NFL PROSPECTS PROTECT THEIR FUTURE EARNING POWER; THE RISE OF THE LOSS-OF-VALUE INSURANCE POLICY

Washington Redskins Running Back Silas Redd (image credit: Mark E. Tenally, Associated Press)

October 13, 2015

Habig & Magoon Insurance Agency has been serving the people of southeastern Massachusetts, and beyond, for almost 80 years.   We have always been family owned, and always independent.

Forging and practicing strong relationships and communication with our customers is fundamental to the value we provide our customers – and a primary reason we have been the choice of generations of many families.

Of course, this blog is one a way we communicate with our customers, and with the community at large.

We endeavor to make this blog a place to find helpful insurance related information.

As well, we also use this space to provide fun and entertaining information that is related to our business, and to the local community.

For example, the post about the New England Patriots and the team’s tie to Easton, which appeared on September 30^th.   Please click here to access the post.

In keeping with the NFL football theme, and tying it to insurance, today we moseyed around a bit online and found some interesting information about NFL prospects and a form of insurance called “loss-of-value” insurance.

This is a type of insurance that an NFL prospect will take out to protect himself in the event of an injury or illness that may decrease his signing and market value.

Actually, loss-of-value insurance, is taken out by athletes that are prospects to play in other pro sports leagues – but because of the injury laden nature of football, especially big-time football, loss-of-value insurance is more prevalent and popular with players that the pro football ranks has its eyes on, than it is with players that are meriting attention from other professional sports leagues.

Loss-of-value insurance, to protect potential livelihoods earned in pro sports, is a relatively new phenomenon.

Two NFL players making the news recently for their loss-of-value policies are Silas Redd, running back for the Washington Redskins, the first in the league to collect on a loss-of-value policy, and Ifo Ekpre Olomu, cornerback for the Cleveland Browns.

Mr. Redd received an undisclosed amount.  Mr. Ekpre-Olomu is scheduled to collect $3 million on his policy.

Both Mr. Redd and Mr. Ekpre-Olomu sustained injuries on the collegiate level that affected their NFL earning power.

To learn more about loss-of-value insurance policies, please click here.

It is almost certain that loss-of-insurance policies will become more popular among athletes that are strong prospects to play at the pro level.

Habig & Magoon Insurance Agency will provide updated information on these policies here on this blog in the future.

IT’S EARLY FALL. WE STILL HAVE WARM DAYS – ALONG WITH COOL NIGHTS. BUT IT IS NOT TOO EARLY TO START WEATHERIZING FOR WINTER … WITH A PARTICULAR FOCUS ON PREVENTING ICE DAMS

image credit: The Ice Dam Company

September 28, 2015

There are many reasons that Habig & Magoon Insurance Agency, always independent and family owned, has been in business for close to 80 years, and served many families for generations – among those reasons is that we share helpful information with customers on how to protect life and property, and reduce insurance costs.   

To that end, we are going to address a topic here today that, perhaps, many … at least at this time in the year … would prefer we didn’t bring up.

The topic? Well, that would be ice dams.

You remember ice dams, right? Or have you forced yourself to forget?

Last winter was atrocious in New England – and ice dams caused immense property damage, unhappiness, out-of-pocket costs, and insurance claims.

It is early fall, and days are still warm, and nights are pleasantly cool, but it is a good idea to at least start planning to proof your property, and protect against, ice dams.

We mean, really, better to plan and get yourself protected now, all while the weather is nice, then scramble when the bitter and howling cold is here.

The basic and not so short and sweet explanation as to why ice dams form is that, when there is a lot of snow on the roof of a home or building, heat transmitted through the roof melts snow, and the resulting water, flows down the roof until it reaches the eve or gutter where colder temperatures allow the water to freeze … and ice just starts accumulating.

Water held … dammed up … behind the line can start leaking into your place – and when temperatures get above freezing, the ice starts melting, which can result in even more water flowing not off the roof, but through the roof, eves, ceilings, and into wall cavities.

With fall just starting, preventive measures to act on now – especially because they may take a bit of time to put in place – are those that help keep heat from your roof.

A story, titled, ‘How to Prevent Ice Dams,’ written by Douglas Trattner, and published on February 1, 2010, at HouseLogic, provides a trove of helpful advice on keeping properties ice dam free, including how to prevent heat loss through the roof, which is provided in the following excerpt from the article:

“Homeowners can’t control the weather, but they can do something about heat loss. ‘The main goal is to keep heat from reaching the roof, thus preventing snow melt in the first place,’ explains Doug Bruell, president of Cleveland’s 25-year-old North Coast Insulation. Proper insulation and ventilation of the attic space is intended to keep the roof surface at or near outdoor temperatures.

‘Typical steps include insulating the attic floor and installing soffit, gable and/or ridge vents to expel heat. Folding attic stairways and recessed light fixtures also need to be insulated. ‘All penetrations into the attic from the heated living space need to be addressed,’ adds Bruell. Homeowners can expect to pay $800-$1,500 to insulate the attic, plus another $300-$600 for the installation of vents.

“The process is a bit more involved for homes with finished attics, says Bruell. To facilitate sufficient cold air flow from soffit vent to ridge vent, baffles or tubes are installed between the ceiling insulation and the underside of the roof. This might involve opening up the ceiling.”

Please click here to be taken to the full article.

Yes, winter is still a bit off. But it is not too early to prepare for the cold and snow.

We strongly advise people to get out ahead of those ice dams.

There is no need to repeat the misery which was only too recent.

HOLIDAY PARTIES SHOULD BE ALL ABOUT HAPPINESS AND FUN – AND HOSTS SHOULD REMAIN VIGILANT IN PROTECTING THEIR GUESTS AND THEMSELVES

December 11, 2014

Here we are deep in to the holiday season, and over the next few weeks there will be many parties and get togethers – with Christmas and New Year’s Eves particularly busy dates for merriment.

Of course, during this wonderful and festive and soul-renewing time of the year, these events are eagerly anticipated and are fount and source of fun and socializing, reacquainting and community building, giving thanks and taking account of fortune, and creating memories and awakening nostalgia.

This is wholly how it should be.

It is important, though, for party hosts to remember and be mindful that there is potential when entertaining to become subject to an insurance claim.  This reality need not damper the enthusiasm and enjoyment of planning and holding a party – but keeping this fact on your radar screen will enable you to protect and ensure enjoyment for everyone while they are attending, and after they have departed, your shindig, soiree, fête, or time.

Habig & Magoon Insurance Agency found an informative and valuable article about hosting parties and risks that we wanted to share.  The article is published at the website of Trusted Choice ® , the U.S. trade and advocacy organization of 140,000 licensed independent insurance agents and brokers of which Habig & Magoon Insurance Agency is a member.

Please click here to be taken to the story, titled, “Party Host Liability Tips.”

Habig & Magoon Insurance Agency hopes for all that their socializing is happy, spiritually renewing, healthy, and safe through this holiday season … and beyond.

HABIG & MAGOON INSURANCE AGENCY SHARES HELPFUL AND SMART ADVICE ON PREPARING YOUR HOME FOR WINTER

 

(photo credit: Hendricks Architecture)

November 20, 2014

Habig & Magoon Insurance Agency – always family owned and serving the people and businesses of southeastern Massachusetts (and beyond) for close to 80 years – provides and services three segments of insurance products: personal, commercial, and life.    

With winter soon upon us – even though its official start this year is December 21 – we consider it prudent to focus in this space today on encouraging home owners to prepare their home for winter … yesterday … and sharing and referring to expert advice that can help in that effort.

(By the way, a news story released this week tells how The Hartford reviewed its records and data, and found that the costliest winter weather claims are related to frozen pipes, hail damage, and tree collapses.)

Preparing your home for winter is about keeping your family safe and comfortable, and reducing the possibility of costly home repairs …. and, yes, insurance claims.

Habig & Magoon has excerpted and pasted in below information from an advisory, titled, “Winterize Your Home,” that is a segment at the government public affairs website, Ready, and which is part of a bigger advisory, titled, Winter Storms & Extreme Cold.

Here is that information:

• Winterize your home to extend the life of your fuel supply by insulating walls and attics, caulking and weather-stripping doors and windows, and installing storm windows or covering windows with plastic.
• Winterize your house, barn, shed or any other structure that may provide shelter for your family, neighbors, livestock or equipment. Clear rain gutters; repair roof leaks and cut away tree branches that could fall on a house or other structure during a storm.
• Maintain heating equipment and chimneys by having them cleaned and inspected every year.
• Insulate pipes with insulation or newspapers and plastic and allow faucets to drip a little during cold weather to avoid freezing. Running water, even at a trickle, helps prevent pipes from freezing.
• All fuel-burning equipment should be vented to the outside and kept clear.
• Keep fire extinguishers on hand, and make sure everyone in your house knows how to use them. House fires pose an additional risk, as more people turn to alternate heating sources without taking the necessary safety precautions.
• Learn how to shut off water valves (in case a pipe bursts).
• Insulate your home by installing storm windows or covering windows with plastic from the inside to keep cold air out.
• Hire a contractor to check the structural ability of the roof to sustain unusually heavy weight from the accumulation of snow – or water, if drains on flat roofs do not work.

Let’s all get ready for winter – and the Holiday Season.