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!

Looking for something fun to do during school vacation or just interested in getting out and making the most of Rhode Island?

Head over to Rome Point harbor seal colony in Rhode Island’s Narragansett Bay.Observe harbor seals from the shore of the John H.Chafee Nature Preserve located in North Kingstown, RI. Rome Point is the best place in southern New England to observe large numbers of wintering harbor seals from shore!

With convenient mid-afternoon low tides and a full moon spring tide seal watching should be excellent.  The number of seals is starting to diminish as they begin their spring migration, but the prospects of seeing over 100 seals remain good for the next week.  Seals are especially active this time of year and can be seen jumping and frolicking near the haul-out rocks.  The upcoming week will probably be the last opportunity to observe more than 100 seals on the rocks for this season, so pick a good weather day (watch out for chilly east wind), pack up the kids, and come one, come all to see the grand finale of the big spring seal show!

Bucci Insurance hopes you see some seals and send us some pictures! even if you miss the seals the walk along the bay is beautiful.

Data security and cyber exposures are becoming a greater threat to organizations of all sizes, and insurance agents and brokers can provide valuable counsel to their clients on insurance and associated risk management services available.  According to a recent article in BoardMember.com, Boards are not paying enough attention (see here):

Many boards have largely failed to recognize the basic existence of cyber risks, much less understand the different types that are out there.

The article also points out that cyber crime has grown significantly more sophisticated, and notes a new type of attack:

Advanced persistent threats, or APTs, slowly rob companies of their most valuable information. They are not the work of hackers, but of tenacious, well-funded professionals focused on espionage…While breaches of customer data usually generate administrative costs, the newer breed of APT attacks could thwart strategic plans, costing untold amounts.

Obviously, organizations need to be proactive in protecting their data and business processes through appropriate security measures.  Insurance offers an additional form of protection that organizations can use.

Increasingly, companies are turning to cyber risk and privacy insurance to protect themselves. Such policies generally cover damage to a company’s data or lost income resulting from a cyber break-in, as well as liability from any lawsuits. The most useful aspect of the policies may be coverage for post-breach response costs, as well as services designed to help companies respond.

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.

The decision to build your own home is an exciting one. Not only do you get to decide where to build, but you also get to determine where on the property the house will stand and how it will be integrated with the landscape.

Tax Day is the only day more frightening than Halloween. But you can make Tax Day 2011 a little less stressful by educating yourself with these three tax tips.

After Bucci Insurance Group’s Social Media Seminar last week many attendees were excited about the new ways they learned to leverage social media to increase business. The only problem however, is many guests were not even at the step where they had established social media sites. This video contains a tutorial explaining how to create a business facebook page and important information that should be included on your page.

Hope it helps, looking forward to “liking” your business Facebook page in the near future!

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.

We hear Capital One asking us what’s in our wallet all the time, but Bucci Insurance wants to know what’s in your house? Now this is a bit more daunting, since your house is much larger than a 2×3 rectangle (we are assuming). 

If your home is ever burglarized, or burns down, the best way to demonstrate what needs to be replaced is with a home inventory – a record of your valuables, when you purchased them, and what they cost. Your insurer needs this information to properly adjust your claim.

According to a I.I.I blogger a great way to do a home inventory is to make use of your children’s attraction to every media object being a toy. Let them roam around the house with a digital camera and take pictures of everything in sight. If you don’t have children or ones that are willing to do this, you are welcome to do it your self. Make sure these pictures are then saved somewhere outside of your home.

What if somehow these pictures are destroyed? How do we preserve our home inventory?

Thankfully, as we now say in the I-phone age, “There’s an app for that.”

Or several: The New York Times last week rounded up home inventory apps, including one for $25 that lets you scan in the bar code of items like CDs, books and DVDs – speeding the process considerably.

I.I.I.  also provides a free online home inventory service.  You sign on, upload pictures of your stuff and fill out the details. A I.I.I. video describing the service is here. And, to get you on your way, here is a good list of what sorts of items end up in most inventories.