Miscellaneous Commercial Blog

Collaboraction Spring Soiree Event

On April 2nd, 2016 in partnership with Parr Insurance, Collaboraction returns to SOHO HOUSE for the second annual Soiree. Enjoy a DJ, drinks, appetizers, and special performances as we celebrate our 20th year and the exciting projects and events coming up.
Melissa Neis, Vice President of Parr Insurance Brokerage, will be present at this event.

Tickets $125, or $100 if purchased before March 15th. Please purchase tickets by March 25th.

For more information or to join the host committee, call the office at 312-226-9633.

Click here to find out more!

Contact Parr Insurance Brokerage for the best coverage on your insurance.

Cedric Ngwa
Parr Insurance Brokerage
2157 N Damen #2B
Chicago, IL 60647
P.773.489.3001
cedric@parrinsurancebrokerage.com

Lending art to museums can increase the value of your collection.

Art collectors covet and, conversely, want to share the works they painstakingly acquire and cherish. This act of sharing important pieces from a private collection may be altruistic, but also has quantifiable value. Allowing experts to inspect and appraise lent work can uncover little known details about history or provenance and could increase the value or desirability of a piece considerably. There are many factors to consider when loaning one of your treasured works to a museum or gallery, so Chubb, one of the world’s premier fine art insurance carriers, offers a checklist on how to protect yourself against potential losses.

Is the work of art stable to withstand travel? While the curator may want the work of art because it is important to the context of a show, the museum conservator is key in determining the stability of the piece to travel. Ask the conservator to provide a fully detailed condition report before the work has left your possession.

2. How will your work of art be displayed? Ask about security cases, security screws, location of the objects in relationship to visitor flow, and distance from the viewing public.

3. Will the museum travel the exhibition, including your work, to other facilities? If so, obtain the same security-related details for every location where your work would be displayed.

4. Ask the museum for a facility report and for information about its security systems and procedures.

5. Obtain specific information about the museum’s insurance policy. This is especially important overseas, where many state-owned museums, such as the one housing the Munch paintings in Oslo, do not purchase insurance covering theft and other perils. Is the coverage wall-to-wall and would it respond to terrorism-related losses? Which company underwrote the insurance policy, and what is its financial security? Has the museum not addressed certain recommendations made by the insurer, and if so, what impact may that have on coverage if there is a loss?

6. Is the exhibition insured through the U.S. Indemnity program? This program authorizes the Federal Council on the Arts and the Humanities to make indemnity agreements with individuals, non-profit, tax-exempt organizations and governmental units for eligible objects from other countries while on exhibition in the United States. Ask for detailed information about the requirements of the program.

7. Have an updated appraisal completed for your work to establish an accurate current market value. An over valuation will cause the museum to pay for more coverage than it needs. Under valuation will complicate the insurance adjustment process, particularly in the event of a partial loss.

8. Obtain details on the labeling and identification of your artwork. In addition, make sure that there are no issues about the title or authenticity of your work.

9. Notify your insurance company, agent, broker prior to lending. Ask their advice prior to waiving any rights of subrogation against the museum, packer or shipper.

10. Ask about the packing and shipping of your piece from your home to the museum. Will the museum use storage facilities while consolidating the shipments? Obtain full details about fire and burglar protection for the storage location.

11. Make sure that the loan agreement that you receive from the museum specifies all the requirements that you had negotiated when you agreed to loan your work.

Benefits of Comprehensive Auto Insurance

5 Reasons to Have Comprehensive Auto Insurance
via Amy Danise at Forbes Magazine

1. It pays to replace your car if it’s stolen

Could you afford to buy another car like the one you had if yours was stolen and not recovered? If the answer is no, you should probably have comprehensive coverage. And if you’ve financed the car, your lender likely requires you to have a policy.

Note that standard comprehensive coverage doesn’t pay for a brand-new car, just reimburses you for the value of the one that was stolen. You can find your car’s current value through sites such as NADAguides.

It pays to repair damage from animal collisions.

This is one of the many ways in which auto insurance can be confusing: “Collision coverage” doesn’t pay to repair damage to your car if that collision is with an animal. That scenario falls under comprehensive coverage.Deer strikes tend to get the most attention, but your car could be severely damaged by a collision with another wild animal, such as a moose, a large domestic animal, such as a dog, or even livestock. If you’d want insurance to pay for your smashed fender, dented hood and broken windshield, you should buy comprehensive coverage.

It pays to repair weather damage.

Golf ball-sized hail could leave dents all over your car. Or a tornado could pick it up and drop it a few houses down. Comprehensive coverage pays for car repairs due to either of these scenarios. If your car is totaled by a weather-related event, your insurer will issue you a check for its value.

It pays to repair flood damage.

Water can destroy your vehicle’s mechanical parts and upholstery — and if there’s enough damage, it could be considered totaled. This is when comprehensive coverage would kick in. Think this is a far-fetched problem? About 20% of flood insurance claims come from areas considered low or moderate risk, according to the National Flood Insurance Program.

It pays to repair fire damage.

Roadside car fires are a staple of morning traffic reports, and they’re inevitably accompanied by rubbernecking delays. But if this happens to your car, comprehensive insurance would pay to replace it. Comprehensive coverage also pays to repair damage caused by vandalism or falling objects, such as tree branches.

Read the full article here!

If you are interested in obtaining comprehensive coverage, please contact Parr Insurance Brokerage.

Parr Insurance Brokerage
(773)-489-3001
2157 N Damen #2B
Chicago, IL 60647

Good Credit Score = Lower Premium!!

WOULD YOU LIKE TO PAY WITH CASH OR CREDIT?

To all of those whom have recently bought a home or if you are planning to in the near future, here’s a reason to maintain a good credit score. Insurance companies may give significant weight to your credit history when setting rates for homeowner coverage.

While insurers’ use of consumer credit in setting rates is nothing new, homeowners may be surprised to know just how much their credit profile can affect their premiums. If you have merely fair credit, you’ll pay about 32 percent more on average for homeowner insurance than those with stellar credit, according to a report from the insurance data firm Quadrant Information Services.

Now if your credit is so bad that you get turned down for magazine subscriptions, the impact is even greater: You’ll pay twice as much on average, in most states, as those with top-tier credit, according to the study, which was commissioned by the rate-shopping site InsuranceQuotes.com. Laura Adams, the site’s senior analyst, said insurers were putting greater emphasis on consumer credit in most states, which makes it increasingly important to pay your bills on time and correct any errors in your credit report.

So what if you haven’t paid your student loans on time. Why does your credit history affect your homeowner premiums? Well like a traditional credit score, which is used to determine whether you’re likely to repay your debts, an insurance score is based on the information in your credit report — but the data may be weighted differently, and it’s used to help predict the likelihood that you’ll file a claim in the future. The lower the score, the higher the risk you’ll file a claim for a loss — and the more you should pay, insurers say.

Some insurers use their own scoring models, while others use outside vendors, and different insurers may place greater emphasis on different aspects of your credit report in computing your score, said Lamont Boyd, insurance industry director for scores and analytics at FICO, which provides insurance-scoring software in addition to traditional credit scores.

The moral of the story is to make wise decisions with all of your purchases on credit and to make timely payments of all loans. One day that dedication will pay off in a big way!

10 Predictions: Sharing Economy 2016

2015 definitely marked the ever-increasing rise of the sharing economy company, with Uber continuing its massive fundraisings and quest for world domination, a complete lack of public offerings, and other big headlines. For all business in the sharing economy, insurance is still one of the most primary concerns. Insurers will be closely watching what happens as they craft new coverage to respond to the evolving market.

Here’s a prediction for the sharing economy 2016 via Ronny Kerr @ Vator.tv

1. The bubble will continue to deflate

M any analysts a year ago expected that 2015 would be the year that the technology bubble burst. I classified it as a missed prediction because a burst suggests a more cataclysmic end along the lines of what we saw at the end of the dot-com era.Entrepreneurs will have to work harder to demonstrate the value of their startups if they want to raise capital. And those that do stand out and secure investor interest will not be raising as much money as their counterparts did in early 2015 or 2014.In other words, the market will come back to reality, which is a good thing.

2. Uber won’t file for an IPO
In a sense, Uber is like a puppy that grew huge really quickly, but still acts like a puppy. Though the company has expanded internationally in its quest for world domination, the company resembles a young startup in its ability to test new, innovative schemes (like UberEATS) relatively quickly.

3. Airbnb will file for IPO
Airbnb, on the other hand, is ready for primetime.
Today the company doesn’t have much serious competition, except from HomeAway, which was acquired by Expedia for $3.9 billion in November, and the traditional hotel industry. So not only will this IPO happen, but it will be a hot one.

4. Didi Kuaidi will acquire Lyft
Consolidation in the ride-hailing space is inevitable. In fact, it’s already underway.

5. Uber will succeed where Sidecar failed
Sidecar, one of the earliest ridesharing companies, announced earlier this week that it was shutting down. After serious competition with Uber and Lyft, the company had pivoted in early 2015 to food delivery. Unfortunately, competition in that sector is just as fierce, and ultimately Sidecar couldn’t cut it.

6. Several food delivery startups will go out of business

7. More unions will be approved for Lyft and Uber drivers
At the end of 2015, the relationship between Uber/Lyft and their drivers was looking really interesting.

8. Uber will invest heavily in fully autonomous car
It’s a bit optimistic to think we’ll be seeing fully autonomous cars on city streets by the end of 2016, but it could realistically come to fruition by 2020.

9. Uber for friends (and maybe more than friends)
In 2016, we’ll see the rise of a line of apps and services promising the ability to “hail” or “rent” a friend on the fly.

10. Taxis will thrive
People still buy taxi medallions in the city, and I predict the number will even go up next year. Of course, for this to actually become reality will require more than just technology like Flywheel. We’ll need tighter regulations on the upstarts (Lyft and Uber) and more equal rules for the taxi industry.

Read more at http://vator.tv/news/2016-01-01-top-10-predictions-for-the-sharing-economy-in-2016#YgWCy68OJDbDQsLs.99

Insuring the Sharing Economy

The first ever Canadian Sharing Economy Symposium was held on December, 2nd in Toronto. The Canadian Sharing Economy Symposium drills down into how the new Sharing Economy platform business model is disrupting traditional businesses. Melissa Neis, Vice President of Parr Insurance was one of the panelist present at the Symposium. Important questions were directed towards Melissa which tackle the a lot of issues of the emerging Sharing Economy. Questions such as:

What does it take to build an insurance program for the sharing economy and what are some of the difficulties you face?
What are some things that businesses in the sharing economy could do to either improve their current insurance program or to ensure that they get a program that best suits their business model?

The keynote speakers were Marina Lao, Director of the Office of Policy Planning at the Federal Trade Commission and Tim Hudak, Member of Provincial Parliament, Niagara West-Glanbrook. This conference brings together the key change makers from multiple sectors and perspectives to discuss how the rapidly evolving sharing economy model has global and local implications that are changing markets, cities, and lives.

While this is opening up a number of opportunities, it is also raising complex legal and policy issues such as how best to address market failures; and manage concerns over consumer safety and tax compliance. This panel discussed as well the critical issue of labour in the sharing economy: are participants “employees” or “independent contractors”; the problems and opportunities posed by these new labour relationships; and what legal and policy changes may be needed in response.

For more information on insuring businesses in the sharing economy, contact us today!

Parr Insurance Brokerage
2157 N Damen #2B
Chicago, IL 60647
P.773.489.3001
Melissa@parrinsurancebrokerage.com

Winter Weather Approaching!

Incoming Snow This Weekend

Winter is right around the corner. Snow tonight through Saturday with significant accumulation is expected in some areas. Total snow accumulation, 4 to 8 inches across Northwestern Cook away from Lake Michigan, with 2 to 4 inches near the immediate Lake including downtown Chicago. The first accumulating snow of the season will unfold across the Chicagoland region beginning this evening and persisting through the day Saturday. Warm ground temperatures, especially pavement, will initially limit accumulation on surfaces this evening. However snowfall rates are expected to increase overnight through Saturday morning.

Winter Prep

As the weather turns colder and winter season approaches, it is critical important that we support our customers in their effort to be prepared. Among other risks, water damage is a key concern for our insureds – a broken 1-inch water pipe can spill 60 gallons of water per minute. Businesses that stay ahead of the weather also get ahead of the risk exposures and can greatly reduce their chances of experiencing a business interruption.

Some additional key points:

Get heating systems checked early to make sure they are ready to withstand freezing temperatures.
Keep the workplace warm, even when it’s closed for weekends and the holidays.
Know the location of the water shut-off valves – both for domestic water supply and sprinkler system.
If there are unheated areas and dry pipe sprinkler systems, low point drains should be checked by maintenance staff or a qualified contractor.
Make sure employees are trained on the proper use of snow removal equipment and review contract language for vendors hired for similar services.

I hope that you will find this safety precaution article informative. If you have any questions and are interested in attaining coverage for your home and against any impending damage this winter, please visit http://parrinsurancebrokerage.com or http://neisinsurance.com and learn about your options!

Thanks,
Cedric Ngwa
Parr Insurance Brokerage
2157 N Damen #2B
Chicago, IL 60647
P.773.489.3001

Chicagoland Cooperator’s Expo

Chicagoland Cooperator’s Condo, HOA & Co-op Expo

The Chicagoland Cooperator’s Condo, HOA & Co-op seasonal Expo took place at the Navy Pier Convention Center, on Wednesday, November 18^thfrom 10am-4:30pm. The Expo is for board members, property managers, condo, HOA and co-op decision makers. Dwight Zivo of Parr Insurance Brokerage was an insurance expert in one of the Advice Booths, a free advice panel available to attendees of the event.. The event was free.

The Chicagoland Expo is the largest expo in the state entirely dedicated to connecting condo, HOA, and co-op managers, board members, and residents with the professionals and service providers their communities need on a regular basis. Between nearly 300 exhibitors, countless product demos, free advice booths, and full roster of educational seminars, it’s literally a one-stop, custom-built marketplace for vendors, products and ideas.

“The express purpose of the Chicago Expo is to help attendees make useful, productive connections, gain valuable information, and network with their peers,” says company president Yale Robbins. So if you’re a decision-maker for a condo, homeowners association, or co-op community—or even if you just call one home—and you have a pressing legal issue or an important project waiting in the wings, you owe it to yourself and your community to drop by the Expo and experience what it has to offer. It would take months to meet with the same number of vendors and professionals a typical Expo attendee will interact with in one afternoon on the show floor.

A Learning Experience

One of the biggest reasons for board members, managers, and owners to visit the show is the Chicago Expo’s full slate of free educational seminars. Custom-built to help anyone involved—or even just interested—in the administration of a residential building or homeowners association, the 2015 seminar panels will provide in-depth discussion of the legal, administrative, management, and financial concerns pertinent to the region’s HOA managers, board members, and residents.

If you are interested in attending the expo as an audience member to enjoy one the free seminars, network with fellow individuals in your particular field of expertise or promoting yourself and business as an exhibitor next time around please visit http://fall.ilexpo.com/ to register!

SOFA Chicago Art Exposé Navy Pier

This weekend marks an important annual date on the city’s arts calendar. That’s because the art fair Sofa Chicago docks at Navy Pier the first weekend of November. SOFA stands for “sculptural objects and functional art,” but the content of the fair has an even broader scope.

Tom Neis, Dwight Zivo, Amelia Sweet, and Melissa Neis, representatives of Parr Insurance, were all present at the VIP Opening Night Preview. The event was hosted by Chubb Group of Insurance Companies (http://www.chubb.com), the standard bearer for high value homeowners insurance .

Donna Davis, Fair Director for SOFA Chicago, says you can expect to see modern and contemporary art and design, objects and sculpture. “You’ll see world-class galleries showing fiber, glass, ceramic, wood and studio jewelry,” Davis said. This year, SOFA also included painting, photography and works on paper. The nearly 70 galleries represented at SOFA include both local stalwarts and visiting galleries from around the world, including those from London, Paris, Turkey and Italy. Davis says that many exhibitors return year after year. “They like to come back,” she said. “But we also have 17 new exhibitors this year, which is a record for us.”

At times the range of work can feel overwhelming to some, so there is a selection of choices put together by critics called Sofa selects. “It is a selection noted tastemakers – curators, critics, designers, architects – who select their favorite pieces in the fair before the fair opens,” Davis explained. “You can go to SOFAexpo.com and select ‘Sofa selects’ and see those people who have chosen those pieces and why.”

SOFA Chicago runs Nov. 5-8 at Navy Pier’s Festival Hall, from 5-9 p.m. Thursday; 11 a.m.-7 p.m. Friday-Saturday; noon-6 p.m. Sunday. General admission tickets cost $20; $15 for seniors and students. For my information visit http://www.sofaexpo.com/visit

5 Reasons to Have Comprehensive Auto Insurance via Amy Danise at Forbes Magazine

1. It pays to replace your car if it’s stolen

It pays to repair damage from animal collisions.

It pays to repair weather damage.

It pays to repair flood damage.

It pays to repair fire damage.