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For property/casualty insurers and reinsurers, the impact of the terrorist attack of September 11, 2001 was substantial—producing insured losses of about $32.5 billion, or $40.02 billion in 2010 dollars. Losses were paid out across many different lines of insurance, including property, business interruption, aviation, workers compensation, life and liability. Shortly after September 11th, the government passed the Terrorism Risk Insurance Act.

The Terrorism Risk Insurance Act of 2002 was adopted by Congress to ensure the widespread availability and affordability of property and casualty insurance for terrorism risk. The act provides a temporary program, or “backstop” for incurred losses resulting from certain acts of terrorism. The Act was extended in 2005 for two years and again in 2007 for another seven years, through December 2014, under the Terrorism Risk Insurance Program Reauthorization Act of 2007 (TRIPRA). Both extensions of the Act changed some components of the program, increasing the portion of the loss insurers would pay in the event of a terrorist attack and reducing the types of commercial insurance covered by the program.

The cost of terrorism still looms large in United States history. Though the death of Osama bin Laden is something to celebrate, it does not erase the immense damage done. After close to 10 attack-free years, the $32.5 billion in losses paid out by insurers for the terrorist attack of September 11, 2001, places second in an Insurance Information Institute (I.I.I.) ranking of the most costly U.S. catastrophes—after just Hurricane Katrina (2005). Nearly a decade later, 9/11 also remains the worst terrorist act in terms of fatalities and insured property losses.

http://www.youtube.com/watch?v=TLtrntXifkY

With all of the natural disasters happening globally as well as locally it is important to have an evacuation plan in place. The Insurance Information Institute reccomends making it into a challenge for the whole family so every member knows the plan in case of an emergency.

In this video two families take the Ten Minute Challenge to see if they can evacuate their homes in just ten minutes. Erica and Jason Bish have prepared ahead of time and know what to pack and who will do it. Alex and Steve Gorman have not. The Insurance Information Institute says the key is to plan ahead. Gather insurance policies, wills and deeds, marriage licenses, home inventory and other financial documents in one place. Be sure to pack medicines, toiletries, and clothing for three days. Candysse Miller of the Insurance Information Network of California says families should ask themselves “If I had just ten minutes to get out, what would I take?”

Bucci Insurance encourages you and your family to take the Ten Minute Challenge!

Avoid stress, be optimistic, retire early, hit the gym and you’ll thrive, right? Nope. New research has discovered that a long career of hard work, not relaxation, is the key to a long and successful life.

Our second annual social media was a success! Tim Sawyer of Astonish Results took the stage once again to impart some of his simple secrets to generating success for your small business via social media. Michelle Meenagh, a partner of Bucci Insurance and owner of Pic the Spot Photography was present taking some great photos.

As usual Tim engaged the audience with his exciting and inspirational nature. His primary message to attendees focused on the power in working together.  “This is the new community, but we have to stick together.” We’ve heard it said before there power in numbers, local businesses need to work together!

Google loves two things, time and back-links. Back-links increase search results, which generates more traffic to you and your partners websites, according to Tim Sawyer, “it’s a win, win for everyone.”

Bucci Insurance Group thanks Astonish Results, Radisson Airport Hotel, and all those in attendance who made this event a success. We look forward to working together in the coming years and can’t wait for next years seminar. Stay tuned for tutorials on building your own facebook page and other social media sites.

I had the pleasure of interviewing Stanley Reuter owner of Allegra Printing, located in East Greenwhich, Rhode Island. His friendly personality and love for what he does made the interview enjoyable and interesting.

Allegra is a member of the Allegra Network, a leading franchise comprised of more than 600 convenient locations throughout North America. They are equipped to provide a complete solution for virtually any communications challenge you are facing, using advanced techniques and technology that are sure to save you time and money. Allegra printing is also expanding to offer marketing services, which will allow customers to achieve their branding and printing goals all in one place! This change falls directly in line with Allegra’s core value, as your needs transform, so will Allegra.

It is apparent based upon the video that Allegra Printing always has the customers benefit in mind and prides themselves on outstanding customer service. According to Reuter his passion in the business is helping customers and he still gets a thrill out of getting orders, even after 20 years.

Bucci Insurance Group applauds our local Rhode Islander Stanley Reuter and his team at Allegra printing for all their hard work and success and wishes him the best of luck in the future!

Are you looking for something fun to do in Rhode Island or are you a die hard Paw Sox fan? Well, either way your in luck, the Pawtucket Rhode Paw Sox first home game is Thursday, April 7th, 7:05pm.

The PawSox will play their 2011 season-opener at McCoy Stadium on Thursday, April 7th against the Rochester Red Wings at 7:05 pm. The 2011 season starts with a brief 2-game homestand against Rochester on April 7 & April 8, both at 7:05 pm.

Get excited for the game and join the Pawsox for their Welcome Home Luncheon. The PawSox, EP Chamber of Commerce and the Northern RI Chamber of Commerce cordially invite all PawSox fans to the Annual Pawtucket Red Sox “Welcome Home” Luncheon that will be held on Wednesday, April 6th at 12:00 Noon at Kirkbrae Country Club.

Haven’t gotten tickets yet? That’s ok we have two free tickets for you, be the first to tell us who the Paw Sox starting pitcher is on facebook and the tickets are yours! Bucci Insurance Group hopes you enjoy the game!

Just as the Social Media Revolution is here, Bucci’s free social media seminar almost is too! It’s not too late to register for this free seminar that will be teaching the ins and outs of digital marketing so you can improve and expand your business!

Join us for a free seminar

Thursday April 7th

5:00-8:00pm

Radisson Airport Hotel, Warwick, RI

Bucci Insurance Group welcomes special guest speakers: Tim Sawyer (President of Astonish Results, a leading Digital Marketing company based here in RI) and Kelly Donahue, Vice President of Raving Fan Managers at Astonish Results, as they present new and innovative ways to take your business to the next level and talk about the new face of marketing to the modern consumer!

Register Now

The tragic Triangle Shirtwaist Fire, which occurred a century ago, ushered in a new era of workplace safety, according to the Insurance Information Institute (I.I.I.).

• Automatic fire sprinkler systems: The chances of a worker dying in a fire, and the average property loss per fire, are both cut dramatically when these systems are in place. In fact, insurance companies would prefer that all multi-story buildings have automatic fire sprinkler systems, although such requirements are generally dictated by local government building codes.
• Mandatory fire drills: Employees working in high rise buildings are typically trained, by either their employer or the building’s management team, on how to exit their building in the event of an emergency.
• Smoke alarms and smoke detectors: These are standard devices in almost all U.S. workplaces, whether the business is housed in a high-rise building or a single story structure.
• Proper storage of flammable materials: The Triangle Waist Company fire accelerated quickly because the workplace was tightly packed with wooden tables and chairs, which sat alongside sewing machines that used oil. Meanwhile, bundles of combustible cloth and tissue paper were lying everywhere when the blaze started, according to a National Fire Protection Association analysis of the historic fire. Today, no insurer would stay in business for very long if the businesses it insured habitually filled their workplaces with such obvious fire hazards.

Too many Americans believe that the coverage limits of their homeowners insurance policy are linked to the market value of their home, according to the Insurance Information Institute.

In the I.I.I.’s 2011 Insurance Pulse Survey, conducted by the Opinion Research Corporation, nearly half (48 percent) of survey respondents came to that mistaken conclusion.

One out of three respondents to the Pulse Survey reported that they purchased less homeowners or auto insurance as a way to save money. A better strategy would be to take a higher deductible, which can substantially reduce insurance costs. Home and car owners can then put the savings into a purchasing the right amount and type of insurance for their specific needs.

Following are the five biggest auto, home, flood and renters insurance mistakes consumers can make, with suggestions to avert those pitfalls while still saving money:

. Insuring a home for its real estate value rather than for the cost of rebuilding. Home insurance is designed to cover the cost of rebuilding, not the sales price of the home. You should make sure that you have enough coverage to completely rebuild your home and replace your belongings.

A better way to save: Raise your deductible. An increase from $500 to $1,000 could save up to 25 percent on your premium payments.

2. Selecting an insurance company by price alone. It is important to choose a company with competitive prices, but also one that is financially sound and provides good customer service.

A better way to save: Check the financial health of a company with independent rating agencies and ask friends and family for recommendations. You should select an insurance company that will respond to your needs and handle claims fairly and efficiently. Bucci Insurance has been a leading insurance provider in Rhode Island for over 30 years.

3. Dropping flood insurance. Damage from flooding is not covered under standard homeowners and renters insurance policies.Coverage is available from the National Flood Insurance Program (NFIP), as well as from some private insurance companies. Many homeowners are unaware they are at risk for flooding, but in fact 25 percent of all flood losses occur in low risk areas.

A better way to save: Before purchasing a home, check with the NFIP to determine whether the property is situated in a flood zone; if so, consider a less risky area.

4. Only purchasing the legally required amount of liability for your car. In today’s litigious society, buying only the minimum amount of liability means you are likely to pay more out-of-pocket if you are sued—and those costs may be steep.

A better way to save: Consider dropping collision and/or comprehensive coverage on older cars worth less than $1,000. The insurance industry and consumer groups generally recommend a minimum of $100,000 of bodily injury protection per person and $300,000 per accident.

5. Neglecting to buy renters insurance. A renters insurance policy covers your possessions and additional living expenses if you have to move out due to an insured disaster, such as a fire or hurricane. Equally important, it provides liability protection in the event someone is injured in your home and decides to sue.

A better way to save: Look into multi-policy discounts. Buying several policies with the same insurer, such as renters, auto and life will generally provide savings.

For more information visit Insurance Information Institute online or contact Bucci Insurance Group today!

As a small business in Rhode Island, Bucci Insurance understands the trials and tribulations local businesses face on a daily basis. This understanding drove owner, Tony Bucci, to organize a social media and networking seminar to aid local business development. The purpose of this seminar is to engage small business encouraging networking and informing attendees about social media, two powerful resources. If you are interested in bettering your business using social media, but are not sure where to start or how to attain your social media goals this is the seminar for you.

Bucci also understands that small businesses may not have the excess funds to spend on social media information, which is why this event is FREE. Join Bucci Insurance and over 50 other Rhode Island and Southern Massachusetts business on April 7th, 2011 from 6:00-8:00pm at the The Airport Radisson Hotel in Warick, RI.

Bucci Insurance Group welcomes special guest speakers: Tim Sawyer (President of Astonish Results, a leading Digital Marketing company based here in RI) and Kelly Donahue, Vice President of Raving Fan Managers at Astonish Results, as they present new and innovative ways to take your business to the next level and talk about the new face of marketing to the modern consumer.

Seating is limited, so reserve your spot now online and check out our event Facebook page!