2nd     Groundhog Day

11th     Joint PIA/IIAM Legislative Day

14th     Valentine’s Day

17th     President’s Day

20th     IW of SW MS Monthly Business Meeting

21st     Today’s Insurance Professionals Mailed

28th     Member registration due today for Region III Conference $190.00, if paid after today $250.00

28th     IW of SW MS Monthly Newsletter goes out

5th           Ash Wednesday

17th         St. Patrick’s Day

20th         IW of SW MS Monthly Business Meeting

20-23rd   NAIW Region III Convention, Savanna, GA

New Jersey physicians plan to march on the state capital Feb. 4, 2003, to protest rising medical – liability insurance costs, one day after beginning a slow down of medical services across the state.

A series of brush fires that have been threatening the Australian capital of Canberra since Jan. 18 could cost insurers as much as A$100 million (US $1=A$1.69), industry sources said.

Travelers Property Casualty Corp.’s additional reserving to cover asbestos litigation was higher than expected by industry analysts, according to Best Week.

The California Dept. of Motor Vehicles said it revoked Allstate Insurance Company’s electronic access to confidential driver license information because the company failed to follow state laws and regulations concerning access to those records.

By:  Ruth E. Phillips, CISR
        Education Chairman

How much protection does your homeowners insurance policy give you?  It will probably protect you if your house burns to the ground.  And possibly you might have some liability protection if you should accidentally throw your golf clubs through someone’s windshield.  But would your homeowners insurance respond if you were kidnapped and held for ransom?

Traditionally, kidnap and ransom insurance has been available through commercial lines markets.  For example Chubb, Lloyd’s of London and various other markets have been selling kidnap and ransom (K&R) to businesses to cover key executives of financial institutions and other corporations.

Recently, the K & R market has been expanding to personal lines.  Chubb and Fireman’s Fund are among the few U.S. carriers that can arrange K & R insurance protection for typically upscale homeowner’s risks.

Kidnap and ransom insurance covers kidnappings and related incidents through a combination of financial indemnification and crisis management.  Policies can include protection for kidnap, extortion and hijacking events on domestic or foreign soil.  Policies can include payment for various consultancy fees for example, psychiatric treatment or public relations services.  Coverage can also cover the costs of ransom and/or extortion payment, legal expenses and medical treatment.

Chubb’s Masterpiece personal liability contract includes kidnap expense, usually at no additional cost.  Kidnap expense protection is offered in all states except Alaska, Louisiana and North Carolina.  In addition, Chubb has an endorsement that is available in five states that compensates victims of home invasion, child abduction, car jackings, and stalking threats.  This endorsement is called Masterpiece Family Protection and is available in Colorado, Connecticut, Illinois, Massachusetts, and New Jersey.  During 2003, Chubb will be rolling out this endorsement to more states.

Fireman’s Fund has a newly revised homeowner’s policy that begins to provide kidnapping and ransom expense.  Fireman’s Fund reimburses homeowner insureds for kidnap related expenses such as attorney fees, lost income, travel, lodging, and telephone expenses.  They do not cover the ransom payments.
 

If you have been looking for Keri Morrell lately, she hasn’t been in her office.  She has been out in the country trying to kill a deer.  She still hasn’t killed a buck.  Claude, on the other hand, has killed a buck.

Virginia Zeigler had the chance to visit with Deborah Ledford.  Deb came up for the weekend and they partied at their Singles meeting and shopped the following Saturday! Virginia is also busy working on her state committee assignments.

Mary Jones is very relieved to have the wedding and the holidays behind her so she can get things back on a regular schedule! She reports that the newlyweds are doing fine and enjoyed their honeymoon cruise.

Ruthie Phillips will be out of the office the first two weeks of February.  She is taking sick leave due to surgery.  Even though she will be out of the office she will be thinking of all her Insurance Women friends and working on the state meeting.

Deborah Ledford enjoyed a lunch visit from Keri Morrell recently.  They are lunch at Applebee’s in Baton Rouge and had a fun time catching up.

Bea Jones’ granddaughter, Deidra will be in a pageant for her school January 25, 2003.  Also, her granddaughter JoBea turns 11 on January 22.

The Insurance Women of SW MS are hosting the annual state meeting of the Mississippi Council of NAIW.  Recently, committees have been assigned.  I was appointed the Co-Chairman of the State Meeting committee.

I have to admit this task seems very daunting to me.  How can an association of six women plan and host an event where they are expecting at least 60 women from across the state of Mississippi to attend?  I know that IW of SW MS, have done this before and I shouldn’t be worried about.  But the thought that keeps crossing my mind is, what if they expect too much of me and I screw it up?

The chance at leading groups is one excellent benefit of being a member of NAIW.  Where else can you learn and practice leadership abilities?  NAIW gives it members several opportunities to enhance their leadership abilities.  At the local level, members can serve on a variety of positions including committee chairpersons or even officers.

While NAIW gives us the ability to serve our associations, it is the members that make the difference.  Outgoing officers help newly elected officers.  When chairpersons turn over committees, they always encourage the new chair.  There are several ways members can “practice” at being a member without feeling, “If I mess this up the world will end.”  So, while I may feel apprehensive about my new committee assignment, I know that our members will be behind me 100%.  If I need guidance or encouragement, they will be there.  I encourage everyone to take a chance and sign up for a committee.  Use this opportunity to practice your leadership skills!

The Federal Trade Commission (FTC) offers a range of practical consumer tips on hiring a contractor.  If you have an insured that is thinking about hiring a contractor, share these tips with him.

If you are going to hire a contractor, interview him face to face and get answers to the following questions:

How long has the contractor been in business?

You should seek out a well-established company and check into its track record with consumer protection officials.

Is the contractor licensed and registered with the state?

Most states license electrical and plumbing contractors, but only 36 states have some kind of licensing statues.  Contact your local building department to learn about licensing requirements in your area.

How many projects like yours has the contractor completed in the last year?

Ask for a list.  This will help you determine how familiar the contractor is with your type of project.

What type of insurance does the contractor carry?

Contractors should have personal liability, worker’s compensation, and property damage coverage.  Ask for copies of insurance certificates, and make sure they are current.  Avoid doing business with contractors who don’t carry the appropriate insurance.

When you sell an insured a builder’s risk policy, go over these recommendations from the FTC.  Insureds need to know if they hire a contractor who does not have appropriate insurance coverage they may be responsible for any injuries or damages that occur during the project.