Homes Blog

spring insurance flood warning

8 Spring Insurance Hazards

After a long and cold winter season, the warmth of the spring season refreshes us and breathes life back into the world. But as the ice thaws and melts, damage and erosion caused by winter weather becomes visible. Cracked pavements and driveways, pot-holes, rust on cars, and flooding are all examples of this type of damage. Although this article was originally published in the spring of 2011, with these tops you can protect yourself from this sort of damage through spring of 2016. Click the link below to learn more!                                                     

By Margarette Burnette 
http://www.foxbusiness.com/features/2011/04/25/8-spring-insurance-hazards-covered.html

To obtain the best insurance coverage possible, contact us now @ Parr Insurance Brokerage

Parr Insurance Brokerage
2157 N Damen #2B
Chicago, IL 60647
P.773.489.3001
cedric@Parrinsurancebrokerage.com

 

 

Lending art to museums can increase the value of your collection.

full gallery

Art collectors covet and, conversely, want to share the works they painstakingly acquire and cherish.  This act of sharing important pieces from a private collection may be altruistic, but also has quantifiable value.   Allowing experts to inspect and appraise lent work can uncover little known details about history or provenance and could increase the value or desirability of a piece considerably.   There are many factors to consider when loaning one of your treasured works to a museum or gallery, so  Chubb, one of the world’s premier fine art insurance carriers, offers a checklist on how to protect yourself against potential losses.

  1.  Is the work of art stable to withstand travel? While the curator may want the work of art because it is important to the context of a show, the museum conservator is key in determining the stability of the piece to travel. Ask the conservator to provide a fully detailed condition report before the work has left your possession.

2.   How will your work of art be displayed? Ask about security cases, security screws, location of the objects in relationship to visitor flow, and distance from the viewing public.

3.   Will the museum travel the exhibition, including your work, to other facilities?  If so, obtain   the same security-related details for every location where your work would be displayed.

4.  Ask the museum for a facility report and for information about its security systems and procedures.

5.  Obtain specific information about the museum’s insurance policy. This is especially important overseas, where many state-owned museums, such as the one housing the Munch paintings in Oslo, do not purchase insurance covering theft and other perils. Is the coverage wall-to-wall and would it respond to terrorism-related losses? Which company underwrote the insurance policy, and what is its financial security? Has the museum not addressed certain recommendations made by the insurer, and if so, what impact may that have on coverage if there is a loss?

6.  Is the exhibition insured through the U.S. Indemnity program? This program authorizes the Federal Council on the Arts and the Humanities to make indemnity agreements with individuals, non-profit, tax-exempt organizations and governmental units for eligible objects from other countries while on exhibition in the United States. Ask for detailed information about the requirements of the program.

7.  Have an updated appraisal completed for your work to establish an accurate current market value. An over valuation will cause the museum to pay for more coverage than it needs. Under valuation will complicate the insurance adjustment process, particularly in the event of a partial loss.

8.  Obtain details on the labeling and identification of your artwork. In addition, make sure that there are no issues about the title or authenticity of your work.

9.  Notify your insurance company, agent, broker prior to lending. Ask their advice prior to waiving any rights of subrogation against the museum, packer or shipper.

10.  Ask about the packing and shipping of your piece from your home to the museum. Will the museum use storage facilities while consolidating the shipments? Obtain full details about fire and burglar protection for the storage location.

11.  Make sure that the loan agreement that you receive from the museum specifies all the requirements that you had negotiated when you agreed to loan your work.

Sofa Art Gallery

Homeowner, water damage flood

Homeowner Policy for Blizzard Damage

Recent storms along the Atlantic coast in places like New Jersey has left the people’s property with significant damage. Damage incurring from heavy wind, snow and ice is covered by standard homeowner insurance policies. Damage from burst pipes, along with melted snow from the roof which seeps into the ceilings and wall is covered as well, but flood damage is generally not covered. To cover flood damage, special flood insurance is required.

Click here to read the full article on nytimes.com

To get the best coverage possible for your home, please contact us at Parr insurance Brokerage!

(773) 489-3001
2157 N Damen Ave #2b,
Chicago, IL 60647
cedric@parrinsurancebrokerage.com

 

 

Credit Score

Good Credit Score = Lower Premium!!

WOULD YOU LIKE TO PAY WITH CASH OR CREDIT?

To all of those whom have recently bought a home or if you are planning to in the near future,  here’s a reason to maintain a good credit score. Insurance companies may give significant weight to your credit history when setting rates for homeowner coverage.

While insurers’ use of consumer credit in setting rates is nothing new, homeowners may be surprised to know just how much their credit profile can affect their premiums. If you have merely fair credit, you’ll pay about 32 percent more on average for homeowner insurance than those with stellar credit, according to a report from the insurance data firm Quadrant Information Services.

Now if your credit is so bad that you get turned down for magazine subscriptions, the impact is even greater: You’ll pay twice as much on average, in most states, as those with top-tier credit, according to the study, which was commissioned by the rate-shopping site InsuranceQuotes.com. Laura Adams, the site’s senior analyst, said insurers were putting greater emphasis on consumer credit in most states, which makes it increasingly important to pay your bills on time and correct any errors in your credit report.

So what if you haven’t paid your student loans on time. Why does your credit history affect your homeowner premiums? Well like a traditional credit score, which is used to determine whether you’re likely to repay your debts, an insurance score is based on the information in your credit report — but the data may be weighted differently, and it’s used to help predict the likelihood that you’ll file a claim in the future. The lower the score, the higher the risk you’ll file a claim for a loss — and the more you should pay, insurers say.

Some insurers use their own scoring models, while others use outside vendors, and different insurers may place greater emphasis on different aspects of your credit report in computing your score, said Lamont Boyd, insurance industry director for scores and analytics at FICO, which provides insurance-scoring software in addition to traditional credit scores.

The moral of the story is to make wise decisions  with all of your purchases on credit and to make timely payments of all loans. One day that dedication will pay off in a big way!

Prep Wise for Winter

Winter Weather Approaching!

Incoming Snow This Weekend

Winter is right around the corner. Snow tonight through Saturday with significant accumulation is expected in some areas. Total snow accumulation, 4 to 8 inches across Northwestern Cook away from Lake Michigan, with 2 to 4 inches near the immediate Lake including downtown Chicago. The first accumulating snow of the season will unfold across the Chicagoland region beginning this evening and persisting through the day Saturday. Warm ground temperatures, especially pavement, will initially limit accumulation on surfaces this evening. However snowfall rates are expected to increase overnight through Saturday morning.

Winter Prep

As the weather turns colder and winter season approaches, it is critical important that we support our customers in their effort to be prepared. Among other risks, water damage is a key concern for our insureds – a broken 1-inch water pipe can spill 60 gallons of water per minute. Businesses that stay ahead of the weather also get ahead of the risk exposures and can greatly reduce their chances of experiencing a business interruption.

Some additional key points:

  • Get heating systems checked early to make sure they are ready to withstand freezing temperatures.
  • Keep the workplace warm, even when it’s closed for weekends and the holidays.
  • Know the location of the water shut-off valves – both for domestic water supply and sprinkler system.
  • If there are unheated areas and dry pipe sprinkler systems, low point drains should be checked by maintenance staff or a qualified contractor.
  • Make sure employees are trained on the proper use of snow removal equipment and review contract language for vendors hired for similar services.

I hope that you will find this safety precaution article informative. If you have any questions and are interested in attaining coverage for your home and against any impending damage this winter,  please visit http://parrinsurancebrokerage.com or http://neisinsurance.com and learn about your options!

Thanks,
Cedric Ngwa
Parr Insurance Brokerage
2157 N Damen #2B
Chicago, IL 60647
P.773.489.3001

 

2015 Chicagoland Cooperator's Expo

Chicagoland Cooperator’s Expo

 Chicagoland Cooperator’s Condo, HOA & Co-op Expo

The Chicagoland Cooperator’s Condo, HOA & Co-op seasonal Expo took place at the Navy Pier Convention Center, on Wednesday, November  18th  from 10am-4:30pm. The Expo is for board members, property managers, condo, HOA and co-op decision makers. Dwight Zivo of Parr Insurance Brokerage was an insurance expert in one of the Advice Booths, a free advice panel available to attendees of the event.. The event was free.

The Chicagoland Expo is the largest expo in the state entirely dedicated to  connecting condo, HOA, and co-op managers, board members, and residents with  the professionals and service providers their communities need on a regular  basis. Between nearly 300 exhibitors, countless product demos, free advice  booths, and full roster of educational seminars, it’s literally a one-stop, custom-built marketplace for vendors, products and  ideas.

“The express purpose of the Chicago Expo is to help attendees make useful,  productive connections, gain valuable information, and network with their  peers,” says company president Yale Robbins. So if you’re a decision-maker for a condo, homeowners association, or co-op community—or even if you just call one home—and you have a pressing legal issue or an important project waiting in the  wings, you owe it to yourself and your community to drop by the Expo and  experience what it has to offer. It would take months to meet with the same  number of vendors and professionals a typical Expo attendee will interact with  in one afternoon on the show floor.

 A Learning Experience

One of the biggest reasons for board members, managers, and owners to visit the  show is the Chicago Expo’s full slate of free educational seminars. Custom-built to help anyone involved—or even just interested—in the administration of a residential building or homeowners association, the  2015 seminar panels will provide in-depth discussion of the legal,  administrative, management, and financial concerns pertinent to the region’s  HOA managers, board members, and residents.

If you are interested in attending the expo as an audience member to enjoy one the free seminars,  network with fellow individuals in your particular field of expertise or promoting yourself and  business as an exhibitor next time around please visit  http://fall.ilexpo.com/ to register!

 

CLM Networking Event

Event: CLM Educational Networking

CLM(Claims and Litigation Management Alliance) Northern California Chapter held an informative educational and networking event featuring a presentation on “The Legal Landscape of the Sharing Economy: Homes and Rides” at City Club in San Francisco.

Melissa Neis, Vice President at Parr Insurance Brokerage and CLM Fellow attended the event and spoke about the recent legislation of California which included the Thriving Communities and Sharing Economy Act, amendments to the San Francisco ordinances to provide an exception on short term residential leases, and advertising residential private rental listings on the Internet. Parr Insurance was a sponsor of this event.

Other presenters included :
Tad Devlin, Partner and Chair of Sharing Economy Practice Group, Kaufman Dolowich & Voluck, LLP, (Moderater)
Amy Jensen, Lead Trial Attorney at The Hanover Insurance Group
Randy Nornes, Executive Vice President at Aon Risk Solutions Chicago

The Panel discussed, among other things, the ways in which California law has attempted to adjust in response to the insurance, labor, employment, and property issues that have emerged in the home-sharing and the ride-sharing economies.

The San Francisco Bay Area is the hotbed for all things that are innovative. Recent legislation and litigation regarding sharing economy companies have caused a dramatic change in the insurance industry, and the legal landscape alike. Learning the meaning of these new laws will be helpful to those looking to win new business, and to remain in compliance with the letter of the law.

To learn more about the CLM, visit this website. https://www.theclm.org/

 

 

Beggar's Banquet

Collaboraction – Beggar’s Banquet!

IMG_4568Collaboraction, the Chicago-based theater company dedicated to social change, collaboration and original work, launched its 20th season in Wicker Park with its always popular Beggars’ Banquet, this year honoring Collaboraction founder and nationally acclaimed director Kimberly Senior. Parr Insurance was one of the sponsors of Collaboraction. Melissa Neis, VP of Parr Insurance Brokerage, was the event Chairperson.”

Over 200 supporters raised more than $50,000 for the company while having an absolute blast at the time-traveling celebration of the company’s origins, 20-year history and exciting new future. The evening kicked off with paparazzi shots, cocktails and a delicious Chop Shop buffet, followed by a raffle and live auction. Kimberley Senior founded Collaboraction in 1995, and current Artistic Director, Anthony Moseley, joined the company in its third show and collaborated with Senior on numerous productions before taking over the helm. Moseley says “The first 20 years of Collaboraction cultivated a tremendous volume of theatre and relationships and amazing shared moments. It is a tremendous privilege, to take a moment, to remember and share and celebrate these accomplishments, before getting sucked back up by the excitement around our unique new work and mission we have laid out for the next five years to use all this energy we have created to make a positive impact on Chicago.”

Proceeds will help fund Collaboraction’s Teen Youth Ensemble program with After School Matters, Collaboraction’s Crime Scene tours to Chicago’s parks each summer, new play development, and salaries for dozens of local actors, performers and artists each year.