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Friday, April 30, 2010
Saturday, April 24, 2010
Why is an Annual Insurance Review Important?
Just ask professional wrestler Hulk Hogan......
Published: April 22, 2010
Updated: 04/22/2010 01:07 pm
CLEARWATER - Professional wrestler Hulk Hogan claimed in a lawsuit filed today that his insurance company failed to upgrade his coverage when his exposure to risk grew, leaving him inadequately insured when his teenage son Nick Bollea got into a wreck that left a passenger grievously injured.
As a result, Hogan, whose real name is Terry Bollea, had to use some of his own money to settle out-of-court a lawsuit filed by the estate of the passenger, John Graziano, because Hogan's insurance was inadequate, the seven-page lawsuit says.
The suit was filed against Wells Fargo Southeast, which has been subsumed by Wells Fargo USA. The company has provided Hogan insurance for nearly 10 years, with coverage for his homes, boats, watercraft and motor vehicles.
The company has collected tens of thousands of dollars in premiums from Hogan and routinely promised to minimize the celebrity's risk, the lawsuit says. Despite Hogan's substantial wealth, however, the company never advised him to increase his insurance or buy an umbrella policy, two avenues the company could have pursued.
One reason to increase Hogan's insurance, Hogan claims, is that his risk grew considerably when his children became teenagers and were able to drive his various cars, the lawsuit says.
"Wells Fargo Southeast had a duty to perform an ongoing insurance evaluation and, at the very least, a yearly or biannual insurance review with Hogan, complete with professional advice and coverage recommendations," the lawsuit says.
"Such a review would have demonstrated that Hogan required an excess/umbrella policy in an amount that appropriately corresponded to his substantial assets and the risk to which they were exposed," the lawsuit says.
"Each time a teenage driver, a vehicle, a watercraft or a piece of real estate was added to Hogan's insurance policies, Hogan's risk increased; however, his insurance coverage remained woefully inadequate, and Wells Fargo Southeast still failed to consult Hogan regarding the advisability of increased coverage and an excess/umbrella policy," the lawsuit says.
Graziano suffered a severe brain injury Aug. 26, 2007, when a car driven by Nick Bollea crashed into a palm tree in Clearwater while Bollea was racing with a friend, authorities have said. Bollea served 166 days in jail after he pleaded no contest to a reckless driving charge.
Graziano's medical bills and continuing care far exceeded the policy limits of $250,000 per person, Hogan's lawsuit says. With no additional insurance, Hogan's fortune then of roughly $30 million was exposed and unprotected, the lawsuit says.
In addition, Hogan had signed for his son's driver's license, which exposed him as an individual to liability, the lawsuit says. Wells Fargo Southeast should have known this, the lawsuit says.
Had Wells Fargo Southeast adequately insured him, Hogan says he would not have had to dip into his personal fortune to settle the lawsuit filed by Graziano's guardian, Hogan's lawsuit says. The amount of that settlement has never been disclosed.
The lawsuit filed today represents at least the second one Hogan has filed in connection with the wreck. In September, he filed a lawsuit against two of his attorneys, claiming they wrongly charged him more than $1 million in legal fees after agreeing to defend him against the suit filed by Graziano's guardian.
That lawsuit has been settled out of court.
Published: April 22, 2010
Updated: 04/22/2010 01:07 pm
CLEARWATER - Professional wrestler Hulk Hogan claimed in a lawsuit filed today that his insurance company failed to upgrade his coverage when his exposure to risk grew, leaving him inadequately insured when his teenage son Nick Bollea got into a wreck that left a passenger grievously injured.
As a result, Hogan, whose real name is Terry Bollea, had to use some of his own money to settle out-of-court a lawsuit filed by the estate of the passenger, John Graziano, because Hogan's insurance was inadequate, the seven-page lawsuit says.
The suit was filed against Wells Fargo Southeast, which has been subsumed by Wells Fargo USA. The company has provided Hogan insurance for nearly 10 years, with coverage for his homes, boats, watercraft and motor vehicles.
The company has collected tens of thousands of dollars in premiums from Hogan and routinely promised to minimize the celebrity's risk, the lawsuit says. Despite Hogan's substantial wealth, however, the company never advised him to increase his insurance or buy an umbrella policy, two avenues the company could have pursued.
One reason to increase Hogan's insurance, Hogan claims, is that his risk grew considerably when his children became teenagers and were able to drive his various cars, the lawsuit says.
"Wells Fargo Southeast had a duty to perform an ongoing insurance evaluation and, at the very least, a yearly or biannual insurance review with Hogan, complete with professional advice and coverage recommendations," the lawsuit says.
"Such a review would have demonstrated that Hogan required an excess/umbrella policy in an amount that appropriately corresponded to his substantial assets and the risk to which they were exposed," the lawsuit says.
"Each time a teenage driver, a vehicle, a watercraft or a piece of real estate was added to Hogan's insurance policies, Hogan's risk increased; however, his insurance coverage remained woefully inadequate, and Wells Fargo Southeast still failed to consult Hogan regarding the advisability of increased coverage and an excess/umbrella policy," the lawsuit says.
Graziano suffered a severe brain injury Aug. 26, 2007, when a car driven by Nick Bollea crashed into a palm tree in Clearwater while Bollea was racing with a friend, authorities have said. Bollea served 166 days in jail after he pleaded no contest to a reckless driving charge.
Graziano's medical bills and continuing care far exceeded the policy limits of $250,000 per person, Hogan's lawsuit says. With no additional insurance, Hogan's fortune then of roughly $30 million was exposed and unprotected, the lawsuit says.
In addition, Hogan had signed for his son's driver's license, which exposed him as an individual to liability, the lawsuit says. Wells Fargo Southeast should have known this, the lawsuit says.
Had Wells Fargo Southeast adequately insured him, Hogan says he would not have had to dip into his personal fortune to settle the lawsuit filed by Graziano's guardian, Hogan's lawsuit says. The amount of that settlement has never been disclosed.
The lawsuit filed today represents at least the second one Hogan has filed in connection with the wreck. In September, he filed a lawsuit against two of his attorneys, claiming they wrongly charged him more than $1 million in legal fees after agreeing to defend him against the suit filed by Graziano's guardian.
That lawsuit has been settled out of court.
Friday, April 16, 2010
TD Bank Buys 3 Failed Banks in Florida
The Wall Street Journal, Robin Sidel, 16 April 2010Canada's TD Bank Financial Group, accelerating its march on the U.S. banking industry, gobbled up the operations of three failed institutions in Florida.Regulators also seized two small banks in Michigan and Massachusetts, representing the first bank failures of the year in those two states. So far this year, 47 banks have failed in the U.S.In
Tuesday, April 13, 2010
Do "empty Nesters" need Life Insurance?
Quite possibly. In fact, there are many reasons why you may want to consider life insurance after your children have left home:
To help meet goals
If your children are in college and/or not completely financially independent, life insurance may help "finish the job." Although you may have provided for tuition, what about your kids' ongoing living expenses (e.g., room and board, laundry, entertainment/activity costs, etc.)? And, while Social Security benefit payments for your surviving spouse and children may be available, they stop when your kids leave high school.*
To support other dependents
If you have parents, disabled adult children or others who depend on you for financial support, life insurance could help continue this support if you die before they do.
To offset "lost" retirement savings
If you die unexpectedly before retirement, your Social Security survivors' benefits and pension, if you have one, are based on your salary at that time. And your retirement savings contributions stop, of course. If you're early or even midway in your career, that might create a big gap between needs and resources. A life insurance policy may help fill that gap.
To meet commitments based on two incomes
Most two-earner couples make financial commitments (e.g., home mortgage, loans, leases, etc.) based on their combined income. Life insurance covering each earner may help the survivor continue to meet those commitments.
To pay final expenses
Perhaps you don't have enough savings available to pay for funeral and burial costs, final medical expenses, estate administration and transfer costs, and federal and state income and estate taxes.† Life insurance may help cover these costs, which can easily reach tens of thousands of dollars.
To create a financial "safety net"
Conventional wisdom says each household should have an "emergency fund" to meet surprise unavoidable outlays. If you don't have an emergency fund and something happens to you, it might be more difficult for your family to obtain immediate cash. Life insurance may help solve this problem.
To offset lost income if a spouse dies after beginning Social Security retirement benefits
When a couple retires and begins receiving Social Security retirement benefits, each one receives an income. The earner with the larger pre-retirement income gets a benefit based on that income, and the person with the smaller (or no) pre-retirement income gets either a benefit based on his or her own earnings record or half of the spouse's Social Security benefit, whichever is greater. When one spouse dies, the larger retirement benefit continues but the second benefit stops. Life insurance may help offset this income drop.
To provide for your charities
Life insurance can be an effective way to make a final gift to your favorite charity.
For Additional Information on Insurance visit us at www.clementeinsurance.com
Carjacking can happen anywhere!
Can you imagine someone stealing your motor vehicle while you're in it? That's a very scary thought, yet it happens to thousands of motorists every year.* You can help reduce the risk of being carjacked if you stay alert, avoid dangerous situations and places, drive defensively and keep your car locked. Read on for some valuable information that may help keep you and your family out of harm's way.
Stay alert. Whenever you enter or exit your car or stop your car and remain in it, vigilance is the key to safety. So remain alert at stop signs, red lights, in front of electronic gates or in your driveway.
Driveway precautions. Don't let your guard down, assuming you're safe just because you've reached your own driveway. In fact, don't even pull into your driveway if you think you're being followed by a car you don't recognize. Instead, drive around the block, and if you are being followed, head to the nearest police or fire station. If you have a cell phone, use it to call 911 for help.
Stay alert. Whenever you enter or exit your car or stop your car and remain in it, vigilance is the key to safety. So remain alert at stop signs, red lights, in front of electronic gates or in your driveway.
Driveway precautions. Don't let your guard down, assuming you're safe just because you've reached your own driveway. In fact, don't even pull into your driveway if you think you're being followed by a car you don't recognize. Instead, drive around the block, and if you are being followed, head to the nearest police or fire station. If you have a cell phone, use it to call 911 for help.
Red light and stop sign precautions. Whenever you are at a stop sign, intersection or red light, keep your windows closed and leave enough room between you and the vehicle in front of you to allow you to escape, if necessary. Rule of thumb: Make sure you can see the entire back of the vehicle in front of you including its tires. This will allow you to maneuver your car easily if you need to pull away quickly.
Behaviors to avoid. Don't let people know you have money. Remain alert when you walk to your car from a shopping center with a bunch of bags. Try not to wear any flashy jewelry when running errands. Carjackers wait for these opportunities and then take advantage of them.
The bottom line: Constant vigilance can help to reduce the risk of carjacking.
*Source: http://survivalx.com/driving/carjacking.html
There's no place like home - How safe is yours?
- Your home may be your castle — but it also can be a very hazardous place. We become so accustomed to our homes that we often overlook potentially dangerous habits and situations. Here are a few simple steps that may help prevent many common household accidents:
Keep stairs clearly lit. Stairs are one of the most dangerous spots in your home.
Help prevent falls. Install grab bars in tubs and showers and use non-slip mats. Have bright lights over stairs and on landings. Keep them well lit and clear of boxes, furniture and other tripping hazards.
Help prevent poisoning. Keep cleaners, medications and beauty products where children can't reach them. Use child safety locks. Call (800) 222-1222 for information about poisons. If anyone ingests or inhales poison, call 911 immediately.
Help prevent fires, burns and inhalation hazards. Check all smoke, fire and carbon monoxide alarms regularly and hold family fire drills. If you build a new home or renovate an existing home, consider installing fire sprinklers. When cooking, stay at your stove. To help prevent scalding, set your hot water heater at 120°F.
Help prevent choking and suffocation. Any item that can fit through a toilet paper tube can choke a young child. Keep coins, latex balloons and hard round foods, such as peanuts and hard candy, where children cannot see or touch them. Pediatricians recommend placing babies to sleep on their backs without pillows, blankets, comforters or toys in cribs.* When your children are in or near water, watch them very carefully and stay close enough to touch them at all times. This includes bathtubs, toilets, pools, spas and even buckets of water.
The best way to handle an emergency is to be prepared. Make sure you have an emergency phone list posted by each phone in your house. I can give you a sample list so call me and start making your home safer today.
Stair safety
Here are tips that may help you and your family navigate your steps safely:
Install a light switch at the top and bottom of stairs.
Make sure handrails run the full length of the staircase.
Fix loose stair carpeting immediately.
Don't use throw rugs at the top or bottom of a flight of stairs.
If you intend to paint basement stairs, add some sand to the paint for a better grip or install rubber or abrasive treads.
Make sure the outside of your house is well lit or paint the edges of outside steps white so they can be seen in the dark.
*Source: U.S. Surgeon General's Office: http://www.surgeongeneral.gov/pressreleases/sg05052005.html.
Four Types of Insurance
Fundamentally you are a moment ago a collection of danger. May You Trust That You Do not should insurance for you or for your family and That You will take your chances on staying healthy and safe Risk But taking this cost you Everything That Could Have Worked for you. The Following are the basic forms of insurance That Should Have Every person Regardless of Their race, age, or Nationality and
Four Types of Insurance
Fundamentally you are a moment ago a collection of danger. May You Trust That You Do not should insurance for you or for your family and That You will take your chances on staying healthy and safe Risk But taking this cost you Everything That Could Have Worked for you. The Following are the basic forms of insurance That Should Have Every person Regardless of Their race, age, or Nationality and
Four Types of Insurance
Fundamentally you are a moment ago a collection of danger. May You Trust That You Do not should insurance for you or for your family and That You will take your chances on staying healthy and safe Risk But taking this cost you Everything That Could Have Worked for you. The Following are the basic forms of insurance That Should Have Every person Regardless of Their race, age, or Nationality and
Sunday, April 11, 2010
Travel Insurance - Compare different offers for a large number
Buy travel insurance is something that most people struggle with. The key to choosing travel insurance is not trapped in the mass of available companies. There are literally hundreds of companies to choose from, but you only want one. Your travel insurance company should be all you need to be, here are some things you can do to make your choice.You can get many quotes directly from the Internet
Travel Insurance - Compare different offers for a large number
Buy travel insurance is something that most people struggle with. The key to choosing travel insurance is not trapped in the mass of available companies. There are literally hundreds of companies to choose from, but you only want one. Your travel insurance company should be all you need to be, here are some things you can do to make your choice.You can get many quotes directly from the Internet
Travel Insurance - Compare different offers for a large number
Buy travel insurance is something that most people struggle with. The key to choosing travel insurance is not trapped in the mass of available companies. There are literally hundreds of companies to choose from, but you only want one. Your travel insurance company should be all you need to be, here are some things you can do to make your choice.You can get many quotes directly from the Internet
How it relates to the financing of long-term care and planning
As a result of the Pension Protection Act of 2006, which came into force on January 1, 2010, insured with specially designed incomes have the ability to take cash withdrawals for qualified expenses value of long-term care, tax-free income, regardless of the cost base. Benefit payments to insurance brokers and cash withdrawals LTC value to pay for LTC insurance premiums are not taxable.The Act
How it relates to the financing of long-term care and planning
As a result of the Pension Protection Act of 2006, which came into force on January 1, 2010, insured with specially designed incomes have the ability to take cash withdrawals for qualified expenses value of long-term care, tax-free income, regardless of the cost base. Benefit payments to insurance brokers and cash withdrawals LTC value to pay for LTC insurance premiums are not taxable.The Act
How it relates to the financing of long-term care and planning
As a result of the Pension Protection Act of 2006, which came into force on January 1, 2010, insured with specially designed incomes have the ability to take cash withdrawals for qualified expenses value of long-term care, tax-free income, regardless of the cost base. Benefit payments to insurance brokers and cash withdrawals LTC value to pay for LTC insurance premiums are not taxable.The Act