Here for an in-depth article form the Sun Sentinel outlining some of the changes.

As always, we here at Boca Insurance Group will help you navigate the flood insurance maze ensuring your receive the proper coverage for the proper premium.  Call us at 954-596-0691 or e-mail me at pat@bocainsgroup.com  with any questions.

Flood Insurance Premiums Expected to Rise

South Florida consumers need to pay close attention to Washington, DC as FEMA begins to increase rates to make the Federal Flood Program pay for itself and not require subsidies in the future.  Click here for some brief information about the expected increases.

All of South Florida is in a flood zone- it just depends on your exact location if you are in a high risk flood zone and therefore required by your mortgage company to purchase flood insurance.  FEMA has adjusted the flood zone mapping in South Florida and therefore many consumers that were in high risk flood zones in the past are now in preferred flood zones.  This means their mortgage company may not require flood insurance any longer and their rates should be adjusted to the new zone.   Miami Dade counties flood zones were adjusted last year and Broward and Palm Beach are soon to follow.

Despite the increase in premiums it is extremely important that South Floridians have flood insurance.  Homeowners insurance policies exclude flood damage.  Most of the damage from Hurricane Sandy in the northeast was from flooding with the vast majority of homeowners not covered. 

Flood insurance is still very inexpensive- a policy that covers $250,000 for the home and $100,000 for you contents can cost as little as $412.00.  To purchase flood insurance call Boca Insurance Group at 954-596-0691 or e-mail us at pat@bocainsgroup.com.

Armstrong's Insurance Problem

When Lance Armstrong won the 2004 Tour de France, his sixth of seven wins, a $5,000,000 bonus was triggered and due to Armstrong for this unprecedented win.  SCA Insurance insured the bonus and refused to pay the bonus sighting a 2004 book that accused Armstrong of doping.  After a lengthy court battle, SCA settled the claim for a reported $7,500,000.  The additional $2,500,000 covering interest and legal costs.

Armstrong's admission during a lengthy interview with Oprah puts Armstrong in a difficult position and will likely begin the legal process anew as SCA goes after the $7,500,000 payment.  The NY Times has an article here which outlines some of the legal problems Armstrong may face.  This article was written before the admission but is still relevant with regard to the insurance problem.

Boca Insurance Group handles all forms of insurance including exotic policies such as the policy the US Postal Cycling team took out of the bonus for Armstrong's win.  Call us today to discuss your options- 954-596-0691.

NYC Marathon to Collect on Cancellation Insurance

The New York Road Runners Club will be collecting on an event cancellation policy after this year's New York City Marathon was cancelled due to Hurricane Sandy and its aftermath.  Click Here to read Insurance Journal's article about the ongoing process of collecting on that policy. 


Event Cancellation Insurance is an important coverage for many businesses including:
-  Professional Sports Teams
-  College Athletic Departments
-  Golf Tournaments
-  Fund Raising and Charity Events
-  Bowl Games and All-Star Games
-  Even Weddings!

Event Cancellation Insurance can be structured a number of different ways depending on the insureds coverage needs, finances, event type and many other factors.  Coverage can be structured to cover a single event such as the MLB All Star Game, a number of games during a season or so that the payout occurs when a specific amount of rain falls during a specified time.  It is important for the organization to identify the amount they can not afford to lose and then structure the coverage to ensure this important amount of revenue is always there.

Boca Insurance Group are experts in structuring and obtaining event cancellation coverage that meets your needs and provides peace of mind for event organizers.  Call us today for a quote on your Cancellation Insurance- 954-596-0691 or e-mail us at Pat@bocainsgroup.com 

Florida No-Fault Auto Insurance Law to lower premiums?

So far, changes enacted by the Florida legislature have helped lowered PIP premiums by an average of 2.5%.  This is a far cry from the 25% anticipated when the changes were being discussed.  Click Here for the Miami Herald article discussing these changes. 

The key to seeing meaningful decreases in premium is lower PIP claims costs and a decrease in fraud.  Florida- south Florida in particular- is home to some of the highest fraud rates in the country.  Until fraud is under control, Florida will continue to see higher than average rates.

Boca Insurance Group represents a number of quality auto insurance companies allowing us to quote numerous carriers to find the best possible rate for your insurance dollar.  Call us today at 954-596-0691 and see how we can help lower your auto insurance premiums.  You may also e-mail us at pat@bocainsgroup.com to request a quote.

Thanksgiving Cooking Claims

According to Sate Farm data, more cooking claims occur on Thanksgiving than any other day of the year.  What state is Number !?  Click Here for a list of the top 10 states.

Boca Insurance Group would like to wish everyone a Happy Thanksgiving!  And be careful as you prepare that meal!

Boat and Yacht Insurers Take a Big Hit

 In the end, for boat and yacht insurers, Hurricane Sandy may be the most costly storm in history.  Click Here for an Insurance Journal article about the storm damage to boats and yachts. 

Having a proper, predetermined hurricane plan for your vessel is extremely important.  In Florida, owners of vessels over 35 feet are required by insurance companies to have a hurricane plan of action.  As with most homeowners insurance policies, boat and yacht policies also have a special hurricane deductible (sometimes referred to as a windstorm deductible).

Boca Boat Insurance, a subsidiary of Boca Insurance Group, specializes in providing insurance for vessels of all sizes, in all parts of the world.  Call us today to see how we can help with all the insurance needs for your vessel.  As an independent agent, Boca Boat Insurance represents some of the most experienced and well respected Boat and Yacht Insurance Companies in the world.  We can be reached at 954-596-0691 or e-mail us at pat@bocainsgroup.com.

Are you covered for all that a hurricane can bring?

Many consumers erroneously believe their homeowners insurance policy will cover them for all damage caused by a hurricane.  Please be aware that Homeowners Insurance policies do not cover damage caused by flooding- this includes flooding from a hurricane, including storm surge.  Flood insurance is relatively inexpensive and is administered by FEMA and the Federal Government. 

These two articles, from the Wall Street Journal and the New York Times, give some good information about flood insurance and the need for this special coverage.

Did you know a policy that covers your home for $250,000 and $100,000 in contents can be as little as $365 annually in a non-high risk flood zone.

Not sure if you are in a high risk flood zone?  Call us at 954-596-0691 or e-mail us at pat@bocainsgroup.com and we will check for you. 

Please do not miss out on this affordable important coverage.  Flood insurance has a 30 day waiting period- meaning you will not be covered for thirty days once you purchase flood insurance.  Don't delay.

Boca Insurance Group is a full service independent insurance agency specializing in hurricane coverage.  Please call us today to see how we can help you.  954-596-0691.

Tropical Storm Sandy Should Miss Florida

Tropical Storm Sandy is forcast to miss Florida but it still bears watching.  Click Here for a link to the National Hurricane Center's updates on Tropical Storm Sandy.

Boca Insurance Group provides all forms of insurance with special expertise in hurricane insurance in Florida.  Please call us today at 954-596-0691 to find out how we can help you save on your hurricane insurance.

Florida Workers' Comp rates may rise 6.1%

A proposed statewide average 6.1 percent increase in Florida’s workers’ compensation rates could spur the first major legislative changes in the state’s system since 2003. 

The National Council on Compensation Insurance filed for the 6.1 percent increase in August, marking the third consecutive rate increase after seven consecutive decreases following a 2003 rewrite of the state’s workers’ compensation law. Even if regulators approve the current rate filing as submitted, those reforms have seen Florida’s rates drop by 56 percent.

This article on the Insurance Journal's website explains more about the proposed 6.1% increase and more impending increases if the legislature fails to act to curb some of the costs.

Boca Insurance Group handles all forms of insurance including workers compensation.  Call us today to discuss your options 954-596-0691 or e-mail us at pat@bocainsgroup.com.
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Insuring Your Valuable Assets

When it comes to expensive or exotic jewelry, fine art, collectibles and antic automobiles, standard homeowners insurance policies do not adequately insure your items.  This article from The Atlantic gives some good advice for those wanting to insure expensive items- and this would include World Series, NBA Championship or Super Bowl rings for all my former colleagues in the sports world.

It is important to review your homeowners policy so you are aware of the coverage's as well as all deductibles and restrictions.  Boca Insurance Group represents a number of companies that offer comprehensive personal articles policies to cover your jewelry and fine arts.  We would be glad to review your current coverage and scheduled items and offer advice on coverages.

Antique or exotic automobiles should be covered on a special policy as well.  Boca Insurance Group can help place these special risks with a number of different quality companies depending of the value, age and use of the automobile.

To protect yourself and make the claims process as easy as possible, we suggest you take pictures or video of items.  Keep receipts, pictures and video in a safe place or safety deposit box.  You may wish to video your entire home for claims purposes as well. 

If you have any questions about this or any other insurance related items please call us at 954-596-0691 or e-mail us at Pat@bocainsgroup.com. 

Citizens Rate Hike Approved

 
Citizens Property and Casualty gained approval for an average rate hike of 10.8% on homeowners insurance policies and 8.8% for dwelling fire policies.  Click Here for the full article.  The rate increas will take effect January 1. 

Depending on the age of your home, you should not be insured by Citizens if you can help it.  Boca Insurance Group has a number of companies insuring homes throughout Florida with reasonable rates and better coverage.  Call us today to find out how we can help 954-596-0691 or e-mail us at pat@bocainsgroup.com.

State Farm Approved for Rate Increase

Economically strapped Floridians continue to receive bad news.  State Farm Florida has been approved for a rate increase that averages 6%.  Click Here for the full story from the Sun Sentinel.

State Farm Florida is the state's third largest insurer behind Citizens Property and Casualty- the state run insurer and Universal Property and Casualty- the largest private insurer.  Boca Insurance Group is an agent for Universal Property and Casualty.

Florida continues to struggle with insurance coverage for homeowners and businesses.  For a free no obligation review of your homeowners or business insurance, call Boca Insurance Group today at 954-596-0691 or e-mail us at pat@bocainsgroup.com. 

Citizens is Shedding More Policies

Citizens Property and Casualty is in the process of moving close to 300,000 policies to private insurers.  Click Here for more from the Sun Sentinel. 

If you are currently insured by Citizens you may receive, or may have already received, a notice that Citizens is transferring your policy to an admitted private insurer.  The new company is prohibited from raising your premium more than 10% per year for the first three years and must offer comparable coverage.  While, this sounds great, companies will almost certainly review your coverage and confirm you are receiving property wind mitigation discounts.  This can often increase your premium substantially.

I always advocate finding coverage with another insurer other than Citizens.  I would encourage consumers that receive this letter to take the time to explore your options, not just with the company that is taking over the policy, but with other companies.  As an independent insurance agent, Boca Insurance Group represents a number of quality companies that are issuing new policies.  As a tip, it is much easier to find coverage when it is not hurricane season or it is getting close to the close of hurricane season. 

Call us today at 954-596-0691 or e-mail us at pat@bocainsgroup.com  to learn how we can help you achieve BIG Insurance Savings! 

As always, visit our website www.bocainsgroup.com for more information and tips.