> Professional liability Often called “malpractice insurance” or “errors and omissions coverage,” these policies protect professionals such as accountants, lawyers, doctors, dentists, pharmacists, insurance brokers and agents, and consultants, for negligence that injures their clients.
> Business interruption If you're unable to run your business due to a covered peril (fire, storm damage, vandalism and so on), business interruption insurance will replace lost income, pay ongoing expenses and pay costs involved in getting you set up in a temporary facility.
> Weather The impact of weather on businesses is more complex than you might think. Weather obviously affects outdoor operations that depend on fair weather — for example, events like fairs, festivals, concerts, sporting events or filming.
The NCUA Board has issued an interim final rule amending share insurance to clarify coverage and implement changes required by share insurance reform Congress enacted in February.
“I am pleased to see this much needed change in account protection,” said Chairman JoAnn Johnson. “I view this immediate increase in retirement savings coverage as taking a large step to protect member’s accounts and as a vital way to encourage retirement saving. As personal retirement accounts surpass $100,000, Americans want to know that their IRA and Keogh accounts in banks, thrifts and credit unions are federally insured and protected against loss.”
Effective April 1, 2006, the interim final rule provides the following:
Increases share insurance limits to $250,000 for retirement accounts such as Traditional and Roth IRAs (Individual Retirement Accounts) and Keogh accounts;
Retains the $100,000 insurance limit for all other types of share accounts;
Requires NCUA and FDIC to jointly determine if an inflation-adjusted increase is appropriate for insured accounts beginning in 2010 and every five years thereafter;
Includes pass-through coverage on employee benefit plans while limiting acceptance of shares in employee benefit plans to insured credit unions that are well or adequately capitalized; and
Clarifies coverage for qualified tuition programs, commonly referred to as 529 plans, and share accounts denominated in foreign currencies.
"In addition to the increased coverage resulting from the recently passed law, this rule provides important new flexibility for those credit unions servicing their members' needs abroad, as well as those assisting members who are trying to help pay their children's college tuition," Board Member Gigi Hyland said.
If you live in the following cities and need an Insurance Advisor or to get a
quote, you should contact our North Dakota Insurance Advisors today:
Bismarck
Dickinson
Fargo
Grand Forks
Jamestown
Mandan
Minot
Wahpeton
West Fargo
Williston
Did You Know?
Generally, you must report as income any amount you receive for your disability through an accident or health insurance plan paid for by your employer.
If both you and your employer have paid the premiums for the plan, only the amount you receive for your disability that is due to your employer's payments is reported as income. If you pay the entire cost of a health or accident insurance plan, do not include any amounts you receive for your disability as income on your tax return. If you pay the premiums of a health or accident insurance plan through a cafeteria plan, and the amount of the premium was not included as taxable income to you; the premiums are considered paid by your employer, and the disability benefits are fully taxable.
Search Site:
Latest News
Latest Insurance related news in
North Dakota and nationwide:
Mar 02, 2007 - Keep Health Coverage After A Job Change Most individuals go through a number of life events that affect their health benefit needs and the choices they make. Ther Read more >
Jul 14, 2006 - Hurricane Insurance Claims Paid in Mississippi Approaching $3 Billion Mark Jackson –Commissioner of Insurance George Dale announced today that insurance companieshave paid out nearly $3 billio Read more >
Jan 18, 2006 - Progressive Group, Drive Insurance Company NEW YORK (January 12, 2006) — Drive® Insurance from Progressive ("Drive") Group President Bob Williams ra Read more >
Legal Disclaimers The information provided on North Dakota Insurance Advisors.com is not intended to be insurance advice, but merely conveys
general information related to insurance issues commonly encountered.
Local Professional? Generate new business today
Call 866-227-9356 or contact a sales rep
Did You Know?