insurance

2018 Best Places to Work

The Philadelphia Business Journal honors Capstone Group as one of the 2018 Best Places to Work in the Greater Philadelphia Region:

North Wales, PA., July 9th – Capstone Group, a leading provider of risk management, employee benefits, and insurance brokerage services, has announced today that it has been named as a 2018 Best Places to Work by the Philadelphia Business Journal. This is the first year that Capstone has been awarded this recognition.

The Philadelphia Business Journal’s “Best Places to Work” recognition is based upon quantitative employee survey data gathered by Quantum Workplace in conjunction with the Journal. The Philadelphia Business Journal selects the top employers based on how employees rate their company's culture, teamwork and employee engagement. The list honors Capstone Group as one of the top small businesses in Greater Philadelphia. A record number of applicants were submitted for 2018 consideration.

“We are honored that our employee family believes Capstone Group is a great place to work,” said Kevin Fox, Managing Partner. “Our goal is to foster a culture and environment that empowers our team members to be their best, which in turn allows them to build genuine relationships with our clients and deliver unmatched experiences. Our success is attributed entirely to the passionate people that walk through our doors every day and I am truly proud to have Capstone recognized as an exceptional workplace.”

Founded in 2013, Capstone has established itself as an industry leader by delivering truly customized programs and creating efficiencies to their partner clients in an otherwise “commoditized” industry. With a rapidly growing organization of risk management professionals and employee benefits consultants, Capstone is always looking for talented individuals to join its team. To learn more about Capstone or submit an inquiry, visit https://www.capstoneinsgroup.com/contact.

 

About Capstone Group:

Capstone Group is an independent risk management, employee benefits, and insurance brokerage firm. As an emerging firm in a mature industry, Capstone's mission is to provide results-driven solutions that transcend what our clients have come to expect from traditional insurance and benefits brokers. Our ultimate goal is to make a positive difference within each our clients' organizations and exceed expectations with every interaction. To accomplish this goal, our efforts begin and end with attracting and retaining the very best industry experts and client service representatives as a part of our team.

Insuring Ride Sharing

Ridesharing has completely changed the transportation industry. In just a few short years, companies like Uber and Lyft have developed ridesharing into a multi billion dollar industry. With such popularity of these businesses, insurers are facing the unprecedented challenge of providing appropriate coverage to both drivers and passengers.

If you are a driver, your regular auto policy most likely will not cover you for ridesharing activities, which could leave you, and your passengers, unprotected or underinsured in the event of an accident. In fact, most personal auto policies specifically exclude using the vehicle commercially as a ride service. 

Developing appropriate coverage is tricky, because there is no way to determine when the car is being used personally vs. as a rideshare vs. in storage. Generally, coverage can be determined based on the average commute of the owner/primary operator and where they live or operate the vehicle; but when transporting passengers a vehicle can be driving any matter of distance, crossing city or even state lines.

Mark Maucere, senior vice president for AmWins Transportation Underwriters, Inc., says, “Our rate [for transportation classes] is based on a point A to point B mechanism, and the problem with these operations is we don’t know when the car is out or in the garage, we don’t know the experience of the driver, car maintenance or in what other ways it is used.”

Companies are searching for a solution, but since the business is so new, there is very little information to use in the underwriting, rate development process. Maucere says: “There is an opportunity here, and we would be interested in potentially looking at these classes of business if we could properly underwrite and put the rate around it...But it’s very difficult until you can grab that data and verify some of the things we can’t verify now.”

Most ride sharing companies provide some form of coverage for drivers. Excess and surplus lines insurer James River currently provides coverage for Uber. The policy has three main parts: 

1. the "Core"--contingent on the driver having his/her own private passenger auto policy; has a $1 million limit that drops down and covers the driver from when he/she is picking up a passenger all the way until the passenger is delivered to the destination. 

2. a lower limit applies when the driver is waiting for a new rider.

3. separate coverage for physical damage to the driver's vehicle occurring while performing ridesharing duties.

For now, insurance is expected to follow this model and remain a surplus lines risk, as it gives flexibility until more accurate data can be collected to establish other provider options.

To read more, check out the original article HERE.

How to make repairs and rebuild wisely following storm damage

From wildfires in California to tropical storms and hurricanes on the East Coast, extreme weather is happening all over the country, and damage should be dealt with properly.

With the threat of tropical storms, hurricanes, and other severe summer weather upon us, it is important to know how to repair and rebuild any resulting damage. These repairs should be made as soon as possible after a natural disaster, but should also be done in a smart and safe manner. The Federal Emergency Management Agency (FEMA) recommends taking the time to consult with your insurance agent about coverage, as well as contacting local officials and carefully choosing a contractor when planning a project. 

Click here to read some tips for rebuilding and remodeling your home after a natural disaster.