INSPENONLINE: Flood insurance rates to rise October 1, 2013

Saturday, 28 September 2013

Flood insurance rates to rise October 1, 2013

By Tamara Hayes

On July 6, 2012 the Biggert-Waters Flood Insurance Reform Act was passed. The purpose was to recover losses to the government’s National Flood Insurance Program resulting from hurricanes. The federal government is the only entity in the flood insurance business; however, policies are administered by insurance agencies.

Effective October 1, 2013, every flood policyholder will get a 10 percent increase in rates. Also, home owners who own or purchase older homes in flood zones may see much higher rates. If you have a mortgage on your home, then you are required to purchase flood insurance. If you are a cash buyer and do not have a mortgage, then it is up to you if you want to purchase coverage or not.

Flood insurance rates are based on a variety of factors. The elevation of your home is a key factor. If you are obtaining a mortgage, the insurance company will require an elevation certificate. Other factors include type of building, number of floors, flood techniques such as breakaway walls and flood vents, as well as the property’s geographic location.

Here is a link to the new National Flood Insurance Program rates and guidelines http://www.fema.gov/media-library/assets/documents/34620%20%28October%20... One of the best resources for information on flooding, flood risk, and residential coverage is www.floodsmart.gov. If you are unsure of what your policy covers and what your new rates may be, contact your insurance agent today. If you are thinking of purchasing a home and want to know what the rates will be, the FloodSmart.gov web site has a One-Stop Flood Risk Profile form where you can enter the address of the property and it will provide you with the property risk, estimate of premiums and insurance agents to contact.

Source: Examiner

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Lawal is Inspen 2014 insurance man of the year

The former President Chartered Insurance Institute of Nigeria (CIIN) Fatai Lawal has emerged the 2014 Inspenonline Insurance Man of the year.

Fatai who is the the Managing Director Sterling Assurance Nigeria Limited was named today, at the Nigerian Insurance and Pension Award organised by Inspenonline.

Chief Executive Officer Inspenonline Media, Chuks Udo Okonta, said Lawal was picked from the votes casted by the public and other considerations made by the award's panel of assessors.

He noted that the winner raised the bar at the the Institute and the industry by opting to serve a tenure which was eventful and impactful. He added that amongst the legacies left by the winner was the printing and donation of Insurance books to secondary and tertiary institutions aimed at deepening insurance awareness.

Okonta noted that the award, which started two years ago with the recognition of two distinguished individuals and an underwriting company, has now come to stay.

"This year, we decided to raise the bar by setting high standards to judge the operations of companies and impacts made by individuals in moving insurance and pension business forward.

"To achieve this, we gave the public the opportunity to select those to be celebrated by calling for votes. Having harmonised the votes which came from different parts of the country, we benchmarked the scores with the set standard to arrive at the winners we are celebrating today," he said.

Others winners are AIICO Insurance Plc, Insurance company of the year; FUG Pensions Limited, Pension Fund Administrator of the Year; YOA Insurance Brokers Limited and Glanvill Enthoven Insurance Brokers Limited, Insurance Broker of the year.

Professional Excellence Award went to Professor Joe Irukwu; Best Professional Group went to the Chartered Insurance Institute of Nigeria and Association of Registered Insurance Agents of Nigeria; Corporate Brand went to Mansard Insurance Plc and Leadway Assurance Limited while Corporate Social Responsibility Award was won by Sovereign Trust Insurance Plc.

The organisers also recognised organisations that distinguished themselves, with Excellence Award. Organisations in this category include the National Pension Commission, Lagos State Pension Commission, Goldlink Insurance Plc and Pension Transition Administration Directorate.

Casino and Gaming Insurance

Anyone who operates or is considering opening up a casino or gaming establishment, requires insurance. As an online gambler, it is important that you play at a gambling establishment that follows reputable business practices. The best casinos are those that do not just protect their customers, but also protects themselves.

If you’re going to gamble online, you need to make sure that you choose a high-quality site like PlayMillion.com. Leading virtual casinos in the online gambling industry provide players with a secure and fair gaming environment. At PlayMillion, Players can enjoy 24/7 customer support, a multi-lingual platform, a VIP Lounge, a variety of promotions, and a truly generous signup bonus.

Customers of this internet casino brand can also enjoy great games like Caribbean Poker. This is an exciting card game and an interesting poker variant. Unlike other variants of this popular card game, while this version is similar to five-card stud, your opponent is the house, not the other players. Online Caribbean Stud is an exciting way to experience poker quickly and conveniently, whenever you want.

What else do you need to know about casinos and insurance? Unless you are a casino operator, there really isn’t anything else you need to think about. Essentially, when you are a player you need to concentrate on creating your own personal insurance to yourself. In other words, you need to make sure that you create a gambling budget and that you stick to it. Once you create a bankroll, your goal should never be to deplete it. This makes certain that you will always have money with which you can play. Equally, you should set yourself winning and losing limits, so you know when to call it a day.
　