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... again to the shareholder when profits are withdrawn by dividend or on liquidation. This double taxation can be avoided to some extent by taking income out in salaries, bonuses, lease payments, etc., which generate deductions to offset income at the corporate level. When winding up a C corporation, the law no longer permits you to sell the corporate assets but avoid a tax on the gain at the corporate level. Taxes may be deferred by mergers or some other reorganizations, but the tax will be paid if the stock received ... cluster. It also subjects partners to personal liability for the partnership's debts. The advantages and disadvantages of a partnership are: No income tax on the partnership. The income of the partnership is passed through to partners for income tax purposes. Double taxation is avoided. Deductibility of retirement payments for retiring or deceased partners. Most liquidation payments to retiring partners can be structured to be deducted or excluded from partnership income by the remaining partners. Unlimited liability for partnership debts. Partners are fully responsible for the debts of the partnership. This ... other cluster members. The cluster agreement should protect individual members from raiding of accounts by other members, should a member leave the cluster, or on a dissolution of the cluster. It should have proper covenants against unfair competition. The cluster agreement may also provide for buying out a deceased or retiring member. An alternative to an unincorporated cluster might be to form a corporation to conduct insurance operations, but have cluster members retain individual ownership of their expirations and good will. This provides the increased protection of a corporation, if the ...

... ; Forster's regional office, the personal lines underwriter from Amerisure, a personal friend of three members of the Carolinas PIA staff who spent several days offering help to all local members. The majority of our claims were in personal lines, resulting from felled trees, high winds that stripped shingles from roofs and flooding from drenching rains. There has been no preparation for the disaster, other than bringing things like yard furniture inside. So everyone was caught off guard by the severity of the storm. However, one of our carriers, ... from earth movement. Coverage must be added by an endorsement or a separate policy. Earthquake coverage provides for earthquake damage up to the limit on your Homeowners policy or up to a specific dollar amount. The endorsement does not increase the limits on the policy, and special deductibles apply to each loss. In territories where earthquakes are more common, the deductible is usually 5% or 10% of the replacement cost amount or actual cash value of the building, and in other areas, it's 2%, but it usually does not ... of personal valuables, household furnishings, and equipment so losses can be authoritatively itemized. 3. Keep your insurance coverage current with rising building replacement costs. Make sure you have enough coverage for the furnishings and other items you've purchased since you first bought insurance. And buy Flood and Earthquake insurance, if you're eligible and vulnerable. 4. Review your insurance policy. Are you sure everything important is covered or did your memory play tricks? Keep it in a safe place where it can be retrieved easily after a disaster. Keep ...

... , much as physicians update their patient records online these days. Problem: All of us, CSRs, producers, and principals, are wearing P/C blinders. There's a pile of Life, Health and financial services money within our grasp, but unless the wind blows it our way, we do our best to ignore it. Any lost potential for legitimate income is a missing coverage, and therefore an E&O exposure. What if your client, for whom you are the exclusive agent, is seriously disabled and ... fail to notice (or gloss over) the detriments of a cheaper renewal alternative. Examples: the Umbrella that doesn't include employees' in the definition of insured'; the Commercial Auto policy that limits radius of use; the claim, as opposed to loss, deductible; the Property policy with out an agreed-value provision; the Rental Property Liability coverage with a Pollution exclusion. Solution: Develop an online coverage matrix for any line in which coverage varies from carrier to carrier, and for company-specific products. Keep them current. Get ... ) Encourage, nag, and educate your carriers to the wisdom of SEMCI; support those that have developed it with robust, profitable volume; volunteer to beta-test for any carrier that is developing it. The agencies that go for the gold get it. Problem: Buying into a carrier's self-serving definition of SEMCI ( 'Agent inputs app or change into interactive proprietary system and waits for download into the agency system') is dangerous. That warped strategy leaves the agency system playing second fiddle; renders an up-to-date, credible agency database ...

...round the house, such as doors and windows. 6. Plan a family evacuation and r...es, resulting from felled trees, high winds that stripped shingles from roofs ...