Hurricane Sandy Takes It’s Toll on Thousands Of Boats

Hurricane Sandy Destroys Thousands Of BoatsPost Date November 19, 2012 – The United States Boat Owner’s Association announced last week more than 70,000 power boats, sail boats and jet ski’s were either damaged or sunk when Hurricane Sandy his the east coast two weeks ago. Hurricane Sandy and the winds it brought to New Jersey, New York and the other states hit the boating industry like a sledge-hammer. Insurance industry insiders have described Hurricane Sandy as the single-largest insurance industry loss in nearly 20 years. Watercraft destroyed by Hurricane Sandy have already reached $650 million dollars.

Hurricane Sandy destroys over 70,000 boats

Hurricane Sandy forced thousands of motor boats and sail boats to wash up on beaches, residential areas, streets and highways. Boats which were stored in marinas have become inoperable because of all the debris which washed in to the boats hauls.  Marina’s and Slip Docks in on the coast of New Jersey and Staten Island suffered the greatest amount of damage of all the east coast states. The estimated damage from Hurricane Sandy in the coastal areas New York has now reported the greatest number of watercraft damage. The amount of damaged boats in New York is over 32,000. In second place is the coastal areas of the of New Jersey.  Over 25,000 Sail and Power Boats were lost or damaged in the Garden State.  Hurricane Sandy logged the 3rd largest amount of damaged in Connecticut with 2,500 watercraft lost.

The association through its Marine Insurance Program is looking into the storm’s aftermath as to assess how it had affected recreational boats in order to come up with a much sturdier boat damage prevention measures.  One interesting item revealed an early sign shows that boats being kept on floating docks supported with tall pilings had the best chance of surviving a storm the size and scope of Hurricane Sandy.

-Mike  

Michael E. Dortch
President &  Managing Agent
InsureDirect.com
Corporate Home Office
618 South Broad Street
Lansdale, Pennsylvania  19446
(800) 807-0762  ext. 206

Insurance Agent Pays Back $1.7 Million Unlawfully Obtained

Thursday’s Post 11/17/11 –  Connecticut regulators have agreed with, William Gallagher Associates, a Property & Casualty Insurance Agent based in Massachusetts, to  pay $100,000 in penalties and give back $1.7 million to the Connecticut’s State General Fund. The penalties are part of the settlement between the insurance broker and Connecticut regulators over a case filed by Milford Power Company, where the power company alleged that William Gallagher Associates had unlawfully overcharged them by more than $2 million. Connecticut regulators point out Gallagher was involved in a variety of questionable activities that involved questionable bookkeeping. The schemes employed by the brokers ranged from issuing dummy invoices to clients and concealing fees and commissions when invoicing clients to altering their original policies. The firm also deliberately covered up their activities by keeping two different sets of accounting books. Connecticut Attorney General, says that William Gallagher Associates will have to refund the money to the Connecticut State Fund that they obtained through unlawful charges.

This is not the first time this insurance broker has been involved in these shady practices. Officials claim that this firm’s accounting records show that they were involved in inappropriate bookkeeping practices from as early as 2002.  In the year 2007, the firm paid close to $4 million to Massachusetts authorities as settlement for similar practices.  It seems this company has yet to learn from its past. The firm was found to have violated an act in the state that deals with unfair trade practices. It was also found to be in violation of the rules laid out in the act that deals in unfair insurance practices.  Analysts point out that questionable bookkeeping procedures are one of the ways companies use to overcharge unsuspecting clients or inflate their profit margins. There are several companies that are on record for deliberately misrepresenting the real facts to their shareholders by ‘cooking the books.’ These professional crimes are punishable by heavy penalties that are meant to act as deterrents for such practices. Based on my research, William Gallagher does not market and personal insurance products such as  Auto Insurance  or Homeowners Insurance. They appear to market to the business community with a full range of professional liability Insurance Products.

-Mike

Michael E. Dortch
President &  Managing Agent
InsureDirect.com
Corporate Home Office
618 South Broad Street
Lansdale, Pennsylvania  19446
(800) 807-0762  ext. 602

Connecticut To Waive Storm Deductibles Resulting From Irene

Many InsureDirect.com customers throughout Pennsylvania, New Jersey, Delaware and Maryland and parts of Ohio experienced losses from Hurricane Irene. It seems like no one was immune regardless if you lost your car, home, motorcycle or boat to wind or flooding.  My family home I lost its power for four days and many of my neighbors in the Bucks County Area of Pennsylvania experienced severe flooding and extensive property damage. I also have many  other customers in Wilkes Barre, PA  whom suffered much more since that area was evacuated as a result of the severe storms.

Connecticut Governor Daniel P. Malloy has indicated  Connecticut has entered into negotiations with some a number of Homeowners Insurance Companies in the state to ask them to waive  Homeowners Insurance,  Auto Insurance and Commercial Insurance deductibles for their hurricane policy that have come about as a result of damages to coastal properties arising from Hurricane/Tropical storm Irene.  Auto, homeowners and business owners in the area who happened to have their property destroyed or damaged are set to benefit from the waiver.

Irene’s drenching resulted in the destruction of some 244 homes according to Malloy. The total damage to public property has been pegged at some $16 million according to state officials with the figure being expected to rise as the storm subsides. By the time of filing this report, estimations of damages arising from the storm to private property had not yet been accurately calculated. This damage is however expected to be substantial.  Insurance analysts have even hinted that federal disaster aid could be required for at least seven of the eight counties in the state.  

President Barrack Obama had assented to a disaster declaration for the state of Connecticut which had effectively availed disaster relief  by FEMA for five of the eight counties. However, the Federal Emergency Management Agency was quick to allay fears that other counties would be left out of the disaster relief efforts by indicating that assessments of the damage in the other counties was already underway and help would be on the way soon.

Five reputable insurance companies involved in writing insurance policies and who are major players in the industry had already agreed to have the deductibles waived according to governor Malloy. This was however specific to policies of coastal homeowners that covered hurricanes. The deductibles are usually a percentage of the total cost of the home which means that homeowners are eventually required to fork out thousands of dollar before the coverage for the hurricane can be deemed to have begun.

Without these waivers, the joint figure for all homeowners could have been as high as $ 100 million. This is according to a review carried out by the state insurance department. Irene has caused extensive damage to cars, trucks, boats,  infrastructure such as road and power lines and left two people dead in its wake. Heavy flooding has also been reported as far north as New England.  

– Mike

Michael E. Dortch
President &  Managing Agent
InsureDirect.com
Corporate Home Office
618 South Broad Street
Lansdale, Pennsylvania  19446
(800) 807-0762  ext. 602 

 

InsureDirect.com offices Shake From Earthquake

On Tuesday August 30, 2011,  a strong earthquake rattled the East Coast of the US starting in the State of Virginia. The earthquake was so strong that it could be felt as far as Pennsylvania and inside the corporate offices of InsureDirect.com in Lansdale, PA which is 35 miles northeast of Philadelphia and all the way to Canada. The earthquake has shaken buildings, delayed flights and trains, and sent confounded workers inside buildings into the streets. Despite its severity, the 5.9 magnitude earthquake had not  injured or taken anyone’s life. Despite this, the Pentagon and the US Capitol, in Washington DC, were briefly evacuated. The states effected were Virginia, Maryland, Delaware, New Jersey, Pennsylvania, New York, Connecticut, New Hampshire, Vermont and Maine.

Spokesman; Larry Beach said that the quake could still be felt 83 miles from the epicenter. Larry works at the US Agency for International Development in Washington. 5.5 to 6-magnitude earthquakes have the ability to shake, and bring forth damage to the building; especially when the quake is shallower. Amtrak, in line with the destruction caused by the earthquake, commenced a reduced speed policy between Washington and Baltimore. In addition, track crews are busy checking rails for damage. Two nuclear reactors in Virginia were shut off for safety’s sake; traffic lights, too, have been shut down for a short time after the tremors gradually ended. A spokesman says that three pinnacles from the center tower of the Washington National Cathedral have broken due to the quake.

Due to the intensity of the earthquake, some people living in high-rise building experienced sea sickness during the earthquake due to the shaking motion of the building. The earthquake grounded all flights in John F. Kennedy International Airport and Newark Liberty Airport for a brief period of time due to the evacuation of Tower Controllers. “I thought I was dizzy and I needed to drink more water,” said the manager of Sportello, Heather Kennaway. He was at first unaware that it was an earthquake which sent him off his feet. Vacationers at Hamptons, one of the highest-rating islands, also felt the tremors. Many grabbed their cell phones to contact loved ones while other began inquiring whether a tsunami was on its way or not.

If you have Homeowners insurance, you should understand your coverage may not cover earthquake damage.  Under normal circumstances you will need to purchase an additional coverage or seperate rider to provide coverage for such perils.  If you have homeowners insurance through another company or broker and you have not been contacted lately to review your coverage – give us a call.  The agents at InsureDirect.com will be happy to review your current Home or Auto Insurance Policy and see if we can save you some money and even increase your coverage.

– Mike

 

Insurance For Every Need

Day in and day out, 365 days a year; drivers all over the United States shop for all types of Insurance coverage. They’re shopping at the time of their auto insurance renewal, when they turn 16, or when they find out their auto insurance is being cancelled. InsureDirect.com is not just licensed to sell many types of insurance, tens of thousands of people and families have found InsureDirect.com is the only Insurance Agency they will ever need.

Regardless if you live in Maine or Florida; Pennsylvania or California, InsureDirect.com can insure any home you own or rent and the cars in your garage or driveway. Representing more than 30 different insurance carriers, and offering hundreds of different insurance products; InsureDirect.com can give instant Car Insurance, Home Insurance, Renters Insurance, Motorcycle Insurance, Boat Insurance, ATV Insurance, and Snow Mobile Insurance.

InsureDirect.com also sells many types of Business Insurance including Mono-line Truck Insurance for Tractors, Straight Trucks, Box Trucks, Vans and Private Passenger cars owned by a business. Buying Insurance from InsureDirect.com is just as easy. We can bind your coverage and fax or email you an ID Card in less than 10 Minutes.

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