What Are Considered “High-Value Assets”?

High-Value Assets often include expensive homes in ultra-desirable locations, exotic automobiles, jewelry collections, art collections, yachts, high liability risks, and even internet security. Bogle Agency Insurance has partnered with Chubb to provide “insurance coverage for successful families and individuals with high-value assets“.  The benefits of high-value asset coverage are superior expertise and service.

What Are The Benefits of this Insurance?

1. We offer qualified experts to evaluate assets and then correctly insure them. Our experts are experienced in assessing the value of antiques, artwork, rare books, jewelry and other items that are irreplaceable to you.

2. If you are a first-time home buyer, we cater to your unique situation. You may be building your dream house and furnishing it with one-of-a-kind pieces. You may be purchasing a large house on a large piece of property that requires a bit more coverage than regular homeowner’s insurance offers. We are here to offer years of experience in advising first time home buyers.

3. If you have unusual or distinctive assets that need to be replaced, we identify the quality of the items. We never offer inferior replacements.

4. We recommend the use of top quality contractors and specialists.

5. The coverage is comprehensive, not partial.

6. Claims Service is responsive to your needs. If you should have the unfortunate experience of needing to enter a claim, our adjusters work swiftly to help you. Whether the claim is for replacement of a stolen or damaged item, or because of an accident, our staff is always ready to support you. We offer compassion, as well as the information you need to carry on.

7. We offer protection against inflation.

These are just a few of the benefits of our special coverage. For a full examination of your insurance needs, and to see what coverages we can offer, you should consult with one of our agents. Call Bogle Agency Insurance at (201) 939-5378 in Lyndhurst NJ to talk to one of our insurance experts.

Coverage Focused on Your Individual Requirements

This extra coverage is suited to dealing with unusual circumstances and extraordinary personal assets. You have worked hard to build a lifestyle for yourself and your family and should have them protected to the fullest. Life is full of surprises, but you should be prepared for them. Bogle Agency Insurance, together with Chubb, is offering protection, support and service based upon years of experience. We have dealt with unique individuals and situations like yours many times before. We are ready to give you our fullest attention and always respond with ways to say “yes”!

Returning to Work and Benefit Eligibility Considerations | Bogle Agency Insurance 

Employers with employees returning to work after a leave of absence, reduction in hours (e.g., furlough) or termination of employment (e.g., layoff) may have questions about the implications for medical benefit eligibility and the effect on the ACA’s employer shared responsibility rules.

Eligibility

The answer to the benefit eligibility question will depend heavily on whether the employee was terminated from employment (a termination and rehire) or kept active as an employee (e.g., while on furlough) with continued benefit eligibility. Employers should first determine whether the plan document addresses furloughs, rehires, or unpaid leaves of absence. If the employer is interested in waiving waiting periods for rehired employees or otherwise extending coverage beyond what is described in the plan document, it should make sure to get the carrier’s approval and amend the plan document if necessary.

Premium Payments

If employment was not terminated and the employee was kept active on health benefits, the employer may resume taking employees’ premiums out of the employees’ pay. The employer may recoup the cost of any missed contributions during the period the employee was furloughed without pay. Employers should check state wage and hour laws, as some states have limits on what can be deducted from an employee’s pay.

Cafeteria Plan Considerations

Restoring Previous Elections: An individual rehired within 30 days may only make a new election if there has been an intervening event that would permit an election change. When more than 30 days have elapsed between an employee’s termination and rehire, the cafeteria plan may (by design) allow a new election or require the old election to be reinstated.

Status Change with No Loss of Eligibility: If an employee has a reduction in hours but maintains eligibility under the plan, he or she should generally not be given the opportunity to drop or change a pre-tax salary reduction election to discontinue benefits. There must be both a status change such as a commencement of an unpaid leave of absence and the status change must affect eligibility under an employer plan (except for group term life insurance, dismemberment, or disability coverage). However, there are two exceptions:

• Benefits can be discontinued for nonpayment of premiums when an employee is on an unpaid leave.
• A cafeteria plan may allow an employee to prospectively revoke an election of coverage under a group health plan that provides minimum essential coverage or better coverage when there is a reduction in hours of service of a full-time employee that otherwise does not affect group health plan eligibility. Cafeteria plans are often not amended to address this circumstance.

ACA Considerations

Full-Time Status under the ACA: Some employers may be rehiring employees who were previously considered full-time employees under ACA rules. If the employee is rehired within 13 weeks (26 weeks for education organizations), the employee will be considered a continuing employee. This means that if the full-time employee was enrolled in coverage, s/he should be offered coverage no later than the first day of the month following resumption of services. If the employee is rehired after more than 13 weeks (26 weeks for educational organizations), the employee may be treated as a new employee and subject to a new waiting period (or a new initial measurement period if the employee is a part-time, variable hour, or seasonal employee). Part-time, variable hour, and seasonal employees rehired after the end of a stability period do not need to be offered coverage unless the employee worked enough hours during the previous measurement period to achieve full-time status for the subsequent stability period.

Hours of Service: Hours of service do not include hours incurred after the employee has terminated, or when payment is made or due under a plan maintained solely for the purpose of complying with applicable workers’ compensation, unemployment compensation, or disability insurance laws. When counting an employees’ hours to determine full-time employee status under the ACA look-back rules, hours of service include periods where the employee is entitled to pay due to vacation, holiday, illness, incapacity (including disability unless coverage was paid for after-tax and no employer contributions), and leaves of absence (including leave taken under the Families First Coronavirus Response Act).

For special unpaid leaves of absence (such as leave under the FMLA and USERRA), the employer has two options for crediting hours. One option is to exclude the period of special unpaid leave from the applicable measurement period. The other option allows employers to credit the employee with hours equal to the average hours worked during weeks not part of the unpaid leave.

Employers who furlough employees without terminating employment will need to make careful determinations as to whether employees need to be credited with hours of service under the applicable look-back period. The failure to correctly credit hours could cause the employer to misclassify employees as not full-time and cause penalties under the ACA employer shared responsibility rules. Careful records should be kept so that the employer knows each employee’s status as full-time or not full-time during each month of 2020 in order to be prepared for ACA reporting that is done in early 2021. Employers may wish to go ahead and credit employees with hours service during the furlough period. While this would be one way to avoid penalty under employer mandate rules, the employer should get the carrier’s approval before proceeding.

At Bogle Agency Insurance, we are here to help in any way possible. Please do not hesitate to call the office at (201) 939 – 1076 for any questions or concerns.

Everyday Risk Factors That Can Affect Your Homeowners Insurance Policy

Did you know that the risk factors that you present to your home owners insurance can have huge effects on the premiums you pay? It’s true! Risk Factors, by definition, are the characteristics and factors that increase the likelihood of a claim being filed. These can include everything from the condition of your home to your financial standings. In order to save as much money as possible on your home owners insurance policy, you need to not only be aware of your personal risk factors but also how to lessen the risks that insurance companies see! Below, we describe ten of the most influential risk factors that can affect your homeowners insurance policy’s premium. If ignored, these factors can cost you thousands of dollars a year in coverage.

The Most Common Risk Factors For Home Owners Insurance

1. Your Deductible
   One of the most commonly known factors that can affect insurance premium prices is the deductible. An insurance policy deductible is an amount the policyholder will pay before insurance covers repairs or reparations. This is not a way for insurance companies to save money but rather a risk management factor that has been proven to reduce negligence on the policyholder’s side. The idea behind deductibles is a monetary way to increase awareness of potential risk in hopes to mitigate negligent behavior. Naturally, a higher deductible means a lower premium!
2. The Cost To Rebuild or Replace Your Home
   Another commonly associated risk factor with homeowners insurance is the overall value of a home. Like car insurance, the more expensive the item you are insuring becomes, the more the insurance company would need to pay out in the event of damage. Contrary to popular belief, the value the insurance company decides upon is not the same as the market value provided by the tax association.
3. The Condition of Your Home
   Unlike car insurance, the condition of your property is a major concern for homeowners insurance policies. Damages to parts of your home such as a roof or foundation are not just costly repairs, these damages can cause catastrophic failure if not fixed promptly. When it comes to pre-existing damage to your home, insurance companies may charge more for a premium due to the potential for costly claims in the future. Some companies will even deny your application if the roof or foundation is not up to code!

The Most Surprising Risk Factors For Home Owners Insurance

1. Your PETS?!
   Yes, your pets may cause your homeowners insurance rates to increase! Certain dog breeds are considered more dangerous and liable than others according to insurance providers. While this characteristic may not apply to your fur child, it is simply based on a statistical analysis performed by insurance companies.
2. How Close The Home Is To A Fire Station
   Another shocking risk factor that insurance providers take into account when calculating your insurance premium is the travel time between your home and the closest fire station. According to the Insurance Information Institute, Household fire claims make up over 25% of property damage claims in the past 10 years. While using safety precautions to prevent household fire damage is extremely important, neglect is not the only cause of household fires. Your proximity to the fire station may be the difference between having to build a new home or simply remodel the kitchen.
3. Your Credit History
   Yes. Unfortunately, credit history is a factor in even your insurance rates. Aspects like your payment history, current debt, and length of credit history are all considered when calculating your premiums. The thought behind this is not just to see whether the policyholder will be able to pay their premium each month but also to reduce the risks of fraud.

Risk Management Is The Most Effective Way To Reduce Homeowners Insurance Premiums

Simply put, making sure you are doing all you can to reduce the risk of a claim will help to lower your yearly insurance costs. Bogle Agency Insurance experts in Lyndhurst NJ can help you discover any potential risk factors you face before you are hit with a large insurance premium. Although some risk factors are easier to fix than others, it is important to know what these risk factors are so you can work on them and continue lowering your premiums over time!