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Mold may be the new Midas formula. Juries have awarded huge sums against insurance companies for "bad faith" claims handling. These awards were appealed and lessened, but mold is a definite cause of rising premiums—about 13% so far. The media has publicized health fears about mold. Legislators and researchers are studying the issue.
Every homeowner, tenant, builder, architect, realtor, commercial renter, building supply company, and building material manufacturer needs to be concerned and aware. Who is liable and just what is that liability are very gray areas. What's covered and what is not? What caused the mold? Was there negligence? Is mold really harmful to health? How do you test and measure mold and its effects? These are all good questions with no really firm answers.
Insurance companies are changing their procedures and policies—mold exclusions, caps, endorsements, and special environmental coverages are now in place along with higher rates.
Mold has been with us forever. It grows when conditions are warm, moist, and when ventilation is inadequate. There are many different types of mold. Some are actually good like penicillium molds (penicillin antibiotics) and others that help composting and decomposition. Other types may be harmful. Although no definitive proof has yet to be established, mold is generally believed to contain toxins that lead to sinus trouble, headaches, flu-like symptoms, irritations of eyes, nose, and throat, etc.
Newer construction techniques and materials have made for better energy-saving, airtight buildings. This is good, but makes a more mold-conducive environment. Since water, humidity, and poor ventilation are "mold generators," here are 8 things you can do to prevent mold:
1. Use a dehumidifier.
2. Use exhaust fans.
3. Open windows more often.
4. Vent dryer to outside.
5. Clean air ducts yearly.
6. Change filters regularly.
7. Check for leaks and fix them immediately.
8. Consider fewer indoor plants.
If you find mold, determine the source of the moisture and correct it.
If the moldy surface is salvageable, it often can be cleaned with a bleach
solution. Use a protective mask and don't breathe in the bleach or the
mold spores. Check to be sure that the mold doesn't grow back. If the
surface is totally permeated with mold, tear it out and replace it.
Mold and its impact
on your health, your assets, and your insurance rates and coverages will
continue to change as more facts and, possibly, laws develop. If you have
questions on your coverage, please contact
us.
Prudential
Selling Property & Casualty Business
Sometime this Fall, Prudential will be out of the property and casualty
business. The NJ portion will go to the Palisades Group. Other states
will be sold to the Liberty Mutual Group. Just how this will affect premiums
is not clear at this time. However, if you want a detailed analysis of
your P & C needs, we'll be happy to prepare one for you. Just contact
us.
Want
to Bank $130,000?
Wouldn't that be nice! The U.S. House just passed legislation to raise the FDIC limit of $100,000 to $130,000. Currently, only $100,000 is insured to protect depositors.
This now goes to the Senate. If passed, the maximum protection will be $130,000; $260,000 for retirement accounts; and will be increased in future years according to the inflation rate.
Now, all you have to do, is to get the $130,000. Good luck.
"I rob banks because that's where the money is."—Willie Sutton
Is This Fair? No-No-No!
If you are a NJ driver with no points for moving violations, your auto insurance rates are no less than those with up to eight points.
That shouldn't be, but is. It's all part of the "Take All Comers" law in NJ. Good drivers should pay less.
That issue is one of many that need to remedied by our legislators.
"Life isn't fair. It's just fairer than death that's all."—William Goldman
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Insurance
101-Additional Living Expense
If your home burned down and you and your family need to live elsewhere
while it's rebuilt, how could you afford to pay for a hotel, motel, restaurants,
etc.?Your homeowner's policy can kick in to pay some or all of this expense
if you have the proper coverage. Read your policy and check
with us.
"I used to work in a fire hydrant factory. You couldn't park anywhere near the place."—Steven Wright
Use These Dangerous Products?
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These adult helmets failed the impact test standard required by the Consumer Product Safety act. They were sold in various colors from March 2002 until February 2003. If you have one, contact the distributor, Monarch Velo at 877-228-5646 or go online at: www.catlike-usa.com. |
Ceiling Light Fixture—
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Distributed by Sea Gull Lighting Inc., of Riverside, NJ, these fixtures may short out and may present a fire hazard. Not sold to consumers, but only at electrical supply dealers and installed by contractors. If you think you have one, call 800-347-5483 or go online at: www.seagulllighting.com. |
Toy Vehicles—
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International Playthings, Parsippany, NJ, has recalled these toy tractors, wagons, helicopters, etc. because they may present a choking hazard to kids. For info on a refund, call 800-445-8347. |
Need to Call Military Personnel Overseas?
This can be costly. The FCC has issued a helpful brochure "Calling
Home: What You Should Know". Money-saving
options like "Dial Around" and "International Callback"
are covered along with other calling plan info. If
you have a family member in the service, you can find this brochure at
www.fcc.gov/cgb/military.
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