Personal Risk Management Planning

What is personal risk planning? Why Do I need a risk plan?

Most people either have done financial planning, or have at least heard of it. And it is common knowledge that large multinational corporations do risk management which consists of analyzing their current risks, and creating a business continuity plan. At ALC Risk Solutions our goal is to make everyone aware risk management and risk planning, and to make it affordable to have a personal continuity plan in place, in case of unexpected events. The best part for you, is that this plan comes free of charge when you become a client of ALC Risk Solutions.

Andrew Cohn, the founder of ALC Risk Solutions worked for both a financial planning firm, and commercial insurance agency. Through his training, he saw that there were great things going on at both places. Financial planners do a great job helping middle and upper class individuals understand their current personal financial situation, and help them to plan for unforeseen financial pitfalls, and to obtain their personal financial goals. In this process they touch slightly on the personal risk management side, or the insurance side, but their main focus on this is to sell disability, long term care and life insurance products to the potential financial plan purchaser. ALC Risk Solutions will have a focus on your life, disability, long term care and health insurance policies as well, but where separate ourselves from the financial planner, is that we will delve much more deeply into your other insurance policies including your homeowners insurance, auto insurance, boat insurance, umbrella insurance and any other insurance in your name. We will analyze these policies and their limits along with your personal finances to determine if your liability limits will adequately protect you and your family.

ALC Risk Solutions can provide personal risk assessments and personal risk management plans for individuals and families throughout Florida by answering questions and discussing policies over the phone and through email. However, at ALC Risk Solutions we prefer to meet with individuals in person either at their place of business or home. This will give us a better opportunity to review all of your insurance policies with you and point out specific terms and conditions which we can make recommendations on.

Remember, this personal risk plan is absolutely free to you when you decide to purchase insurance from ALC Risk Solutions. In Miami, and other parts of South Florida, there are very few companies writing homeowners or condominium insurance policies. So if the premium is the same price, why not get a free personal risk plan and assessment by writing that insurance with us? Contact Andrew Cohn at ALC Risk Solutions for more information, (786) 382-6833 or acohn@alcrisk.com

Florida Condo Reform Bill – Vetoed By Charlie Crist

    On June 1^st, 2009, Charlie Crist vetoed house Florida House Bill 714, The Condo Reform Bill. The bill is largely criticized for the financial burden it places on associations during a time of great economic strife in requiring that Condo Associations retrofit their buildings with fire sprinklers by 2014. But, this article is to explain a little more about what Florida House Bill 714 means for Florida families and Florida Condominium Association boards of directors. The Florida Condo Reform bill keeps the requirement in place for condo unit owners to purchase insurance on their units and to name the condominium associations as an additional insured on the policy. Requirements for the condo unit owners also include having at least a $2,000 limit of liability for loss assessments.

    ALC Risk Solutions writes condo-unit insurance policies, also called HO6 policies with many different insurance companies. HO6 or Condo Insurance policies are very similar to homeowner's insurance policies for single family homes which are called, HO3 policies. The first section of a condo policy is Coverage A, or dwelling coverage. The Condominium Association is responsible for purchasing property insurance to cover the outside shell of the association, the unit owners are responsible for covering everything inside their units. The dwelling coverage is the cost for rebuilding the inside structure of the unit. Coverage B is other structures, for many condo unit owners this section can be left at $0, unless there are other structures, not attached to the unit, owned by the condo unit owner, like a shed, or garage. Coverage C covers the unit owner's personal property. The personal property includes your furniture, clothes and your other possessions. Coverage D, called Loss of Use, covers the unit owners expenses incurred when they cannot occupy their unit due to a insured damage or peril. Coverage E is the unit owner's personal liability coverage. This coverage is very important as it will protect the unit owner when many lawsuits are brought against that person or their family on their property and off. There are limitations on this liability coverage, and they vary for insurance company to insurance company. Coverage F is the Medical Payments. This pays for medical costs occurred on the individual's property without a lawsuit being brought. Another very important coverage mentioned in Florida House Bill 714 is Loss Assessment coverage. The Condo Reform bill requires at least $2,000. This covers the condo unit owner for condo association assessments due to covered insured perils.

    The Florida Condiminium Reform Bill veto by Charlie Crist also has very important implications for the Condominium Associations. Besides the financial impact of retrofitting buildings with fire sprinkler systems, it also places many new legal liabilities on the associations. At ALC Risk Solutions, besides being able to provide HO6, Condo Unit Owners Insurance policies for your residents, we can also provide your Master Condominium Association Policies. A very important policy for the board of directors at condo associations, is the Directors and Officers Liability Insurance, also called, D&O. This covers the officers of the board for their actions and without this coverage, they could be held personally liable for their actions. In addition to making sure you have the best coverage and price for your D&O insurance, ALC Risk Solutions can make sure you have the lowest premium and best coverage for your Property insurance with windstorm coverage, Flood Insurance, General Liability, Boiler and Machinery Insurance, workers compensation and when necessary, automobile insurance. For more information and to contact us for a quote call Andrew Cohn at (786) 382-6833, email at acohn@alcrisk.com, or you can visit www.alcrisk.com