What are the different types of life insurance?

The main types of life insurance are term life insurance, whole life insurance, and universal life insurance. Term life insurance provides coverage for a specific period, while whole life and universal life insurance offer lifelong coverage with a savings component.

How can life insurance be used for estate planning?

Life insurance can provide liquidity to pay estate taxes and other expenses, ensuring that your heirs receive their inheritance without the need to sell assets. It can also equalize inheritances among heirs when other assets are not easily divisible.

What are the tax advantages of life insurance?

Life insurance proceeds are generally income tax-free to the beneficiary. The cash value growth in a permanent life insurance policy accumulates on a tax-deferred basis. Policy loans are typically tax-free as well, provided the policy stays in force.

What factors affect the cost of marine insurance for contractors?

The cost is influenced by the type of vessel, the nature of the cargo, operational areas, and the coverage limits.

Can marine insurance cover environmental damage?

Yes, policies can include coverage for environmental damage depending on the provider.

Is marine insurance mandatory for all marine contractors?

While not always mandatory, it is highly recommended due to the high-risk nature of marine operations.

How often should contractors review their marine insurance policies?

Annually, or whenever there are significant changes in their operations or asset values.

What is the best way to reduce premiums for marine insurance?

Implementing stringent safety measures and opting for higher deductibles can help reduce premiums.

Are you looking for ways to reduce your own health care costs?

Following the steps below can ultimately lower the costs for health care services and help you stretch your health care dollars: Stay on schedule with regular health screenings and follow physician recommendations. By getting the health screenings that are recommended for your age and gender at the appropriate times, many medical issues can be identified and cared for in the early stages when the cost is the lowest. Putting off these screenings will only worsen and prolong the problem. If you have ongoing health concerns, follow your physician's recommendations to help keep these issues from worsening unnecessarily. Match the need with the appropriate level of service. If a condition is life-threatening, call 911 or go to the emergency room. If it is non-life threatening, take a moment to determine which course of action would be appropriate. For non-emergency situations, you can utilize home health care books, online medical websites, and nurse hotlines available through your health insurance provider for guidance on treatment. If medical attention is required, go to the doctor's office. If the situation is urgent but not life threatening, go to an urgent care facility rather than the emergency room. Research your options before purchasing health care services and prescriptions. If your doctor recommends a medical procedure, it is a good idea to seek a second opinion. You may be able to find a less expensive option that is more appropriate, or you may find that the original recommendation is not necessary at all. Keep accurate records of tests and procedures and provide this information to your doctor to prevent repeating a procedure that is not needed. In regards to prescriptions, if they are not needed, then don't fill them. Also, ask for generic/lowest-cost or over-the-counter alternatives, obtain pricing from several different pharmacies to get the best value, and utilize the 30-60-90 day refill plan if available. Ask for discounts and review costs of medical bills. Ask your provider if discounts are available if you pay in advance rather than waiting to be billed. If a bill is sent for a service, carefully review the Explanation of Benefits document to ensure the services being billed for were received. Only the amount that the insurance company indicates is owed should be paid. Live a healthy lifestyle. Prevention is the best medicine! The good news is you can prevent many health-related problems with exercise and a healthy diet. Research shows that individuals who suffer from obesity incur an average of $1,700 more per year in health care costs. In addition, smokers incur on average $1,600 more per year in medical expenses than nonsmokers.

What type of company is Leavitt Group?

Leavitt Group is the $ijRank largest privately held independent insurance brokerage in the U.S. according to the $ijYear issue of Insurance Journal Magazine and the largest family-owned and operated brokerage according to Reagan Consulting. In $ijYear, Leavitt Group has $offices+ locations in $states states, $$revenue million in consolidated revenue, and $$placedPremiums billion in placed premiums.

How much money does Leavitt Group make?

Leavitt Group generated $$revenue million in consolidated revenue in $ijYear.

What is Leavitt Group's revenue?

Leavitt Group's revenue was $$revenue million in $ijYear.

What types of insurance are essential for oil and gas operations?

Key insurance coverages for oil and gas businesses include property insurance, liability insurance, business interruption insurance, environmental insurance, oil well insurance, and machinery breakdown insurance.

How does the location of oil and gas operations affect insurance needs?

The location, such as offshore or politically unstable regions, can increase the risk, impacting coverage requirements and premiums due to factors like natural disaster susceptibility and population proximity.

What factors influence insurance premiums in the oil and gas sector?

Premiums are affected by the size and scale of operations, nature of activities (e.g., offshore drilling), and a company’s safety record and risk management practices.

How can oil and gas companies reduce their insurance costs?

Companies can lower costs through effective risk management, such as implementing safety protocols, regular equipment maintenance, and thorough employee training.

What is the process for filing an insurance claim in the oil and gas industry?

The claims process generally includes notifying the provider, documenting the incident, undergoing assessment, and either receiving compensation or a denial with an explanation.

What are some common exclusions in oil and gas insurance policies?

Exclusions may include damages due to intentional acts, wear and tear, and risks related to war or nuclear hazards.

How can regulatory changes impact oil and gas insurance coverage?

Stricter environmental and safety regulations can necessitate additional coverages or adjustments in risk management, influencing insurance costs and coverage needs.

Why is risk management important?

Risk management is vital in helping you avoid risk and potential loss as much as possible. However, there are more benefits that you may not think of right away. When you take the time to reduce the size and number of your losses, you can positively impact the availability and affordability of insurance. In addition, by implementing risk management strategies, your business can protect against uncertainty, reduce costs, increase the likelihood of success, protect your public image, and protect people and employees from harm.

Industries Overview
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Understanding Industry-Specific Insurance Risks

No two companies are exactly alike. Your industry, your organization, and even segments within your business have their own unique characteristics and needs. That is why you deserve a local insurance advisor who will bring you more than just insurance products—you need customized risk management strategies. Our solutions are driven by listening to you and finding answers to your problems.

Business Knowledge & Experience: What Leavitt Group Brings

When we asked our clients why they choose to work with us, our experience and knowledge of their business was one of the top responses.* Industry-focused teams and individuals within Leavitt Group seek to deeply understand all aspects of the industry in which they focus, network continually, engage in industry conferences and events, and read the same periodicals as you. Putting this experience to work affords you with innovative and leading insight relative to serving your distinct and ever-changing business needs.

Our insurance advisors have effectively managed risk across multiple industries. We have included here some key areas of focus to give you an idea of our breadth of experience. We invite you to contact us so we can listen to your specific needs and then, with you, develop a plan that will mitigate your risks, yield excellent terms and conditions, and help you succeed.

*As reported by clients through client surveys taken in February of 2012.

Industries Overview Lakeport

Industries We Serve

Understanding Industry-Specific Insurance Risks

Business Knowledge & Experience: What Leavitt Group Brings

Industries Overview
Lakeport