(ARA) - Insurance is meant to help you pick up the pieces in case you’re ever faced with a disaster. But sometimes policyholders find out — after it’s too late — that they don’t have enough coverage to return to the lifestyle they were used to.
Just because you have homeowners, renters or condominium insurance doesn’t necessarily mean you have enough coverage. In fact, some industry estimates say that as many as three out of four U.S. homes are underinsured.
If you haven’t re-evaluated your insurance coverage lately, it may be time to set up a meeting with your agent to review your policy. Since you first bought your insurance, your needs may have changed, your home may have increased in value, or you may have accumulated items that aren’t covered by your policy.
Increased home value
When your insurance bill arrives, you may notice that each year it calculates a slight increase in your home’s value due to inflation. But have you recently remodeled your kitchen, finished your basement or built that deck you’ve always wanted? Any large project like this will likely increase the value of your home far beyond the inflation increase. It’s important that you’re insured accordingly in case you’re ever faced with a loss.
Should you experience a disaster, such as a fire or tornado, many insurance policies have a fixed upper-limit on how much they will cover. For example, on a General Casualty homeowners policy with a building replacement cost endorsement, the insurance company will pay up to 25 percent more than the value the home is insured for. So for a home insured at $100,000, General Casualty would pay up to $125,000 to replace it. If the home is underinsured by more than 25 percent, the policyholder may be responsible for the extra amount.
For higher value properties, owners may want to consider a policy that features guaranteed replacement coverage, which doesn’t limit the coverage amount to rebuild the home. Many companies offer this additional protection in their upscale home packages.
Your “stuff” may require more coverage
While your home itself may or may not have grown or changed over the years, what’s inside probably has. Most of us find that we accumulate more possessions over the years. And certain high-value items may require coverage endorsements that go beyond coverage limits included with your policy. Some common items that may require extra coverage include jewelry, electronics, silverware, firearms, furs and specialty collections, such as stamps or coins.
“While it’s probably not the first thing on homeowners’ minds when they make high-value purchases or undertake remodeling projects, it’s important to keep their policies up-to-date or they run the risk of being underinsured,” says John Hagen, General Casualty’s personal lines business manager. “That’s where insurance agents can provide appropriate counsel and help make sure you’re protected.”
General Casualty Insurance Companies, based in Wisconsin since 1925, provides home, auto and business insurance through independent agents in 12 Midwestern states as well as Connecticut, Maryland, Massachusetts, New York and Pennsylvania. Consumers can locate a General Casualty agent near them by logging onto generalcasualty.com/agencyloc/.
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About the author:
Courtesy of ARA Content
Have you recently filed Chapter 13 Bankruptcy? Do you have an
upcoming Meeting of Creditors hearing? Many Chapter 13 debtors
get a little nervous about the meeting since they are not
exactly sure what to expect. So, I decided to take some notes on
exactly what happens during the meeting for the benefit of those
who have an upcoming meeting. Of course, I knew what was going
to happen since I’ve done these hearings before for my clients,
but I wanted to note the exact words this hearing officer
(trustee) was using and the exact questions she was asking.
Sometimes, clients have visions that creditors are going to sit
there and hammer them all day with questions or something. This
is just not the case, in my experience. Let’s start with some
basics.
What is the Meeting of Creditors?
The Meeting of Creditors is a hearing that is held 20 to 40 days
after the bankruptcy petition is filed. The debtor must attend
this meeting, at which creditors may appear and ask questions
regarding the debtor’s financial affairs and property. If a
husband and wife have filed a joint petition, they both must
attend the creditors meeting. The trustee also will attend this
meeting. It is important for the debtor to cooperate with the
trustee and to provide any financial records or documents that
the trustee requests.
The trustee is required to examine the debtor orally at the
meeting of creditors to ensure that the debtor is aware of the
potential consequences of seeking a discharge in bankruptcy,
including the effect on credit history, the ability to file a
petition under a different chapter, the effect of receiving a
discharge, and the effect of reaffirming a debt.
In some courts, trustees may provide written information on
these topics at or in advance of the meeting, to ensure that the
debtor is aware of this information. In order to preserve their
independent judgment, bankruptcy judges are prohibited from
attending the meeting of creditors. This paragraph was adapted
from Bankruptcy Basics, a FREE publication, click here
to get a copy.
What Can You Expect at the Meeting?
Well, that’s what this article is all about. Let’s talk about
that:
If you have an upcoming meeting of creditors hearing, the best
way to overcome your fear of the unknown is simply to go to a
meeting(before yours) and just sit there and observe. That will
probably prepare you much more than if you learn about it second
hand.
So what I’ve tried to do is give you blow by blow of what
happened at this particular meeting of creditors about a week
ago (December, 2005). I primarily practice Bankruptcy in the
Northern District of California, although I can practice
anywhere in California.
Disclaimer: The following is an example of what occurred on a
particular date in my jurisdiction (Northern District of
California, Oakland Division) at a Chapter 13 Meeting of
Creditors hearing in December, 2005. This may vary dramatically
from what occurs where you live. Therefore, do not think that
the way the meeting is presented above reflects what will occur
in your jurisdiction. You should speak to your attorney about
what occurs in your particular jurisdiction. This article is for
informational purposes only and does not constitute legal
advice.
That having been said, in the Oakland Division of the Northern
District of California Bankruptcy court, the meetings are held
at a location other than the actual Bankruptcy court. The court
itself is across the street. The meetings are held in a suite on
the 6th floor of the Federal Building. Inside the suite, there
are two main rooms. One is a waiting room where attorneys can
confer with clients, talk to each other, etc… The other room
is where the actually meeting of creditors hearing occurs. There
is usually a person there to help direct you and answer basic
non-legal questions about the process.
1. So, let’s say your hearing is at 9 A.M. You get there at 8:30
or so and go into the waiting room. The trustee in our
jurisdiction hands out a booklet called “The Chapter 13 Debtor
Handbook” which is for you to take home and read and tells all
about the process. You are then directed to watch a 15 minute
video that explains the basics of bankruptcy and particularly
Chapter 13 bankruptcy.
2. Once the video is over, the trustee’s assistant comes into
the waiting room and announces that the meeting is about to
start and that anyone who is on the 9 A.M. calendar should come
into the room where the meeting will be held. There are about 20
or 30 seats and all of the people on calendar head in to the
adjoining meeting room.
3. The hearing begins. Trustee starts the calendar and
introduces herself. She talks about what will occur at the
meeting. The trustee states that she will call debtors
individually and that she will question each for approximately 5
minutes. If creditors are present, they will be able to ask
questions for 5 minutes per case per debtor. The debtor is to
have their Social Security card and ID ready to show to the
trustee when their name is called. She says that all payments
into the Chapter 13 plan are to be made in cashier’s check or
money order. Debtors are not allowed to incur new debt. If you
absolutely need to purchase a car for transportation, the
trustee must approve how much you can spend on the car and
approves the purchase contract. You can only sell or refinance
your real property with permission of the trustee. Permission is
only given to Title companies when in escrow. In other words,
the deal must be already in place.
4. The Trustee calls the name of the first debtor. The debtor
and their attorney comes up to the table. The attorney sits on
one side of the table and the debtor on the other side. (Picture
a long cafeteria-style table. The trustee and her assistants are
sitting at the middle of the table facing the front of the room.
The attorney and debtor are sitting at the far ends of the table
opposite each other).
5. The trustee asks for debtor’s ID and Social Security Card.
6. The attorney states his or her appearance for the record.
(e.g. “Leon Rountree, appearing on behalf of John Doe
debtor”)
7. The Trustee swears in the Debtor: “Do you solemnly affirm
under penalty of perjury that the testimony that you are about
to give is the truth, the whole truth, and nothing but the
truth”?
8. Trustee states for the record: “I have seen the debtor’s
Social Security card and identification and Social Security
number on the card matches the number on the petition.”
The trustee then asks the debtor the following questions:
9. “Is your home address still: “[Home Address]”?
10. “And do you still work at [Place of employment] as an
[occupation]”?
11. If the debtor owns a car and is keeping it:
“Is your car insured”?
“Have you made the necessary car payments”?
If the debtor is not keeping the car,
“Are you surrendering the car”?
12. “Do you own any real estate”?
If yes,
“Have you made all the necessary house payments since the
petition
was filed”?
“When did you make those payments”?
“Is the house insured”?
“Do you pay the property taxes directly”?
“Are the property taxes current”?
13. “Have you filed all tax returns for the last five years”?
If not,
“When will they be filed”?
14. “Do you owe any money to the IRS or the California Franchise
Tax Board”?
15. If debtor has credit card debt,
“Have you destroyed all your credit cards”?
16. “Do you believe that you can make monthly payments of
[Chapter 13 plan
payment] per month”?
17. “Did you review the bankruptcy petition and schedules before
signing them”?
18. “Is everything in the petition and schedules true and
correct”?
19. Are there any creditors that wish to be heard in this
matter?
If everything runs smoothly, the trustee states that she will
recommend to the Judge that the Chapter 13 plan be
confirmed.
That’s it! When they say that it will last about 5 minutes, they
usually mean it. The only exception might be if there are
objections of some kind to the plan or a married couple is
filing in which case the meeting may last a few minutes
longer.
Disclaimer: The above is an example of what occurred on a
particular date in my jurisdiction (Northern District of
California, Oakland Division) at a Chapter 13 Meeting of
Creditors hearing in (December, 2005). This may vary
dramatically from what occurs where you live. Therefore, do not
think that the way the meeting is presented above reflects what
will occur in your jurisdiction. You should speak to your
attorney about what occurs in your particular jurisdiction. This
article is for informational purposes only and does not
constitute legal advice. This article does not create any
attorney client relationship. Copyright 2005, Leon H. Rountree
III
PERSONAL INJURY FOLLOWING AN ACCIDENT AT WORK IN THE UK
Every year in Britain there are said to be more than a 1 million accidents at work. The vast majority of incidents involving bodily injury and hospital or medical treatment for the injured party.
Many incidents occur as a result of poor safety standards being adopted by the employers. There are many many rules and regulations that govern the way workplaces should be managed and it is fair to say that Britain’s working environment is one of the safest in the world. However not all employers take sufficient steps to safeguard the wellbeing off their employees and as a result far more accidents take place than might otherwise be the case.
Almost regardless of the type of occupation, it is possible to suffer some sort of injury in the workplace. Many people are injured on building sites and construction is probably the most dangerous sector in which to work. But it’s also possible to suffer an injury in an office or similar indoor working environment.
Many employers have found it very difficult to keep up with the raft of health and safety regulations that have been introduced during the course of the last 20 to 30 years. But the simple fact is that they are required by law to adhere fully to the existing regulations and if they fail to do so an employer will be deemed negligent and a claim for personal injury compensation may result.
In the UK, and any employee that has been injured in the course of his or her duties at work, may have the right to make a compensation claim against their employer. Virtually all employers have Employers Liability Insurance which indemnifies them in respect of any claims arising from their negligence or the negligence of another employee.
If you have been involved in an accident at work, the chances are that you may well have the right to pursue a personal injury compensation claim. In the UK and we now have a legal system that revolves around the concept of no win no fee. This means that for all intents and purposes an individual can make a claim for compensation without incurring any liability for legal costs. The injured party will sign a no win no fee agreements with his chosen lawyer who will then pursue the case without asking for any fees up front. The general idea is that if a case succeeds, the lawyer will receive costs from the employers insurance company, whereas if the case is lost they will agree not to charge the injured party.
In order for a case to proceed it must first of all have merit. The lawyer will need to assess liability and try to determine precisely how the accident occurred. In many cases the injured party may be also partly to blame to the incident or injury but such factors do not rule out the possibility of a claim. Primary liability needs to be established. The second thing that a lawyer must assess is whether the injury that has been suffered, justifies a legal claim being made.
You may be entitled to claim for pain and suffering compensation, loss of earnings, loss of overtime or bonuses, treatment costs and other care / services expenses. One of the great benefits of pursuing a personal injury claim is that you are entitled to receive treatment or therapy costs which can assist in your recovery. The claims process is not just about recovering the financial losses that usually follow such incidents, your lawyer must also focus on helping the injured party make a recovery from the injuries.
Please note that if an employee is absent from work for more than 3 days or if the accident was of a serious nature, the employer MUST complete a RIDDOR report form for the Health & Safety Executive (HSE). This report is a formal record of the event and is usually followed by a HSE investigation. The employer also has a duty to keep internal accident records and must ensure that all injuries are noted in an official “accident book”.
If you have been injured in accidents at work then you should make immediate enquiries with a personal injury solicitor, to determine whether or not you have the right to claim damages.
Martin Nolan is a legal marketer working in the UK personal injury sector. To find out more about accident at work claims please visit The Claims Connection website.