Testimony!

We just received an awesome complement so we are sharing: TJM Insurance Services, just saved my company $1,000 from my current Broker and Carrier. TJM always goes the extra mile to help reduce cost and has the best services. Thank you, Jannifer C. CEO Jardin Inc.

Party Time!!

It's that time of Year again, where everyone is having Holiday Parties for Business and/or Personal. TJM Insurance Services has many markets for one day events. Example: for $1Mill., Limit non host bar base premium $500 to $750. This is based on the number of guest and Hours of the Event. Please contact TJM Insurance Services for your Holiday Event Parties.

New Specialty Program Available

NATIONAL SPECIALTY PROGRAMS USL&H Longshore Products Two "A" or Better Rated Carriers Available Workers’ Compensation • $10,000 minimum premium with USL&H for nearly all classes (1% or more exposure) • Can write the WC on Marinas • Guaranteed cost • State Act and USL&H on same policy • Large deductibles available Maritime Employer’s Liability (MEL) • Written on a monoline basis • Low minimum premium for incidental exposures • Primary or excess MEL coverage available Benefits • In-house binding authority with prompt turn around • Policies are non-assessable: no joint & several liability • Committed USL&H claims expertise • USL&H underwriting professionals Available in All States • Two "A" XV rated carriers available • New ventures welcome • A.M. Best rating of "A" or better Required Information A Complete Submission is Requested to Assure Best Terms & Prices are Offered Along with: • Fully Completed & Signed ACORD application • 5 years currently valued loss runs • Experience Modification Worksheet • Supplemental application (N/A for Marinas without USL&H exposure) • Target Pricing or Expiring Premium

What Does General Liability Cover You For

The Facts A general liability insurance policy covers claims of damage and injury caused by the insured during the course of business. This insurance covers four categories: bodily injury, personal injury (which includes libel or slander), property damage, and advertising injury. General liability is usually bundled with other types of insurance. When packaged, the limits for this blanket coverage may be lower than needed. Companies can opt to purchase this insurance as a standalone policy. What's Covered A general liability insurance policy protects a company and its employees from many types of incidents. This insurance covers bodily injury, property damage, product-completed liability, contractual liability, liquor liability, employer injuries, and damages from fire, lightning and explosion. Medical payments for personal injury, coverage for advertising injury and legal defense costs fits under the umbrella of a general liability insurance policy.

Workers' Comp Reform Bill Signed

FLASH REPORT! Workers' Comp Reform Bill Signed Gov. Jerry Brown has signed SB 863, the comprehensive workers' comp reform bill that Sen. Kevin DeLeon (D-Los Angeles) sponsored. Brown's administration worked behind the scenes to assure its passage. The negotiated deal between big labor and big business sets into motion a process designed to lower costs for employers and raise benefits for injured workers and their attorneys. The benefits to injured workers will ultimately increase by more than $700 million beginning January 1, 2013 and continuing the following year. The projected savings to the employers, which fund the workers' comp system, are said to come from reducing frictional costs, delays in care, and the addition of some new price controls on services. Supporters maintain that these changes will not only offset the mandated increase in permanent disability benefits, but will produce actual system-wide savings. Estimates, however, vary widely and will depend on the effective implementation of the bill's provisions and the ability to withstand the inevitable challenges in court. A 12.6 % pure premium price increase has been requested by insurance carriers to be effective January 1st, 2013 contemporaneously with the legislation. It is pending likely approval by Insurance Commissioner Dave Jones. Comes now the litigation to see what will really happen.

KTLA Breaking News: Must Read

L.A. probation officer arrested in alleged workers' comp fraud September 4, 2012 | 12:42 pm An L.A. County probation officer was arrested Tuesday on suspicion of workers' compensation insurance fraud, and officials say other potential criminal investigations are ongoing into other employees in the department. Rochelle Williams, a six-year probation department veteran, allegedly filed nine fraudulent on-the-job injury claims dating to November 2009, according to county probation officials who made the arrest with state insurance investigators at the agency's Downey headquarters. Authorities say Williams forged "both departmental and medical documents, including signatures, to support her claims for workers compensation." Williams has been relieved of duty and placed on administrative leave, pending the outcome of the administrative and criminal investigations, according to Los Angeles County Chief Probation Officer Jerry Powers. The county Probation Department is currently initiating investigations into several other potential criminal cases involving department employees, officials said in a statement. Powers said he is committed to ensuring that all staff in the Probation Department adhere to the highest standards required of a professional law enforcement organization and will seek appropriate remedies, including criminal prosecution when staff violate the laws “We are continuing to work closely with other law enforcement agencies, including the Los Angeles County district attorney’s office, to crack down on instances of employee fraud,” Powers stated, noting workers' compensation fraud and criminal activity are some of issues he has addressed since taking over the department. “Hopefully, this will serve as a clear message that this chief and, this Probation Department will not tolerate criminal behavior by the staff," he said. "This is a law enforcement agency and as such, we will hold ourselves to a higher standard both on and off duty.”

Errors & Omissions

Here are three areas of errors & omission, what it protects you from, and why you should have this coverage in place. Errors and omissions insurance protects businesses and individuals from claims and lawsuits arising from failure to perform contracted work. It also covers mistakes made in the course of doing business. Business Errors and Omissions Insurance coverage typically covers all employees of a company, including salaried employees and independent contractors. Professional Errors and Omissions Insurance covers mistakes made by self-employed professionals, such as doctors, lawyers, and insurance agents. Applying for Coverage: When applying for coverage, you may need to supply your underwriter with quality-control documentation, contracts, training manuals, and other paperwork that show how your company does business. Also, be prepared to explain the history of any past claims.

Our Newest Carrier & Programs for Commercial Interest/Contractors

Check out our Newest Carrier and Programs for your Commercial Interest/Contractors. All Risks: National Specialty Programs: Fire, Water, & Smoke Clean-Up Specialists - Partnering with Everest National Insurance Company, A.M. Best Rated "A+" XV (Superior-Stable Outlook) Advantage of GL and CPL Written - with Same Carrier* Contractors specializing in clean-up of residential & commercial properties after fire, water or smoke damage to include mitigating mold or mildew. Coverage: General & Professional Liability • Errors & Omissions Endorsement • Care, Custody, Control Coverage • Per Project Aggregate • Lost Key Coverage Contractor’s Pollution Liability, Workers’ Compensation • Available in Most States • Monoline Available • Guaranteed Cost Excess/Umbrella Liability • In House Binding Authority up to $5,000,000 Commercial Auto Crime Property/Inland Marine Coverage Meets Most Franchise Requirements Low Minimum Premium Needed to Quote: All Risks Supplemental Applications: Mold & Restoration Contractors Application Problem Drywall Application Acord Forms - include payroll 5 Years Currently Valued Loss Run

Inland Marine coverage, how does it work?

Insurance coverages designed to insure exposures that cannot be conveniently or reasonably confined to a fixed location or insured at a standard rate under a standard form. Includes coverage for property in transit over land, certain moveable property, property under construction, instrumentalities of transportation and communication (such as bridges, roads, piers, and television and radio towers), legal liability coverage for bailees, and computerized equipment. Many inland marine coverage forms provide coverage without regard to the location of the covered property; these are sometimes called "floater" policies. Inland marine coverage forms are generally broader than property coverage forms due to the relative freedom from rate and form regulation of inland marine insurance as compared with property insurance.

Defective Title Bond

If you are looking for a Defective Title Bond, please contact TJM Insurance Services. We have an awesome market. Its based on the amount of the bond limit. Example: Bond Limit $3,500.00 Premium would be $220.00.

Errors & Omission (Professional Liability)

Why you should have and need Errors & Omission (Professional Liability) Insurance? Definition of 'Errors And Omissions Insurance - E&O': A professional liability insurance that protects companies and individuals against claims made by clients for inadequate work or negligent actions. Errors and omissions insurance often covers both court costs and any settlements up to the amount specified on the insurance contract.

Why do you need Fiduciary Insurance?

Under ERISA, fiduciaries may be held personally liable for breach of their responsibilities in the administration or handling of employee benefit plans. Fiduciary Liability Insurance is not required by ERISA. However, it is strongly recommended if you are a fiduciary of a welfare and/or pension plan because your personal assets are at stake. Many fiduciaries believe incorrectly that their ERISA fidelity bond protects their personal assets. Furthermore, many think that this type of coverage is included in their D&O policy. Most D&O policies exclude fiduciary liability exposures as well as those exposures pertaining to the Employee Retirement Income Security Act (ERISA). Moreover, designated fiduciaries are not the only targets of such lawsuits; targets can also include the employer and even the plan itself. Claims can be brought by plan participants, participants’ legal estates, the Department of Labor, and the Pension Benefit Guaranty Corporation. A company can help mitigate the personal liability of its fiduciaries by following the advice of outside experts and by selecting diverse, financially sound investments. But, it cannot entirely eliminate their personal liability.

What is Fiduciary Insurance?

Fiduciary Liability Insurance pays, on behalf of the insured, the legal liability arising from claims for alleged failure to prudently act within the meaning of the Pension Reform Act of 1974. “Insured” is variously defined as a trust or employee benefit plan, any trustee, officer or employee of the trust or employee benefit plan, employer who is sole sponsor of a plan and any other individual or organization designated as a fiduciary. Group life and medical expense plans, as well as pension and retirement plans, are within the scope of the law. Employee benefits liability coverage often is combined with fiduciary liability insurance policies, subject to the single limit. This is a distinct disadvantage because fiduciary liability presents an exposure that is infrequent but severe. The purpose for purchasing a fiduciary liability insurance policy, therefore, can be wiped out with frequent employee benefits liability claims.

Why Do Non-Admitted Insurance Carriers Exist?

Non-admitted insurance carriers exist to provide insurance when admitted carriers are not able to meet the insurance needs of all insurance buyers. Many specialized risks, such as California professional liability insurance (sometimes called California errors and omissions insurance) or those with frequent claims such as California contractors insurance, can represent high risk exposures that admitted carriers are not willing to accept for many reasons including constraints imposed by their admitted status. However, non-admitted carriers are generally well suited to provide these lines because they have greater flexibility in terms of coverage’s and pricing to cope with fluctuating underwriting conditions. Without non-admitted carriers, individuals seeking some high risk lines of insurance would not be able to purchase it.

What Is An Admitted vs. a Non-Admitted Insurance Carrier?

An admitted California insurance carrier is one that submits to specific requirements set forth by the California Department of Insurance (CDI). Admitted insurance carriers are required to file their rates with the CDI and cannot deviate from these rates without prior approval. In addition, admitted carriers are required to participate in the California Insurance Guarantee Association (CIGA) which covers the claims of policy holders up to a specified amount in the event an insurer becomes insolvent. In contrast, a non-admitted carrier (also known as a surplus lines insurer) is not required to file their rates with the California Department of Insurance, which gives them the flexibility to adjust rates in light of fluctuating underwriting performance. In addition to increased pricing flexibility, non-admitted carriers also have greater flexibility in regards to the coverage’s they provide. It should be noted that “non-admitted” does not mean “not-regulated”. Non-admitted carriers must be approved by showing minimum financial and capital requirements before providing insurance in California. Once these requirements have been met, California will place the approved non-admitted carrier on a list known as “The List of Eligible Surplus Lines Insurers” (LESLI).

WHAT IS A BID BOND:

A written guaranty from a third party guarantor (usually a bank or an insurance company) submitted to a principal (client or customer) by a contractor (bidder) with a bid.

A bid bond ensures that on acceptance of a bid by the customer the contractor will proceed with the contract and will replace the bid bond with a performance bond. Otherwise, the guarantor will pay the customer the difference between the contractor's bid and the next highest bidder. This difference is called liquidated damages, which cannot exceed the amount of the bid bond. Unlike a fidelity bond, a bid bond is not an insurance policy, and (if cashed by the principal) the payment amount is recovered by the guarantor from the contractor. Also called bid guaranty or bid surety.

Contact TJM Insurance Services, we have several markets for Bid Bonds.

Architects & Engineers Errors & Omission

Architects & Engineers Errors & Omission: Why you should have it:

Architects & Engineers Should Look Closely at Their Liability Protection.

There is a tendency in the insurance industry to offer niche liability policies, especially in the field of architects and engineers.

It is quite common to find specific policies, separately covering public liability, malpractice, errors and omissions liability and professional indemnity – each in a separate jacket, offered at more or less attractive prices.

It is only when an insured runs into a claim which falls into the gap between the various covers that the question of "Why?" arises.

It is herein suggested that individual architect or engineer should consider a newer approach to their insurance protection needs.

First, architects and engineers should see the difference between their Personal Liability and their Business Liability.

Second, they should better understand the scope of each coverage definition, and to realize the risk potential they may be left with, unless they purchase the proper cover.

Third, they should compare different covers offered to them according to the scope of coverage provided, and not according to the bulk amount they are required to pay for a specific policy.

What Does AD&D Cover?

AD&D insurance covers exactly what its name states: accidental death and dismemberment. What does this mean? In the event of a fatal accident or an accident that results in you losing your eyesight, speech, hearing, or a limb, AD&D will pay you or your beneficiaries a specified amount. However, there are restrictions and exclusions. To receive benefits related to an accident, your injuries or death usually must occur within a few months of the accident date. Also, you will only collect benefits if your death or injuries are proven, direct results of the accident.

Dismemberment coverage works on a "per-member" basis. If you lose one member (a hand, foot, limb, sight in one eye, speech or hearing), the insurance company will usually pay 50 percent of the full benefit. If you lose two members, you will receive the whole benefit. Coverage amounts for partial or complete paralysis vary, but are usually 25 or 50 percent.

Optional coverages sometimes include hospital stay coverage after an accident, and spouse and children coverage.

News

Insurance Commissioner Dave Jones Announces Sentencing of Los Angeles County Business Owner for Insurance Fraud
Cellular store owner submitted 2,000 fraudulent claims; ordered to pay $1.2 million in restitution

Insurance Commissioner Dave Jones today announced that Andy Jungsik Kim, 37, of Studio City, was sentenced on February 7 for Grand Theft, multiple counts of Identity Theft and for possession of a forged driver's license. Kim, in custody since August of last year, pled guilty and was sentenced to three years and four months in state prison, along with the restitution order.

According to investigators, in October 2009, Asurion Insurance Services, a nationwide insurance company specializing in insuring cell phones, reported to the Fraud Division what they suspected was cell phone insurance fraud activity involving Skyland Cellular, a cell phone retailer with two cell phone stores in Los Angeles. Asurion suspected that as of September 2009 the ongoing alleged fraudulent insurance claims activity was responsible for more than 2,000 fraudulent claims with an estimated loss of more than $700,000.

Investigators from CDI's Fraud Division found that Skyland Cellular owner Andy Jungsik Kim, over a period of time starting in or about March 2008, had submitted multiple false and fraudulent claims to Asurion in order to obtain replacement cell phones for resale, at a substantially lower cost. Kim accomplished this by using information from cell phone accounts of customers of his two cell phone stores. Kim made claims to Asurion in the name of unsuspecting customers who purchased cell phones in his stores. He provided Asurion with addresses for the shipping of the replacement cell phones that were private mailboxes he had rented using a fake California identification card in another name. Asurion unwittingly shipped replacement cell phones pursuant to the fraudulent claims to the addresses that Kim controlled. The investigation uncovered more than one million dollars in losses to Asurion from fraudulent claims.

Co-defendant Chong Han Kim, who worked in one of the Skyland Cellular stores, and co-defendants Yong Koo Kim, Chong Sok Son and Jun Choi conspired with Andy Kim and participated in the fraud. Four of the defendants were arrested in August 2011. Jun Choi remains at large and is a fugitive.

Sales and Use Tax Surety Bonds

Sales and Use Tax Surety Bonds:
Retailers are required to pay sales and use taxes and to file tax returns. Although you are required to pay and report sales and use taxes to your specific state entity, you may be required to provide proof of financial responsibility or a deposit in the form of a sales tax or sales and use tax bond.

A sales tax bond and sales use tax bond is a common way to guarantee compliance with the state or municipality which is requiring you to be bonded. It is the retailers responsibility to report the correct amount of sales and use tax and to pay the taxes or fees due to the state. To avoid paying a penalty and interest charges most retailers must also obtain a sellers permit which is usually accompanied by a sales tax bond or sales and use tax bond.

Call Us!!

If you are looking to save money on your Commercial/Professional Liability needs, contact TJM Insurance Services.

What is Loss Control?

In safety philosophy the word 'loss' has many meanings.Loss includes injury, illness, disease or death to a person.Loss includes damage to property, equipment, material, cost of replacement or damage to environment.Loss also occurs in terms of time, money, material, production, sales etc.Loss of time occurs in filling of accident forms and their reporting, record keeping,investigation of causes, searching for controls, traveling for medical and legal help,hospitalization, Govt. offices, rehabilitation and restoration of public image.Accident may cause any type of loss. Such losses are considered in-counting the costs of accident.

Loss control is defined as a management system designed to reduce or eliminate all aspects of accidental losses that lead to wastage of company assets. In this context the company assets involved are manpower, materials, machinery, methods,manufactured goods and money. Thus a system of loss control is designed to improve the overall profitability of a company by reducing both the economic and social costs associated with loss producing activities. Legal, humanitarian (social) and economic aspects are included herein

Happy New Year!

It's the New Year, time to check your Commercial Insurance Policies and make sure you are properly insured. Please feel free to contact TJM Insurance Services with any questions or if you need someone to review your current coverages.