Brownrigg Companies Ltd.

Export Credit Insurance: Export with Confidence by Avoiding Nonpayment

Insure all sales to eligible international buyers by extending "open account" credit terms with confidence. Qualified businesses receive a simplified premium schedule, no first loss deductible, and financing opportunities. Standard policies include 95% coverage for political and commercial risks, with special rates for countries with no risk factors. Purchasing Trade Credit Insurance will help you in the following areas;

• Mitigating Risk: Insure your accounts receivables against nonpayment by foreign buyers. This insurance protects you against non-payment due to both commercial risks (insolvency, bankruptcy, and default) and political risks (revolution, war, political violence, and transfer risk).
• Marketing: Extend competitive credit terms to international buyers. Increase your sales by offering attractive credit terms and compete more effectively with foreign competitors. This will reduce the need for costly letters of credit and cash-in-advance requirements.
• Financing: Access additional credit in tight economic times by using insured accounts receivables to increase borrowing capacity. Most major banks accept insured receivables as additional collateral.

 

Case Study:

A large automotive parts manufacturer based in the Midwest with 3,500 employees and $84 million in international annual sales purchased export credit insurance with the EXIM Bank to mitigate nonpayment risk and access additional finance options with Wells Fargo Bank. The manufacturer obtained a Standard Multi-Buyer policy that provided a $7.5 million revolving line of limit to cover foreign customers. The manufacturer's umbrella rate of .42 per $100 on 60 days terms includes commercial and political risk coverage on parts exported to customers in Korea, Mexico, Poland, India, UAE, Thailand, Slovakia, Germany, Italy, Luxembourg, and Japan. The EXIM Bank endorsed Wells Fargo Bank as a loss payee to the policy and added the qualified insured accounts receivables on their line of credit increasing the manufacturer’s borrowing capacity.

 

How much does Export Credit Insurance Cost?

Premiums are based upon the industry and location of your organization. The rates can very greatly from country to country and even city to city within the designated location and between different industries and economic sectors. An example of an average Multi-Buyer rate for Net 60 days open account terms is .55 per $100.

Contact our International Trade Credit Sales Representative, Troy W. Brownrigg, for more information, rates and quotes at (248) 373-5580 or tbrownrigg@brownrigg.com.

 

See full article Download 2.08.12-Trade Credit Insurance

Stay S.A.F.E. this winter - Snow and Ice Removal

It’s that time of year again for Mother Nature to express her cold side. At Brownrigg Companies Ltd., we share Accident Fund’s focus on the safety of your employees. Part of that focus is educating you on hazards that arise in the workplace throughout the year. As we approach winter and the weather it brings, Accident Fund is launching a campaign called “S.A.F.E.: Slip and Fall Elimination” to help you prevent slips, trips and falls all winter long.

Get out in front of the storm

Today we’re talking about Snow and Ice Removal programs. In many areas of the country, we see large amounts of snowfall and ice during the winter months. In fact, not only does snow fall in many locations from November through March, it can be preceded, mixed with or followed by rain, freezing rain or sleet.

Because of this, it’s critical to have a strong snow and ice removal program in place to keep employees safer this winter and beyond. While the weather conditions that increase the slipperiness of outdoor surfaces can’t be controlled, you can take meaningful action to reduce slips and falls through careful attention to and maintenance of sidewalks, curbs and parking lots.

To read full BCL Newsletter click link: Download 12.19.11 - Stay S.A.F.E. - Snow and Ice Removal

LEGISLATIVE UPDATE: State of Michigan Enacts 1% Tax on Medical Claims Effective January 1, 2012

On September 20, 2011, Governor Risk Snyder signed into law the Health Insurance Claims Assessment Act, S.B. 348, which will impose a new one percent (1%) tax on paid health care claims.

Read full article here: Download Legislative_Update_1_percent_tax

Brownrigg Companies Receives Coveted Exhibitor Slot At Chrysler 2011 Matchmaker

AUBURN HILLS, Mich. – For the third consecutive year Brownrigg Companies Ltd. has been invited by Chrysler Group LLC to attend their annual Matchmaker event as an  exhibitor. The Chrysler 2011 Matchmaker is being held on September 15, 2011 at the Chrysler Technology Center in Auburn Hills, Mich.

Since its launch in 1999, the Chrysler Matchmaker has become one of the premier networking events for the automotive supplier community and draws more than 1,500 participants. Brownrigg Companies will join over 275 exhibiting companies at the event to network with attendees, assist Chrysler’s development of supplier diversity and gain access to suppliers.

The Matchmaker is focused on providing minority-owned, women-owned and veteran-owned businesses access to Chrysler's Tier 1 suppliers and the company's procurement community. Only companies eligible to support Chrysler’s supply base are invited to attend the event. As a certified woman-owned business, Brownrigg Companies can assist with the Matchmaker goals to help Tier 1 suppliers achieve Chrysler’s sourcing goals through certified minority-owned and women-owned suppliers. The sourcing goal for Chrysler's women-owned business program is three percent.

The Chrysler 2011 Matchmaker marks the 12^th anniversary of the event, which runs from 9 a.m. to 4 p.m. The event is free, but advance registration is required for entry. The deadline to register is Friday, September 9, 2011. To register for the Chrysler 2011 Matchmaker visit http://supplierdiversity.chrysler.com.

About Brownrigg Companies Ltd.

Brownrigg Companies Ltd., established in 1989 by Nancy L. Brownrigg, is a certified Woman-Owned commercial insurance agency rooted in niche marketing of business insurance. The agency provides all lines of insurance in multiple states and internationally. 

With offices in Auburn Hills and Detroit, Mich., Brownrigg Companies Ltd. offers comprehensive and competitive insurance products to a variety of industries. Our insurance programs include products such as Workers’ Compensation, Property, Causality, General Liability, Trade Credit Insurance and Life & Health for Employees. For more information, call (248) 373-5580 or visit www.brownrigg.com.

To view the full press release Download Chrysler 2011 Matchmaker.

Incidental Drivers: The Hidden Exposure

The scenario seems simple: an employee is asked to travel to an off-site meeting or run a work-related errand via company car or simply using their personal vehicle. This is known as an incidental driver. And as simple as the scenario seems, there are several potential risks involved.

“Negligent entrustment” states that an employer (and the individual working for the employer) can be held responsible for injury or harm caused by an employee driving a company-provided vehicle. In instances involving third-party damage or injury an employee’s actions while conducting company business even if the employee is driving their personal vehicle.

Despite the fact that the employee is only occasionally or incidentally required to travel on company business, the company can be held responsible for injury or damage to a third party. The risks can be substantial, and appropriate controls are necessary to avoid potential risks for your company and to ensure the safety of your employees. Incidental drivers are not immune to involvement in auto accidents that could result in serious injury, even on very short trips.

Be sure to take the appropriate controls for your incidental drivers, including:

    - Create a designated driver list.
    - Complete an annual Motor Vehicle Record review. 
    - Do daily documented inspections of company vehicles.
    - Non-company-owned vehicles should be visually inspected by management.    
    - Ensure all vehicles have an annual state safety inspection to detect excessively worn tires,                cracked windshields, functional lights, ect.
    - Seatbelt use must be enforced.
    - Company-owned vehicles should be clearly marked with the company name and address. A         phone number should be posted inviting other drivers to report unsafe vehicle operation.

Get control of your incidental drivers immediately and reduce the potential for serious employee injuries. It is in your best interest to ensure that you have safe and responsible drivers for incidental vehicle operation.

Check your business insurance policy to make sure you have non-owned automobile and hired car liability insurance.

The following information was provided  by the Workforce Forum, 4^th Quarter 2010.

 Click on link to download full article. Download 2.21.11 - Incidental Drivers

Brownrigg Companies Attending War Fighter Panel Discussion on October 12 for Government Contractors

Auburn Hills, Mich. - Brownrigg Companies Ltd. will host a booth with insurance information for government contractors and the defense industry on October 12, 2010, at the War Fighter Panel Discussion moderated by Tom Walsh from the Detroit Free Press.

Female and male soldiers that have recently returned from serving will provide a discussion to help the business community better understand what war fighters encounter on a day to day basis, along with why women choose to join the military and how they interact with their male counterparts. The discussion will also touch on what features an ideal military ground vehicle would offer from a soldier's perspective.

The event is being held by the Women In Defense Michigan Chapter from 5 p.m. to 8 p.m. at the Management Education Center in Troy, Mich. Cocktail reception and networking will begin at 5 p.m. and Brownrigg Companies representatives will be available for questions and insurance product information.

Brownrigg Companies Ltd. works with premier insurance companies that have expertise in helping Federal Government Contractors (FGC) manage risk and the their vast array of challenges.

For more information on attending this discussion please visit the Women In Defense Michigan Chapter website or War Fighter Panel Discussion.

About Brownrigg Companies Ltd.                                                                                          Brownrigg Companies Ltd. is a certified woman-owned commercial insurance agency that provides all lines of insurance in multiple states and internationally.  Established in 1989 by Nancy L. Brownrigg, Brownrigg Companies is located just south of the Palace of Auburn Hills in Auburn Hills, Mich.  For more information, call (248) 373-5580 or visit www.brownrigg.com.

###

Brownrigg Companies Joins Women-Owned Businesses At Chrysler Matchmaker Event

September 22, 2010                                                   

AUBURN HILLS, Mich. – Brownrigg Companies joined over 250 exhibitors and over 1,500 participants on September 16, 2010, for Chrysler Group’s 11^th Annual Matchmaker Event at the Chrysler headquarters in Auburn Hills, Mich.

For the third consecutive year, Brownrigg Companies Ltd. was invited to attend the Matchmaker event as an exhibitor. Since Chrysler launched the Matchmaker event in 1999, it has become the premier networking event in the automotive supplier diversity community. The event focuses on providing minority-owned, women-owned and veteran-owned businesses access to Chrysler's Tier 1 suppliers and the Chrysler’s procurement community.

“We were honored Chrysler invited us back. This event allows access to thousands of companies, helping us meet people that need WBE business and share our products,” said Owner and President of Brownrigg Companies Ltd. Nancy L. Brownrigg.

As a certified women-owed business, Brownrigg Companies can assist the event’s goals to help Tier 1 suppliers achieve Chrysler’s sourcing goals through certified minority-owned and women-owned suppliers. The sourcing goal for Chrysler Group's women-owned business program is three percent.

Brownrigg Companies Ltd. is a certified women-owned commercial insurance agency that provides all lines of insurance in multiple states and internationally.  Established in 1989 by Nancy L. Brownrigg, Brownrigg Companies is located just south of the Palace of Auburn Hills in Auburn Hills, Mich.  For more information, call (248) 373-5580 or visit www.brownrigg.com.

###

Health Reform Update

 The following information was provided  by Blue Cross Blue Shield Blue Care Network on 8/17/10.

Required Special Enrollment Period coming in November

Some of your employees and their dependents may be eligible under the Patient Protection and Affordable Care Act (PPACA) to be added or re-enrolled in a health plan this fall.

Employers are required to hold a Special Enrollment Period for individuals impacted by two PPACA provisions—the extension of dependent coverage to age 26 and the removal of lifetime dollar limits.

 

Who Can Enroll?

1. Eligible dependents by birth, marriage, legal adoption or guardianship

up to age 26:

· Newly eligible adult dependents whose coverage previously ended

· Adult dependents who were previously denied coverage

· Individuals who were not eligible for coverage because their dependent coverage ended before they turned 26

2. Individuals whose coverage previously ended because they exceeded a lifetime dollar limit under their plan and are otherwise eligible for coverage.

 

When is the Special Enrollment Period?

BCBSM and BCN will hold the Special Enrollment Period from Nov. 1, 2010 through

Nov. 30, 2010.

· The Special Enrollment Period is only for newly eligible dependents and those who previously exceeded their lifetime dollar limit.

· The coverage effective date for enrollment is

Jan. 1, 2011, unless your group has a plan year between Sept. 23, 2010, and Dec. 31, 2010. The coverage effective date for those groups is the start of the plan year.

· If your group routinely conducts your Open Enrollment during the 4th quarter, then you may use your annual Open Enrollment period to enroll eligible dependents and those who have previously exceeded their lifetime dollar limit, as long as the Open Enrollment is at least 30 days in duration. If your group has a documented plan year between Jan. 2, 2011, and Sept. 22, 2011, you can use your normal Open Enrollment period as long as it is at least 30 days in duration.

 

Read full article.

Download 8.20.10 - Health Reform Update

Employee Assistance Service

Workers at all levels face an ever-increasing burden on the delicate balance of their work and home/personal lives. These two facets of an employee's life are inextricably bound: Work affects their personal life and their personal lives affect work." Business Review, 2000

• Personal problems account for more than 30% of all absenteeism.

• Employee Assistance counseling reduced medical plan usage by 30.7% in a study conducted by the Group Health Association of America.

• People with NO physical problems make 70% of all visits to physicians.

Employee Assistance Services (EAS) is affiliated with Oakland Family Services and has provided EAS programming since 1981. EAS offers a single entry point into numerous Work/life and Wellness programs to assist employers and employees in maintaining high productivity through easy access to a variety of resources.

• Drug Free Workplace - Training and evaluation.

• Eldercare - assessments and referrals.

• Parenting skills - childcare referrals, developmental assessments for children, and adoption.

• Legal advice - easy access to legal consultations.

• Wellness Services - on-site programs and discounts available.

• Counseling Services - for employees and their immediate families, 24/7 availability utilizing our toll free number.

Insuring Your Building

Rising Costs of Construction Could mean That You Are Under-insured on Your Buildings

Taking care of your business keeps you very busy! Keeping up with the latest construction trends and what impact that may have on your business is not typically something that you have time for. You need to realize, however, that the increased costs of construction over the last several years may have a significant impact on your business in the event of a property loss.

In the last several years, there have been increases in construction costs and demand for the building materials. Compounded by the global demand, local hurricanes and costal rebuilding, the value of your building may be higher than you had originally estimated when you last reviewed the insurance value. A recent report published by Engineered News-Record indicated that since 2003, steel pricing has increased 97%, copper pricing is up 53%, PVC pipe prices are up between 25-39% and cement pricing has increased 26%.

The bottom line is that it costs more to build today than it did just a year ago. You need to make sure that your insurance is keeping up with these rising costs.

Buying the Right Amount of Property Insurance:

The purpose of property insurance is to help you rebuild or repair your building after you have a fire or other covered loss. If you fail to insure your building for the adequate amount of insurance, you could be under-insured and experience a coinsurance penalty at the time of a loss. The property insurance that you paid for may be inadequate to cover your buildings.

Make sure that you check your property insurance values every year to be assured that you have a high enough limit of liability to replace your building.

Consider the following case study:

• Florida Wind Storm:

• Building insured for $150,000 at 80% coinsurance clause.

The building suffered wind damage in the amount of $120,000. At the time of the loss, the insurance company appraised the building for $300,000, which multiplied by the coinsurance requirement of 80% is $240,000 (the amount that the building should have been insured). Because the building was underinsured by 50%, the insurance company applies a 50% discount to the loss recovery and offers the insured $60,000. The building owner would have received the entire $120,000 reimbursement for the loss if the building had been adequately insured for $300,000.