July 2022

Understanding sewer and water backup coverage

What is sewer and water backup coverage? 

An optional endorsement on your Homeowners, Renters or Landlord policy that provides protection from costly water damage resulting from backed up drains or failed sump-pumps. 

Does homeowner’s insurance cover water backup?

The standard homeowner’s insurance policy without a sewer and water backup endorsement does not typically cover water damage from a sump-pump or drain. Water backup and sump-pump overflow coverage is an optional coverage that must be added on to a homeowner’s policy.

Do I need water backup coverage?

Yes!  The typical sewer and water backup related claim is now more than $10,000. Even if you do not have a finished basement, you may have a water backup issue that needs to be professionally mitigated to prevent further damage to your home from mold. If you do have a finished basement with a sump-pump or drain, we recommend sewer and water backup coverage of at least $10,000.

Do I have enough coverage?

The average water backup claim is now more than $10,000 according to the Insurance Information Institute! The total amount of coverage would need to be enough to cover the professional water removal or mitigation, repairs to walls or

… Read the rest
July 15, 2022 by INSURANCE

Oracle to Get New Legal Chief as Longtime Leader Daley Exits (1)

Oracle Corp. could soon have a new top lawyer as veteran general counsel Dorian Daley prepares to retire in August.

Daley notified Oracle’s board June 27 of her intention to retire next month, according to a July 1 securities filing. Oracle said Daley will “assist in the transition of her duties until her retirement becomes effective.”

Oracle and Daley didn’t respond to requests for comment about the computer technology and software company’s plans for her successor.

In June, Oracle received regulatory approval for its $28.3 billion acquisition of medical records provider Cerner Corp., while also securing a judge’s ruling nixing class action status for women suing over pay equity claims.

The company, whose chairman and chief technology officer is billionaire Larry Ellison, said in its most recent proxy statement that Daley earned nearly $11.3 million in total compensation during fiscal 2021. She has also sold off approximately $45.6 million in Oracle stock since last year, according to securities filings.

Daley’s annual pay included $875,000 in base salary, a $1 million bonus, and nearly $9.4 million in stock awards. The bonus was “in recognition” of her “significant contributions to Oracle’s legal strategy and success,” the company said in its

… Read the rest
July 14, 2022 by LAW

New Hampshire money tips: Protecting your home

Advice offered by Marc Hebert, a founder of The Harbor Group Inc. The company is a registered investment advisor. If you have any questions about finance or if you’d like to suggest a future topic, email [email protected] home is probably your biggest investment and protecting it with the proper insurance coverage is extremely important. Now is the time to review your policy – don’t wait until you have a potential claim.There are a few things about your coverage that might surprise you. For instance, consider whether you are covered for the following:MiceIt is hard to find a house that hasn’t had to deal with them. If they chew up your insulation, for example, it isn’t covered.Ceiling damageThe person doing repair work just damaged your ceiling. This is likely covered – it doesn’t matter who damaged the property. Damage to furnitureThe same repairman also damaged your furniture. Is this covered? In most instances, no – damage to furniture would only be covered if caused by a known peril, such as fire. Water damageLiving by the river is wonderful. Unfortunately, heavy rains just caused it to flood into your basement. Now you have water damage. Is this covered? No – you would … Read the rest

July 13, 2022 by INSURANCE

Lawyer is disbarred after trying to run his law practice from jail

Lawyer is disbarred after trying to run his law practice from jail
  1. Home
  2. Web First
  3. Lawyer is disbarred after trying to run his…

Ethics

Lawyer is disbarred after trying to run his law practice from jail

By Debra Cassens Weiss

Lawyer is disbarred after trying to run his law practice from jail

Image from Shutterstock.

The Oklahoma Supreme Court has disbarred a lawyer who continued practicing law from jail after his conviction for shooting and injuring a man outside an Oklahoma City nightclub.

The state supreme court disbarred lawyer Jay Silvernail after rejecting a recommendation for a suspension of two years and one day.

The silvernail-shot-ryan-dejesus-outsi.html”Legal Profession Blog has highlights from the June 28 opinion.

Silvernail had tried to continue his law practice while he was in the county jail awaiting sentencing for the May 2016 shooting of Ryan Dejesus, who lost most of his right leg as a result of the gunshot wound.

Silvernail “was more interested in cash flow than client care,” the state supreme court said. And his decision to bring a loaded gun into a verbal dispute with Dejesus “gives us grave concerns about his fitness to practice law,” the Oklahoma Supreme Court added.

Silvernail was convicted of assault and battery with a deadly weapon in October 2019 for shooting Dejesus,

… Read the rest
July 13, 2022 by LAW

FDIC Probes Voyager Digital Over FDIC Claims

FDIC Probes Voyager Digital Over FDIC Claims

Voyager Digital marketed its deposit accounts for crypto purchases as safe, but customers might not be afforded the protection they thought because their assets weren’t insured by the Federal Deposit Insurance Corporation (FDIC) in the way they thought, The Wall Street Journal reported Thursday (July 7).

The report noted that Voyager had marketed the accounts as protected by the FDIC. But that wasn’t entirely the case, and the FDIC is investigating, WSJ reported.

This comes as Voyager’s brokerage and lending services have been caught in a tangle of downward-spiraling crypto prices, and the company has filed for bankruptcy.

Voyager has frozen all activity, including withdrawals on $350 million in customer deposits stored at the New York-based Metropolitan Commercial Bank. Voyager said customers would be able to access those funds from the bank after the completion of a “reconciliation and fraud prevention process.”

There’s currently no timeline on when that will happen. But the report said that the funds are likely to be paid in full. This is not necessarily true for Voyager’s crypto assets.

Voyager advertised that deposits in Metropolitan Commercial Bank were insured by the FDIC. But the FDIC insures accounts only in the case of a failure of

… Read the rest
July 12, 2022 by INSURANCE