Explosive Insurance Careers

As a teenager, my son watched the action packed movie "Backdraft" with Kurt Russell, William Baldwin and Robert DiNero.  For those not familiar, the movie is about two firefighter brothers that are tracking an arsonist.  In one scene, the pathologist says to William Baldwin's character as he reluctantly picks up a dead body:  "He's not going to sell you insurance, pick him up."

That movie certainly had an effect on my son.  From that point on, he planned his future in the realm of fire safety.  He chose a college that offered a major in Fire Safety, Eastern Kentucky University.  He was a young man on a mission.

As a lifelong insurance agent and insurance geek, I realized the proximity of fire safety to my profession, insurance.  I knew that Eastern Kentucky University was the only University in the Commonwealth of Kentucky that offered a degree in insurance.  So, I planted the seed of him pursuing a double major, Fire Safety and Insurance; or a major in Fire Safety with a minor in Insurance.

As happens with parents and young adults, my suggestion fell on deaf ears.   Josh informed me that "just because you love insurance, doesn't mean I love insurance".   He adamantly stood his ground - he wanted nothing to do with insurance.

During his sophomore year, Josh had the opportunity to attend the NFPA Convention (National Fire Protection Association) being held in Dallas, TX.  His father and I scraped up enough funds for gas, a two-night stay at an economy hotel, and sent him on his way to Dallas, complete with student admission to the Convention.

Upon his return, Josh announced that he knew where he wanted to work upon his entry into the Fire Safety field.  Imagine the I-told-you-so-smile on my face when he said:  "FM Global Insurance."    I am proud to say that Josh landed that job as a Loss Control Engineer with FM Global upon his college graduation. His career path has ended up combining Fire Safety and Insurance.  That degree in insurance?  Never happened.

The insurance industry has so many career opportunities and yet, young adults think of insurance in very limited terms - salesman, boring, sales. Did I mention boring? Nothing could be further from the truth.

A Loss Control Engineer inspects buildings for fire safety, making engineering recommendations and working with building owners to prevent claims.

An insurance adjuster travels to scenes of destruction caused by fire, tornadoes and hurricanes to help the person or business determine what they have lost, place a value on the loss and get them back on their feet.

An insurance agent interviews families or businesses with an ear for hearing where their pain point is if something unforeseen were to happen.  The agent then provides solutions to assist should the unexpected occur.

An actuary analyzes data and numbers, using the rules of probability, to determine the chances of certain types of accidents occurring to a group of individuals or businesses.

A premium auditor meets with businesses to review their sales and payroll figures for a 12 month period.  The auditor then assists the underwriter to ensure that everything is rated correctly.

An insurance underwriter works with insurance agents, helping to determine the fair and adequate rate of insurance that a particular client should be charged.

As with all industries, there is also a need for data programmers, managers, service reps, clerks, etc.; the list goes on. The insurance industry employs more than one million people in the United States.  Many of those individuals are baby boomers.  Like me, they will be retiring in the next 10 - 15 years.  That means an explosion of opportunities abound for millennials in the insurance industry.

The insurance industry helps people and businesses protect themselves in the event of catastrophes.  There is nothing boring about that.  Insurance is a unique and rewarding field that doesn't get the attention it deserves from young adults.  Did I mention that the insurance industry provides great opportunity for financial success as well?

Just to set the record straight, once, just once, my son said, "Mom, you were right.  I should have taken those insurance courses in college.".  Now that makes a mother explode with pride.

Your Insurance Should Not be a Comedy of Errors

With all due respect to Flo, the Gecko and other insurance characters, insurance is so much more than just saving money and watching cute commercials that make us smile.

When the fire department is at your residence extinguishing the flames, you need to be able to talk to someone who can communicate your rights and duties with regards to your claim.  When you come home to find your pipes have burst and water is running down the walls in your home, you need to count on someone to tell you what to do next.

The Wall Street Journal recently published an article entitled "A Home-Insurance Trap". This article gives sound advice about the real importance of insurance.  Please take a moment to read it and take away at least these tips:

• Use a reputable independent agent with access to a range of insurers and coverage options.
• Ask about exclusions and wording differences across policies.
• Ask about coverage for water damage from sewer or pipe problems, and whether damage to the foundation is covered, limited or excluded.
• Ask which items will be paid at "replacement value" versus "actual cash value."

As an independent agent, my mission is to point out potential coverage gaps to you, the client.  Your job is to decide which of those gaps you want to purchase insurance for and which you want to "self-insure".  

I hope you don't have an insurance claim, but if you do, I don't want it to be a comedy of errors.  Talk seriously to your trusted advisor today.

Hmmm...I Never Made the Connection

There is a radio personality known as "Mr. Obvious". Mr. Obvious takes calls from listeners and helps them with some obvious problems. At the end of the call, the "caller" ends with, "I never made the connection." Pretty funny stuff.

With that in mind, the following tips may seem obvious, but did you ever really make the connection?  Mobile technology makes it so easy for dishonest individuals to access our most personal of possessions.

The following tips are excerpts from an email forward, so while I can't properly attribute their source, I whole heartily agree with these cautionary messages.

GPS - Don't Program Your Home Address
A couple of weeks ago a friend told me that someone she knew had their car broken into while they were at a football game. Their car was parked on the green which was adjacent to the football stadium and specially allotted to football fans. Things stolen from the car included a garage door remote control, some money and a GPS which had been prominently mounted on the dashboard.

When the victims got home, they found that their house had been ransacked and just about everything worth anything had been stolen. The thieves had used the GPS to guide them to the house. They then used the garage remote control to open the garage door and gain entry to the house. The thieves knew the owners were at the football game, and they knew what time the game was scheduled to finish, so they knew how much time they had to clean out the house. It would appear that they had brought a truck to empty the house of its contents.

Something to consider if you have a GPS - don't put your home address in it... Put a nearby address (like a store or gas station) so you can still find your way home if you need to, but no one else would know where you live if your GPS were stolen.

Mobile Devices - How You Label Your Contacts

This lady has now changed her habit of how she lists her names on her mobile phone after her handbag was stolen. Twenty minutes later when she called her husband from a pay phone telling him what had happened, he said, "I received your text asking about our PIN number and I've replied a little while ago.' When they rushed down to the bank, the bank staff told them all the money was already withdrawn. The thief had actually used the stolen cell phone to text 'hubby' in the contact list and got hold of the PIN number. Within 20 minutes he had withdrawn all the money from their bank account.

Do not disclose the relationship between you and the people in your contact list. Avoid using names like Home, Honey, Hubby, Sweetheart, Dad, Mom, etc. And very importantly, when sensitive info is being asked through texts, CONFIRM by calling back.

Also, when you're being texted by friends or family to meet them somewhere, be sure to call back to confirm that the message came from them. If you don't reach them, be very careful about going places to meet 'family and friends' who text you.

Please pass these simple tips on to friends and family as you gather for this upcoming Thanksgiving Holiday. Make the connection between your personal safety and your mobile technology.

Off to College? Do I Need Insurance on the Dorm Contents?

This is a common question this time of year, as you pack up your young adults for college.  So here is the short and sweet answer.   Generally, the contents of your student's dorm or apartment are covered on your homeowner policy.  There is a 10% limitation of your homeowner contents amount (Coverage C on your declarations page) that applies to items that are usually at the dorm full time.  Keep in mind, if the student has been away for more than 45 days, there is a theft limitation.

Laptops taken to school are also covered under your contents for the named perils in the policy. This normally means that breakage and power surges are NOT covered.  For broader coverage, be sure the student laptops are scheduled on the policy. 

For a detailed discussion about all of your college insurance concerns, there is no better advice than contacting your Independent Agent.  In addition, a great article with lots of info can be found on the Trusted Choice website.

Eureka! There's Gold In Them There Hills

Gold has Hit a Record High....How many times a day do you hear that on tv, radio or read it in print or on the web? 

Your first thought is to rummage through your jewelry and collectible boxes to see what you may have to sell.  Your second thought should be about your homeowners policy. 

What??

Valuable items can be specifically insured on your homeowners policy, with a value attached to them.  If your independent agent had recommended that you purchase the additional protection for your valuables, what value is on your items?  If you haven't reappraised that Rolex watch or the heavy 18K gold necklace you've owned since the beginning of time, there's a good chance it's underinsured.

Have you purchased firearms, artwork, antiques, golf clubs, stamps, coins or other valuables since you first purchased your homeowners insurance policy? If so, you may need extra protection for those items.  The truth is that in a difficult economy, the number of thefts is on the rise. The best way to protect a valuable article is through a schedule on your policy.

Most basic policies cover valuable items but have limits on not only the dollar amount of losses but also the type of loss that is covered. So if the value of your possessions exceeds those ceilings, consider a personal-articles floater addition to your home policy.

Talk it over with your Trusted Advisor.  Scheduling each piece or item may cost a bit more in premiums, but it offers broader protection because the floater covers losses of any type, including accidental losses—such as dropping your ring down the drain of the kitchen sink or leaving an expensive watch in a hotel room—that your homeowners insurance policy will not cover.

Now, get back to looking for your gold!  I hope your prospecting pans out!

When we were kids....

My how insurance times have changed.  Not to sound like an elder ( I was born in the late 50's), but things are a lot different than when I was a youngster.  Even with regards to insurance...

• I still remember the Western Southern life insurance man that actually came to our house, every week, to pick up the payment. 
• I can remember attending Memorial Day and Fourth of July parades; lining the city streets eagerly awaiting the thrown candy. 
• I remember my dad coming home from his milk delivery route, with an aching back and minor injuries.  Not much complaining on his part, just rest up and get ready for work the next day.
• I remember our German Shepard, "King", who was housed behind a 6' chained link fence.  The only worry about him escaping was how to get him back.
• How could I forget when my teenage brother almost chopped his foot off with an ax!  He was helping a neighbor chop firewood.  Mom took him to the ER and got him taken care of using our Blue Cross/Blue Shield coverage.

Fast forward to 2011. 

• Almost all insurance payments are EFT - there is no middle man - money goes straight from our checking account to the insurance company's account. 
• Many cities now forbid participants from throwing candy to spectators.  God forbid we get hurt from the piece of thrown candy and sue the City! 
• If an employee is injured on the job, many folks are pleased as punch to collect workers compensation benefits, for as long as they can draw it out.
• If "King" were to escape, you can bet your bottom dollar that whomever "King" approached would bring legal action against us for any alleged bodily injury or emotional stress.
• Undoubtedly, our family would have to sue the neighbor for the injuries that my brother endured.  Surely he couldn't be held responsible for his own actions.

When we were kids, insurance was something you purchased and hoped you never had to use.  Nowadays, it seems like we hope to utilize insurance and get rich quick.

Insurance is a resource that allows the world to go round... you couldn't get a mortgage on your new home without it, you couldn't bid on a contracting job without it, you may not be able to pay for a loved one's funeral without it.  In the words of Robert Palmer, "you like to think that you're immune to the stuff, oh yeah."

So now you know my secret...Might as well face it, I'm addicted to insurance.