Electrical Outlet Safety

Electrical receptacle outlets in walls and floors may present shock and electrical fire hazards to consumers. The U.S. Consumer Product Safety Commission estimates that 3,900 injuries associated with electrical receptacle outlets are treated in hospital emergency rooms each year. Approximately a third of these injuries occur when young children insert metal objects, such as hair pins and keys, into the outlet, resulting in electric shock or burn injuries to the hand or finger. CPSC also estimates that electric receptacles are involved in 5,300 fires annually which claim 40 lives and injured 110 consumers.

Older homes may have receptacles which are damaged or which, otherwise, may have deteriorated over the years. Jason Shroot recalls in one case of a damaged receptacle, a woman suffered severe burns to her hand as she was plugging in a floor lamp. Part of the plastic faceplate of the outlet had broken away, allowing the prongs of the plug to bridge from the electrical contacts to the grounded strap, resulting in intense electrical arcing. Outlets also deteriorate from repeated use, from plugging-in and unplugging appliances as is often done in kitchens and bathrooms. As a result, when plugs fit loosely into receptacles, especially the two-prong ungrounded type, they may slip partially or completely out of the receptable with only slight movement of the attached cord. Receptacles in this condition may overheat and pose a serious fire hazard; if covered by a curtain or drape, the fire hazard is even greater.

Jason Shroot thinks that all consumers should have a licensed qualified contractor replace deteriorated and damaged receptacles and, at the same time, upgrade their home electrical system to present safety standards. The simplest and most effective method to protect against electrocution is through the installation of ground- fault circuit interrupters (GFCIs) (as shown in FIGURE 3). If you wish to receive a copy of the Commission’s fact sheet on GFCls, send a postcard to “Ground-Fault Circuit Interrupters, Washington, D.C. 20207,” and a copy will be sent promptly.

Another method of protection in the home is to install 3-wire receptacles which will accept either 2- or 3-prong plugs (as shown in FIGURE 2). This method, however, requires a grounding conductor which may or may not be available in the outlet box. The least acceptable method is installing another 2-wire receptacle that requires the use of an adapter for accepting 3-wire plugs (as shown in FIGURE 1). Even thought the tab on the adapter may be properly connected to the cover-plate screw, the grounding path may not be adequate to protect against ground faults.



Outlets with poor internal contacts or loose wire terminals may become overheated and emit sparks. Even a receptacle with nothing plugged into it may run hot if it is passing current through to other outlets on the same circuit. To prevent damage to receptacles, appliances should be switched-off before unplugging from a receptacle.

• Have a qualified electrician replace damaged receptacles or those which feel hot, emit smoke or sparks, those with loose fiffing plugs or those where plugged-in lamps flicker or fail to light.
• Do not unplug appliances by pulling on the cord at an angle. The brittle plastic face of the recepacle may crack nd break away, leaving live parts of the receptacle exposed.

To protect young children, Jason Shroot offers advice to parents that they should consider some precautions:

• Insert plastic safety caps into unused outlets within reach of young children.
• Be sure that plugs are inserted completely into receptacles so that no part of the prongs are exposed.

Reprinted from the Consumer Product Safety Commission

For More Information On How To Protect Your Home With The Proper Insurance Coverages at Low Costs Please Call Jason Shroot At 714-988-3325 or jason@diversifiedinsurancequotes.com 

 

Does your Real Estate E&O Policy protect you in REO and short sales?

Does Your Real Estate E&O Insurance Policy Protect You For REO & Short Sale Transactions?

Real Estate Owned (REO) properties are often homes that have gone through foreclosure, been taken
back by the bank, and usually sold “As Is” to the next buyer. Many homeowners or business owners are
quite distressed at the time of foreclosure and do not have the financial ability to physically maintain the
property. And some sellers owe the bank more money than the amount the home can sell for. When
selling the property to a new owner, the bank, lender, or other owner of the property may not be required
to provide a disclosure statement, leaving buyers to fend for themselves in discovering defects of the
property or other damages left by the previous owners.

Jason Shroot can provide you a policy covering real estate services performed for others in foreclosure and short sales while serving as an agent, broker, leasing or referral agent, consultant or counselor, property manager, auctioneer, appraiser, and short-term escrow agent. The claims typically arising out of these circumstances include the alleged failure to disclose and misrepresentation of a property defect. In fact, a recent study by XL Insurance revealed two of the leading causes for E&O claims are:

**Failure to Disclose Information. Situations where the agent failed to disclose certain
information about the property, such as previous problems with flooding or water damage
and future development of the surrounding area. (48% of all claims).

**Misrepresentation. Scenarios where the agent misrepresented certain aspects of the property
such as taxes, schools in the district, well water pressure or quality, zoning, and property
boundaries. (29% of all claims) REO property sales present certain risks to real estate professionals, so be sure to provide all critical information known about the property in writing to the buyer. Should you receive a claim following a foreclosure or short sale, please immediately report it to XL Insurance at the address shown on your insurance policy. Remember: It is important to report all claims (or potential claims) as soon as you are aware of them to help ensure you’ll be covered.

Jason Shroot and www.jasonsellsinsurance.com is a local California Insurance Broker and Agent that specializes in the design and administration of quality insurance plans for individuals, associations, affinity groups, unions, and large firms.  For more information about Jason Shroot's E&O programs, please call 714.988.3325 or visit www.JasonSellsInsurance.com

Rising Cost of Building Materials: Is Your Property's Dwelling Coverage Sufficient?

ARE YOU KEEPING UP WITH YOUR COVERAGES?

Insurance Journal recently cited a report indicating, “Commodity price volatility and the rising cost of raw materials such as steel are fuelling a rise in rebuilding costs for plants and facilities, particularly for companies operating in the energy sector.”

Jason Shroot recalls that this report went further on to warn us that this imbalance could potentially have disastrous consequences for individuals and companies that don’t increase their insurance coverage. They could learn that while they are insured against what can happen one minute from normal, their amount of coverage may be inadequate.
In charting a prudent risk management strategy, all companies, not just energy companies, need to regularly update the repair and replacement cost for their property, plant and equipment. In addition to price volatility and rising costs, the replacement cost for equipment can skyrocket. While computer hardware costs may go down, other areas of a business may require increased investment. A machine’s replacement cost could potentially be many times its original cost. This “new normal” must be accounted for.
Choosing the amount of insurance coverage necessary to resume operations is a careful balancing act requiring the help of seasoned professionals who can help you see the bigger picture. Because external issues will invariably change, both sides of the equation must be balanced on a regular basis. The risk management professionals at JASONSELLSINSURANCE will help your company determine if its amount of coverage is adequate to meet any changed circumstances.
Jason Shroot can assist you in reducing the overall cost of risk for clients by producing a greater value for each insurance dollar spent, while utilizing an enterprise risk management approach to engineer the optimal solution. We are dedicated to anticipating risk and helping firms recover from unplanned events that wait on the other side of one minute from normal.
To Identify and Correct Any Coverage Gaps In Your Insurance Please Contact Jason Shroot at 714-988-3325 or Jason@diversifiedinsurancequotes or http://www.jasonsellsinsurance.com/

Got Errors & Ommissions?

Why Real Estate Professionals Need E&O Coverage

As real estate professionals know well, most signs point to slow progress in real estate industry growth. Professionals are left to manage their costs, make cuts where possible, keep up-to-date on industry trends, fight for the best terms for clients and avoid stepping on any toes. However, nixing some expenses like professional liability insurance in the near term can mean debilitating financial hurdles in the future. Agents and brokers need to be aware of the risks their real estate clients are facing in order to help them be strategic about their use of resources in order to ensure longer term successes. Without the right coverages, real estate clients may put their professional and personal financial future on the line.  Jason Shroot thinks this is a key point to stress about the importance of professional liablity insurance products.

The Real (Estate) Risks

Real estate agents, like insurance agents and brokers, are closely tied into their communities. As the economy has tumbled, they have taken initiatives to grow their practices however possible. While being flexible is helping many agents keep their practices solvent in a difficult economy, it can also lead to new risks. Insurance agents and brokers who understand the ways in which their clients are seeking growth can help them manage the exposures they're potentially overlooking.

One way many real estate agents are trying to improve their financial outlook is by expanding geographic operations. They are accepting listings and representing clients in new neighborhoods or towns. Because real estate markets typically have significant local differences, agents can face major changes when they venture into new territory. From property values to neighborhood rules and regulations, agents need to be informed about the areas where they're expanding their practice. If they are not up to speed, they risk lawsuits, unhappy clients and potentially losing their practice.
Real estate professionals are also adapting to a tough economic environment by offering new or expanded services. While some are simply bringing back services they provided in the past, others are taking on responsibilities they've never tackled. For example, some agents are now operating as property managers, property preservationists, title or closing agents and appraisers. In any scenario, agents who are adding to their list of services may also be adding to their list of liabilities.
Even agents who have experience offering additional services in the past may face new exposures. Agents adding to their repertoire are likely to be unfamiliar with current procedures, methods, issues or regulations. What's more, many of these agents are hard pressed for time and may not, for example, have taken training classes. Insurance agents and brokers need to explain the professional and personal risk their real estate clients are taking — and the repercussions in the event they are the target of litigation related to their new services.

PLEASE CALL JASON SHROOT AT 714-988-3325 FOR YOUR FREE NO OBLIGATION INSURANCE QUOTE FOR YOUR PROFESSIONAL LIABILITY NEEDS.

Lending Backlash

Closing the deal is arguably the most important step in a real estate transaction. When lending standards are raised, closing can also become one of the most challenging aspects of a real estate transaction. Agents can find themselves on the receiving end of lawsuits if any of the involved parties view them responsible for a sale falling through. Not only can this result in significant reputational damage, but the expense of paying for legal defense and fighting the suit can lead to serious financial stress for real estate professionals.
Protecting the Practice

Insurance agents and brokers play a key role in helping clients protect their businesses. Risk solutions can come in many forms, from product solutions to risk management resources and professional advisors. Agent and brokers need to consider all of the available risk management techniques and solutions when advising their clients about how best to protect their practices.

Maintaining the right Professional Liability insurance products is important to help clients minimize potential exposures. In addition to ensuring clients have traditional E&O coverages, they should be aware of newer enhancements or more sophisticated offerings that help protect against today's emerging exposures. Some of these offerings include:
• Network and Information Security Offense Coverage: Protects customers in the event of a network or information security breach, virus transmission or theft or loss of client data. With cyber events and hacking dominating the news, and more and more work being conducted electronically, this type of coverage is one that real estate professionals should consider taking seriously. The client information which real estate professionals have on hand can be extremely valuable to a hacker.

• Crisis Event Expense Reimbursement Coverage: Because a client's reputation can be compromised in the event of a lawsuit, firm breakup, or other publicly-reported crisis, look for an insurer who can provide expense reimbursement for consulting services provided by a public relations firm.
• Failure to Advise: If a real estate client fails to advise a buyer about pollution, fungi or bacteria, they may be sued. Ensuring that your real estate agent customer has this type of coverage can help protect them. With this coverage, clients are not subject to sub-limits or exclusions for neglecting to advise on those damages.

Support Solutions
Real estate professionals should also be educated about the resources available to them that help support risk management. These may run the gamut from experts to education, each offering unique guidance and help. By pointing to these resources, insurance agents and brokers can solidify their role as an advisor and solution provider for clients.
• Professionals: Insurers and agents, lawyers, and accountants who manage risk for a living can help identify individual exposures and provide custom solutions to meet a client's need. In addition, professional liability insurers offer access to risk management advisors for their insureds at no additional charge, so it makes sense to consider this service when recommending insurance placement and risk management.

• Outside Organizations: Many insurance providers, professional liability organizations and risk management associations can offer additional resources (pamphlets, web sites, etc.) that can provide helpful tips beyond coverage.

• Publications: Business magazines, risk management publications, regional magazines and real estate market outlets can put risks into a variety of contexts, each of which will provide value for real estate professionals.
Insurance agents and brokers understand that insurance is sometimes one of the first expenses that may be cut during tight economic times. Additionally, with today's economic environment, real estate agents may be searching for creative ways to broaden services and improve financial results — often overlooking associated risks. However, producers also know that professional liability insurance coverage can often be the most detrimental corner to trim. Insurance agents and brokers can help by providing education, guidance and solutions to support their clients' business.

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By: Tom Rea

November 14, 2011
http://www.mynewmarkets.com/articles/180979/why-real-estate-professionals-need-e-o-coverage
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For More Information on the Importance of E&O or Professional Liability Insurance Products Please Contact Jason Shroot at 714-988-3325 or jason@diversifiedinsurancequotes.com



Consumers Remain in Denial about Planning for Long-Term Care

Consumers Remain in Denial about Planning for Long-Term Care According to New Study

Study Shows a Lack of Education on Future Long-Term Care Needs and Presents Opportunity for Their Trusted Advisors




KIRKLAND, Wash., Nov. 8, 2011 /PRNewswire/ -- The majority of adults believe that long-term care insurance should be purchased between the ages of 45-64, yet 82 percent of this age group have not purchased a policy, finds a new study from the 3in4 Association. The study, sponsored by Genworth Financial, also shows that since the 2008 financial crisis, only 20 percent of adults have taken any action on their financial strategy and almost half of respondents do not expect to add anything to their plan in the next two years.

"Many people are in a state of paralysis from the economic downturn and are unsure about what to do next. Our goal is to shift their focus from the present to the future and to what they may require as they age," says Margie Barrie, Vice President, 3in4 Association. "Long term care planning specialists can play a large role in helping clients plan for their potential long-term care needs in order to protect their assets in retirement."  Jason Shroot definitely agrees with the idea of having a long term solution for your long term needs.  Please contact Jason Shroot at 714-988-3325 or jason@diversifiedinsurancequotes or please visit http://www.jasonsellsinsurance.com/.

According to the study, younger respondents, the 25-44 age group, are most likely to want more information about long-term care compared to older respondents (65 years or older). This presents an opportunity for long-term care planning specialists, as less than half of those in this younger age group reported turning to a planning expert for information on long-term care.
"Younger generations are especially in need of education on the importance of long-term care as they create and review their financial plans," says Barrie. "We know that 3 in 4 people will need more coverage than for regular healthcare as they age, so a plan that addresses long-term care needs is essential.

About the Study: Sponsored by Genworth Financial for the 3in4 Association, the study was conducted August 17-21, 2011, and surveyed 1,073 adults ages 25 years and older, with incomes of $50,000 and above.

About the 3in4 Association: The 3 in 4 Need More campaign is dedicated to raising awareness of the importance of long-term care planning. The campaign utilizes multiple marketing strategies to increase awareness. The 3 in 4 Need More campaign is a public service of the 3in4 Association, which operates as a nonprofit 501(C)(6) corporation. Members of the campaign cross all industries, genders and ages. The campaign supports an online platform located at www.3in4needmore.com. This resource supports consumer plan development, and products and services that should be considered in long-term care planning. The platform also provides awareness support for long-term care planning specialists.

This release was issued on behalf of the above organization by Send2Press(R), a unit of Neotrope(R). http://www.Send2Press.com.   SOURCE 3in4 Association.

PLEASE CALL JASON SHROOT AT 714-988-3325 FOR MORE INFORMATION ON YOUR LONG-TERM CARE NEEDS.  Jason Can Also Be Reached at www.jasonsellsinsurance.com or jason@diversifiedinsurancequotes.com