Are You Prepared For A Disaster?

With just over one week to go before the start of the 2008 hurricane season, and with tornadoes and wildfires inflicting
damage across the U.S., the news that nearly half of U.S. consumers are insufficiently prepared – in terms of their insurance coverage – to deal with potential losses is a concern.

The survey by the National Association of Insurance Commissioners (NAIC) found that the majority of consumers do not have the coverage necessary to protect themselves from specific types of losses that are not reimbursed under standard insurance policies. For example, 69 percent do not have earthquake insurance and 65 percent do not have flood insurance.

The NAIC also found that nearly half (48 percent) said they did not have an inventory of their possessions. Of those consumers with a checklist, 32 percent had not taken any pictures and 58 percent had no receipts validating the cost of their possessions. In addition, 44 percent acknowledged that they had not stored their inventory in a remote location. I.I.I.’s free home inventory software can help residents better protect their property ahead of disaster.

Click here for the I.I.I.’s free home inventory software:

Claire Wilkinson, Insurance Information Institute: May 14, 2008

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Workers’ Compensation Bill Becomes Law

SB1748/HB1645 will require sole proprietors and partners in the construction  business to carry workers’ compensation on themselves unless they are working directly for the end user. In other words, all sole proprietors and partners doing construction work for a general contractor or another subcontractor will be required to carry workers’ compensation on themselves, or be covered by the general’s policy.

The Insurors have been leading the effort to make this change in the workers’ compensation law for the last two years. The change basically puts into law court decisions on coverage for sole proprietors and partners. This change should eliminate independent contractor questions on audit as the general or subcontractor will be charged for any sole proprietors and partners that have done work for them unless the sole proprietors and partners carry their own workers’ compensation policy.

The bill was supported by all four construction trade associations, ABC, AGC, Roadbuilders and Homeb

uilders, in addition to support from organized labor and assistance from the Tennessee Departments of Labor and Insurance. Insurance interests involved include: AIA, PICA, Liberty and Allstate.

Insuror member Senator Bill Ketron and House Minority Leader Jason Mumpower carried the bill through two years of hearings and meetings. Senate leaders Jim Kyle and Lt. Governor Ron Ramsey provided valuable assistance and advice. Passage was bi-partisan in almost equal amounts in both chambers. Prior to final passage last week the bill was discussed no less than 14 times in various committees.

The new law has an implementation date of December 31, 2009. This length of time was selected to give contractors sufficient time to adapt to the new law. Likewise both state departments will have time to make necessary changes for smooth implantation.

Source: Insurors of Tennessee Volume 08-10 Friday – May 16th, 2008

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New HR Research Tool in Client Community for our Employee Benefits Clients

One of the key advantages of your Client Community portal is that you can research human resources and benefits topics whenever you have questions or need assistance creating new policies, forms, job descriptions and other documents. Now we upgraded to the best available resource called the BNA HR Toolkit. It’s from the Bureau of National Affairs (BNA), the gold standard of business research publishing used by the largest employers and many HR professionals. This comprehensive, easy-to-navigate portal offers the most reliable information out there. With the information you’ll find in the BNA HR Toolkit, you’ll be able to:

• Get the answers you need with BNA’s exclusive Fast Answers™ and read or e-mail thousands of succinct, plain-English, expert explanations of dozens of compliance and policy topics
• Read detailed discussions with expert analysis from BNA’s lawyer/editors
• Quickly scan law summaries that are simplified for the non-technical reader
• Access a broad collection of downloadable and printable model documents, such as sample policies, notices, forms, job descriptions, interview questionnaires and more
• Keep tabs on news and trends with weekly updates on important HR events
• Choose from a broad topic list including:

– benefits and compensation
– compliance
– performance and productivity
– employee relations
– recruiting, selecting, and staffing
– risk management and safety

We are proud to be able to bring you the definitive HR and benefits library and hope you find time to check out the BNA HR Toolkit, your exclusive Web-based reference system for human resources and benefits compliance.

Please take time to watch the 5 Minute video by Clicking Here

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