Bensman Risk Management, Inc.


Insurable Interests

Bensman Risk Management, Inc.
2333 Waukegan Road Suite 275
Bannockburn, IL 60015
847-572-0800 Phone
847-572-0502 Fax

Insurable Interests may offer general financial, insurance, tax and business ideas. However, due to the ever-changing tax laws as well as the complexity of the financial industry, you should seek professional advice before implementing any of the ideas contained in this newsletter. The Bensman Group, Bensman Associates Ltd., Bensman Risk Management, Inc. or Schemata, L.L.C. assumes no liability whatsoever in connection with the use of this newsletter.

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Securities offered through Kestra Investment Services, LLC (Kestra IS), Member FINRA/SIPC. Investment Advisory Services offered through Kestra Advisory Services, LLC (Kestra AS). Kestra IS and Kestra AS are not affiliated with The Bensman Group, Bensman Associates Ltd., Bensman Risk Management, Inc. or Schemata, L.L.C.

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Insurable Interests

Vol. 7, Issue 1September 2011

MONTHLY MESSAGE

Lessons from Nature's Fury

Recently, we have had plenty of evidence of the havoc that nature can wreak. The East Coast was rattled by a rare earthquake before being hammered by Hurricane Irene and subsequent severe flooding, while Texas has been plagued by raging wildfires. These kinds of events cause loss of life and widespread property damage, and their ripple effect can extend far beyond the affected areas.

Sometimes insurance carriers respond to these natural disasters by imposing temporary moratoriums on issuing new coverage or changing existing coverage. Usually these moratoriums apply mainly to homeowner’s policies in areas likely to be affected by the disaster, but they can apply to any kind of coverage in any part of the country.

The rationale of the insurer is obvious: If you own a home in the possible path of a hurricane, they don’t want you to double your coverage for a week until the storm passes, then drop the additional coverage. Even if you do not end up filing a claim, any additional premium you pay probably will not cover the insurer’s costs of processing the paperwork.

As a result of this practice by insurers, it is important that you talk to someone at The Bensman Group in person if you want to get coverage or make a change to an existing policy. That way, you can be sure that there is no temporary moratorium in effect that would keep us from placing or changing the coverage on your behalf. Especially with homeowner’s coverage, you should not assume that because you left a voicemail or sent an email, we can bind the coverage or make the change. This is especially true if you have property that is located anywhere near an ongoing or expected disaster.

We also want to remind you of a larger point: that the time to assess your coverage is not when a hurricane is bearing down on your house. We at Bensman are happy to sit down with you whenever you want to discuss whether your current coverage has appropriate limits and is structured so as to provide you the best protection for your property and liability. At the very least, you should revisit your policies with us on an annual basis as part of your yearly insurance review.

And be sure to let us know about anything that might change your coverage. It could be something as dramatic as a home addition, or it could as simple as upgrading your alarm system. If you think it might be important, just give us a call.

At the Bensman Group, we believe in building relationships with our clients. We want to work with you to create a protection program that works for you. If you have any questions or concerns about your insurance coverage, contact us at 847-572-0800 or dmiller@bensman.com.

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