Great News!! Chubb has included associations, organizations, and unions in addition to employee groups for their GROUP EXCESS PRODUCT.

Please contact us www.sdlbrokerage.com or 212-779-4850 x3030 to learn more.

As homeowners across the country watch the values of their homes plummet, they may start to think that their insurance premiums should follow suit. Many people think it’s simple logic: Reduced market value equals reduced insurance premiums.

But many don’t know the difference between market value and replacement value or understand that they don’t often follow the same trend. In fact, even as home values continue their steep decline, the cost to rebuild a home continues to rise.

It’s now more important than ever to remind homeowners that their insurance premiums are not based on the current resale value of their homes, but on the cost to replace them.

Residential construction is a world-wide industry impacted not only by the cost of materials, but also the cost of new technology, new building codes and regulations, labor and materials. Home construction costs rose sharply after Hurricane Katrina in 2005, as the demand for building materials, labor and energy outpaced the supply.

Prices continue to rise, according to recent statistics. Reed Construction Data estimates an increase of 4.2% on construction costs from 2007 to 2008, up from the 2.8% estimate from 2006 to 2007 for the same period. Marshall & Swift/Boeckh estimates a 1% to 2% increase on overall construction over the same time period, with higher increases in many metropolitan areas.

Several variables can contribute to the rise and fall of home prices, including: implications of the subprime lending crisis; foreclosure rates; new housing starts; housing shortages; and location. On the other hand, replacement cost variables can include material costs; fuel and energy costs; the cost and availability of skilled labor; and changing construction codes and standards.

A final vote on the U.S. Senate’s health care reform bill is scheduled to take place in the House of Representatives.

Often times professionals have a variety of exposures. They may have their basic Media or MPL exposure and if they hold onto their client’s personal information they intern may also have some 3rd Party exposure. And don’t forget about their obligations to notify their clients.

Fortunately, instead of purchasing separate policies to provide proper coverage, Chubb has developed a solution. Chubb now offers two new endorsements which will combine all of these coverages into one endorsement; Cyber Coverage for MediaGuard and Cyber Coverage for ProE&O. These endorsements can be added to our MediaGuard or our ProE&O policies and will provide Cyber coverage that used to only be offered on our Cyber Security by Chubb standalone policy.

These new endorsements go beyond coverage for your website and extend to your entire computer network, including mobile devices and laptops. You don’t even need a website to face the exposure of a network or privacy breach, just personal data. Furthermore, these endorsements go beyond protection for exposures arising from your services or media. It even extends coverage in case information about your employees is accessed, or if your employees cause a breach.

Please contact our agency for more information or if you would like copies of the endorsements.