New Year’s Safety Tips

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Dec 272012
 

As we usher in 2013 next week with family and friends, please keep in mind a few safety tips as you plan your evening’s events.

First, if you plan to set off fireworks, check with your state’s laws regarding the personal use of fireworks prior to purchasing them. If permitted to use fireworks, it is wise to adhere to the following rules:

  • Light them in a field or other open area where homes and power lines are out of site.
  • Have a fire extinguisher nearby and never try to re-light a firework that did not go off when first lit.
  • Be sure pets and children are at a safe distance from where fireworks are being ignited.

Additionally, be mindful of transportation if you are planning to consume alcohol on New Year’s Eve. For the year 2011, The National Highway Traffic Safety Administration predicted that more than 10,000 people would die in drunk-driving accidents.

Make driving plans before you start festivities. If hosting a party, we recommend calling taxis for guests, designating a driver, or making plans for them to spend the night. If you’re planning to go out, always designate a driver at the beginning of the evening to avoid unsafe situations.

Soucy Insurance Agency wishes you a very safe and happy New Year!

Check Your Suability Factor

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Dec 042012
 

Some individuals, particularly wealthier ones, have a higher than normal loss exposure to lawsuits. This tendency is often referred to as a suability factor. How suable you are can be determined by examining the following:

  • Size of your savings account and stock portfolio
  • Size of your real estate holdings
  • Family income
  • Profile in the community and media
  • Leadership activities on not-for-profit boards
  • Leadership activities in home owners’ associations
  • Future income

People with a low suability factor should still strongly consider procuring a personal umbrella policy with at least $1 million in liability limits. People with a high suability factor nearly always need a personal umbrella policy with at least a $2 million limit. Remember that this is a relatively inexpensive policy that provides excess liability coverage over your homeowners and personal auto insurance policies. In some cases, it provides broader liability coverage than that found in the underlying policies.

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Copyright 2012 International Risk Management Institute,Inc.