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Business to Business Newsletter
March - 2010
In This Issue
Crime Insurance
Sick?
"Reservation of Rights"
Crime Insurance is Critical in Today's Business Climate
Crime 
According to a 2008 study conducted by the Association of Certified Fraud, U.S. businesses lose about 7% of their annual revenues to fraud. This equates to a staggering $994 billion loss each year nationwide to employee fraud. Even worse, occupational fraud schemes are extremely costly to a company's bottom line, with the median loss in the 2008 study coming in at $175,000! 
 
The three most common categories of employee scams are: Fraudulent statements, asset misappropriation, and bribery or corruption. Two out of five businesses suffer more than five instances of fraud, and one in four loses at least $1 million as a result of fraud. For these reasons, Crime insurance is a wise purchase, extending coverage to you and your business for fraud-related financial losses.
 
In addition to covering employee fraud, most Crime insurance policies also cover...
 
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Follow-up Links
 
Facebook 
Greetings!
 
 

There's something to be said for stability. With over 50 years of experience insuring businesses of all types, M&M Insurance has remained a solid fixture in the risk management industry. Our extensive experience allows us to respond effectively to the insurance needs of a broad spectrum of commercial enterprises, as well as specialing in the areas of Hospitality, Professional Liability and Construction.  

 

Wisdom. Experience. Stability.

 

The thesaurus lists the following as synonyms for "stability": steadiness, strength, soundness, poise, solidity, balance. We like all of those, and we hope that our clients would use many of those terms to describe the service and care they receive from Mason & Mason. On the other hand, the dictionary uses a few other phrases to explain the concept of stability... phrases like "continuance without change", "permanence", and "resistance to change".

 

I suppose in some ways this is a good thing. We expect our professionals to deliver the consistent care our clients have come to expect from M&M, regardless of the current business environment. We continue to seek out the best companies to work with so that we can provide you with excellent coverage Facebook Logo(at an affordable cost) from year to year, just as we always have... but at the same time, we understand the need to be relevant. As technology advances, the ways in which we communicate have changed as well. That's why we're so pleased to share with you that we have a new Facebook page! We're excited at having yet another means of connecting with our friends and clients.

 

See, we're all about relationships. Providing comprehensive coverage at a competitive price is very important to us, of course, but really what it all comes down to is relationships. Other faceless insurance firms might find you coverage, even at an affordable cost... but they lack the personal investment you'll find with our agency. Our dedicated professionals aren't just pushing paper, they are truly concerned with the affairs of our clients. When you suffer a loss, they share your disappointment. When you receive a great result from an audit, the cheering you hear on the other end of the phone is sincere. And when it comes to fighting for what you deserve, they are fierce. Because you are not just a path to a paycheck for them, they really care.

 

So check us out on Facebook! We're looking forward to using this channel as a means of distributing information to you, but more importantly, it's yet another avenue for opening the lines of communication, keeping in touch, and developing our relationship with you... and that's always a good thing. J

 

Happy to be serving you,

 

 

David Mason, President
Mason & Mason Insurance Agency
M&M Assurance Group
 
 
P.S. Don't forget to check out our website! We're at www.mmins.com. Just click the "Clients" tab at the top of the page and enter the site with username: "Client" and password: "INFO4U". Happy browsing! If you have any questions, give us a call at (800) 298-0802. We'd love to hear from you!

Minimize Workers Comp Claims by Guarding Against the Flu
 
Flu
The federal Centers for Disease Control and Prevention has estimated that between 1.8 and 5.7 million people in the U.S. contracted the H1N1 virus between April and July 2009. Although many of them might have picked up the virus from contact with family and friends, it is very likely that many became infected at their workplaces. Infected workers might not have realized they had the virus, or they went to work despite feeling sick. Exposure to communicable illnesses is a common occurrence at the workplace. If an employee becomes ill, misses work, and requires medical treatment, does the employer have to provide her with Workers Compensation benefits?

Workers Compensation laws require employers to pay...





Received a "Reservation of Rights" Letter? Don't be Alarmed
Exclamation Point

A university hires an architect and general contractor for a multi-million dollar project involving the erection of a new state-of-the-art building containing multimedia-capable lecture halls. After three years of planning and construction, the university unveils the new facility to great fanfare. Within a few months, however, problems start to arise. Rain and melting snow fail to drain properly. Water seeps in through new cracks in the masonry walls. Mold forms on walls and ceilings, spoiling the appearance and causing allergic reactions among students and staff. Investigators for the university conclude that the building has significant design and construction flaws. As a result, the university files a number of lawsuits against the architect and the contractors who performed the work, alleging that their incompetence caused the problems.

The architectural firm notifies its Professional Liability insurance company of the allegations. Within a few weeks, the firm receives a letter from the insurance company stating that the company is reserving its rights to deny parts or all of the claim, pending its own investigation. The architect, already faced with a hit to its reputation and a potential loss of business because of the suit, reacts badly to the letter. The chief partner calls the firm's insurance broker and demands to know why he has received this threatening letter after he has paid thousands of dollars in premiums for the insurance policy. The broker explains that the letter, known as a "reservation of rights letter," is a normal part of the insurance claims process. Not entirely reassured, the partner wants to know what the letter is all about.

A reservation of rights letter is...

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Thank you for taking the time to read this month's newsletter! Remember, your feedback helps shape future issues. We value your input, so please...let us know what you think! Have a great month!
 
Sincerely,
 

David Mason
President
Mason and Mason Insurance
M&M Assurance Group 
Mason & Mason Insurance                   M&M Assurance Group
458 South Avenue                                      3304 White Mountain Hwy
Whitman, MA 02382                                    North Conway, NH 03860
T (800) 759-1452                                        T (800) 298-0802
F (781) 447-2832                                        F (603) 356-9290