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		VOL. 6, ISSUE 1   •   SEPTEMBER, 2010 Run for a Good Cause On Sunday, Sept. 19, there will be a very special charity run in Libertyville. The Super Jake & Friends' Heroes Dash is a 5K run/walk sponsored by the Super Jake Foundation, which raises money to fund research to find a cure for neuroblastoma, a deadly childhood cancer, and to help the families of the young victims of the disease. The event will be held at the Independence Grove Forest Preserve, 16400 W. Buckley Road in Libertyville. In addition to the 5K, there is a Little Heroes Dash for kids 12 and under. For more information or to register, click here Bensman's David Miller is planning to participate in the run in memory of his daughter, Emma, who died in the delivery room on April 5, 1996. He would love to have the opportunity to present donations on behalf of Bensman clients and employees on the day of the run. If you would like to help out this worthy cause, make your check payable to The Super Jake Foundation, and put "David Miller -- Bensman" on the memo line. You can mail your donation to David Miller, The Bensman Group, 2333 Waukegan Road, Suite 275, Bannockburn, IL 60015. READ MORE...
		VOL. 5, ISSUE 12   •   AUGUST, 2010 Insurance for Your College Kid As your child heads off to college, you probably have covered the usual bases with extra-long sheets, a laptop and your old couch. But what about insurance? First, let us know the address of your child's dorm or apartment, so that we can extend the property and liability coverage of your homeowners coverage. Usually, that's all you need. Property coverage is subject to your policy's deductible, but if your child has specific valuables, you can get a rider to your policy. More importantly, your homeowners insurance extends liability coverage to your student. This will help protect her--and potentially you--from losses that could be far greater than the cost of that old couch. READ MORE...
		VOL. 5, ISSUE 11   •   JULY, 2010 Call Before You Rent a Facility Summer sees more than the usual share of weddings, bar and bat mitzvahs, anniversaries and more. If you rent a facility to celebrate a special event with large numbers of family and friends, give us a call. Many facilities will offer you some form of "special event" insurance. But you might already have the coverage you need under your homeowner's or umbrella policy. On the other hand, you might need coverage if you host certain more public events, such as a fundraiser, hole-in-one tournament, concert, etc. We will be happy to check your policies and let you know if you need additional coverage. To discuss this or any other issue, please give us a call at 847-572-0800. READ MORE...
		VOL. 5, ISSUE 10   •   JUNE, 2010 Boat Coverage Takes a Little Time Summer's here, and it's time to hit the water with your boat or Jet-Ski. Before you do, though, check to make sure you have the right insurance coverage. It's important to note that insurers generally don't give us--or any agents--binding authority on watercraft. That means that you have to have insurance in place before you hit the water. This is different from many other coverages. For example, you can buy a car over the weekend and be covered from the time you drive off the lot, even if you don't call us until Monday, as long as you already have a policy in place on other vehicles. But with a boat or Jet-Ski, you need to call us during business hours and give us plenty of advance notice to make sure your coverage is in place. For questions about watercraft coverage or any other insurance needs, contact us at at 847-572-0800 or dmiller@bensman.com. READ MORE...
		VOL. 5, ISSUE 9   •   MAY, 2010 Insurance and Your College Graduate If you have a child graduating from college, first let us offer our congratulations to your graduate and to you. College graduation is a tremendous accomplishment, and it often represents the start of a person's independent life as an adult. That can be a bittersweet event for parents, so take a few moments to appreciate the great job you have done helping to launch your son or daughter. Then, give us a call. If your graduate has had renter's insurance, or if you have extended your own homeowner's coverage to include your child's college residence, we need to know so that we can adjust the coverage. If your child had a car at school that was covered under your auto policy, we need to make those adjustments, too. And we can help answer any questions you or your graduate might have about insurance as he or she starts a new life. Let us know even if your child is returning to school next fall, especially if your student had renter's insurance or was covered under your homeowner's or auto policy. We will be happy to make any necessary changes to your coverage, and to talk to you about options for protecting your child and yourself. Contact us at at 847-572-0800 or dmiller@bensman.com. READ MORE...
		VOL. 5, ISSUE 8   •   APRIL, 2010 Flood Insurance Reminder Spring is flood season, which makes it a good time to talk about coverage for water damage to your home. Your homeowner's insurance does not cover flooding, which insurers define as "the intrusion of surface water from an external source." This means, for example, water that pools in your yard or on your driveway and comes in through your basement windows or door. Homeowner's policies also do not usually cover damage from water that seeps into your home from cracks in your foundation. About the only water damage that your homeowner's policy covers is damage from water backup from drains. For other kinds of coverage, you need flood insurance--which we would be happy to discuss with you. If you get water in your basement, we can help you determine the source of the water and navigate your options. We also can provide you with the names of reliable cleanup contractors with which we work. And of course, we can review your coverage at any time. Contact us at at 847-572-0800 or dmiller@bensman.com. READ MORE...
		VOL. 5, ISSUE 7   •   MARCH, 2010 Check the Coverage on Your Rag Top Hopefully, the snows of early March will give way soon to warm and sunny spring weather that makes us think about driving around town with the top down. Before you get your convertible or sportscar out of storage, though, give us a call so that we can make sure you have coverage. If you put your car in storage for the winter, you probably dropped your insurance, and you'll need to resume it before you drive off in the spring. To check on the status of the coverage on your car -- or your boat or RV or any other warm-weather toys you might have put into storage-- contact us at 847-572-0800 or dmiller@bensman.com. READ MORE...
		VOL. 5, ISSUE 6   •   JANUARY, 2010 It's Illegal--and Stupid--to Text and Drive The state of Illinois' ban on texting while driving took effect January 1, making Illinois the 19th state to outlaw the practice, and more states are almost certain to follow suit. The federal government has banned texting while driving for federal workers. These actions make good sense, if we want to make our roads safer. We know that texting while driving is dangerous. In fact, a recent study by Car and Driver magazine showed that, in terms of braking response times, drivers who are texting are more impaired than drivers who are legally drunk. So resolve to personally follow the new law, and talk to your younger drivers about the dangers of taking their eyes off the road to read or send a text. Since January 1, the practice is not just stupid and dangerous--it is illegal. READ MORE...
		VOL. 5, ISSUE 5   •   JANUARY, 2010 Time to Check Your Beneficiaries The beginning of the year is a good time to check the beneficiaries you have chosen for your life insurance, retirement plans and any other account for which you had to name a beneficiary. Most people choose a beneficiary when they open the account or buy the life insurance. However, life changes might create a need for you to change your beneficiary. For example, if you are single when you take out your insurance and then you marry, you might want to make your spouse your beneficiary. On the other hand, if you are married and then divorce, you might want to remove your former spouse as beneficiary. If you have young children, you could make them secondary beneficiaries. If your children are grown with children of their own, you could make your grandchildren your secondary beneficiaries. While you are checking the beneficiary on your insurance policies, you also should consider whether the amount of insurance coverage you have is still adequate for your needs. To discuss these or any other issues, call us at 847-572-0800. READ MORE...
		VOL. 5, ISSUE 4   •   DECEMBER, 2009 Let Us Know if Your Mortgage is Sold It can make good economic sense to take advantage of current low interest rates and refinance your house. Just be sure to let us know if your mortgage is sold to another company, so that we can change the name of the lien holder on your insurance policy. If your mortgage is sold, you will get a letter from your mortgage holder. This often happens soon after you refinance. As soon as you get that letter, give us a call at The Bensman Group so we can change your insurance documents to reflect the change in mortgage holders. If you don't, your new mortgage holder could charge you for expensive additional insurance coverage. It is possible to get out of those charges, but it is much better to avoid them in the first place. To discuss this or any other insurance needs, just give us a call at 847-572-0800 or email me at dmiller@bensman.com. READ MORE...
		VOL. 5, ISSUE 3   •   NOVEMBER, 2009 A Time for Giving Thanks Thanksgiving is just around the corner, and we at The Bensman Group would like to take this opportunity to say how grateful we are to all of you. We know that the last few years have been extremely difficult for most people, and we appreciate your loyalty and your friendship. As we all gather with our families this season, please know that we appreciate your being part of the Bensman family. READ MORE...
		VOL. 5, ISSUE 2   •   OCTOBER, 2009 Is It Time to Put Your Car in Storage? Unfortunately, ragtop weather has probably gone, and you might be thinking about putting your convertible, sports car, boat or ATV away for the winter. You can get at least some solace from the fact that you will save money if you take your vehicle off your insurance policy while it is in storage. Just remember, though, that you cannot drive while your policy is on hiatus. If you would like to take your vehicle off your policy for the winter, just give us a call at 847-572-0800. And be sure to call us again before you take it out of storage next spring. READ MORE...
		VOL. 5, ISSUE 1   •   SEPTEMBER, 2009 It's Time to Check Your Furnace The days are getting shorter, and there is a definite chill in the air. Which means that it is time to have your furnace checked before winter really sets in. You should have a professional service your furnace and make any necessary repairs before each heating season. Most importantly, an annual checkup ensures that your furnace is safe to operate. It also keeps your furnace working as efficiently as possible -- and that saves you money on your heating bill. READ MORE...
		VOL. 4, ISSUE 12   •   AUGUST, 2009 College and Insurance As the start of college approaches, you probably have been busy buying books and laptops and extra-long sheets. But take a few minutes to consider how your insurance needs may change. For example, if your child goes to school more than 100 miles from home and does not take a car, let us know -- you will receive a premium credit on your insurance. If your student rents an apartment, you can consider buying renter's insurance. However, unless the landlord requires it or your child has a lot of expensive property in the apartment, you probably can get a liability extension endorsement to include your student's apartment on your homeowner's policy. It usually costs about $50 a year to give your child liability coverage through your policy; if you want to extend your umbrella coverage as well, that could cost another $50 to $100 per year, depending on the limits of your policy. We would be happy to talk with you about insurance issues related to college, or about any insurance concerns you have. Please contact me, or any member of The Bensman Group team, at 847-572-0800 or dmiller@bensman.com. READ MORE...
		VOL. 4, ISSUE 11   •   JULY, 2009 Risks of the Dog Days of Summer It is summer, and everyone is outside more -- including the family dog. But be aware that you could be liable for injuries your dog might cause to people or property. A serious dog bite almost always results in cancellation of your homeowners coverage by your carrier. And while you may think your dog would never bite someone, you can't be sure how a dog will react if it is threatened or startled. You also could be in trouble if your dog causes other injury to people, such as knocking them over, or to property, such as digging up your neighbor's heirloom tomatoes. It is best to keep your dog contained to your property and monitor its interactions with people. Finally, if you are considering getting a dog, you might want to check with us first. Some insurers balk at providing coverage to homes with certain breeds of dogs. We can answer your questions about these and any other insurance issues at 847-572-0800 or dmiller@bensman.com. READ MORE...
		VOL. 4, ISSUE 10   •   JUNE, 2009 Check Your Watercraft Coverage It finally is time to take to the lake in your boat or your Jet-Ski. But before you do, please check with us to see if there are any restrictions to your coverage. For example, some insurers do not provide coverage at all for Jet-Ski use between dusk and dawn. Another common restriction has to do with operating watercraft by people who do not have a valid driver's license. So before you cast off, take a few minutes to see if there are any issues with your policy. You can reach us at 847-572-0800 or email me at dmiller@bensman.com. READ MORE...
		VOL. 4, ISSUE 9   •   MAY, 2009 Summer Can Change Insurance Needs for Students It is spring, which means that college kids are coming home. Before the summer gets under way, let us know if the end of the school year means we should make any changes in your insurance coverage. For example: Did your student graduate? If they are lucky enough to have landed a job, will they be living at home or renting an apartment? Do they need renters insurance? And are you planning to remove them from your auto insurance? Should we cancel any coverage you have on their apartment at school, or are they staying there to go to summer school or work? Are they doing any international travel over the summer? If so, they should consider travel insurance and coverage for theft or loss of their travel documents and for emergency medical evacuation. To discuss these and any other insurance needs, just give us a call at 847-572-0800 or email me at dmiller@bensman.com. READ MORE...
		VOL. 4, ISSUE 8   •   APRIL, 2009 Looking Toward the Future These are difficult financial times, and that makes it even more important to plan for the future. For example, the current problems in the economy and in the financial and housing markets make this a great time to review your estate plan. Interest rates are at historically low levels, and the federal and state governments are looking for additional revenue. In addition, the estate tax reductions passed under President George W. Bush are scheduled to expire in 2010, and it remains unclear what will happen to those rates. Given such factors, you might want to consider the many ways to transfer assets to the next generation, to help ensure that the people you love are taken care of. We at The Bensman Group would be happy to help you explore your options and choose the approach that works best for you and your family. Just give us a call at 847-572-0800, or email me at jfeiger@bensman.com. READ MORE...
		VOL. 4, ISSUE 7   •   MARCH, 2009 Time to Get Out the Ragtop? Does the first taste of spring have you itching to get your convertible or sports car out of storage? Just make sure you are insured when you hit the road. If you put a stop on your coverage when you put the car away for the winter, you need to notify us at The Bensman Group to start your coverage up again before you pull out of the garage. That way, you won't have any unpleasant surprises to mar your re-entry into spring. In order to reinstate your insurance, give us a call at 847-572-0800 or email us at dmiller@bensman.com. READ MORE...
		VOL. 4, ISSUE 6   •   FEBRUARY, 2009 Most Expensive Colleges If you are paying college tuition, or thinking about paying college tuition, you know that that the cost of college has been rising faster than the Consumer Price Index for years. But at some prestigious institutes of higher learning, that increase has gone into the stratosphere. The most expensive college in the United States in 2008-2009 was Sarah Lawrence College in Bronxville, N.Y., where students (or their parents) had to plunk down a whopping $40,350 in tuition alone. That does not even include room and board (an additional $13,104), which makes the total $53,454. And then there are books and other essentials like pizza and spring break in Cancun. Of course, many students receive grants or scholarships to help offset the cost of tuition. But the most expensive schools still take a chunk out of any budget. Rounding out the most expensive colleges in 2008-2009 (Figures are tuition and room and board.): 2. George Washington University, Washington, D.C.: $50,357 3. Georgetown University, Washington, D.C.: $50,275 4. Vanderbilt University, Nashville, Tenn.: $50,241 5. University of Chicago: $50,189 6. New York University: $50,182 7. Carnegie Mellon University, Pittsburgh, Pa.: $49,804 8. Johns Hopkins University, Baltimore, Md.: $49,560 9. Boston College: $49,560 10. Bard College, Annandale-on-Hudson, N.Y.: $49,470 READ MORE...
		VOL. 4, ISSUE 5   •   JANUARY, 2009 Start the New Year Off Right The start of a new year is the time for all kinds of resolutions. So take the opportunity to resolve to do a check of some basic, but extremely important, financial items, including: Your beneficiaries. Many people name a beneficiary on their life insurance, retirement plan, etc., and then don't think about it again. But life changes, and changes such as marriage, divorce, and the birth of children and grandchildren may cause you to want to change your beneficiaries. Your insurance amounts. Have you looked lately at the amount of coverage you have on your life and property? Is it adequate, or should you adjust it to reflect changes in your life situation? Your asset allocation. Is your allocation appropriate given your unique needs, the economy and the capital markets? Do you have a portion of your assets in protected or guaranteed programs with potential for appreciation or guaranteed future cash flow? Your will. If you don't have a will, you should. And if you have a will, you should review it to see if it needs to be updated. Advance directives. While you're at it, review things like your living will and power of attorney, to make sure they also are up-to-date. READ MORE...
		VOL. 4, ISSUE 4   •   DECEMBER, 2008 The holidays are a wonderful time for popping the question, or for tucking something sparkly under the tree for your sweetheart. Just don't forget to extend your insurance coverage to any valuable jewelry on your gift list. And remember to protect the item -- and your investment -- against theft and damage from the time you buy it, not from the time it is opened. But what if the jewelry is a surprise? Say, for example, you are planning to give your girlfriend an engagement ring on Christmas Eve, or to welcome the new year. You know you need coverage, but you don't want to chance her seeing the paperwork on insuring a ring she doesn't know you have. Give us a call, and we can work with your insurer to provide coverage now and send the paperwork later. That way, you will be able to keep your secret -- and your peace of mind. READ MORE...
		VOL. 4, ISSUE 3   •   NOVEMBER, 2008 It's Time to Count Our Blessings This is the time of year when we pause to give thanks for all the good in our lives. Sometimes we focus too much on the negative, on dark economic news, on uncertainty abroad and on issues in our personal lives. But as Thanksgiving approaches, we should take the time to count our blessings. We at The Bensman Group are grateful for you, our clients and friends, and for the opportunity to serve you. We want to wish you all a Happy Thanksgiving, and we hope you enjoy the holiday with the people you love. © 2008 Bensman Risk Management, Inc. READ MORE...
		VOL. 4, ISSUE 2   •   OCTOBER, 2008 Observe Fire Safety Month October is Fire Safety Month, which makes it a good time to take some basic steps to protect your home and your family: Install smoke detectors, test them once a month and replace the batteries every year. Make sure the smoke detectors you choose have been approved by Underwriters Laboratory or some other national agency. If a member of your household is hearing-impaired, choose a smoke detector that uses lights to indicate a fire. Know how to get out of your house in case of fire, and practice your plan, especially with children. Have your furnace and fireplace checked before the winter begins in earnest. Check electrical cords for damage, and don't overload outlets. Get rid of piles of paper and other trash that could feed a fire. READ MORE...
		VOL. 4, ISSUE 1   •   SEPTEMBER, 2008 All good things must come to an end, and summer is no different. If you are like many of our clients, you may be getting ready to put your convertible, sportscar, boat or RV into storage for the winter. Putting your summer vehicles in storage not only can protect them from the wear and tear of winter weather. It also may save you money, because you can take them off your insurance until the spring. If you are putting your toys away for the winter, please give our office a call to discuss whether we can help you save on your insurance costs. And if you do take your car or other vehicle off your policy for the winter, be sure to give us a call when you are ready to take it out of storage and get back on the road. READ MORE...
		VOL. 3, ISSUE 12   •   AUGUST, 2008 There's Still Time to Check Your Air Conditioner During the dog days of August, the weather can get hot, sultry and decidedly uncomfortable. That makes this month a good time to check your central air conditioning, if you have not already done so. Even if your air conditioning seems to be working, it is a good idea to have a professional inspection so that any potential problems can be caught before they become expensive. In addition, a professional can perform routine maintenance and alert you to possible problems like landscaping interfering with the performance of your unit. If your air conditioning is running at its most efficient, you can save money on your electric bill, add to the lifespan of your A/C and stay cooler during the dog days. READ MORE...
		VOL. 3, ISSUE 11   •   JULY, 2008 Don't Overlook Disability Coverage Along with summer's warm weather and outside activities may come a certain amount of bumps and bruises. Most are minor, easily fixed with a Band-Aid or an ice pack. But what if a summer mishap -- or an accident or illness at any time of year -- keeps you from going to work? How long could you continue to pay your bills if you did not have a paycheck coming in? Disability insurance can provide you with income if you are sick or hurt and cannot work. There are two main kinds of disability insurance: short-term disability, which begins to pay you sooner but does not pay for as long a time period, and long-term disability, which takes longer to begin payments but continues the payment schedule for a longer period. Disability insurance usually is priced according to your age, gender, job and the amount of income you want to replace. Your employer probably provides workers compensation insurance, but that only covers job-related injuries or illnesses. Your employer also may offer disability coverage. If this is the case, you should take a hard look at the amount of coverage you receive under your employer plan, and compare that with the amount of money you would need coming in if your income were cut off. Especially if you are in a higher income bracket, it is very likely that your employer's plan does not provide the income replacement you would need. At The Bensman Group, we are always happy to help you assess your need for disability insurance, as well as for any other insurance coverage. Just give us a call at 847-572-0800, or email me at jfeiger@bensman.com. READ MORE...
		VOL. 3, ISSUE 10   •   JUNE, 2008 Understanding Flood Coverage We have all seen the pictures of the terrible flooding in Cedar Rapids and Iowa City, Iowa, and closer to home along the Fox and Des Plaines rivers. Our sympathy goes out to these people, and we hope they have insurance to cover at least some of their material losses. And we wonder if we would have coverage if a flood happened to us. If you don't live near a body of water, you probably don't have to worry about the kind of flooding you are seeing on TV. This flooding occurs when surface water from an external source (such as the Cedar River, Fox River, Des Plaines River, etc.) enters homes and businesses, causing damage. This is how insurers define a flood, and it is almost always an excluded cause of loss on your homeowner's insurance policy. To get coverage for this type of loss, you need to buy a separate flood insurance policy, and there is a 30-day waiting period from the time of application until coverage begins. This is done to prevent a person from securing coverage 10 minutes before the big storm hits. There are other unique nuances to a flood policy. Please contact one of your Bensman Risk Management experts for more information. If the same heavy rains that cause rivers to come out of their banks and into some houses overwhelm sewer systems and cause the water to back up into your basement, this is not a flood to your insurer -- even if it feels like one to you. This is a sewer back-up claim, and all of the companies represented by The Bensman Group include this as a covered cause of loss, although the amount of coverage varies from company to company. READ MORE...
		VOL. 3, ISSUE 9   •   MAY, 2008 Some Springtime Reminders Spring is finally in the air, and it's time for a couple of reminders. First, if you have had your convertible or sports car in storage -- and off your regular auto insurance -- during the winter, don't forget to let us know before you take it out, so that we can resume your coverage. And if you have a child who has been away at school without a car and is home for the summer and back behind the wheel of a family car, please let us know about that, too. Please give us a call at 847-572-0800 with questions about this or any other aspect of your insurance coverage. And be sure to get out and enjoy the warm weather! READ MORE...
		VOL. 3, ISSUE 8   •   APRIL, 2008 Be Careful When Hiring Household Help The people you hire to work in and around your home -- as housekeepers, gardeners, child care workers, personal trainers, etc. -- can help make life much easier. But they also can pose a significant threat to your property and even to your personal safety, because they often have fairly unrestricted and unsupervised access to your home and property. Household staff members have stolen their employer's identity, their jewelry and, on rare occasion, their life. So how do you protect yourself against this kind of danger? You can work through an agency that conducts background checks on potential employees and places them with clients. If you choose to go this route, make sure that the agency you are using is reliable. Ask for details on how long it has been in business and how many employees it has placed, and check references. Ask if the agency has insurance coverage in case the employees it places steal or damage anything in your home. You also may want to check with friends to see if they can recommend someone. But whether you start with a recommendation or start from scratch, if you decide to go through the hiring process on your own, make sure you: In a preliminary phone interview, ask candidates whether they can provide references and proof of citizenship. Be wary of people who seem uncomfortable doing so. And be sure to check all references. Meet for interviews in a public place, rather than in your home. You might even want to bring along a trusted friend, for support and another opinion. Plan your interview ahead of time, writing out questions about the applicant's work history, experience, how the applicant has dealt with challenging situations. Be ready with a detailed description of the job you want done. Answer the applicant's questions honestly, but don't provide personal information. Require that the applicant give you a color copy of a photo ID, valid driver's license and passport. Make sure the picture on these documents matches the person you are talking to and that the signature matches the person's signature. Consider hiring a firm to conduct a background investigation of the applicant. Finally, trust your instincts. If something about the applicant makes you uncomfortable, even if you can't quite put your finger on it, it's probably best to try someone else. READ MORE...
		VOL. 3, ISSUE 7   •   MARCH, 2008 Keeping an Eye on Your Kids We all want to believe that our children tell us the truth all the time. Still, most of us understand that something short of full disclosure is the norm for most adolescents, and we hope that what we don't know about our children's lives won't hurt us -- or them. It can hurt us, though, if our young drivers amass tickets that we don't know about. Suppose your teenage driver gets two speeding tickers and just pays the fines, hoping Mom and Dad don't find out. But the state of Illinois knows, and those tickets will show up as convictions on your child's motor vehicle report. That could end up costing you big bucks. Your insurer has the ability to obtain motor vehicle reports on you and the other drivers in your household, and sometimes does so on a "random sampling" basis. If you have an umbrella insurance policy with a high limit, such as $10 million or more, the insurer will check motor vehicle reports annually. And if your child's tickets are for significant offenses, such as driving 25 miles per hour over the limit, your insurer probably will act to cancel your auto and umbrella insurance. So talk to your kids about the importance of being honest about any tickets they get, and work with them to help them maintain a clean driving record. If you are not sure you can trust your kids to tell you the truth, the state of Illinois allows you to check up on them. The Secretary of State's Web site has a link called "Parental Access to Teen Driving Records." If you are the parent or guardian of a driver under age 18, you can click on this link to take a look at the child's driving record. The state offers this service as a way of helping parents to monitor and control their teen's driving until they are ready to be fully responsible themselves. Finally, remember that The Bensman Group is here to help. We know that young drivers sometimes make mistakes and, although we can't promise miracles and we certainly don't want to condone bad driving, we can offer a network of contacts, including well-respected attorneys, who may be able to provide assistance in these matters. Telling us about a major driving violation -- your child's or your own -- is not the same as telling the insurance company. We want to work with you to solve all your insurance issues. READ MORE...
		VOL. 3, ISSUE 6   •   FEBRUARY, 2008 Tax Loss Harvesting While most investors fear stock market volatility, there are ways to make it work to your advantage. One of the best ways is to "harvest" tax losses -- to sell holdings at a loss to establish a tax loss, then buy back a similar, but not substantially identical holding. Through tax-loss harvesting, investors can establish tax losses, yet maintain their asset allocation (such as selling Coca-Cola at a loss and buying Pepsi). If executed properly, tax-loss harvesting can increase your after-tax portfolio returns. Once you take a tax loss, however, you cannot purchase "substantially identical" stock or securities within 30 days before or after the sale. If you do, the tax loss will be disallowed because of the "wash sale" rules, and the disallowed loss will be added to the cost of the new stock or securities. Given the complexity of the wash sale rules, it is good practice to contact your tax advisor before harvesting tax losses. At the Bensman Group, we seek opportunities to take advantage of stock market volatility to establish tax losses for our clients and increase their after-tax returns. Most recently, we harvested tax losses for several clients during the week of January 21-25 to take advantage of the stock market's sharp decline, whereas some firms only harvest tax losses at year-end. If we can assist you in your portfolio management or tax-loss harvesting, please contact our head of Asset Management, Larry Stein, at 847-572-0825. READ MORE...
		VOL. 3, ISSUE 5   •   JANUARY, 2008 The Season for Frozen Pipes Frozen water pipes can be messy, inconvenient -- and expensive. As the low temperatures settle in, give a little extra attention to your pipes. The American Red Cross offers the following suggestions for preventing or dealing with frozen pipes: Open the doors to your kitchen and bathroom cabinets to let warmer air circulate around the plumbing. (Be sure to move dangerous cleaners and chemicals out of the reach of children and pets.) When it is very cold outside, let the cold water drip from faucets served by exposed pipes. This can help keep pipes from freezing because the water trickling through is above freezing. Don't turn your thermostat down at night during extremely cold weather. If you are going away, don't turn your thermostat down below 55 degrees. If during very cold weather you turn on the faucet and get only a trickle of water, you may have a frozen pipe. Find the area where the pipe is frozen. Try pipes running against exterior walls or where your water service enters your home through the foundation. Keep the faucet open, so that water can flow through as you treat the pipe. Use an electric heating pad, a hair dryer or a portable space heater to heat the frozen section of pipe. You also can wrap the pipe with towels soaked in hot water. Don't use a blowtorch; in addition to the risk of fire, a blowtorch can make the water inside the pipe boil, which could cause the pipe to explode. If you cannot find the frozen pipe, or cannot thaw it, call a licensed plumber. READ MORE...
		VOL. 3, ISSUE 4   •   DECEMBER, 2007 As we approach year-end, it's always a good idea to review your entire tax situation with your tax advisor and to review your capital gains tax situation with your investment advisor. If you have investments that have decreased in value, consider selling them to offset any capital gains that you may have. Short-term capital gains are taxed at the taxpayer's highest tax rate, while long-term gains are taxed at the long-term capital gains rate, which is currently 15 percent. Paying less in taxes is usually beneficial, but be careful not to let the "tax tail wag the investment dog." In other words, make sure any decisions made for tax purposes do not negatively impact your investments. READ MORE...
		VOL. 3, ISSUE 3   •   NOVEMBER, 2007 Happy Thanksgiving From Our Family to Yours All of us at The Bensman Group would like to wish all of you a Happy Thanksgiving. We hope you are able to enjoy the holiday with your family and friends, and that you take a moment to reflect on all the good things in your life. We also hope that, whatever your political views, you remember the men and women who have volunteered for our Armed Forces, and that you appreciate their sacrifice. We at Bensman Risk Management are grateful for you, for your trust and your friendship, and for the opportunity to serve you. READ MORE...
		VOL. 3, ISSUE 2   •   OCTOBER, 2007 Get Ready for Winter The first cold snap has come and gone, but you know that winter is just around the corner. This is the time to get your house ready for the long cold season ahead. You mulch your plants, winterize your car, bring the boots and mittens up from the box in the basement. But don't forget to make sure that your furnace and fireplace are ready for winter as well. Schedule an appointment with a heating specialist to clean your furnace and make sure it is in good working order. Have your fireplace and chimney cleaned and checked. And make sure your carbon monoxide detectors are in good working order. If your detectors use batteries, this is a good time to change them. Then you can rest warm and easy, knowing that you have taken the steps necessary to keep your home and family safe. READ MORE...
		VOL. 3, ISSUE 1   •   SEPTEMBER, 2007 Save on Insurance When You Store Your Car Autumn has its rituals. Going back to school, raking leaves, watching the Bears and maybe even the Cubs in the post-season. And for many people, autumn is also the time to put the convertible or sports car away for the winter. If you store your "summer car" over the winter, you can save significantly on your insurance by changing your coverage to comprehensive-only while the car is in storage -- usually from October through March. With comprehensive-only, you have coverage only for damage that is not the result of hitting another vehicle or stationary object. You would have coverage, for example, if your car was stolen, if your garage burned down or if a tree fell on your garage. You don't have other coverage, including liability. But you don't need it, since you are not driving the car. We will contact you in March to see when you want to take the car out of storage and resume your regular coverage. However, if you are tempted to take the car out for a spin on some exceptionally warm February day, you must call and let us adjust your policy so that you have full coverage before you pull out of the driveway. You need to talk to someone in person -- leaving an after-hours voicemail or sending an email will not bind coverage. READ MORE...
		VOL. 2, ISSUE 12   •   AUGUST, 2007 Protecting the Tailgate If you have an SUV or a minivan, you probably have opened the back, only to have the tailgate go up higher than you expected and hit something, like the garage door. The first time that happened, you may have ended up with a nasty scratch or even a gouge. But no matter how carefully you open the tailgate, you can still get scratches from movement caused by weight shift, such as when you take heavy things out of the van. You could build a new garage, of course. But there is a much less expensive solution. Find an old towel or blanket, and keep it handy to put on the tailgate to cushion it when it goes up. You can leave your towel or blanket in the garage, or you can even put it in the back of the van -- as long as you can throw it over the tailgate in time to preserve your paint job. READ MORE...
		VOL. 2, ISSUE 10   •   JUNE, 2007 Premium Credit for Your Children! Now that summer is officially here, we'd like to remind you to call us if your college-age children are back home for the summer. Many of our companies offer an "away at school" premium credit that applies only while your child is away at school without a vehicle. READ MORE...
		VOL. 2, ISSUE 9   •   MAY, 2007 Calling All Vehicles! Don't be caught in an accident without insurance. Every so often a client may overlook notifying us of a recreational vehicle purchase like a motorcycle, ATV, jet ski, boat, etc. Just because you are covered on one or more vehicles you are NOT automatically covered for all vehicles. Even if your recreational vehicle is covered with a different carrier you need to notify us of your purchase in order to ensure your umbrella policy covers that vehicle. Please contact us immediately when you purchase any motorized vehicle so you are properly covered. READ MORE...
		VOL. 2, ISSUE 8   •   APRIL, 2007 College Students Home for the Summer? Many of our clients have children away at college without a vehicle. Insurance companies provide a discounted premium when students are away from home (100+ miles ) without a vehicle. With the end of college semesters fast approaching, we need to know if these drivers will be back at home for the summer and adjust the auto insurance accordingly. READ MORE...
		VOL. 2, ISSUE 7   •   MARCH, 2007 Spring is finally here and the weather is beginning to warm up. Don't forget to contact our office prior to driving your automobile that has been in storage over the cold winter months. Remember storage coverage (comprehensive coverage) only covers the vehicle for theft, fire and vandalism. You will need to place full coverage back on your vehicle, so that you are properly covered in the event of an accident. READ MORE...
		VOL. 2, ISSUE 6   •   FEBRUARY, 2007 Protect Your Home From Frozen Pipes The Bensman Group this winter has handled several claims related to frozen pipes that burst and caused water damage. Most of these claims could have been minimized if homeowners had learned earlier of the leak. One way to ensure early notification is to add wireless water/moisture sensors to an existing central-station alarm system. These sensors are placed in areas where leaks are likely to occur, such as behind a refrigerator or dishwasher, under a sink or near a sump pump. When a sensor detects moisture, it automatically sends a signal to the alarm company, which then notifies the homeowner. These sensors cost about $300 apiece, including installation, plus about $5 per month for a monitoring fee. Another alternative is a water sensor that sends a wireless signal to an alarm dialer when water is detected. The dialer automatically will call multiple phone numbers to report a leak. An Internet search shows this type of system can be purchased for about $125.00. Water-detection devices that sound an alarm only in your home are available for as little as $12. Even if you install a water-detection system in your home, the best approach to avoiding water damage from frozen pipes is to take simple precautions, such as always keeping the heat on, with a minimum temperature of 55 degrees; insulating water pipes, meters and faucets in unheated areas; turning off outside faucets and disconnecting hoses; opening cabinets along outside walls so warm air circulates around pipes; and filling any holes or cracks in walls, windows or doors that are close to pipes. For a complete list of precautions, contact your plumber or your city's water department. READ MORE...
		VOL. 2, ISSUE 5   •   JANUARY, 2007 With the holiday season behind us and Valentine's Day just around the corner, we'd like to remind you to contact us if you've made any recent jewelry purchases. We want to make sure your insurance policy is up-to-date and reflects your coverage intentions. Please fax or email a copy of the receipt and/or appraisal and we'll make sure to add the item or items to your policy. If you've already purchased an item, but want to surprise that "special someone" in your life, we won't spoil the surprise. We can work with your insurance company to provide the coverage you need right now, without adding the item to your policy until after you present your gift. Please call us for details and we'll be happy to assist you. READ MORE...
		VOL. 2, ISSUE 4   •   DECEMBER, 2006 Jewelry Gift Giving Planning on giving some jewelry to that "special someone" in your life this holiday season? If so, make sure to get it insured before you give it as a gift! Most home insurance policies limit jewelry losses to no more than $2,500 or $5,000 (after you pay your deductible), unless you purchase additional coverage. Rates vary among companies, but you can expect the cost to be around $14 for every $1,000 of coverage you need. If you are concerned that the insurance paperwork will ruin your surprise, please call us so we can arrange for the paperwork to arrive after you present your gift. We will be glad to assist. Happy Holidays! READ MORE...
		VOL. 1, ISSUE 7   •   NOVEMBER, 2006 Vacation Home Coverage in the Off Season Do you have a vacation home that will be closed for the winter? Have you taken steps to minimize the damage that can be caused by a burst water pipe? Many home insurance contracts include a provision that denies coverage for a burst pipe if it is caused by a "failure to maintain adequate heat". Here are a few things to keep in mind: If the heat will be turned off, make sure the water is turned off as well, and that all pipes are drained of water. Consider adding a moisture detection system to your centrally monitored burglar & fire alarm. This will alert your alarm company of any water intrusions that would otherwise go unnoticed. Consider adding an automatic shut-off valve at the water main in conjunction with moisture detection monitors. Water Cop (www.watercop.com) is endorsed by some insurance companies and even offers discounted installation to clients of the endorsing companies. READ MORE...
		VOL. 1, ISSUE 6   •   OCTOBER, 2006 Winter Storage When placing a car in storage, you may wish to consider the following tips: Make sure the gas tank is full to reduce the likelihood of condensation entering the gas tank. Add "Sta-Bil", "Dry Gas" or a similar product to the fuel system and drive the car for a few miles to ensure the product is mixed thoroughly with the gasoline. Change the antifreeze and run the car for a few minutes to ensure coolant has circulated throughout the system. Change the oil. Dirty oil contains acids and water that can cause premature bearing failure and rust the engine. To inhibit rust in the engine area, spray WD-40 to coat all exposed metal surfaces. Buy some desiccant sacks from a storage supply house. Place a few of them on the floor of the car to keep moisture and humidity from damaging the interior. Drive the car for at least 30 minutes before storing for the winter. This will evaporate the moisture in the engine and exhaust system. Wash and wax the entire car. Clean the interior as well. Then, making sure the car is thoroughly dry, cover the car with a cloth car cover to prevent dust from settling onto the paint. READ MORE...
		VOL. 2, ISSUE 1   •   SEPTEMBER, 2006 Is Your P/C Coverage Current? Have you purchased any new items such as art, jewelry or a boat since you bought your property/casualty insurance policy? Have you added any features to your house that may have increased your potential liability? READ MORE...
		VOL. 2, ISSUE 10   •   JUNE, 2007 Premium Credit for Your Children! Now that summer is officially here, we'd like to remind you to call us if your college-age children are back home for the summer. Many of our companies offer an "away at school" premium credit that applies only while your child is away at school without a vehicle. READ MORE...
		VOL. 2, ISSUE 9   •   MAY, 2007 Calling All Vehicles! Don't be caught in an accident without insurance. Every so often a client may overlook notifying us of a recreational vehicle purchase like a motorcycle, ATV, jet ski, boat, etc. Just because you are covered on one or more vehicles you are NOT automatically covered for all vehicles. Even if your recreational vehicle is covered with a different carrier you need to notify us of your purchase in order to ensure your umbrella policy covers that vehicle. Please contact us immediately when you purchase any motorized vehicle so you are properly covered. READ MORE...
		VOL. 1, ISSUE 10   •   MAY, 2006 Are you planning to remodel or renovate your home? The disruptions, dirt, and delays associated with home renovations are stressful enough by themselves. A homeowner's claim on an unreported renovation will only add to the stress. Please call our office before the project begins so the insurance implications can be discussed and your coverage adjusted accordingly. READ MORE...
		VOL. 1, ISSUE 9   •   APRIL, 2006 Taking Your Car Out of Storage Spring is finally here and the weather is beginning to warm up. Don't forget to contact our office prior to driving your automobile that has been in storage over the cold winter months. Remember storage coverage (comprehensive coverage) only covers the vehicle for theft, fire and vandalism. You will need to place full coverage back on your vehicle, so that you are properly covered in the event of an accident. READ MORE...
		VOL. 2, ISSUE 5   •   JANUARY, 2007 With the holiday season behind us and Valentine's Day just around the corner, we'd like to remind you to contact us if you've made any recent jewelry purchases. We want to make sure your insurance policy is up-to-date and reflects your coverage intentions. Please fax or email a copy of the receipt and/or appraisal and we'll make sure to add the item or items to your policy. If you've already purchased an item, but want to surprise that "special someone" in your life, we won't spoil the surprise. We can work with your insurance company to provide the coverage you need right now, without adding the item to your policy until after you present your gift. Please call us for details and we'll be happy to assist you. READ MORE...
		VOL. 1, ISSUE 7   •   DECEMBER, 2005 The Effects of an Active Hurricane Season The financial impact from this past hurricane season continues to be felt across the country. As we head into 2006, state insurance commissioners and the insurance industry have begun to take steps to be more financially prepared for what is predicted to be another active hurricane season. According to a BestWire (a subsidiary of A.M. Best) 12/16/05 article titled "Florida Citizen's Board Votes to Raise Homeowner's Rates", some examples include: Many insurance companies have announced their intent to either withdraw from Florida or scale back the number of homes they insure in Florida. Among the companies taking action are Nationwide, Allstate, and Safeco. Citizen's Property Insurance Corporation (Citizen's), the state-run insurer of last resort, is now the second-largest home insurer in Florida, and is facing an estimated premium deficit of $1.1 billion. As a result of this premium deficit, the board of governors of Citizen's has voted to raise rates an average of 44% for coastal Florida counties and an average of 21% for interior Florida counties. Note that the 44% rate increase for coastal counties is an overall average - some counties will see increases higher than 44% and some lower. For example, Escambia County is facing a 127% rate increase next year. Citizen's is also pushing the Florida legislature to make homes valued at $1,000,000 or higher ineligible for wind coverage. With the private insurance market already scaling back its Florida exposure, this will make it more difficult and expensive to obtain wind (hurricane) insurance on high-valued homes. All of this points to a challenging and expensive insurance marketplace in Florida for 2006. More information on its impact to our clients will be available in January and February, but for now we recommend a thorough review of insurance availability and pricing before making an offer on that dream home in Florida. READ MORE...
		VOL. 1, ISSUE 7   •   NOVEMBER, 2006 Vacation Home Coverage in the Off Season Do you have a vacation home that will be closed for the winter? Have you taken steps to minimize the damage that can be caused by a burst water pipe? Many home insurance contracts include a provision that denies coverage for a burst pipe if it is caused by a "failure to maintain adequate heat". Here are a few things to keep in mind: If the heat will be turned off, make sure the water is turned off as well, and that all pipes are drained of water. Consider adding a moisture detection system to your centrally monitored burglar & fire alarm. This will alert your alarm company of any water intrusions that would otherwise go unnoticed. Consider adding an automatic shut-off valve at the water main in conjunction with moisture detection monitors. Water Cop (www.watercop.com) is endorsed by some insurance companies and even offers discounted installation to clients of the endorsing companies. READ MORE...
		VOL. 1, ISSUE 5   •   OCTOBER, 2005 Time To Store Your Summer Car? Is it time to put the "summer" car in the garage for the winter? If so, we may be able to reduce your auto insurance costs. If your car will not be driven for at least 90 consecutive days, we can revise your auto insurance to reflect its storage status. Coverage will be reduced to "comp only", which provides protection for losses due to theft, fire, or vandalism. READ MORE...
		VOL. 1, ISSUE 4   •   SEPTEMBER, 2005 Insurance Coverage For Your Children Away at College Now that we are into September, many of our clients have children away at college and have asked us, "My son did not bring a car to school, but his roommate did. What happens if my son borrows the roommate's car and gets in an accident?" Or the question might be the other way around, "My daughter has a car with her at school. What happens if her roommate borrows the car and gets in an accident?" The answer is simple. Auto insurance follows the vehicle. If you loan your vehicle to someone else and that person gets in an accident, your insurance company pays the claim. If you have any questions or special considerations regarding insurance matters for your child away at college, please don't hesitate to call or email us. READ MORE...
		VOL. 1, ISSUE 3   •   AUGUST, 2005 Protect Yourself Against Water Damage Water damage caused by aging, faulty, or defective plumbing and appliances costs homeowners billions of dollars each year. Incidents often happen when no one is home, and if not quickly detected, they can lead to catastrophic losses. There are ways to reduce the impact of water damage to your home. One of the most effective methods is the installation of an automatic water shut-off valve. When integrated into your home security system, the central alarm station monitoring company would activate. To learn more about water detection devices, contact our office or your alarm company about specific water detection products. READ MORE...
		VOL. 2, ISSUE 10   •   JUNE, 2007 Premium Credit for Your Children! Now that summer is officially here, we'd like to remind you to call us if your college-age children are back home for the summer. Many of our companies offer an "away at school" premium credit that applies only while your child is away at school without a vehicle. READ MORE...
		VOL. 1, ISSUE 1   •   JUNE, 2005 It's Ragtop Weather! Spring has sprung, and your thoughts may be turning to tooling around town with the top down. If you have had your convertible or sports car in storage and are getting it out now that the warmer weather has arrived, don’t forget about insurance. Kindly let us know when you take your car out of storage, so we can make sure your coverage is in place and up to date. READ MORE...