How do you protect some of your most important possessions? A sound, comprehensive insurance policy that fits both your near and long-term goals can go a long way toward keeping your belongings safe and giving you peace of mind. The right personal insurance policies can protect you and your family by replacing or restoring your valuables should an accident or disaster occur.
Evaluating your policies for complete coverage is an important step toward safeguarding your belongings. The Neace Lukens personal insurance team can help you review your existing policies and determine if there are opportunities to extend coverage. We offer insurance services for the following areas:
Property: homeowners, condominium unit owners, tenant homeowners, rental dwellings, earthquake & flood, equipment breakdown, identity theft expenses.
Collections/scheduled property: jewelry, furs, silverware, fine arts, wine, stamps/coins, items of antiquity and other collectables.
Vehicles: automobiles, motorcycles/ATVs, jet skis/boats/yachts, RV/motor home/travel trailer, antique/classic autos, street rods/exotics, loan/lease gap coverage, non-owned liability.
Other specialty products: personal umbrella, employment practices liability, workers’ compensation, nonprofit directors and officers liability.
The right home, auto or asset protection can give you the comfort of knowing that you have a plan in place should disaster strike. While price is an important factor to consider with your policy, oftentimes individuals are unknowingly underinsured, and would be unprepared to deal with losses that could occur. Our team takes the time to thoroughly evaluate the coverage and determine proper asset or risk protection.
If you have questions about any of your insurance policies, or are interested in adding additional coverage, contact us today. To learn more, or to contact an agent, visit: Neace Lukens Personal Insurance.
If you’re a business owner, chances are you’re always on the lookout for new ways to reduce expenses and to save money for your organization. With a cost segregation study, your business can save thousands of dollars in long-term tax and cash flow benefits. Research shows that a minority of businesses are taking advantage of this IRS-compliant strategy—are you?
Read on to learn about cost segregation studies, and how the results could impact your bottom line:
What is a cost segregation study?
A cost segregation study is an IRS-compliant approach to more exactly classify all building components for tax purposes to accelerate depreciation. This translates into immediate tax payment benefits and increases cash flow.
Any business can qualify for the benefits of cost segregation, so long as they are taxpayers and either own commercial property valued at least $1 million (built acquired or renovated since 1987), or with leasehold improvements of $750,000 or more. Some organizations that take advantage of cost segregation include:
• Golf courses and resorts
• Hotels and hospitality
What are the benefits of a cost segregation study?
Cost segregation has many benefits, including:
• Increased cash flow
• Reduction of current federal and state liabilities
• Identification of “catch up” accelerated depreciation benefits
• Full write-offs of long-term assets at the time they are replaced
• Correction of any misclassified assets
• Enhancement of new construction design process to lower the cost per square foot
• Lowering of other costs, including insurance and real estate taxes
• Improvement of bank loan qualifications
• Bridging the gap between engineering, construction and accounting systems
• Possible refunds on prior taxes paid
What are the cost segregation study methods?
Engineering-based methodology for both purchase price allocation and new construction examines costs on a contract-by-contract basis. Once all assets are broken down to the simplest form, they are assigned tax life classifications. This approach creates the best document trail to support the fair and balanced approach the IRS seeks. While time consuming, this methodology ultimately produces the most accurate study, typically leading to the lowest audit time and highest client value. This recommended methodology is the one Neace Lukens CORE Solutions employs.
Residual methodology is an abbreviated approach which typically only details short life assets and assigned costs. These assets’ total cost is deducted from the total project cost, with the remaining “residual” amount assigned to the building/other long lived assets. Good residual providers err on the side of caution in valuing shorter life assets, acknowledging that the IRS desires a fair and balanced study under audit. The residual method’s abridged approach trades time and cost for detail, in both short-lived and particularly long-lived assets. Often, this means reduced accuracy, less client value and greater audit time.
In this method, the provider questions the construction team about the cost of the respective assets. The survey approach may be in a residual or engineering format, depending on if the CPA wants to be able to retire assets or not. If a study using this method comes under audit and the valuation of assets is questioned, the owner is responsible to support the contractor and sub-contractor valuation documentation for the IRS. The survey method can be reasonably reliable, but is subject to a wide range of disparity and increased owner documentation responsibilities.
CPAs and owners use the rule-of-thumb methodology each time they review an invoice or purchase order and decide how to treat the expense. A decision is made via individual knowledge of the asset and how it should be treated from a depreciable asset life classification. If there is not enough information available, additional questions are asked to develop documentation to support the decision. Since this method is based more on “experience” and less on documentation, the IRS views this approach with caution.
The Neace Lukens CORE Solutions team can facilitate a cost segregation study for your property. To learn more, or to contact an agent, please visit: Neace Lukens CORE Solutions.
When a fire, car accident, serious injury or other complex coverage issue occurs, it can be a confusing and emotional time. It’s important to initiate the claim process as soon as possible, but where do you start? Reporting your claim directly to your insurance carrier can expedite the process, and begin to move toward closure to the issue. At Neace Lukens, our claims team can help navigate you through the claim process, and act as your advocate when working with insurance companies.
When you notify us of a claim, we work with you to inspect losses and evaluate the situation. If the situation warrants, we’ll come onsite, and work either with or without an insurance carrier representative to inspect the claim. If needed, we’ll suggest a contractor or other vendors to evaluate damage and assist in the claim process. This could include property damage, serious injury or fatality.
When a claim situation arises, it’s especially important to be prepared and keep good records. Get contact information for everyone that you speak with, take notes on your conversations, and keep all associated paperwork together in a folder. Taking pictures and/or videos can also be helpful to document the loss. These steps can help you be more prepared and feel confident about the claims process. The Neace Lukens claims team is here to help and answer your questions, and provide support throughout the entire process. We work with you to try to get a favorable outcome for the claim.
If you have questions about an existing claim, or are looking for advice, our team of dedicated claims specialists can help. To learn more about Neace Lukens claims resources, or to contact the claims department, visit: Neace Lukens Claims.
Each month Neace Lukens will answer common insurance questions faced by our clients. To submit questions for consideration, contact us.
Not all claims can be prevented, so when a claim situation arises, it’s important to take advantage of the resources and tools available—including the Neace Lukens claims team. We act as your business partner and claims advisor to educate you on the ins and outs of reporting a claim, answers to commonly asked questions and more. Read on for answers to two common claims questions:
How do you determine if there are any coverage issues when damage is incurred?
When you file a claim, we start by reviewing your policy to determine the types of coverage afforded and available. We will work with your insurance carrier to submit the required paperwork, and also inspect the loss and review it to determine if there are any areas that could be interpreted in your favor. Our goal is to support you throughout the entire claims process, offering our expertise and knowledge to minimize harm, maximize compensation, and get you an outcome that is as favorable as possible.
How do contractual issues, such as hold harmless, waiver of subrogation and indemnification clauses impact who is responsible and for what?
Your policy of insurance is a contract. When you file a claim, there are other contracts and legally binding documents that can come into play. With these contracts, there may be certain contract language, including hold harmless, waiver of subrogation and indemnification clauses, which can impact your claim. Other terms and conditions could potentially be involved as well. The claims process is complex, even without contractual issues outside of the policy being involved. While we are not attorneys, the Neace Lukens claims team will review and evaluate the contractual and non-contractual factors involved in your claim to help you understand what’s going on, while advocating on your behalf with your insurance carriers.
If you have questions about the claims process, our team of dedicated specialists can help. To learn more or to contact us, visit: Neace Lukens Claims.
Each month Neace Lukens will discuss a different aspect of the Affordable Care Act. Stay tuned for more updates on the second Thursday of each month. Click here for more Affordable Care Act blogs.
The Affordable Care Act has brought about sweeping changes to the health care industry, and in turn, how organizations handle the administration of their employee benefits and insurance. Reading about the Affordable Care Act might instead leave you scratching your head—use this guide to help decode some of the confusing acronyms you may come across:
• CHIP (The Children’s Health Insurance Program): This program provides health insurance to low-income children who do not qualify for Medicaid, but are unable to afford private health insurance. In some states, this may cover pregnant women also.
• EBSA (Employee Benefits Security Administration): This is a division of the Department of Labor responsible for compliance assistance concerning benefit plans.
• EPO Plan (Exclusive Provider Organization Plan): A managed care plan that only covers services in the plan’s network of doctors, specialists or hospitals (except in emergencies).
• ERRP (Early Retiree Reinsurance Program): Created under health care reform to provide coverage to early retirees.
• FLSA (Federal Fair Labor Standards Act): Amended by PPACA to incorporate health care reform-specific revisions.
• HCERA (Health Care and Education Reconciliation Act): Enacted on March 30, 2010 to amend and supplement PPACA.
• IRO (Independent Review Organization): An organization that performs independent external reviews of adverse benefit determinations.
• MLR (Medical Loss Ratio): Refers to the claims costs and amounts expended on health care quality improvement as a percent of total premiums. This ratio excludes taxes, fees, risk adjustments, risk corridors and reinsurance.
• PCE (Pre-existing Condition Exclusion): A plan provision imposing an exclusion of benefits due to a pre-existing condition.
• PCIP (Pre-Existing Condition Insurance Plan): A temporary high-risk insurance pool to provide coverage to eligible individuals until 2014.
• PPACA (Patient Protection and Affordable Care Act): The primary health care reform law enacted on March 23, 2010.
• QHP (Qualified Health Plan): A certified health plan that provides an essential health benefits package. A QHP is offered by a licensed health insurer.
• SHOP Exchange (Small Business Health Options Program): A program that each health insurance exchange must create to assist eligible small employers when enrolling their employees in qualified health plans offered in the small-group market.
Are you able to keep all these acronyms straight? Check back on the second Thursday of each month as we discuss the Affordable Care Act and what it means to you. For questions about the Affordable Care Act, contact a Neace Lukens representative.
This post is not intended to be exhaustive, nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel for legal advice.
*Information from Zywave
If you’re an owner operator or fleet owner in the trucking and transportation industry, you’re probably aware of the varied and wide-ranging insurance coverage needed to successfully protect your business. A fully comprehensive plan can protect your business, now and into the future. Insurance coverage to consider can range from workers’ compensation or liability policies to individual health insurance.
It can be frustrating trying to piece together these individual insurance products. With Neace Lukens TransGroup, we work directly with the insurance carriers for you, to create one simple plan that provides the solutions to all of your insurance requirements. We eliminate the need to work with multiple companies, and guarantee client satisfaction and affordable options for owner operators and fleet owners.
Whether it’s a fleet of limousines or semi-trucks, our talented TransGroup professionals offer:
• Trucker liability coverage
• Physical damage coverage
• Non-trucking liability
• Motor truck cargo coverage
• Workers’ compensation
• Occupational accidental insurance
• Individual health insurance
• Excess liability and bonding insurance
If you’re worried about gaps in your coverage, or would like to add increased coverage for your organization, we can help. To learn more, or to contact an agent, visit: Neace Lukens Property & Casualty.
Several Neace Lukens agents will lead sessions at the upcoming Certified Workers’ Compensation Counselor program, hosted by Allied Construction Industries in Cincinnati, Ohio. Maureen Gallagher, Mark Bizer and Mike Campbell will share their knowledge and expertise about experience modification and wellness in the workplace with program attendees looking to receive their Certified Workers’ Compensation Counselor designation.
The Certified Workers’ Compensation Counselor designation prepares insurance agents to clearly navigate the complex world of workers’ compensation. This course educates agents on the issues surrounding workers’ compensation to better manage workers’ compensation outcomes and keep costs low for clients.
The Certified Workers’ Compensation Counselor Program is held May 13 – 15, 2013 in Cincinnati. To learn more about this program, visit: Certified Workers’ Compensation Counselor Program. To learn more about Neace Lukens workers’ compensation services, or to contact an agent, visit: Neace Lukens Property & Casualty.
If your organization is involved in the forest products industry, whether it’s a rough lumber mill or secondary lumber operation, it’s important to have a sound insurance plan in place. The right plan works to assess and control your insurance risks to ensure long-term success for your organization. If you’re a part of the forest products industry, adding forest industry coverage to your policy can help protect your organization and its assets both now, and into the future.
At Neace Lukens, our skilled advisors create customized plans to protect your financial property. We provide expert analysis to create and customize the best insurance program for you, building the right coverage based on your business plan. We work with organizations in industries like logging and lumbering, to trucking, to pallet and furniture manufacturers and beyond, to help provide the answers to meet today’s forest industry insurance challenges. We partner with numerous insurance carriers that offer a wide variety of products to develop unique programs to meet your needs for your workers’ compensation and property insurance policies.
Already have forest industry coverage? Our team of property and casualty professionals can work with you to review your existing coverage and identify potential areas of risk. If you’re interested in adding forest industry coverage to your insurance policy, please visit Neace Lukens Property and Casualty to learn more or to contact a Neace Lukens agent.
Attendees at last week’s 11th Annual Conference on Health and Productivity in Indianapolis took an in-depth look at how to address the escalating costs of health care and workers’ compensation costs. Nationally-renowned experts presented on topics including resolving different types of pain without drugs or surgery, treatments for mental and emotional disorders and how to create a culture of health. Each session offered a different “prescription” to the escalating costs of health care and workers’ compensation. In addition to a full schedule of innovative sessions, conference attendees were able to network and visit with exhibitors throughout the day.
Thank you for joining Neace Lukens at the 11th Annual Conference on Health and Productivity. To learn more about how Neace Lukens can help your organization develop strategies for promoting healthful living and work productivity, please visit Neace Lukens Health & Productivity Management. To learn more about upcoming Health and Productivity conferences in Newburgh, Ind., Lexington, Ky., or Louisville, Ky., please visit Neace Lukens Events.
If you’re a business owner, how do you ensure that your organization is protected against risks ranging from issues with collateral agreements to safety and loss prevention? Weaknesses can leave your organization vulnerable to liabilities and potential losses that can impact your bottom line and your employees. Risk management is an important part of any sound business plan, and with proactive policies in place, risks can be greatly reduced. At Neace Lukens, our CORE Solutions (Cost of Risk Experts) team acts as an advisor by your side to pinpoint the areas of exposure unique to your business while developing methods and procedures to reduce them—saving you time, money and stress.
The CORE Solutions team works hand-in-hand with organizations to provide services that help minimize these potential losses. We use a Continuous Risk Improvement Model approach to identify and analyze your exposures, and then work to design and execute a plan that addresses found issues. We measure the impact our plan on your business to make sure that our services are helping you minimize any potential losses. CORE Solutions services are offered for TPA services, alternative risk services, clinical risk management, property services, loss prevention, legacy claims, collateral analysis services and subrogation services.
If you’re unsure how your organization manages risk, our team of dedicated CORE Solutions professionals can help. To learn more, or to contact an agent, visit: Neace Lukens CORE Solutions.