OPEN finance expert Mike Periu on Business-Interruption Insurance coverage for small businesses affected by Hurricane Sandy. Business interruption insurance provides compensation to businesses that are forced to shutdown temporarily. It covers the revenues that you would have generated during the time you are closed so you can keep paying your expenses. Typical policies, however, require that physical damage to your building be the cause of your interruption. In the case case of Hurricane … [Read more...]
U.S. Is Once Again Approaching the Debt Ceiling
OPEN finance expert Mike Periu on the U.S Approaching the Debt Ceiling. The debt ceiling refers to the maximum amount of money the U.S. Federal government can owe and it currently stands at $16.4 trillion. Based on current projections by the Treasury Department and the Congressional Budget Office, we will hit the limit by the end of the year. In order to keep financing its operations, the Federal government needs Congress to pass a bill authorizing an increase to the debt ceiling. The last time … [Read more...]
Protect Your State From the Looming Fiscal Cliff
OPEN finance expert Mike Periu on how to protect your state and ways to get around the impending estate tax increases. As we approach January 1, 2013, it seems less likely that we will have a solution to the fiscal cliff. One of the biggest impacts to small-business owners will be change to the gift and estate tax exemption. Current law allows you to gift and bequeath a total of $5.1 million to your heirs without paying any estate taxes. In 2013, this exemption limit is reduced drastically to … [Read more...]
Insurance Industry Well Prepared to Absorb Sandy’s Losses
OPEN finance expert Mike Periu on the insurance industry and its ability to pay out claims for Sandy. The insurance industry was not prepared for Hurricane Katrina, which caused over $75 billion in insured losses (in 2012 dollars). For Hurricane Sandy, it's a far different story. While the overall economic damage has yet to be calculated, insured losses are estimated at only $10 billion, ranking it as the 7th or 8th most costly hurricane. According to the Insurance Information Institute, the … [Read more...]
The Freedom to Sell Used Goods May Be in Jeopardy
OPEN finance expert Mike Periu on the Supreme Court case that could drastically affect the resale of used goods and copyrighted items. The Supreme Court recently heard arguments in the case of Publisher John Wiley & Sons versus Thai graduate student Supap Kirtsaeng. While studying in the U.S., Kirtsaeng realized that the same textbooks used by college students here are available for sale in foreign countries at a much lower price. He had his relatives buy textbooks and send them to him in … [Read more...]
Banks waiving fees to help those affected by Sandy
OPEN finance expert Mike Periu on banks, such as Wells Fargo, Citibank, and Bank of America, waiving fees to help those affected by Sandy. Banks Waive Fees to Customers Affected by Sandy Most large banks have announced that they are temporarily waiving fees to customers that have been affected by Hurricane Sandy. The fees being waived include: out-of-network ATM surcharges, overdraft fees, late payment fees, and early withdrawal penalties on certificates of deposit. Some banks are … [Read more...]
Think Twice Before Becoming an Angel Investor
OPEN finance expert Mike Periu on what makes a successful angel investor. Many successful entrepreneurs choose to become angel investors after a successful exit (i.e. selling their companies for lots of money). But according to Andy Rachleff, CEO of Wealthfront, co-founder of Benchmark Capital, Stanford professor and University of Pennsylvania Trustee, this is a losing proposition. Angel investors generally lose money (as do most venture capital firms) because they lack two key traits that the … [Read more...]
Home Price Index Shows Important Improvement
OPEN finance expert Mike Periu on the Home Price Index and the real estate market rebound. The most important measure of home price performance in the U.S. is the S&P/Case-Shiller Home Price Index, which tracks changes in home prices on a national level and across important local markets. The index just released data for August 2012, which showed a respectable 2 percent increase in home prices across the country compared with the previous year, and a 0.9 percent increase compared to July … [Read more...]
The Hidden Costs of Hurricane Sandy Far Exceed Insured Losses
OPEN finance expert Mike Periu on successfully rebuilding your small business and the hidden costs of hurricane sandy. The Hidden Costs of Hurricane Sandy Far Exceed Insured Losses Costs of hurricane Sandy are expected to cause between $10 and $20 billion in damages. This only addresses the explicit damage, such as broken windows, flooded houses and cars crushed by trees; it doesn't take into account the far larger opportunity costs borne by consumers, businesses and government agencies that … [Read more...]
Hurricane Sandy Threatens National Economy
OPEN finance expert Mike Periu on Hurricane Sandy Threatens National Economy. As Hurricane Sandy weakens and moves westward, the process of providing assistance, assessing damage and cleanup begins along the northeast of the United States. The impact of the storm expands beyond its path and will have national repercussions. 15 percent of all U.S. flights over the past three days have been canceled with more expected. As many as 10 million homes will be without power for up to 10 days. Financial … [Read more...]
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