Protecting Your Home
this Hurricane Season
- Page 1
What Boat Owners
Need to Know to
Protect Themselves and
Passengers - Page 2
Preventing Back Over
Accidents - Page 3
Missed the Obamacare
Deadline for Individual
Health Insurance. What
Now? - Page 4
When hurricane season approaches
each year, our insurance experts
strongly urge homeowners to review
their insurance coverage. In addition
to this, they stress the importance of
hurricane preparedness. Whether the
season is eventful or not, it is better
to be prepared. Only one storm can
devastate a city or destroy a lifetime
of belongings and assets. Although
Atlantic and Gulf areas are more
prone to tropical storm and hurricane
damage, these storms can travel inland
and wreak havoc. Hurricanes bring
tornadoes, high winds, lightning and
heavy rain. The historic Hurricane
Hugo initially hit in South Carolina
but caused severe damage as far inland
as Ohio. Below are the five areas we
recommend homeowners focus on
to help ensure their properties are
protected from hurricane damage.
1. Structure Openings
If large doors or windows fail,
pressure will build up inside the
building making damage more likely.
Homeowners should ensure all sliding
doors, garage doors, windows and
entry doors are properly sealed and
protected. Permanent fasteners,
shutters and roll-downs are great
options for protecting doors and
windows. Any garage doors lacking
pressure ratings should be evaluated
to see if they need to be braced. All
products should also have large-missile
impact and wind pressure approvals. If
May 2014
InsuranceInsights
A Newsletter for Clients and Friends of BANCORPSOUTH
INSURANCE SERVICES, INC.
Protecting Your Home this
Hurricane Season
there are any openings or cracks, make
sure they are sealed promptly.
2. Roof
The roof is one of the most important
parts of a home’s defense against
weather. Most damage claims come
from wind damage, and compromised
roofs can allow major destruction to
your home. There are several ways to
prevent damage to a roof. First, make
sure the sheathing is fastened securely
to the framing members. Covers
should be removed down to the deck,
and ring-shank nails should be used.
If this is not possible, use adhesive to
anchor the covers to the framing. The
roof deck should be sealed to prevent
water seeping in. If shingles are loose,
reattach them with cement to prevent
them flying off in heavy wind storms.
For soffit covers made of vinyl or
aluminum, strengthen their attachment
to the walls. A contractor may be
needed to complete the tasks properly
and safely.
3. Building Ties
The walls should be tied to the roof
and foundation. If these connections
are weak, winds can cause them to fail.
If a hurricane blows the roof off, the
whole structure will likely collapse.
Ask builders to use metal connectors
such as ties, clips or straps creating a
continuous load path.
4. Surroundings
Before a storm hits, survey the
building’s surroundings to see what
kind of debris risks exist. If there are
rocks or gravel around, replace these
with softer materials such as mulch
or shredded bark. Trees and shrubs
should be trimmed so they do not
touch the home or other structures on
Welcome to the BancorpSouth Insurance Services, Inc. Newsletter!
the property. Remove
any weakened
sections of trees or
branches that hang
over structures.
Planters, lawn
furniture, decorations
and bird feeders should
also be removed.
5. Elevation
Find out what the property’s base
flood elevation (BFE) is by checking
with the local building department.
Also, you can check the property
survey for the elevation of the
lowest floor. If the lowest floor
is not higher than the BFE, it
may be best to have the building
elevated. When this is not possible,
move any belongings, utilities or
other important items to a higher
elevation in the structure. People
who live near the coast should
consider storm surge effects. The
entire house could be lost if a storm
surge hits and flat surfaces are
knocked down.
To learn more about obtaining
proper coverage against hurricane
damage or to make changes to an
existing policy, discuss concerns
with your BancorpSouth Insurance
Services representative.
To locate an office near you,
please visit us online at
www.bxsi.com or contact us at
info@bxsi.com.
I hope that you find these articles of interest. If you have a topic for future discussion, please let
me know. Please call anytime we can answer questions or be of help with your business or per
sonal insurance needs.
What Boat Owners Need to Know to Protect Themselves and
Passengers
Recent data from the Coast Guard
showed that boating fatalities in
2012 totaled just over 650, which
was the lowest recorded number in
history. Boating accidents had lowered
from more than 750 in the previous
year. Injuries from boating accidents
decreased by nearly three percent in
2012.
For 2012, the fatality rate with boating
accidents was about five deaths
per 100,000 vessels. This showed a
decrease of nearly 13 percent from
the prior year’s data. Property damage
related to boating accidents was
less than $40 million. Experts said
they were pleased to see the fatality
rate decrease. They plan to continue
stressing the importance of life vests
and safety measures. Alcohol was
cited as the main contributing factor
in boating accidents that ended
in fatalities. Inattentive operators,
inexperienced operators, machine
failure, improper lookout and high
speeds ranked as the next most
common contributing factors. About
70 percent of all accident victims died
by drowning, and nearly 85 percent
of those victims were not wearing life
vests.
These numbers should remind you that
no boat or watercraft is completely
safe, and it is important to review
insurance coverage. People who
own sailboats, canoes and enginepowered boats usually have coverage
under their homeowners insurance
policy for physical damage. However,
coverage may be limited. If you
want liability insurance, this must be
added separately as an endorsement.
Adding physical damage coverage
gives owners about 10 percent or less
of a home’s value. When coverage
limits from this type of policy will be
insufficient, it is important to add boat
insurance separately.
There is typically no coverage under
a home policy for yachts, large boats,
wave runners, jet skis and similar
watercraft. This is why separate boat
coverage is so valuable. The fittings,
machinery, hull and furnishings are
all included with physical damage
coverage. They are covered up to a
predetermined amount, and these
added polices offer protection for the
following:
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Damage to another person’s property
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Injuries to boat passengers, the
boat owner or other people in the
surrounding area
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Any legal expenses resulting from
another person using the boat
without permission
Below are several tips to help you
and your passengers stay safe while
boating:
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Let another person know that a
boating trip is planned, and give an
estimated return time
Check the weather before planning a
boating trip and before heading out
Carry at least one fire extinguisher
and keep it handy and in good
condition
Check the electrical system, steering,
fuel, engine and exhaust before your
trip
Do not overload the boat, and
always make sure weight is evenly
distributed
Make sure the vessel has a horn, bell,
whistle and appropriate navigation
lights
Do not operate a boat or allow
anyone else to operate one under the
influence of alcohol
Ensure all passengers wear life vests
at all times
Do not shift weight or stand suddenly
in a small boat
Do not allow people to ride on the
gunwales, seat backs or on the bow
Make sure oars, fresh water, a tool
kit, a first aid kit, flares, a radio and
a flashlight are kept on the boat at
all times
To learn more about how you can
better protect your boat in the
event of an accident, contact your
BancorpSouth Insurance Services
representative.
continued from page 4 ... Missed the
Obamacare Deadline for Individual
Health Insurance. What Now?
change in income, loss of other
coverage and changes in family
size (birth of a child, divorce,
marriage, divorce, adoption, etc.).
There are also certain hardship
exemptions. These qualifying
events and hardship exemptions
will allow you to apply through
the Marketplace and potentially
qualify for subsidies.
Apply for Medicaid or the
Children’s Health Insurance
Program (CHIP). You can apply
for Medicaid and the Children’s
Health Insurance Program (CHIP)
at any time. If you qualify,
coverage can begin immediately.
For more information on whether
you may qualify for Medicaid
(depending on your state, family
size and income level) visit www.
healthcare.gov.
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Source: http://www.mlive.com/
lansing-news/index.ssf/2014/03/
obamacare_enrollment_deadline.
html
Preventing Back Over Accidents
When it comes to avoiding objects
while traveling in reverse, rear-view
cameras are more effective than
parking sensors. However, they are
not always helpful in every situation.
Researchers recently conducted
a study with drivers in an empty
parking lot in Los Angeles. The
study showed that cameras were
more helpful. They also found that
cameras alone worked better in these
situations than cameras and parking
sensors combined.
Children are often the unfortunate
victims of pedestrian crashes. There
are many driveway tragedies of
this nature every year in the United
States. Experts estimate about 300
people are killed and about 18,000
are injured annually in backward
pedestrian crashes. Children under 5
years old account for 31 percent of
the deaths each year. These accidents
typically occur in driveways and
parking lots. Elderly people and
young kids are more likely to be
killed than older kids or younger
adults. Many vehicles have large
blind spots, and this increases the
back over risk. Trucks and SUVs
are commonly involved in back
over accidents, because it is hard
for drivers to see children who are
playing or lying on the ground from
a higher blind zone.
A similar study examined parking
sensors and cameras affecting
visibility for back over collisions into
pedestrians. The study used people
of varying sizes from small children
to average-sized men in over 20
different vehicles. All of the vehicles
were made between 2010 and 2013.
Researchers carefully looked at how
each type of technology improved
detection and visibility.
During their study, researchers
placed a painted pole behind a
vehicle to show the varying heights
and head sizes of kids who were
between one and six years old. They
analyzed which parts of the pole
were visible. The pole with the band
representing the youngest age group
was far more difficult to see than the
ones with bands representing
older children. Unless the
driver was further than
27 feet away from the
pole, the smallest height
could not usually be seen.
Large SUVs were the worst
offenders if they did not
have any added technologies.
However, small cars ranked the
highest in this area of safety.
One exception to this was the
Hyundai Sonata, which had a high
trunk and a sloping rear window.
The blind spot on this vehicle was
more than 40 percent larger than
the blind spot on a Ford F-150 truck,
which had side mirrors designed for
enhanced visibility while towing. On
average, experts said that backup
cameras reduced blind spots by
about 90 percent. Parking sensors
were also helpful in reducing blind
areas. However, parking sensors
only reduced back over accidents by
two or three percent over back-up
cameras.
The National Highway Traffic
Safety Administration (NHTSA)
recently passed a rule requiring
auto manufacturers to put rearview
cameras in vehicles weighing 10,000
pounds or less. The rule will apply to
such vehicles made on May 1, 2018
or later. These types of technology
can help to prevent backward
crashes, but the statistics remind us
to always check surroundings before
reversing a vehicle.
Source: Anderson, Stacy. “NHTSA
issues final ruling that requires rearview
technology in new vehicles by 2018.”
Star Tribune. 31 Mar. 2014. http://
www.startribune.com/253226481.html
Trucks and SUVs
are commonly
involved in back
over accidents,
because it is hard
for drivers to see
children who are
playing or lying
on the ground
from a higher
blind zone.
Missed the Obamacare Deadline for
Individual Health Insurance. What Now?
The formal deadline to purchase
individual health insurance coverage
under the Patient Protection and
Affordable Care Act (PPACA),
commonly known as health care
reform was March 31. March 31
was also deadline for non-exempt
individuals to obtain coverage
without incurring the individual
mandate penalty.
Beginning in 2014, PPACA requires
people to pay a fee if they do not
have minimum health coverage,
with some exceptions. The fee in
2014 is 1 percent of your adjusted
gross household income (percentage
of income) or $95 per person (flat
dollar), whichever is greater. The
flat dollar fee for uninsured children
is $47.50 each, with a maximum of
$285 per family. By 2016, those fees
jump to up to $695 per person or
2.5 percent of income, whichever is
greater.
Beginning with the 2015 tax year,
if you have health insurance, you’ll
get a form from your insurer or plan
sponsor that verifies your coverage,
and you’ll need to submit that with
your tax return. If you don’t have
coverage, the IRS will either withhold
the fee amount from your tax refund
or bill you if you owe money.
If you missed the deadline to purchase
health insurance through the health
insurance exchanges, you still have
the following options:
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Buy an individual or family policy
from an agent or broker in the
open market. These policies may be
more robust or flexible than policies
available through the “Marketplace.”
There is certainly more competition in
some areas, where only a few carriers
elected to compete in the exchanges.
Plans outside the Marketplace may
also have more care provider choices
than those within the exchanges.
The downside is that you must go
through medical underwriting. Plans
offered outside the Marketplace may
decline you after the open enrollment
period or charge a higher premium
based on your health history. The
other disadvantage applies to those
individuals with lower incomes.
These plans are not eligible for the tax
credit subsidies or offered through the
Marketplace.
Apply under a special enrollment
period. You can do this if you had
a qualifying life event, such as
moving to a new state, a substantial
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continued on page 2
Information contained in this newsletter about product offerings, services, or benefits is illustrative and general in description, and is not intended to be relied on as complete
information. While every attempt is made to ensure the accuracy of the information provided, we do not warranty the accuracy of the information. Therefore, information should
be relied upon only when coordinated with professional tax and legal advice.
BancorpSouth Insurance Services is powered by BancorpSouth Bank; a wholly-owned
subsidiary of BancorpSouth Inc., a $13.4 billion-financial holding company based in Tupelo,
Mississippi. BancorpSouth Insurance Services is annually ranked as one of the nation’s
largest brokers by Business Insurance magazine. Equipped to service clients across the globe
through our Worldwide Broker Network relationship, we have over 30 offices with almost
600 insurance and risk management professionals ready to serve.
InsuranceInsights