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In This Issue
Long Term Care
D & O For Private Fimrs
Life Insurance
Your Agent Steve Davis

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Columbia River Insurance Services is a professional agency dedicated to providing our clients with the best insurance protection and service possible. We will strive to use the industry's most superior products while maintaining affordability.


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Why Private Firms Need Directors & Officers Insurance


Many private companies tell us they don't see the need to have Directors and Officers, (D & O) insurance. Many officers say the corporate structure will protect them, or D & O insurance is for publicly held corporations.  Or the best one, "we can't afford it". Our hope is to dispel these notions. D & O premiums have fallen to incredibly low levels for all buyers. The number of insurers interested in D&O insurance has grown. You can secure meaningful limits at affordable pricing.  Many CEO's and COO's think that their General Liability insurance will cover D & O exposure. The GL policy is not intended to pick up many if not all the issues that can be brought against privately held companies. Let's examine a few of the more important ones,

  • Shareholders - claiming misrepresentation, breach of duty with respect to distribution of profit, or sale of the corporation. This could include ex-spouses.
  • Breach of loyalty -with respect to agreements between other directors or companies. Claims also come from family members of shareholders through divorce or death. 
  • Claims by competitors or customers for misrepresentation, over-stating product performance or by financial institution for miss-stating financial information. 
  • Claims by the government have increased especially by the SEC for not properly following rules and statues. 

Claim Examples

A director of medical supply company was sued, along with his company, for allegedly misappropriating trade secrets. $200,000 was spent on defense costs and the case was settled for $400,000.


The estate of a recently passed director sued the other directors for recent company poor performance. Claim settled for $750,000.


The corporate documents & Statutes won't always protect directors and officers from litigation costs and potential damages. You could be at risk. Call me today, I can provide a quote for you. 


Long Term Care....Its Time Has Come

You spend a lifetime working hard and saving for the future to ensure your family's financial security. You purchase life insurance or disability income insurance, make investments and contribute to your retirement plan. And, while you can't predict the future, you can continue to plan for it.


Long Term Care Insurance (LTC) is designed to reimburse you for expenses for everyday living assistance, should something happen to you. Traditional medical insurance and Medicare will not cover extra costs should you need help with activities we take for granted like bathing, eating or simply getting out of bed. LTC insurance options can provide for nursing home costs as well as home health care and assisted living.


Long Term Care is often mistakenly considered an issue affecting only the elderly but, according to the National Family Caregiving Association, more than 50 million Americans are serving as caregivers for their aged or chronically ill family members1. In a 2009 MetLife market survey of nursing homes the average cost of a private nursing home room was $70,080 per year with an average stay of 2.4 years and costs continue to rise.


Long Term Care Insurance can be an effective way to provide for your own care or that of a family member and protect your assets from being consumed by the cost of care. Don't put if off another day, call me and I will provide you with a number of options. 

Benefits of Life Insurance

Are you one of the people who think you don't need life insurance? Please think again. Life insurance provides real security for those you care about. Life benefits can provide financial security and resources for your family or loved ones after you are gone. Let's look at a few of the reasons to consider life insurance:


1. Payment on Debt- if you have any outstanding debt (like a mortgage) at the time of your death, it does not go away. Your estate will still be responsible to settle all accounts. Life insurance can give your family the peace of mind to know that they can still pay the mortgage if the unthinkable happens.

2. Continuation of Income- Life insurance can provide the funds to replace your income upon your passing. Family income will certainly diminish and there's a very good chance that your family will experience a lower standard of living.

3. Unpaid Medical Expenses- It is highly likely that you will have medical expenses prior to your death. Some of which may not be covered by health insurance. Adequate life insurance proceeds ensure that these final expenses can be paid.

4. Funeral Expenses- Most people don't plan for or fund the funeral expenses; again life insurance is there to help.


The good news is that life insurance rates are low and there are many different kinds of products from which to select. One question we often get is, "How much life insurance do I need"? That really depends on your individual situation, but here is a general guideline--We think you need to consider a life insurance limit of at least 10 times your annual gross income. For example if you earn $50,000 per year, your family would need to replace somewhere close to that amount. A $500,000 life policy could return $45,000 to $50,000 in annual interest depending on the rates.


Selecting the right insurance company is very important. Let Innovative Insurance help you with selecting the right plan and insurer. Columbia River Insurance Services can provide competitive premiums for you today.