Protecting Your Financial Security

Can Your Business website lead to a lawsuit?

2009-03-03T14:15:00.002-05:00

Every business today should have a website. It provides you with an opportunity to promote your products and services, communicate with current and potential customers and immediately establishes credibility. However, as with every mode of communication, there are liability risks. Here are some of the most common risks and steps to take to avoid them.

Defamation if the #1 risk for a website. This would include false or disparaging statements about people, businesses or their products. Your products or services may be better than your competitors, but unless you have indisputable proof of that, avoid posting these statements on your website.

Copyright infringement can get you in trouble. Did you find a great article or photo that you posted on your website? If you didn’t have permission to do so, you are at risk for a lawsuit. Before posting anything that you haven’t written yourself, make sure you get permission from the author or photographer.

Trademark infringement is another concern. Make sure you have written permission from suppliers, distributors, etc. to post their names, web addresses or logos on your site.

Be very careful about using personal, private information. You may want to feature testimonials from customers, but make sure you get their permission first. Also, be cautious about posting photos of other businesses or people’s homes without their knowledge or consent.

Questions or concerns about your insurance coverage? Call The Van Dyk Group today at (800) 436-1663. We are here to help you.

Make Sure Your Holiday gifts are Covered!

2008-12-03T09:57:00.000-05:00

Did you know that if gifts are stolen from your car while shopping your automobile insurance policy does not cover it? That's correct, this type of loss would be covered by your homeowners or renters insurance policy, subject to your homeowners deductible and conditions.

Keep in mind if you receive expensive gifts such as jewelry this Christmas it can be endorsed to your homeowners or tenant insurance. You can also obtain a separate personal article floater where items can be covered at full value, with no deductible. The rate structure is based on the cost of the item per $100. An appraisal would be needed to state the value of the item.

The personal article floater can also be obtained to cover scheduled fine arts, guns, furs, cameras, musical instruments, silverware, postage stamps and coins and electronic equipment such as laptop computer and plasma televisions. This coverage is provided on an "open perils" basis that would include mysterious disappearance and breakage which are not perils covered under a homeowners policy.

How to Buy a Home in Today's Real Estate Market

2008-11-19T14:08:00.000-05:00

If you are planning to buy a home, now or in the future, now is the time to get all the facts with this Free Seminar.

Wednesday, December 3rd - 7PM at the Van Dyk Group Barnegat Office

Topics Include:

Selecting the Right Mortgage
Understanding todays mortgage process
How to find and buy a foreclosure
Buying a short sale
Know how to negotiate your price

Please RSVP by calling Van Dyk Group today - (609) 698-6900

NO OBLIGATION!!

Mortgage Money is Available!!

2008-10-31T09:21:00.000-05:00

It has become very difficult to make heads or tails of these very trying economic times. Daily the “experts” give us their opinions on what the root causes of our present day dilemma is and what can and should be done to resolve the problem. The end cost to each of us has yet to be determined. The bottom line is most of us will remain employed and we still know that the single best investment we can make is in our home.

The emphasis is on HOME. This is not just a house and a write off for your taxes. While certainly these are terrific benefits there is a much bigger picture here. This is your HOME. The place you raise your children, where you retire to at the end of each day, where you seek comfort and safety, celebrate birthdays and anniversaries, where you live your life. Examine your current situation, look at the home prices and mortgage rates and don’t miss out on this great opportunity.

We will be offering a FREE Home Buyer’s Seminar on Dec 3rd at our Barnegat office, but we are always willing and available to spend the time with you to help determine your purchase potential. If you are not ready to buy right now we will help you set a plan in motion according to your timetable. Don’t panic; don’t think that you will never be able to realize the great American Dream of home ownership. You can and you will. We look forward to working with you so please call today - (800) 217-0747.

Properly Insured for Flood?

2008-06-04T09:20:00.000-05:00

Did you know that as of June 1st, hurricane season is upon us? How many of your clients are properly insured in the case of a flood? Let our department help you determine for your clients whether they are covered properly in the case of a claim. Our department is able to place flood insurance through the Federal flood program and excess flood coverage with several of our excess carriers.

The maximum coverage through the Federal flood program is $250,000. If the replacement cost of the home exceeds this amount, the property may not be fully covered in the case of a loss. However, an excess flood policy can be purchased to insure the home up to the full replacement cost. This policy would cover any loss over the $250,000 offered through the standard flood company up to the replacement cost of your home.

For example, if the replacement cost of your home is $400,000, the standard flood policy would have the maximum limit of 250,000. The excess flood policy would then provide coverage of $150,000 to equal the full replacement cost of $400,000.

If you have any questions or would like a quote for this coverage please contact any one of our knowledgeable personal lines customer service representatives.

Insuring Children in College

2008-05-07T08:16:00.001-05:00

Are your kids graduating college or maybe starting college in the Fall? The personal lines department has a policy that can make sure they are covered in either situation. Tenant Homeowner policies are offered by all our top companies; Travelers, Selective, Mercer & Cumberland to name a few with great coverage and reasonable prices. The renters’ policy will provide coverage for the personal property held within the dwelling and liability coverage. It would not cover the house or apartment that is being rented as that would be covered by the landlord.

Please contact the personal lines insurance department if you or someone you know might need this coverage.

Courtesy of Marni Jurgens - Personal Insurance Service Center

Finding Coastal Area Insurance

2008-04-11T12:37:00.000-05:00

The coastal area has been a difficult market for insurance for many years now. Unfortunately, some companies have been approved to non-renew clients just for this reason alone. This is leaving many to scramble for new insurance in a tight market.

The Personal Insurance Department has many companies available to insure all types of risk in the coastal area. Whether it is a primary, secondary, rental or even a vacant home, we will have a company to place this coverage.

If you know someone who is being effected by this, please refer them to the Personal Insurance Department for knowledgeable information and guidance. Thank you.

Courtesy of Eva Rhoades - Personal Insurance Sales Representative

What is liability coverage and why do I need it?

2008-03-11T12:43:00.000-05:00

The most common question I receive from homeowners is - What is liability coverage and why do I need it?

Personal Liability coverage insures you for claims involving damages for which you are held liable. This means either paying for the claim or defending you in court. If you do not have this coverage and are held accountable for claim, your personal assets could be seized and your wages garnished.

Review your policies to make sure you have this coverage and that the limits are at a acceptable amount. We suggest at least $500,000. Please contact the Personal Lines Department if you have any questions.

Courtesy of Eva Rhoades - Personal Insurance Sales

Types of Auto Insurance in New Jersey

2008-01-29T11:37:00.000-05:00

There are two types of auto insurance policies sold in the state of New Jersey, Standard & Basic. Although our agency writes both policies, we try only to sell Standard Policies due to the limitation of coverages with Basic policies. The Standard Policy includes the following coverages:

Bodily Injury Liability Coverage pays for claims and lawsuits by people who are injured or die as a result of an auto accident you cause. It compensates others for pain, suffering and economic damages such as lost wages.

Property Damage Liability Coverage pays for claims and lawsuits by people whose property is damaged as result of an auto accident you cause.

Uninsured Motorist Coverage pays you for property damage or bodily injury if you are in an auto accident caused by an uninsured driver.

Underinsured Motorist Coverage pays you for property damage or bodily injury if you are in an auto accident caused by a driver who is insured, but who has less coverage than your underinsured motorist coverage.

Collision Coverage pays for damage to your vehicle as the result of a collision with another car or other object.

Comprehensive Coverage pays for damage to your vehicle that is not a result of a collision, such as theft of you car, vandalism, flooding, fire or a broken windshield. However, it will pay if you collide with an animal.

Personal Injury Protection (otherwise known as PIP). This is your medical coverage for injuries you (and others) suffer in an auto accident. It is sometimes called “no fault” coverage because it pays your own medical expenses no matter who caused the accident. PIP has two parts (1) coverage for the cost of treatment you receive from hospitals, doctors and other medical providers and any medical equipment that may be needed to treat your injuries and (2) reimbursement for certain other expenses you may have because you are hurt, such as lost wages and the need to hire someone to take care of your home or family.

Bodily Injury, Liability/Property Damage and Uninsured/Underinsured coverage and PIP are required coverages by the state of New Jersey.

Elected coverages that can be added to the policy are Comprehensive, Collision, Rental Reimbursement and Towing and Labor.

Check with your agent to make sure you have the most comprehensive coverage for your automobile.

In addition, most companies offer package discounts when both auto & home is written with the same company.

Courtesy of Theresa Butler - Personal Insurance Department

Holiday Safety Tips

2007-12-12T09:55:00.000-05:00

More than 50% of adults plan to hang holiday lights this year, according to the safety council. But if they aren't handled properly, holiday lights can create fire hazards and electrical shock risks. Nothing can put a damper on the Holiday spirit like a house fire, please take the following precautions to avoid this risk.

Inspect holiday lights and extension cords before decorating. Replace any that are fraying or damaged.
Check for red or green UL (underwriters laboratories) marks on all light strings and extension cords. The green holographic UL mark means the light string should only be used indoors. The red holographic mark indicates the light strings can be used both indoors as well as outdoors.
String no more than three standard-size sets of lights together.
Unplug all holiday lights when you go to sleep or leave home.
Roll up excess electrical cords and keep them away from high-traffic areas. Do not run electrical cords under rugs.
Use safety caps to keep children from putting things in outlets.
Consider using LED lights, which are cool to the touch and are up to 80% more efficient than incandescent lights.

For more holiday safety tips please visit www.UL.com.

Courtesy of Tory Holman - Commercial Insurance Division

What's the difference between cancellation and non-renewal?

2007-12-05T11:34:00.000-05:00

There is a big difference between an insurance company canceling a policy and choosing not to renew it. Insurance companies cannot cancel a policy that has been in force for more than 60 days except when:You do not pay the premium.You have committed fraud or made serious misrepresentations on your application.

Non-renewal is a different matter. Either you or your insurance company can decide not to renew the policy when it expires. Depending on the state you live in, your insurance company must give you a certain number of days' notice and explain the reason for not renewing before it drops your policy. If you think the reason is unfair or want a further explanation, call either the insurance company or your agent. If you're not happy with the explanation, you can contact your states Department of Insurance and file a complaint.

The company may have decided to drop that particular line of insurance or to write fewer policies in the area you live, so the non-renewal decision may not be because of something you did. On the other hand, if you did do something that raised the insurance company's risk considerably, like committing fraud or not complying with company recommendations or requirements, the premium may rise or you may not have your policy renewed.
If your insurance company did not renew your policy, you will not necessarily be charged a higher premium at another insurance company.

If you receive either a notice of non-renewal or cancellation be sure to call your agent right away. These are not issues you want to let slip through the cracks.

Courtesy of Sara Richards - Personal Insurance Service Center

Animal Liability

2007-11-27T12:06:00.000-05:00

Did you know that Fido can affect your insurance?

For pet owners, especially dog lovers, man's best friend can be a liability risk for you and your insurance company. Most companies have restrictions against certain breeds, what they call vicious breeds' or breeds on the 'bad dog list'.

Some are obvious, for example, Pit Bulls, Rottweilers, and German Shepards are the top three breeds responsible for the greatest number of dog-bite-related fatalities. But other dogs may not be as obvious. For instance, a Saint Bernard, or a Great Dane may seem mild, but in fact are on this top ten list. So, as a homeowner, if you're looking to purchase a new pet, keep some things in mind:

Some insurers may charge higher premiums for certain breeds of dogs.
Consult with a professional (e.g., veterinarian, a responsible breeder) to find a suitable breed of dogs for your household.
Spend time with a dog before buying or adopting it. Use caution when bringing a dog into the home of an
infant or toddler.
Consider spaying/neutering your dog (this can reduce
aggressive tendencies).
Do not play aggressive games with your dog.
Properly socialize and train any dog entering the household.
Immediately seek professional advice if the dog starts exhibiting aggressive or undesirable
behaviors.

And finally, advise your insurance representative when you do purchase a dog. Most insurance companies inspect the homes they insure, so thinking, "they'll never find out about my dog" is a bad idea. Be safe about your pet.

Courtesy of Sara Richards - Personal Insurance Department

Personal Umbrella Liability Insurance

2007-11-19T13:35:00.000-05:00

Did you know that dollar for dollar, personal liability insurance is the most economical insurance available in todays market place?

Personal liability provides for damages that you are legally liable for. This includes incidents occurring at your home and/or caused by you, residents of your household or your pets. Here are some common examples: your dog bites someone, a guest falls down your front steps, someone gets hurt in your swimming pool, your child accidentally injures another child.

Whether at home, vacationing in another state or in another country, it provides coverage for personal liability losses, defense cost and even loss of income.

A lawsuit can be devastating emotionally and financially. If a judgment against you exceeds the liability coverage of your auto or homeowners insurance your personal assets can be seized. Umbrella insurance can help protect what you've worked a lifetime to build.

Consider the following factors of an umbrella policy: The value of the current assets you need to protect. Do you have a swimming pool? Are you involved in activities that put you at a greater risk? Do you have teenagers?

If you are interested in an Umbrella quote, come see us in the Personal Insurance Dept!

Courtesy of Barbara Ordille - Personal Insurance Department

Saving Money on Auto Insurance

2007-11-13T11:43:00.000-05:00

There are many factors that go into determining auto rates, many of which are beyond our control. However, there are things you can do to save money on auto insurance costs.

1. Drive Safely- most insurers offer the lowest rates to drivers with good driving records.

2. Deductibles- Choosing a higher deductible can mean paying less for your policy. Consider the rising cost of repairs and what you can afford to pay out of your own pocket.

3. Safer cars benefit - a car that is practical, safe to drive and inexpensive to repair will cost less to insure. High performance cars, expensive cars (costly repairs) and cars that are likely to be stolen will cost more to insure.

4. Eliminate unnecessary coverage- If you drive an older car with little cash value, consider eliminating collision or comprehensive coverage.

6. Money saving discounts- some common discounts insurers offer are anti-lock break credit, anti-theft credit (alarms, passive disabling device, keyless devices), defensive driver credit (state approved defensive driver accident prevention course), driver training credit (under 21 yrs old), good student credit, low mileage credit (lower miles on road, lowered risk of accident), multi car credit.

Packaging your insurance policies (Auto & Home) can also save you money!

Courtesy of Marni Jurgens - Personal Insurance Department

Bi-Weekly Mortgage Payments

2007-11-12T15:59:00.000-05:00

Did you know that at any time throughout your loan you can call customer service and sign up to pay your mortgage bi-weekly? You can request them to split your total payment in half and you pay that amount every other week. This is helpful for people who would rather pay the smaller amount then have to pay the total all at once. Also, when paying bi-weekly you are actually making one extra payment per year which will pay off a 30 year loan about 7 years early. In most cases when you set up bi-weekly payments you can also arrange to have your mortgage automatically debited from your bank account.

Courtesy of Cindy Kelley - Van Dyk Mortgage Services

Fire Clean-up and Restoration

2007-10-31T08:15:00.000-05:00

The horrible wild fires in California bring to mind part of our life in the claims department; clean-up and restoration.
Most of our insurance companies suggest that the insureds find their own clean-up company. When the insured asks us to recommend someone, we generally give the names of at least three restoration companies. Some restoration companies charge more than the insurance companies are willing to pay. It is for this reason that the insured chooses the restoration company. The claims department is here to answer any questions you might have regarding restoration companies - (800) 222-0131.

Our thoughts are with all the people affected by the fires.

Courtesy of Virginia Tatlow - Claims Department

Protecting Your Business with Employment Practices Liability

2007-10-24T08:27:00.000-05:00

Hardly a day goes by when we don’t hear about a disgruntled employee threatening to sue his or her employer. Allegations of discrimination always seem to draw media attention and there rarely are follow-ups when the employer is found innocent of any wrongdoing, which happens in the majority of cases. That still means that the employer spent many dollars defending the case. Employment Practices Liability Insurance remains a coverage that is readily available, but rarely purchased.

EPLI premiums total more than $1.44 billion and cover nearly 217,000 business locations, according to MarketStance, Middletown, Connecticut. However, that leaves more than 8.4 million business locations going bare. Adding protection for employment practices may wind up adding very little to a business’s total insurance bill, but it will offer a layer of protection that could be critical. Simply defending against a lawsuit can be quite expensive, even when your client wins.

If you know any business owners who might be interested in adding this vital coverage, please have them contact the Commercial Insurance Department.

Protect Your Wedding Day

2007-10-16T15:07:00.000-05:00

Are you or someone you know getting married soon? If so, did you know you can purchase wedding insurance?

There are endless things that can go wrong up to and on the day of any wedding. The average wedding in the U.S. costs $26,000. You would protect your car, why not your wedding?

Wedding insurance can be purchased up to 14 days before the "Big Day". Wedding insurance covers non reimbursable expenses if the wedding has to be postponed due to severe weather such as a hurricane, commercial transportation shut-down when the bride, groom or their parents cannot get to the wedding venue, a call to military duty for the bride or groom, or even sudden illness.

Also included is repair or replacement of the brides gown, grooms tux, wedding rings and wedding gifts if they become stolen, damaged or lost.

Protection is also available for expenses incurred if a vendor goes out of business, declares bankruptcy or fails to show up. If your vendor suddenly becomes unavailable and you can find a replacement, the difference in cost will be covered.

There is also an option to add liability if someone gets injured or causes damage to the property.

Premiums are minimal for the peace of mind your "investment" is protected.

Courtesy of Jill Mele - Personal Insurance Department

Personal Property Inventory

2007-10-09T12:14:00.000-05:00

An inventory lists your personal possessions and their value. Home inventories make it easier to substantiate your claim in case of fire, natural disaster or robbery. It also determines if you have the right type and amount of insurance.

You can record the list of your possessions in three ways:
**Notepad or binder with photographs
**Video Camera
**On the computer with a program like Quicken Home Inventory Manager

Living room and Home office- note when and where you purchased electronic equipment such as computer and televisions. Include receipts if you have them. If you lost the receipt look online for a similar model, print out the page and attach it to the inventory. The more documentation the better.

Kitchen - write down the make model and serial numbers of appliances, include dishes, flatware and stemware.

Bedrooms - take pictures of open closets and estimate how much you paid when items were purchased.

Attic and basement - don't forget to include other valuable possessions you don't use everyday.

Garage - include sports equipment, tools, bicycles, and lawn mowers.

Keep a copy of all information in a Safe Deposit Box.

Courtesy of Linda Gesicki - Personal Insurance Department

What does "No Fees" really mean?

2007-10-05T14:50:00.000-05:00

At Van Dyk Mortgage, we provide our loans with no fees. But what exactly does that mean? Typically, mortgage companies charge you an origination fee, commitment fee, discount points, appraisal fee, credit report fee and a processing fee. These can add up to almost $2,000. When we say that we have no fees, we mean that there are no fees! The only closing costs that you pay are for your closing agent, title insurance and monthly escrows for your taxes and insurance. We do not charge our customers anything to process the mortgage.

It seems that other mortgage companies have jumped on this idea and are also offering loans like this, but beware! Their idea of “no fees” or “low fees” is different than ours. For example, we recently had a customer who was working with one of our realtors. This customer came to us for a quote on the rates and closing costs. They decided to shop around and ended up going with another company who promised lower closing costs. The other company was going to pay for the title insurance which is something that we do not offer. As it turns out, that customer ended up paying over $1,000 more than what we had quoted to do the same loan. That is because most companies pick one item such as title insurance and don’t charge for that, but make up for it in other places. In this situation, the mortgage company did pay for the title insurance but also charged the customer a $3,560 origination fee.

We offer this service to ensure that you are getting the best product at the best price. We usually tell our customers, if the rate and the closing costs sound too good to be true…they usually are.

Courtesy of Cindy Kelley, Van Dyk Mortgage Services

Remodeling Your Home - Make sure you are covered

2007-10-03T14:52:00.000-05:00

If you plan to remodel your home, make sure that your home, the contractor and subcontractors have adequate insurance coverage.

In order to avoid unnecessary complications, it is important to contact your insurance agent before the construction begins to increase the insurance coverage on your house to reflect the increase in the cost of renovations and additions. If the new addition is destroyed or damaged before insurance coverage has been increased, you may be responsible for the cost of repairing or rebuilding the addition.

It is very important to verify the insurance coverage of the contractor and the subcontractors. In most home improvement projects, the contractor subcontracts the builders, electricians and plumbers. The workers hired may not be full-time employees of the contractor and therefore not covered under the contractor’s workers compensation policy. While some independent builders, electricians and plumbers may carry their own workers compensation coverage, others may not.

Courtesy of Donna Gesicki, Personal Insurance Department

Insurance Company Financial Strength

2007-10-03T12:22:00.000-05:00

Selecting the right insurance company is a vital financial decision. One important consideration is the financial strength of the insurer. If the company cannot pay future claims or benefits, other considerations become unimportant. Financial strength ratings represent an analysis of a wide variety of risks that could affect an insurer’s long term survival. Insurance companies can fail or cease to operate due to inadequate financial capabilities, competitive forces, or changing fundamentals in their marketplaces.
The Commercial Insurance Department has access to several well known insurance company rating organizations, most notably “A.M. Best”. A.M. Best Company is the leading provider of ratings, news and financial data for the insurance industry worldwide and Best's Ratings are recognized as the benchmark for assessing the financial strength of insurance related organizations and the credit quality of their obligations.
If you ever have a question about the financial condition of an insurance company, please call (800)436-1663. We can provide you with a detailed explanation of a company’s strengths and weaknesses, and offer advice as to what companies may be able to provide the financial strength and security you need.

Courtesy of Jim Malkiewicz, Commercial Insurance Department

Is your In-home Business Covered?

2007-09-27T12:09:00.000-05:00

If you know someone who has a business that they run out of their home- either full time or part time or as a hobby- they may be surprised to learn that their homeowners and/or renters policies do not cover losses from their business activities. While some homeowner endorsements offer limited coverage, they are not designed to cover many business related losses. They may discover that they are underinsured AFTER a loss occurs. A small business owner could then be forced to go out of business because of a costly uninsured accident. A homeowner insurance carrier probably would not cover the following types of losses:

While visiting a customer’s residence you have business equipment stolen from your vehicle.
Inventory stored in your garage was damaged by a fire.
Lightening hit your home, damaging your computer or fax machine.
While doing an exhibit at a craft show you accidentally knock over the display next to you.

An In Home Business Policy is available through the personal lines insurance department and is designed for small businesses which are operated out of a person’s home. These entrepreneurs may find it difficult to obtain appropriate and affordable insurance through commercial lines. The In Home Business policy offers an affordable solution and is written for a variety of retail and service businesses. Some examples of businesses covered are:

Clowns, Magicians, Entertainers
Interior Decorating
Handicrafts
Financial Planning
Videotaping, dubbing, editing
Personal Fitness Trainer

Premiums typically range from $150 to $600 but can vary depending on the location and business type. The In Home Business package offers the following types of coverage:
Up to $50,000 business personal property, including theft, on and off premises
Up to $1 million in business general liability protection, on and off premises
Standard $100 deductible
Coverage for loss of business income
Optional coverages for money & securities and electronic data processing

Courtesy of Marni Jurgens, Personal Insurance Customer Service Representative

Eight Ways to Improve Your Credit

2005-08-19T09:07:00.000-05:00

Credit scores, along with your overall income and debt, are a big factor in determining if you’ll qualify for a loan and what loan terms you’ll be able to qualify for. Credit scores can now be used in determining Insurance Rates.

Check for and correct errors in your credit report. Mistakes happen, and you could be paying for someone else’s poor financial management.
Pay down credit card bills. If possible, pay off the entire balance every month. However, transferring credit card debt from one card to another could lower your score.
Don’t charge your credit cards to the maximum limit.
Wait 12 months after credit difficulties to apply for a mortgage. You’re penalized less for problems after a year.
Don’t purchase big-ticket items for your new home on credit cards until after the loan is approved. The amounts will add to your debt.
Don’t open new credit card accounts before applying for a mortgage. Having too much available credit can lower your score.
Shop for mortgage rates all at once. Too many credit applications can lower your score, but multiple inquiries from the same type of lender are counted as one inquiry if submitted over a short period of time.
Avoid finance companies. Even if you pay the loan on time, the interest is high and it will probably be considered a sign of poor credit management.

Real Estate Tips

2005-07-27T13:30:00.000-05:00

With Real Estate moving as fast as it is in many parts of the country, it can be overwhelming deciding if this is the right time to jump in. Whether you are a first time buyer or are looking to move, we hope these articles help you to make the decision that is right for you.

Sellers
Does Moving Up Make Sense?
5 things to do before you sell

Buyers
10 things to take the Trauma out of Homebuying
Tips on Buying in a Tight Market

Since 1946 the Van Dyk Group has guided over 20,000 families, individuals and commercial businesses in fulfilling their real estate and insurance needs. Contact us today if you have any questions or would like more information- www.vandykgroup.com