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Stephanie Federici, financial services account manager, Doug Guilbert, account executive, and Christina Mohr, commercial lines account manager, were awarded the Certified Professional Insurance Agent (CPIA) designation at the Independent Agents of RI Annual Education Awards Luncheon.

The CPIA designation recognizes leaders in the insurance industry for professionalism, commitment to sales training, and technical results.

To earn the designation, Stephanie, Doug, and Christina attended three Insurance Success Seminars designed to enhance the ability of producers, sales support staff, and company personnel to efficiently create and distribute effective insurance programs.

The seminars and completed coursework included implementing risk identification strategies and systems, developing specific methods for maintaining high legal and ethical standards, and assimilating customer needs to create a customized protection program.

Stephanie, Doug, and Christina’s dedication to achieving the CPIA designation is an example of how all OceanPoint employees hold themselves to the highest standard and are committed to providing the best service possible.

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Life insurance is one of the most important investments you will make during your lifetime. If the unexpected were to happen, life insurance will help protect those who depend on you for financial support. Life insurance will provide your loved ones with a source of income, and can help cover medical, legal, and funeral costs. Give yourself and your family peace of mind knowing they will be able to continue living comfortably and won’t have to worry about daily living expenses.

As with all types of insurance, there are a number of different options for coverage. The two major categories life insurance falls into are Term Life Insurance and Whole Life Insurance. Here is a brief explanation of each policy:

Term Life Insurance is designed to meet temporary needs. Term policies are purchased for a certain amount of time such as 10, 15, or 20 years and if the insured person dies during this period, a beneficiary will receive the dollar value of the policy. This is the most inexpensive form of life insurance because there are no cash values or dividends.

Whole Life Insurance provides you with coverage for your entire life. When you purchase a Whole Life Insurance policy, your premium is guaranteed to never increase, there are cash values, and some companies pay policyholders’ dividends. The cost is higher, but it is considered more effective for estate planning.

Universal Life Insurance provides permanent insurance protection and access to cash values that grow tax-deferred. A Universal Life policy allows for more flexibility where you are able to adjust the frequency and amount of your premiums.

A Variable Life Insurance policy offers more investment options than a universal policy. In addition to permanent life insurance, a Variable Life policy allows you to make investments that can help you accumulate money for your future needs.

Many times the conversation about life insurance is put off. In order to ensure your family’s financial security in the event of your passing, it is crucial you review all of your options. Call OceanPoint Insurance at 847-5200 to speak with an experienced agent about which option is best for you.

RI Flood Insurance Rate ChangesIn 2012 congress passed the Biggert-Waters Flood Insurance Reform Act, which requires the phase out and removal of subsidized rates. This law extends the National Flood Insurance Program (NFIP) for five years and requires significant program reform. You should expect changes in your rates beginning October 1, 2013. Over the years, storms like Super Storm Sandy and Hurricane Katrina have caused flooding costs to continually increase. Many of the changes will be phased in over time and are designed to make the NFIP more financially stable, ensuring flood insurance rates more accurately reflect the real risk of flooding.

Some of the changes are as follows:

  • Premium increases
  • Exclusion of certain properties from receiving subsidized rates
  • No extension of subsidy for Pre-Flood Insurance Rate Map (FIRM) new business policies or Pre-FIRM lapsed policies in Special Flood Hazard Areas (SFHAs) or D zones
  • Policies issued under the Preferred Risk Policy Eligibility Extension will incur an average of a 20% premium increase annually, beginning with new business and renewals.
  • Introduction of Reserve Fund – The Biggert Waters Act of 2012 requires FEMA to build up a reserve fund to help meet the expected future obligations of the NFIP in higher than average loss years. Reserve Fund amounts will be part of the premium calculation for applicable policies and is about 5% of the total premium.
  • The Federal Policy Fee will increase to $44 for Non-Preferred Risk Policies and $22 for Preferred Risk Policies.
  • Elimination of no waiting period due to lender requirement
  • NFIP form changes

Many of these changes can be confusing, and it is important that you are fully aware of what to expect.  It is crucial you stay in contact with your agent while these modifications come into play to ensure you are properly protected at all times.

For more information about RI Flood Insurance rate changes or for a free complimentary policy review contact OceanPoint Insurance today!

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RI Auto Insurance

Many RI Auto insurance policies boast their “low prices” or  “extra savings” when switching to their policy. At OceanPoint, we always try to find the best price for our customers, but we do so keeping in mind that auto insurance isn’t just about protecting your vehicle – it’s about protecting your loved ones inside your vehicle.

When determining the right coverage for you, we often take into consideration two important coverages that are more about you and your loved ones, than about the vehicles damaged in an accident.

Uninsured/Underinsured Motorist coverage will protect you during an accident with someone who does not have any auto insurance or did not have enough insurance to cover the damages. This coverage can pay for your medical bills as well as those of the passengers in your car. Depending on the laws in your state it can also cover the damages to your vehicle, pain and suffering, loss of income, or loss of care and services.

Bodily Injury Liability covers medical expenses, pain and suffering, lost wages, and other special damages incurred from an accident in which you are legally responsible for accidently injuring someone else.

The next time you’re tempted to go with an insurance policy that can lower your rates by reducing your coverage, remember, your policy is meant to not only protect your vehicle, but also to protect those you care about inside it.

For more information about the coverages associated with your RI auto insurance policy,  Contact OceanPoint Insurance.

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Date: June 17-29, 2013

We Need Your Help to Collect Over 1,000 Children’s Books for Local Youth!   BankNewport, OceanPoint Insurance Agency (OPIA) and the United Way of Rhode Island’s Women’s Leadership Council are partnering with Books Are Wings on a children’s book drive that will run from June 17 through June 29 at all BankNewport branch and OPIA office locations. The goal is to collect over 1,000 new and gently used children’s books during the two-week long drive.

All of the books collected will be distributed during Back to School Celebration RI’s backpack distribution event sponsored by BankNewport at the East Bay Community Action Program (EBCAP) Health Center, Six John H. Chafee Blvd. in Newport on Saturday, August 17.

Click Here for recommended children’s reading lists to reference when considering your book donation.

For more information on the children’s book drive, please contact 401.845.8673.

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I am pleased to announce, on May 29, 2013, BankNewport will be awarded the “Exemplary” category award for the 2nd year in a row, by Blue Cross Blue Shield of Rhode Island and The Greater Providence Chamber of Commerce. The 19th Annual Worksite Health Awards ceremony held at the Crowne Plaza in Warwick. This is the highest level of Worksite Health Award given to an organization.

The Worksite Health Awards is co-sponsored by the Greater Providence Chamber of Commerce and Blue Cross & Blue Shield of Rhode Island (BCBSRI) is designed to recognize those Rhode Island businesses that are working to promote worksite wellness. The awards honor businesses that support prevention through written materials, seminars, lectures, and a demonstrated commitment to education through committee development and policy change. Four award levels are acknowledged: Achievement, Outstanding, Superior, and Exemplary.

Thank you for helping to make BankNewport and OceanPoint Insurance Agency a healthy place to work!

 

 

Carolyn Odell
HR Generalist

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