An Occasional Hurricane Reminder

Northeastern Hurricanes On The Horizon: Saturday's New York Times had a story about hurricane preparedness that I want you to see. The paper reminds you that, while it has been a long time since the Northeastern US has suffered a significant hurricane, the potential exists during every hurricane season, and the time to prepare against loss is now. Home Inventory is, of course, a part of the solution.

A home inventory will help ensure that you have purchased enough insurance to replace your personal possessions. It can also speed the claims process and substantiate losses for income tax purposes. A detailed home inventory is also helpful should you need to apply for disaster aid.

You may live in a place that is safe from hurricane damage. (Tennessee remains unscathed! Tornadoes are another story.) However, regardless of where you live, your risk of loss exists. It may come through natural causes like tornado, hurricane, or lightning. It could come through man-made causes like electrical fires or theft. The fact is that you are at risk if you own personal property, and your insurance carrier has very long forms for you to complete when that time comes. Home inventory can give you back a year of your life, a year that you would otherwise spend haggling with your insurer.

A. J. Farley runs Farley Home Services, a home inventory service based in Middle Tennessee. Please visit EverySingleItem.com, the company website, for more details.

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Hurricanes, Bulls and Bears. What a Day!

Good Insurance News? No Way! Texas officials reviewing claims data from the two recent hurricanes says that a surprisingly small number of justifiable complaints were filed, less than one quarter of one percent! Way to go, Texas insurance industry! Claims Journal has the story.

"There will always be complaints arising from any storm damage. When you are dealing with a lot of money in a catastrophic situation, it can be difficult for all of the parties to be completely satisfied with the claim settlement," said [Texas Insurance Council Chair Dorothy] Langley. "But these low numbers on complaints coming from both Ike and Dolly are remarkable considering the volume and severity of the claims. It shows the industry has worked hard and been successful in putting their policyholders back on their feet in difficult circumstances."

It's refreshing to see some good insurance news for a change. The industry needs all the help it can get these days.

"Deaccessioning" Debate Rages On: Deaccessioning occurs when a public art gallery or museum sells off its own pieces in an effort to raise capital, either to acquire new works, or to restore or maintain other pieces, and a debate rages both in Europe and here about how vigorously museums should engage in this practice and to what ends. Regulation has been difficult to enact and even more difficult to enforce. London's Telegraph has the story of the latest round of discussion.

The [British] Museums Association has attempted to restrict “deaccessioning” with some ethical guidelines, based on stages of consultation and a preference for loans or exchange over sale. But although restrictions are legally imposed by the terms of charitable bequests, the law is far from watertight and conscience is the ultimate policeman of the process.

This practice is far more prevalent in America. For instance, recently the New York Historical society sold one of its paintings, a William Holbrook Beard work entitled The Bulls and the Bears in the Market, in order to pay for an air conditioning upgrade. The New York legislature (see this New York Times piece) is attempting to regulate this practice, but major museums are fighting for the ability to use their own judgement, particularly in this era of tight budgets.

Farley Home Services provides the home and small business inventory documentation that insurance carriers require to handle claims. Please visit us on the web at EverySingleItem.com for details, and thanks for reading today!

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