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.
Tuesday, March 6, 2012
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.
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.
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.
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.
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