Property Damage & Disaster Restoration Blog: Long Island & New York City

Mobile App to Aid In Case of Disaster On Long Island & New York City

Posted on Thu, Jun 07, 2012 @ 09:21 AM

fema disaster plan disaster preparedness long island new york business continuity plan disaster recovery advanced restoration coropration

The FEMA App contains preparedness information for different types of disasters, an interactive checklist for emergency kits, a section to plan emergency meeting locations, information on how to stay safe and recover after a disaster, a map with FEMA Disaster Recovery Center locations (one-stop centers where disaster survivors can access key relie

f services) and Shelters, general ways the public can get involved before and after a disaster, and the FEMA blog. Terms of Use for the FEMA App: http://www.fema.gov/app.

Click on the FEMA logo to download the FEMA app for Android.  Available on Apple's iOS too. 

Tags: disaster, long island, FEMA, emergency, new york, new york city, disaster preparedness, disasters, disaster recovery

New York Gov. Cuomo Announces Storm Aid for Long Island

Posted on Wed, May 02, 2012 @ 09:59 AM

insurance journal,insurance,long island,new york,storm damage,storm aid,long island insurance,propwerty damage,advanced restoration,risk

New York Gov. Andrew Cuomo said the state is providing $8.5 million to Nassau and Suffolk counties on Long Island. The money will be used to pay expenses from damage done last year by Hurricane Irene and Tropical Storm Lee.

The storms caused widespread destruction across the state. Cleanup costs statewide are expected to exceed $1.6 billion.

The Federal Emergency Management Agency usually covers 75 percent of eligible disaster response and recovery costs.

Earlier this month, Cuomo announced the state would pay $61 million to 25 counties to cover costs for emergency shelter, road, water system and infrastructure repairs and other clean-up projects. Cuomo added $8.5 million for Nassau and Suffolk counties last week. 

Article Taken from the Insurance Journal

Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Tags: insurance journal, storm aid, long island, property damage, insurance, new york, storm damage, long island insurance

Indoor Air Quality (IAQ): Best Apps for Seasonal Allergy

Posted on Wed, Apr 25, 2012 @ 04:28 PM

With April showers, come May flowers and for many, May flowers also come with itchy eyes, runny noses, sneezing, and general pollen-induced misery. Seasonal allergies are on the way, like it or not.

So, if you see the beautiful sights of spring through watery eyes, then these five mobile apps will help you better prepare for the upcoming season.

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Tags: allergy, doctor, application, android app, long island, new york, indoor air quality, iaq, seasonal allergies, allergies, pollen, android, app, apple, apple app store

Risk Management, Modeling Helped Reinsurance Industry in 2011

Posted on Tue, Apr 24, 2012 @ 11:59 AM

business insurance,risk management,insurance,long island insurance,reinsurance,new york insurance,long island insurance agentIncreasingly sophisticated risk management and modeling techniques helped the reinsurance sector weather near-record catastrophe losses in 2011, according to a report released Monday by Oldwick, N.J.-based A.M. Best Co.

The “Global Reinsurance Financial Review” notes that while the numerous loss events of 2011 cost the insurance industry approximately $110 billion in losses, the reinsurance market has seen only a minimal squeeze on capacity.

“It is reasonable to ask why the market did not turn more broadly, considering all that 2011 offered: significant catastrophe losses, record low investment yields, uncertain financial markets and the downgrade of U.S. sovereign debt,” the report states. “The simple answer is that reinsurance capacity remained ample despite the magnitude of losses and unrelenting headwinds.”

Several factors cited

The report credits several factors to this resilience. One factor is a continuing evolution in enterprise risk management. The industry invested heavily in ERM initiatives in the wake of Hurricanes Katrina, Rita and Wilma in 2005, the report states.

Another factor helping the industry has been advances in catastrophe and economic capital models. A.M. Best said. “These tools significantly helped a reinsurer's ability to better allocate capital within complex risk portfolios,” the report states. “The models, while not perfect, helped keep both individual and cumulative losses in 2011 within stated risk tolerances for most of the global reinsurers.”

Additionally, reinsurers have adopted conservative capital management strategies in response to new pressures coming from regulators and rating agencies.

Increasingly sophisticated risk management and modeling techniques helped the reinsurance sector weather near-record catastrophe losses in 2011, according to a report released Monday by Oldwick, N.J.-based A.M. Best Co.

The “Global Reinsurance Financial Review” notes that while the numerous loss events of 2011 cost the insurance industry approximately $110 billion in losses, the reinsurance market has seen only a minimal squeeze on capacity.“It is reasonable to ask why the market did not turn more broadly, considering all that 2011 offered: significant...

Bill Kenealy

Article originally published on BusinessInsurance.com

                                   April 23, 2012 - 1:42pm

 

Tags: long island, business insurance, risk managemetn, insurance, new york, insurance agent, reinsurance

Earth Day Survey: Most Small Businesses Want To Go Green

Posted on Fri, Apr 20, 2012 @ 08:45 AM

 

go green,long island,earth day,small business,small businesses,environment,eco friendly

The Huffington Post  |  By Alicia Ciccone Posted: 04/19/2012 12:00 pm Updated: 04/19/2012 12:00 pm

With Earth Day approaching, on April 22, a new survey shows that the majority of small businesses are trying to go greener.

The survey by Office Depot found that 61 percent of small businesses say they are stepping up their eco-friendly efforts.

The poll of more than 1,000 small and medium sized businesses showed that 70 percent are planning to green up their operations within the next two years. While most companies (82 percent) are decreasing their footprint by recycling, 61 percent are investing in energy-efficient products, 43 percent are using non-toxic products and 39 percent are reducing water usage.

While many companies are interested in incorporating green processes and products, 39 percent said they are being held back by cost concerns and 21 percent claim a lack of options.

Topping the wish list of products that businesses would like to be greener:

  • Ink and toner cartridges (60 percent)
  • Paper products (55 percent)
  • Cleaning chemicals (53 percent)
  • Electronics (35 percent)
  • Writing instruments (23 percent)
  • Desk accessories (18 percent)
  • Furniture (16 percent)

Tags: long island, earth day, small business, eco, environment, go green, eco-friendly

Experts: Brush Fires Necessary For Environment On Long Island

Posted on Mon, Apr 16, 2012 @ 11:11 AM

MANORVILLE, N.Y. (CBSNewYork) — With large wildfires scorching the landscape and darkening the sky over parts of Long Island this month, scientists said it’s a recurring problem and residents will have to get used to them.

“This is a fire-dependent ecosystem. It has to burn to survive,” said Richard Amper of the L.I. Pine Barens Society.

Fire ripped through 1,100 acres of Long Island pine barren, damaging homes and businesses even as it cleared away years of accumulated forest ground clutter.

However, in some ways, we were the victims of our own firefighting success. The blaze wouldn’t have been as damaging if we hadn’t been as effective at extinguishing previous fires, experts told CBS 2′s Lou Young.

“Most of the woods here haven’t burned for 60 years and that is why it was so intense,” Amper said.

Asked if we can expect more of the same, “we are certain of it,” he said.

Forestry scientists said it’s best to burn sections of the landscape on purpose before a wildfire can sweep through, but after decades of neglect, more controlled burn that what is currently done is necessary.

“It ranges from three to five burns a year with a total of about 100 acres a year,” said Bill Fonda of the New York State DEC.

Conservationists argue that if the state increases the burns by a factor of 10, they might be getting somewhere – a hard sell in cash-strapped Albany.

“It’s difficult, it’s complicated and it’s expensive, these field treatments, but it’s like an insurance policy. It could be more expensive if you have a wildfire,” said Marilyn Jordan of the Nature Conservancy.

In dry, windy conditions, it is only a matter of time.

The biggest wildfire in New York State history took place on Long Island in 1995. It scorched 6,000 acres before it was brought under control.

 
 

Tags: long island, fire, wildfires, environment, fires, brush fires, pine barrons

The Long Island Insurance Golf League

Posted on Thu, Mar 01, 2012 @ 10:04 AM

The Long Island Insurance Golf League: 1st Meeting of 2012

long island,golf,golf league,insurance,insurance golf league,long island insurance,long island insurance golf league,insurance claims

Fellow Golfers,


Spring will be upon us soon. It is time to start thinking ahead to the 2012 Golf Season.

We will be holding our first meeting of 2012 on Tuesday March 21st at Singleton's Restaurant in Hicksville, NY at 6pm.

Please Click Here to Fill Out the Form so we can have an idea on how many people will be attending.

The Long Island Insurance Golf League has been the place to golf and network for
the Long Island Insurance Community for over 25 years. Insurance Agents,
Brokers, Adjusters, and Claims Managers of all handicaps are all welcome to
participate.

The Long Island Insurance Golf League is a 9 Hole League that plays every Wednesday
from April through August. At the end of the year we hold an 18 hole outing
complete with dinner to celebrate the year at which time the league awards will be
handed out.

Are you new to The Long Island Insurance Golf League?

Click Here to Learn More

Click Here to Be Added to the Mailing List


May You Always Hit 'Em Straight....

Tags: long island golf, insurance golf league, long island, golf, insurance, insurance claim, long island insurance, long island golf league

Flood and homeowner's insurance are not deductible

Posted on Fri, Feb 24, 2012 @ 09:35 AM
 
 
 Q. I understand there is a tax deduction for mortgage insurance, provided that your income is less than $100,000 per year. Are flood insurance and home insurance also deductible if your income is under $100,000?

Mortgage insurance premiums paid on your personal residence or second home would be deductible as an interest deduction on Schedule A (itemized deductions) on Form 1040. The deduction phases out once your adjusted gross income (AGI) exceeds $100,000 for single and joint filers and $50,000 for married filing separately.

Flood and homeowners insurance are not deductible unless a portion of your home is used for business (for example, a two-family house). Based on the percentage of the property that is for business use, you would be allowed to deduct flood and homeowner insurance proportionately.

You must report rental income and expenses on business-use property on Schedule E of form 1040. — Eugene J. Varsalona is a certified public accountant in Little Ferry.

Q. When does it make sense for New Jersey taxpayers to do the work to amend a prior return? For example, we realized after filing for 2010 that total out-of-pocket medical expenses can possibly be deducted if they exceed more than 2 percent of adjusted gross income in New Jersey.

Individual income tax returns are amended on Form 1040X if you are amending a federal return and N.J. 1040X if you are amending a New Jersey return. According to the Internal Revenue Service, you can amend a return to correct the original return filed, make elections after the prescribed deadline, change amounts adjusted by the Internal Revenue Service or claim a carryback due to an unused credit.

Amended returns for both federal and state purposes must be filed within three years (including extensions) after the date the original return was filed or within two years after the date the taxes were paid, whichever is later.

Interest and penalties will be assessed against any balance due on the amended returns, so it is best to amend the returns as soon as an error is found.

I would recommend amending the N.J. 1040 if you determine that the out-of-pocket medical expenses exceed 2 percent of your New Jersey adjusted gross income. If you are entitled to a refund, you should claim it. — Thomas J. Braun is a certified public accountant in Park Ridge.

Tax questions? The Record's committee of local experts may be able to help. Accountants from theBergen County Chapter of the New Jersey Society of Certified Public Accountants, who are volunteering their time, will answer questions in The Record's Business section weekly until April. Email [email protected] with "Tax Mailbag" in the subject line.

Tags: long island, property damage, insurance, new york, flood insurance, insurance claim

Flood and homeowner's insurance are not deductible

Posted on Fri, Feb 24, 2012 @ 09:35 AM
 
 
 
insurance,insurance claim, flood insurance,property damage,long island,new york

Q. I understand there is a tax deduction for mortgage insurance, provided that your income is less than $100,000 per year. Are flood insurance and home insurance also deductible if your income is under $100,000?

Mortgage insurance premiums paid on your personal residence or second home would be deductible as an interest deduction on Schedule A (itemized deductions) on Form 1040. The deduction phases out once your adjusted gross income (AGI) exceeds $100,000 for single and joint filers and $50,000 for married filing separately.

Flood and homeowners insurance are not deductible unless a portion of your home is used for business (for example, a two-family house). Based on the percentage of the property that is for business use, you would be allowed to deduct flood and homeowner insurance proportionately.

You must report rental income and expenses on business-use property on Schedule E of form 1040. — Eugene J. Varsalona is a certified public accountant in Little Ferry.

Q. When does it make sense for New Jersey taxpayers to do the work to amend a prior return? For example, we realized after filing for 2010 that total out-of-pocket medical expenses can possibly be deducted if they exceed more than 2 percent of adjusted gross income in New Jersey.

Individual income tax returns are amended on Form 1040X if you are amending a federal return and N.J. 1040X if you are amending a New Jersey return. According to the Internal Revenue Service, you can amend a return to correct the original return filed, make elections after the prescribed deadline, change amounts adjusted by the Internal Revenue Service or claim a carryback due to an unused credit.

Amended returns for both federal and state purposes must be filed within three years (including extensions) after the date the original return was filed or within two years after the date the taxes were paid, whichever is later.

Interest and penalties will be assessed against any balance due on the amended returns, so it is best to amend the returns as soon as an error is found.

I would recommend amending the N.J. 1040 if you determine that the out-of-pocket medical expenses exceed 2 percent of your New Jersey adjusted gross income. If you are entitled to a refund, you should claim it. — Thomas J. Braun is a certified public accountant in Park Ridge.

Tax questions? The Record's committee of local experts may be able to help. Accountants from theBergen County Chapter of the New Jersey Society of Certified Public Accountants, who are volunteering their time, will answer questions in The Record's Business section weekly until April. Email [email protected] with "Tax Mailbag" in the subject line.

Tags: long island, property damage, insurance, new york, flood insurance, insurance claim

What is an Insurance Claim? by WiseGEEK.com

Posted on Thu, Feb 23, 2012 @ 01:32 PM

insurance, insurance claim, insurance claims,property damage,disaster,restoration,long island,new york,insurance agent,property damage claim

An insurance claim is the actual application for benefits provided by an insurance company. Policy holders must first file an insurance claim before any money can be disbursed to the hospital or repair shop or other contracted service. The insurance company may or may not approve the claim, based on their own assessment of the circumstances.

Individuals who take out home, life, health, or automobile insurance policies must maintain regular payments called premiums to the insurers. Most of the time these premiums are used to settle another person's insurance claim or to build up the available assets of the insurance company. But occasionally an accident will happen which causes real financial damage, such as a automobile wreck or a tornado or a work-related accident. At this point the injured policy holder has the right to file an insurance claim in order to receive money from the insurance company.

In general, the insurance claim is filed with a local representative of the insurance company. This agent becomes responsible for investigating the specific details of the insurance claim and negotiating the payment from the main insurers. Many times a recognized authority (doctor, repair shop, building contractor) can file the necessary insurance claim forms directly with the insurance company. However, sometimes the policy holder may not want to file an actual insurance claim if the damage is minor or another party has agreed to pay out-of-pocket for their mistake.

After an insurance claim is filed, the insurance company may send out an investigator called an adjustor or appraiser. The insurance adjustor's job is to objectively evaluate the insurance claim and determine if the repair estimates are reasonable. This is to prevent possible fraud by contractors who may inflate their bills for additional compensation. Insurance companies tend to accept the adjustor or appraiser's evaluation as the final word on the insurance claim.

Some insurance claims may not be recognized by the insurance company for any number of reasons. If a claimant's premiums have not been paid in full, the policy itself may not be active. Another insurance company may have already agreed to pay for the damages listed in the claim. This happens quite often in automobile accidents where one party is held responsible. Another reason an insurance claim may be rejected is a failure to fall under covered conditions. Most insurance policies spell out specific areas which qualify for benefits. If the accident or damage claim was caused by carelessness or an unavoidable "Act of God", the insurance company has the right to withhold payments.

An insurance claim is the only way to officially apply for benefits under an insurance policy, but until the insurance company has assessed the situation it will remain only a claim, not a pay-out.

Tags: disaster, long island, property damage, insurance claims, insurance, new york, insurance agent, insurance claim, restoration, property damage claim

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