“A deer jumped through my window” and other bizarre insurance claims :: Part One

Insurance agents hear some of the wildest stories out there. Here are some of the most bizarre stories we’ve heard: Stay tuned for Part II tomorrow!

#1- Lawnmower gone wild- One policyholder filed a claim for his lawnmower after he accidentally drove it into a lake behind his house. “The brakes stopped working and I was too afraid to jump off…so I just rode it into the water!”

Lesson learned: Mishaps such as this are not covered under a standard home insurance policy- home insurance policies only provide coverage for damage caused by covered perils such as wind, hail, theft, fire and riots.

#2- An evening surprise- One customer calling to get some home insurance quotes told us that he came home to find a baffling scenario- a broken living room window and a 6-point buck wandering around his kitchen. “It took me a while to put together what happened, but I think the deer accidentally jumped right through our picture window and ended up in the house!”

Lesson learned: Damage caused by wild animals is not typically covered under a standard home policy.

#3- Our favorite coverage questions- We often get questions about whether a home policy will cover damage from flood, lightening, etc. However this was one of our favorites: “Does my home insurance policy cover me if my horse eats my neighbor’s flowers? How about if my horse were hit by a car?”

Lesson learned: A standard home policy typically covers damages caused to others by your household pets, however, you should really ask your insurance agents about the specifics of your policy for this one. And in the case of the horse being hit by a car- no, pets are not covered as part of your contents coverage. Check out pet insurance for a situation like that.

#4- A Memorable 4th of July- One of our customers told us about a home insurance claim they filed after some fireworks that they set off accidentally shot through a neighbor’s second floor window causing damage to the rugs and wall coverings.

Lesson learned: Your home insurance policy will typically cover damages that you, or other insured members of your household, have caused to others. Talk to your agent before filing a claim and weigh the cost of paying the damages out of your pocket before filing.

#5- A buzz worthy question- One customer called us to let us know that bees had nested in his sub-flooring and he wanted to file a claim. “Is this covered”? He wanted to know…

Lesson learned: Insect infestations are not typically covered under a home insurance policy. Call your exterminator!

…more to come tomorrow!

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636 Prudential Employees and Retirees Earn More Than $400,000 in Grants for Nonprofits in Their Communities Through 19th Annual Prudential CARES Volunteer Grants Program

{"s" : "pru","k" : "a00,a50,b00,b60,c10,g00,h00,l10,p20,t10,v00","o" : "","j" : ""} Press Release Source: Prudential Financial, Inc. On Monday December 20, 2010, 4:27 pm EST

NEWARK, N.J.--(BUSINESS WIRE)-- The Prudential Foundation and Prudential Financial, Inc. (NYSE:PRU - News), recently provided more than $400,000 in Prudential CARES Volunteer Grants to 589 community organizations in the United States and another 47 internationally. Grants range from $250 to $5,000 for each award winner’s charitable organization.

“Through volunteer work with fire departments, food banks, youth sports programs, arts and cultural organizations and in local schools, Prudential employees around the world are giving nonprofit organizations in their communities the gifts of their time, talent and treasure,” said Gabriella Morris, vice president of Community Resources at Prudential and president of The Prudential Foundation.

“Our Prudential CARES Volunteer Grants program is now in its nineteenth year. There is no more significant way for us to demonstrate Prudential’s continued commitment to supporting volunteerism than to put dollars into the organizations where our volunteers serve,” said Morris. “Prudential employees and retirees continue to amaze and inspire us with their. Many tell us that the time they devote to their causes feels more like receiving a gift than giving one,” adds Morris.

The Prudential Foundation is a not-for-profit corporation supported by The Prudential Insurance Company of America, a subsidiary of Prudential Financial, Inc. To promote sustainable communities and improve social outcomes for community residents, The Prudential Foundation focuses its grant making strategy in the areas of education, economic development and arts and civic infrastructure. In addition, the Foundation also supports the community engagement efforts of Prudential employees through Matching Gifts and other special programs that recognize their volunteer efforts. The Prudential Foundation is a unit of Prudential’s Community Resources Department, which also includes the Social Investment Program, which originates and manages socially beneficial investments; and Local Initiatives, which coordinates employee volunteerism and fosters community outreach.

Prudential Financial, Inc. (NYSE:PRU - News), a financial services leader with approximately $750 billion of assets under management as of September 30, 2010, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit http://www.news.prudential.com/.

Editor’s Note:

The Prudential CARES logo is immediately available upon request and Prudential Financial executives are available for interview to discuss this release and additional community outreach efforts by contacting Laura Bennett, Bennett & Company Marketing, 407-478-4040 or laura@bennettandco.com.

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Invest in Infrastructure Through REITs?

The commercial real estate information company CoStar Group published an article by Randyl Drummer about the creation of two new REITs focusing on infrastructure projects. Electric Infrastructure Alliance of America will focus on electricity transmission, and Gas Infrastructure Alliance of America will do the same with natural gas transmission.

Unfortunately, these first two infrastructure REITs won't be open to individual investors: they're organizing as private non-traded REITs with an operating partner (Hunt Power, connected with the Texas billionaire Hunt family), and four investing partners: John Hancock Life Insurance, TIAA-CREF, OPTrust Private Markets Group (of Canada), and Marubeni Corp. (MARUY.PK) (of Japan).

But if the two companies prove the concept successfully, it may eventually become possible for individuals to invest in the infrastructure asset class through publicly traded REITs -- and, potentially, just in time to benefit from a coming surge in demand for new infrastructure projects. According to the article,

Some financial analysts say such infrastructure REITs could emerge as a new tool to fund? portions of the nation's decaying public works infrastructure using private-sector investment.

The article quotes from a recent research report by Deloitte entitled "REITs and Infrastructure Projects: The Next Investment Frontier?" According to Deloitte, "REITs offer several advantages over the (private equity partnership or) fund model as a way to raise and distribute capital," including liquidity, incremental scalability, capital market access and tax efficiency.

CoStar also quotes an attorney specializing in the electricity and natural gas industries:

The REIT structure is particularly well suited for a company that owns existing transmission assets that can spin off cash. It provides a mechanism for companies to access capital on what I believe to be attractive terms.

I think this is a tremendous development for investors -- for now only big institutional investors, but eventually individuals as well. Publicly traded REITs have shown that they're much more successful than private equity real estate funds at generating investment returns through both income and capital appreciation in commercial real estate generally, and I suspect that they would have just as great an advantage in producing investment returns in the infrastructure asset class.?

The question is how quickly this course will lead to publicly traded infrastructure REITs.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Additional disclosure: The author is long Vanguard REIT Index Fund and ING Real Estate Fund

Brad Case, Ph.D., CAIA is Vice President, Research & Industry Information for NAREIT, the National Association of Real Estate Investment Trusts (www.reit.com). Dr. Case has been researching commercial and residential real estate markets for more than 21 years and has published articles in... More

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