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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.

Insurance Exclusions You Should Know

Homeowner’s insurance covers many damages, including theft, wind or fire perils and more. It adds liability insurance to the standard hazard policy to cover any injuries to people on your property. Your homeowner’s insurance kicks in, for example, if your dog might bite a child.

But many potential disasters aren’t covered, such as flood and earthquake damage. Look at the exclusions category of your homeowner’s insurance to see what your existing policy doesn’t pay for. If you’re at risk for these scenarios, additional insurance policies are available (and may even be required from lenders if you’re taking out a mortgage).

Here are common exclusions not covered by Home-owners insurance

War
Neglect
Water damage (can be covered in certain geographical regions)
Earth movement (can be covered in certain geographical regions)
Power failure
Ordinance or law
Intentional loss
Nuclear hazard

In the case of the destruction of your home, many policies cover your loss up to an initial estimate, but some policies provide guaranteed replacement, which covers the complete repair or rebuilding costs.

Also, check your deductibles, the amount you must pay out of pocket before your benefits kick in. If you have the cash flow to handle the initial costs should anything happen, you may want to opt for a higher deductible to lower your premium. Claiming small losses on your homeowner’s insurance can increase your rate, and the insurer can cancel your policy in some circumstances.

Renter’s insurance protects against the loss or destruction of your possessions. If you are a renter, you want to make sure you have it, because your landlord’s insurance doesn’t cover you.

Renter’s insurance is often very affordable, and many landlords require it before accepting a lease. Similar to homeowner’s, renter’s insurance also provides your personal liability coverage. If someone visiting you is injured in your home, the insurance company pays. But there are also exclusions present in Renter’s insurance. Here are some common ones:

*Jewelry
*Electronic
*Computer Equipment
*Art
*Collections or Collectibles

To get the best possible coverage on your Homeowner’s insurance make sure to contact us at Parr Insurance
773-489-3001
2157 N. Damen Ave
Chicago, IL

Apps Track Performance of Drivers

Car Apps Test Tracking of Drivers
By Douglas MacMillan of Wall Street Journal

Driver Eva Nunez recently was driving for Shuddle, a ride-hailing service for families, when she says she slammed on the brakes to avoid a dog.

The dog was unharmed, but Ms Nunez later was reprimanded by Shuddle, which detected the sudden stop using the accelerometer sensor in her smartphone. In an e-mailed report that details her driving performance each week, the company noted the incident’s location and warned her to brake more gradually.

The same smartphones used by more than a million drivers of ride-hailing services to pick up passengers and collect fares are now tracking when they speed, cut corners, brake suddenly or send texts while at the wheel.

Several companies including Uber Technologies are testing ways to collect this data by uniting sensor readings in phones with geolocation data and traffic patterns.

Click here to read the full article

2016 Best Cars For Snow

Here’s a run down of the best vehicles to navigate through the snow
via Jim Gorzelany of Forbes.com

But which of the myriad AWD vehicular choices can be expected to perform best under the snowiest conditions?

Click here to view the list of the best cars!

We scoured automakers’ spec sheets to compile a list of 20 affordable cars/station wagons and car-based crossover SUVs from the 2016 model year – featured in the accompanying slide show – that can be expected to handle the worst Mother Nature can dish out this winter. Each can be fitted with AWD for less than $50,000 and feature a much-higher-than-average ground clearance (the distance between the pavement and the lowest part of a vehicle) that enables them to traverse moderately snow-packed roads or driveways without unduly scraping the undercarriage or becoming snowbound. In addition, all offer winter-friendly amenities like heated seats, and are every bit as enjoyable to pilot on dry pavement as they are capable in the snow. Always slow down as the weather worsens. Leave extra room between your vehicle and the traffic ahead – a car’s brakes won’t work as well as they would on dry pavement. And keep an eye out for frozen patches, especially on bridges and overpasses which tend to freeze sooner than paved roads.

It is important to that you stay protected as well when purchasing a new vehicle by attaining auto insurance. Contact us at Parr Insurance Brokerage and we will insure that you are protected!

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

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

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

Homeowner’s insurance covers many damages, including theft, wind or fire perils and more. It adds liability insurance to the standard hazard policy to cover any injuries to people on your property. Your homeowner’s insurance kicks in, for example, if your dog might bite a child.

Renter’s insurance protects against the loss or destruction of your possessions. If you are a renter, you want to make sure you have it, because your landlord’s insurance doesn’t cover you.

Car Apps Test Tracking of Drivers By Douglas MacMillan of Wall Street Journal

Here’s a run down of the best vehicles to navigate through the snow via Jim Gorzelany of Forbes.com

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.