19 October 2017 In Blog style

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19 October 2017 In Blog style
10-August-2017 – Holmdel, NJ —JGS Insurance, a market leading New Jersey insurance agency, announced today that it has been named a Top 100 Property/Casualty Agency by Insurance Journal. The Top 100 list is ranked by total property/casualty agency revenue for 2016.

On October 12, 2017, President Trump signed an executive order affecting the ACA, following Congress’ failure to pass legislation repealing the law. Specifically, the executive order would make changes to certain ACA rules by expanding access to association health plans, health reimbursement arrangements (HRAs) and short-term, limited-duration insurance.

The executive order does not, itself, make any specific changes to existing regulations. Instead, it directs federal agencies to issue new regulations or guidance to implement the order’s policies. As a result, it is difficult to know how any existing ACA regulations will be specifically impacted before any further guidance is issued.

In any case, the immediate impact of the executive order will likely be very small, since it will take time to implement policies, regulations and other guidance to carry out these changes.
In addition, The White House announced that, effective immediately, it will no longer reimburse insurers for cost-sharing reductions made available to low-income individuals through the Exchanges under the ACA. Because Congress did not pass an appropriation for this expense, the Trump administration has taken the position that it cannot lawfully make the cost-sharing reduction payments. It is important to note that this change does not impact monetary subsidies on the Exchange. Those are still in place. This is only for the cost sharing reduction which offsets out of pocket expenses (benefit levels) for those making up to 250% of the poverty level. Keep in mind that this DOES NOT impact employer sponsored group health plans – only the individual market.

17 October 2017 In Blog style
10-August-2017 – Holmdel, NJ —JGS Insurance, a market leading New Jersey insurance agency, announced today that it has been named a Top 100 Property/Casualty Agency by Insurance Journal. The Top 100 list is ranked by total property/casualty agency revenue for 2016.

Insuring Your Condominium or Co-op Apartment

When it comes to insuring your condominium unit or co-op apartment, just having a “piece of the rock” may not be enough. It’s the peace of mind of knowing you are insured correctly in conjunction with your association’s insurance coverage that will allow you to sleep soundly at night.

Every homeowners’ association, condominium or cooperative has governing documents including insurance bylaws dictating how the buildings should be insured. Unfortunately, there is quite often ambiguity as it relates to how the building should be insured from the perspective of the association’s insurance policy and what the unit owner or shareholder is expected to insure within their home.

In an effort to clarify this confusing subject, here are some useful guidelines you can use as a starting point to communicate how your buildings are to be insured and what residents should include in their individual HO6 policies.

16 October 2017 In Blog style

JGS Insurance, a market leading New Jersey insurance agency, announced today that it has been named a Top 100 Property/Casualty Agency by Insurance Journal. The Top 100 list is ranked by total property/casualty agency revenue for 2016.

JGS Insurance is honored to announce their place as a finalist for the NJBIZ 2017 “Business of the Year” award in the 51-100 employee category.

The Business of the Year awards program celebrates New Jersey’s most dynamic businesses and business leaders who share a commitment to professional excellence, business growth and the community. Finalists were selected in six categories: Business of the Year (1-50 Employees), Business of the Year (51-100 Employees), Business of the Year (101+ Employees), Corporate Citizen of the Year, and Emerging Business of the Year.

16 October 2017 In Blog style

Why are certificates of insurance so universally hated by insurance brokers and risk managers alike? Some insurance professionals would just as soon have their teeth drilled without novocaine than deal with these much-maligned documents. Yet if used properly, they provide value as an important tool in the risk manager’s portfolio.

For the uninitiated, according to Investopedia, a certificate of insurance (COI) is defined as

“a document issued by an insurance company/broker that is used to verify the existence of insurance coverage under specific conditions granted to listed individuals. More specifically, the document lists the effective date of the policy, the type of insurance coverage purchased and the types and dollar amount of applicable liability.”

The problems arise when people assume that certificates of insurance do more than they actually do. They are not an ironclad guarantee of coverage, but they do provide a baseline from which the risk manager, attorney or business owner needs to do his or her own due diligence. For example, a product liability COI can demonstrate coverage for a supplier that is ordering a particular raw ingredient to be used in the manufacturing process. It shows the manufacturer that the supplier had coverage at the time of its issuance.

16 October 2017 In Blog style

Hosting events such as concerts, festivals, conferences, trade shows, sporting events, and celebrations subjects a business to a variety of liabilities and business risks that must be considered to avoid costly litigation or other losses when something goes amiss. Appropriate coverages for events include property insurance, special event general liability insurance, employer’s liability insurance and cancellation insurance.

PROPERTY INSURANCE

A property insurance policy protects equipment at events—ranging from sophisticated audio-visual systems to folding chairs—whether it is owned, borrowed or hired for the event. The policy generally covers property while in transit to and from the event as well as during the event. Damaged, destroyed or lost property is reinstated on a “new-for-old” basis, meaning that it is generally not appropriate for things like antiques, collectibles or other irreplaceable property.

16 October 2017 In Blog style

Regulations For Electronic Distribution of ERISA Disclosures

With the recent increase in audits by the Department of Labor (DOL), one of the most frequently asked questions JGS Insurance receives is under what circumstances can documents be distributed electronically by email, by company intranet and the like.

DOL regulations contain a safe harbor under which employee plans may use electronic means to distribute certain documents and other information required under the Employee Retirement Income Security Act of 1974 (ERISA).

16 October 2017 In Blog style

The Hidden Policy Premium

Every business knows that accident prevention keeps your workers’ compensation costs at a minimum. But when an accident occurs and a claim is made, what is the best method to maximize cost savings? With medical bills comprising approximately 60 percent of workers’ compensation claims costs, many third party claims administrators (TPAs) use managed care programs to control these costs.

13 October 2017 In Blog style

Is your company covered by Employment Practices Liability Insurance (EPLI)? If not, you might want to consider it. Over the past twenty years, the number of employment-based lawsuits has increased as employee awareness of fair employment practices has become more widespread. Why you need EPLI insurance will become clear as you consider some of the claims that can be filed against your business.

Here are just a few examples that may provide the wake-up call you need to see how serious—and commonplace—these exposures can be:

  • An employee vandalizes your bathroom by writing offensive or crude comments on a stall wall and another employee is offended.
  • An employee in the lunchroom tells off-color jokes that offend other employees.
  • You prohibit an employee from returning to work after a medical leave unless the employee has full clearance to perform all job duties.
  • While the most common type of lawsuit results from claims of unfair employment termination, other types of lawsuits are on the rise:
  • Genetic discrimination - for requesting personal or family medical history.
  • Unpaid internships (currently a hot topic on Capitol Hill) - for recruiting workers to perform tasks normally considered part of entry-level employment positions.
  • Gender discrimination - for pay inequities between men and women in the same establishment who perform equivalent tasks under similar working conditions.
10 October 2017 In Blog style
10-August-2017 – Holmdel, NJ —JGS Insurance, a market leading New Jersey insurance agency, announced today that it has been named a Top 100 Property/Casualty Agency by Insurance Journal. The Top 100 list is ranked by total property/casualty agency revenue for 2016.

Employers who provide prescription drug coverage to plan participants (employees and dependents) are required to notify those that may be eligible for Medicare whether their prescription drug coverage is “creditable coverage”, which means that the benefits are expected to pay on average as much as the standard Medicare prescription drug coverage. This Notice must be distributed by October 14. Please let me know if you need a copy of the Notice in English and/or Spanish.

Additionally, all employers are required to report their plan status to the Centers for Medicare and Medicaid Services (CMS) on an annual basis.

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