INSURANCE FOR THE COLLEGE GRADUATE, YOUR PROM, YOUR WEDDING, & YOUR BOAT

By Alan Plafker, PRESIDENT & CEO
Member Brokerage Service LLC
A Melrose Credit Union Service Organization


Insurance for college graduates

Your kids have graduated from college and they’re moving out to start a life on their own. Are they aware of what their insurance needs will be? Thinking about insurance is critical.


Health insurance

According to the U.S. Census Bureau, “Young adults (18 to 24 years old) were less likely than other age groups to have health insurance coverage.” In 2002, nearly a third of college students were uninsured. That’s a lot of people who, apparently, feel lucky. Do you really think your children’s health and well being should be left to chance? Surely not. But what can you do? They’re out of school, they’re moving out, and they’re too old to stay on your policy as dependents. While, ultimately, insurance is the responsibility of our sons and daughters there are a couple of interim options:

  • The Consolidated Omnibus Budget Reconciliation Act, better known as COBRA, gives certain individuals the right to temporary continued health coverage at group rates. It is important to understand that COBRA is not a cure all. Only certain people qualify. The coverage must be forfeited under specific conditions, and premiums often are more expensive than they are for active employees since COBRA participants, without a contributing employer, generally pay the entire cost themselves. However, it usually is less expensive than individual health coverage.

Short term health insurance was designed with the college graduate in mind. It is exactly what it sounds like: a complete short term health insurance policy purchased for three to 12 months. It is the perfect coverage to provide protection until a permanent policy can be secured through an employer or otherwise.


Renter’s insurance

What about their belongings? Renter’s insurance covers damage to, or loss of, personal property from a host of circumstances including:

  • fire or lightening;


  • windstorm or hail;


  • explosions;


  • riots or civil commotion;


  • aircraft;


  • vehicles;


  • smoke;


  • theft;


  • water related damage from home utilities;


and more. It also will cover against charges of negligence or if someone gets hurt while in their apartment. Renter’s insurance is not expensive running $100 to $200 for an entire year of coverage.

Of course, this brief overview of post college insurance is not all inclusive. Stop in and visit your independent insurance agent today, or have your son or daughter give your agent a call. Your Agent will go over all the things they should consider as they begin a life on their own, and start them off on the right foot.


National Safe Boating Week - NY

National Safe Boating Week is scheduled each year as the first full week before Memorial Day weekend. This year it is May 17-23, 2008.

Boaters need to take full responsibility for the safety of themselves and their passengers. The Coasts Guard’s message to boaters is: “You’re in Command. Boat Responsibly!” This means always wear a lifejacket and require your passengers do the same. Take a Coast Guard approved safety course. Follow safety guidelines and you can help reduce boating accidents. Boaters who are in command and responsible for their vessel’s safe operation are crucial to reducing the number of boating accidents and fatalities.

Never boat under the influence of drugs or alcohol. More than 15 percent of all boating fatalities are attributed to alcohol. The most tragic accident is the one that easily could have been prevented. Violators charged with boating while intoxicated in New York state face up to a $1,000 fine, up to one year in jail, and loss of boat operating privileges for one year.

Carry a first aid kit and any prescription medicines you may need. Equip your boat with a radio and extra batteries. Have a cell phone on board.

File a float plan with a relative or friend before you leave on a trip no matter the distance. Include a description of your boat including the identification number, the names of everyone on your boat, your destination and anticpated return time.

Another important item to consider is insurance for your boat. Don’t make the mistake of assuming that your boat is covered under your homeowners policy. Boat owners are well served by a policy specifically designed to insure watercraft offering all risk coverage for the boat’s full value. A boat owners policy provides the necessary liability, hull and motor coverage.

Make sure your craft is registered properly. In addition, be sure to follow all laws of boat navigation. Call your agency to determine what type of insurance meets your needs best. It’s a good idea to review your coverage with your independent insurance agent periodically.


Going to a prom doesn’t mean the rules don’t apply

It’s the season for proms, graduation nights and parties. With all the excitement that comes with these events it’s easy to get caught up in the moment and forget the rules. Statistics show prom nights are among the most lethal for young people with more than 5,000 teenagers injured or killed in traffic accidents in a typical prom weekend. And most of these accidents are alcohol related.

As rites of passage go the prom almost is universal. But, the price parents pay for their teen to dress up and feel grown up goes far beyond the money for the gowns, tuxedos and limos. Unlike any other night, the prom implies that our kids can don adult behavior as well as clothes.

Parents need to talk to their kids about the consequences of drinking. In fact, alcohol contributes to auto crashes not only during the prom season, but the rest of the year as well.

Following are some suggestions for parents who want to discuss drinking with their children:

  • Insist your kids attend alcohol free, adult supervised parties. Speak to the parents/adults in charge of the party;


  • Tell your kids about the consequences of drinking such as poor judgement, loss of inhibition and hangovers;


  • Encourage kids not to give in to peer pressure. Practice with them what to say in such situations;


  • Share your concerns about how drinking might compromise their safety; and


  • Tell them to call you, no matter what time, to come and get them so that they don’t feel the need to depend on someone who has been drinking, including themselves.

No matter what the class of 2008 does to celebrate their prom or graduation being safety conscious is an important part of making it a fun, memorable event.


Rain on your wedding day

According to the Conde Nast Bridal Group’s American Wedding Study 2006, about 2.3 million Americans went to the altar in 2006. These weddings included 23 million bridesmaids and groomsmen as well as 380 million wedding guests. Even under the watchful eye of Cupid it is clear the odds would favor some element of catastrophe.

Wedding insurance is a form of special event insurance. This coverage is designed to offer the insured financial protection if a qualifying factor leads to the cancellation or postponement of a wedding.

With the average wedding these days costing close to $28,000 one can see the necessity for the coverage; but, what will the insured be protected against? Depending on the policy the following circumstances may be covered:

  • reimbursement of nonrefundable deposits due to circumstances outside the control of the insured such a death in the immediate family;


  • damage to the wedding dress or other special wedding attire;


  • theft of wedding gifts;


  • expenses incurred to reassemble the wedding party to retake photographs because of damaged or destroyed film or videotape; and


  • professional counseling if the cancellation or postponement causes severe emotional stress.


Today, only about 5 percent of American weddings are covered by insurance and with the cost involved this number is sure to rise. Even “destination weddings” outside the United States and on cruise ships can be insured.

So, when you plan for that special day, remember that the only thing that can truly shield your investment and piece of mind is the protection your local independent insurance agent can provide through a wedding insurance policy.

There are many questions with this type of coverage, and you are going to need the expertise of a professional independent insurance agent to make sure your coverage is the one which you need. Remember you are embarking on a new life with all sorts of new insurance needs. We don’t need a wedding invite, but call your insurance agent to discuss your special day.

Your Professional Insurance Agent…he wants you to know about the insurance you need and the insurance you’re buying.

Alan Plafker is President of Member Brokerage Service LLC, a Melrose Credit Union Service Organization. He is a licensed Insurance Broker and serves on the Board of Directors the PIANY (Professional Insurance Agents Association of NY) and on the Board of CIBGNY (Council of Insurance Brokers of Greater NY). His Agency insures thousands of polices for TLC Insurance as well as many policies for all types of insurance. You can reach him in his Briarwood, Queens office at (718) 523-1300 ext. 1082.


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