Viewing posts categorised under: Risk Management

How to Convince the Next Generation to Invest in Farming

Posted February 12, 2018 by Administrator

Farming is hard work and often a risky venture. It also demands much of the farmer’s time, leaving a perception of a workaholic who garners few rewards. It is also not a glamorous job and does not appeal to the masses. With the deck stacked against them, it is a wonder farmers succeed at all. Limited interest has led many farmers to turn to the next generation, their children, to take on the family business. Unfortunately, growing up on the farm has not inspired second generations to pick up where their parents left off.

Selling the Next Generation on Farming

Second generation farmers represent an important stepping-stone between the ruthless first steps of building a farm and its potential golden years of prosperity. Second generation farmers do not have to contend with crippling farm debt, loans to pay for machines, and so on. Nevertheless, the next generation balks at the lifestyle change. Even if the assets are stable, the shift to living on a farm is significant. Their fear of failure is also paramount.

However, future farmers have a significant advantage over their parents. Back in the 1960s and 70s, there was a massive back-to-the-land movement. For one of the only times in recent history, rural growth outpaced urban growth. However, these would-be farmers were entering unknown territory blind. They had no scientific data and next to no communication options. Next generation farmers have all the benefits of an established farming operation plus a wealth of information. The explosion of information across the web has made farming success easier than ever.

Creating Succession Where None Exists

Not all farmers have obvious heirs to their enterprise. When this is the case, many wait until it is too late to establish a line of succession. If a farmer does not have a clear line of succession, that individual needs to start planning sooner rather than later. Waiting to establish an heir until retirement means extended working years and a higher chance of failure.

To do this, most farmers look to their existing workers. Many farms have shining stars amongst the plethora of employees. Once farmers begin the conversation of transference, they can draft an agreement on how to shift their chosen heir from employee to owner. Most farmers start by giving 10% ownership to their employee and sign over a small percentage each successive year.

The process is slow for a reason. All relationships take work, and grooming an heir is no exception. It is less of a complete takeover and more of a partnership. For several years, if not decades, the transference process will look more like business partners working side by side than an owner retiring. This process is difficult, but Cline Wood can help. If you are struggling with retirement or farming succession planning, contact us today.

This document is not intended to be taken as advice regarding any individual situation and should not be relied upon as such. Marsh & McLennan Agency LLC shall have no obligation to update this publication and shall have no liability to you or any other party arising out of this publication or any matter contained herein. Any statements concerning actuarial, tax, accounting or legal matters are based solely on our experience as consultants and are not to be relied upon as actuarial, accounting, tax or legal advice, for which you should consult your own professional advisors. Any modeling analytics or projections are subject to inherent uncertainty and the analysis could be materially affective if any underlying assumptions, conditions, information or factors are inaccurate or incomplete or should change.

3 Commonly Overlooked Issues That Cause Roadside Inspection Violations

Posted January 15, 2018 by Administrator

Now that the Electronic Logging Device (ELD) mandate is in effect, commercial drivers can expect major changes to roadside inspections. However, many drivers are still unfamiliar with their ELD and do not understand how it affects the inspection process. To address this, DOT officers have shared valuable insight as to how drivers can use their ELD to reduce inspection frequency and duration as well as increase drive time.

Eliminating Form and Manner Violations

Prior to ELDs, form and manner violations were the most prevalent infractions. This is because drivers had to keep paper logs by hand. Sometime the driver would forget to put in the proper dates, locations, total miles, and so on. ELDs perform all of these functions automatically. Change of duty status violations disappear as well since the ELD will ask a driver if he or she is on duty or off duty when the driver stops the truck.

Reduced Hours of Service (HOS) Violations

ELDs did not change HOS regulations—only how drivers record and track them. Even so, ELDs are helping to reduce HOS violations. Before ELDs, some drivers felt pressured to fudge their HOS to stay on the road for longer to finish a delivery. This creates an environment for fatigued and drowsy driving, putting all individuals on the road at risk. Because drivers cannot alter ELD logs, the compulsion to stretch driving hours beyond HOS regulations vanishes.

Training and Organization

ELDs can reduce the frequency of inspections and certain violations; they can also expedite the inspection process under certain circumstances. Drivers who are familiar with their ELD and know how to use it during an inspection are much more likely to have a speedy inspection than a driver who is fumbling with his device. ELDs come with documentation to assist drivers, but if they shove their paperwork haphazardly into their glove box, they will have a difficult time locating the information they need. Drivers who keep all important documents secured in a 3-ring binder and understand the intricacies of their ELD can spend less time being inspected and more time on the road.

Cline Wood understands the stress fleets and drivers feel trying to comply with safety regulations while learning a new technology. However, ELD devices are vital to improving safety and keeping drivers on the road. Failure to abide by HOS regulations can result in out of service orders, fines, and increases to insurance rates. To learn more about improving transportation safety and reducing costs, contact us today.

This document is not intended to be taken as advice regarding any individual situation and should not be relied upon as such. Marsh & McLennan Agency LLC shall have no obligation to update this publication and shall have no liability to you or any other party arising out of this publication or any matter contained herein. Any statements concerning actuarial, tax, accounting or legal matters are based solely on our experience as consultants and are not to be relied upon as actuarial, accounting, tax or legal advice, for which you should consult your own professional advisors. Any modeling analytics or projections are subject to inherent uncertainty and the analysis could be materially affective if any underlying assumptions, conditions, information or factors are inaccurate or incomplete or should change.

How to Prevent Catastrophic Losses Due to Fire

Posted January 8, 2018 by Administrator

Fires happen on farms for a variety of reasons. Knowing the risk factors and implementing methods to reduce them go a long way toward improving safety. However, nothing short of a solid insurance policy will help recoup losses should a fire actually occur. This is the harsh lesson a Montana family is learning.

Destructive Blaze Razes Workshop

On the evening of December 5, 2017, a workshop on the Gordon Farm caught fire. By the time several fire departments responded to the blaze, the flames had overwhelmed the workshop. The structure held three generations worth of farming tools and equipment including a Ford 4000 tractor, a welder, and a grain drill. The family lost antique tools as well.

In total, the damage and losses amounted to $500,000. Making a bad situation worse, the family did not have insurance for the building or the tools. However, the family is counting their blessings. Many of the family members work in the shed well into the night. On this evening, no one was in the building and the family was able to account for everyone’s safety.

The Importance of Insurance

While the family is fundraising to help recoup some of their losses, a solid insurance policy would serve them better. The family indicated they could not afford the premiums, but it only takes one blaze to prove the value of insurance. If your farming operation is also struggling with budgeting for insurance, contact the experts at Cline Wood. We can help you find the coverage you need at the best prices.

This document is not intended to be taken as advice regarding any individual situation and should not be relied upon as such. Marsh & McLennan Agency LLC shall have no obligation to update this publication and shall have no liability to you or any other party arising out of this publication or any matter contained herein. Any statements concerning actuarial, tax, accounting or legal matters are based solely on our experience as consultants and are not to be relied upon as actuarial, accounting, tax or legal advice, for which you should consult your own professional advisors. Any modeling analytics or projections are subject to inherent uncertainty and the analysis could be materially affective if any underlying assumptions, conditions, information or factors are inaccurate or incomplete or should change.

How to Reduce Electrical Threats on the Farm

Posted December 11, 2017 by Administrator

Unlike other farming risks, electrical threats are unforgiving. There is rarely a second chance to learn from electrical safety mistakes. Electrocution can cause severe damage and even result in death. That is why it is vital for farmers to make themselves aware of all electrical threats on their land and develop methods to manage them. On the farm, the most common electrical threats are wires and cables that provide electricity to the farm. These can be overhead or underground. Physical electrical installations pose significant risks as well.

Managing Electrical Risks

Proper education and maintenance can help prevent most electrical incidents. For example, farmers who educate their workers on underground cable locations can avoid accidents due to digging too close to the lines. Inspecting installations can also reveal maintenance issues and allow farmers to address them before they cause an accident.

Repairs

Repairing electrical problems is a risky venture in and of itself. Farmers should take care never to touch fallen wires. They should also remember that anything touching exposed electrical wires is electrified as well. For example, an entire fence can become an electric threat if a downed wire is touching it. Farmers can do their part by replacing damaged equipment, but they should leave any major electrical job to the professionals.

Dos and Don’ts of Electrical Safety

While most farmers know not to work too close to electrical poles or disturb underground cables, there are several other electrical safety tips they should follow. These include:

  • Keep emergency phone numbers on hand to address electrical issues as fast as possible
  • Stay away from fallen electrical wires and contact the appropriate authorities to manage them
  • Employ electrical contractors to manage repairs and installations
  • Remember that electrical cables and wires are always live—even fallen and low hanging wires—farmers should not approach or touch them
  • Never make assumptions about electrical safety

There are several risks on farms—some more forgiving than others are. Electricity does not often afford a second chance so it behooves farmers to take all possible electrical safety precautions. While farmers cannot prevent all risks, following the above safety measures can help. To learn more about farm safety, contact the experts at Cline Wood.

This document is not intended to be taken as advice regarding any individual situation and should not be relied upon as such. Marsh & McLennan Agency LLC shall have no obligation to update this publication and shall have no liability to you or any other party arising out of this publication or any matter contained herein. Any statements concerning actuarial, tax, accounting or legal matters are based solely on our experience as consultants and are not to be relied upon as actuarial, accounting, tax or legal advice, for which you should consult your own professional advisors. Any modeling analytics or projections are subject to inherent uncertainty and the analysis could be materially affective if any underlying assumptions, conditions, information or factors are inaccurate or incomplete or should change.

Cargo Theft Webinar: Identify and Control Your Vulnerabilities

Posted November 28, 2017 by Administrator

In 2016, cargo theft cost US transportation businesses over $100,000,000, with an incident occurring every 11 hours. Join Cline Wood University and subject matter expert Steve Covey from the National Insurance Crime Bureau as we discuss the serious risk of cargo theft and what can be done to mitigate it. Topics include:

* Varying methods of cargo theft in the transportation industry
* Types of active theft crews
* Fictitious pickups and questionable carriers
* Preventative measures for keeping the supply chain safe

Date & Time: Wed, Dec 6, 2017 12:00 PM – 12:45 PM CST

Register at: https://attendee.gotowebinar.com/register/7967134209406139395

This document is not intended to be taken as advice regarding any individual situation and should not be relied upon as such. Marsh & McLennan Agency LLC shall have no obligation to update this publication and shall have no liability to you or any other party arising out of this publication or any matter contained herein. Any statements concerning actuarial, tax, accounting or legal matters are based solely on our experience as consultants and are not to be relied upon as actuarial, accounting, tax or legal advice, for which you should consult your own professional advisors. Any modeling analytics or projections are subject to inherent uncertainty and the analysis could be materially affective if any underlying assumptions, conditions, information or factors are inaccurate or incomplete or should change.

FMCSA Releases Electronic Logging Device Transition Information

Posted November 21, 2017 by Erin

FMCSA has released additional information on the ELD Transition. The ELD rule is going forward as planned on December 18, 2017.  Listed below are the most recent details provided by FMCSA in regard to the ELD transition:

  1. FMCSA will continue its policy of transparency towards the industry when it comes to implementation issues of this rule, passed by Congress five years ago.
  2. The ELD rule is going forward as planned on December 18, 2017. FMCSA has listened to important feedback from many stakeholder groups and is primarily concerned with helping ease the transition to full implementation of the ELD rule in a manner that does not impede the flow of commerce and maintains and improves safety for operators and the public.
  3. To ease the transition to ELDs, FMCSA’s partners at the Commercial Vehicle Safety Alliance have previously announced a delay in placing non-ELD compliant vehicles out-of-service until April 1, 2018, which will allow continued time for carriers and law enforcement to adjust to the new technology. In addition, FMCSA is announcing that violations cited during the time period of December 18, 2017 through April I, 2018 will not count against a carrier’s Safety Measurement System scores.
  4. FMCSA has heard concerns specific to the transportation of agricultural commodities, especially the transportation of livestock. While those concerns are specifically related to the hours-of-­service requirements and not ELD, FMCSA feels it is important to take additional time to evaluate these issues, and therefore will be issuing a 90-day waiver for these groups (detailed in forthcoming guidance) to allow the Agency to fully evaluate recently filed exemption requests.
  5. In the coming weeks, FMCSA will publish guidance for comment relating to the application of the agricultural commodity hours-of-service exemption. FMCSA will also provide guidance on the existing 150 air miles hours-of-service exemption in order to provide clarity to enforcement and industry and will consider comments received before publishing final guidance.
  6. Finally, FMCSA will publish guidance on another hours-of-service issue, known as Personal Conveyance, which has become more relevant due to the upcoming ELD rule enforcement. The goal of these guidance documents is to take input on their application and develop a consistent and uniform application of the provision.
  7. Public participation in this guidance is essential to the process, so we ask for continued engagement from all impacted stakeholder groups across industries.

Click Here to View the Official Notice from FMCSA

Source: Kansas Motor Carriers Association

This document is not intended to be taken as advice regarding any individual situation and should not be relied upon as such. Marsh & McLennan Agency LLC shall have no obligation to update this publication and shall have no liability to you or any other party arising out of this publication or any matter contained herein. Any statements concerning actuarial, tax, accounting or legal matters are based solely on our experience as consultants and are not to be relied upon as actuarial, accounting, tax or legal advice, for which you should consult your own professional advisors. Any modeling analytics or projections are subject to inherent uncertainty and the analysis could be materially affective if any underlying assumptions, conditions, information or factors are inaccurate or incomplete or should change.

New Severe Winter Weather Warning to be Issued by National Weather Service

Posted November 1, 2017 by Administrator

The National Weather Service (NWS) will begin to issue a new type of snow warning this winter. Beginning in January 2018, the new warning will be specifically released in the event of a snow squall.

A snow squall is an intense snowfall event with limited duration. The snowfall itself is described as “moderate to heavy” and is accompanied by strong, gusty surface winds. Lightening sometimes accompanies a snow squall. The accumulated snow may be at a significant level.

The NWS released a statement that declared “annual highway fatalities from these events can exceed fatalities due to tornadoes.” Snow squalls contain intense snowfall rates that drop visibility and make roads slippery. The sudden change in poor weather conditions can lead to dangerous travel conditions. The short-term outpouring of snow will suddenly and severely restrict visibility and make it very difficult to safely navigate the road.

Snow squalls were the cause of a 30 vehicle pile-up on I-81 in Schuylkill County, Pennsylvania. There was one fatality and many serious injuries in the crash.

The Snow Squall Warning will be issued in the following conditions:

  1. A white-out situation with visibility of less than ¼ mile.
  2. Sub-freezing road temperatures that allow for a quick build-up of snowfall.
  3. Dangerous and potentially life-threatening travel conditions.

Snow squalls are very dangerous for big rigs. It’s a major cause of vehicle pile-ups. They are one of the most deadly weather events that can occur. In the past, there hasn’t been a good system for warning motorists of the hazard. This new warning system will be used to warn the public, giving them time to slow down and hopefully save lives.

The Snow Squall Warning will be issued in a similar way to Severe Thunderstorm or Severe Flooding Warnings are issued now. The alerts will be issued through the Emergency Alert System. Local regions, or “polygon-based” systems will be specified. These areas will be continually updated throughout the hazard.

The NWS will be issuing Snow Squall Warnings from the following field offices:

  • State College, Pennsylvania
  • Buffalo, New York
  • Binghamton, New York
  • Burlington, Vermont
  • Detroit
  • Pittsburgh
  • Cheyenne, Wyoming

If a Snow Squall Warning is issued in the area you are traveling, the NWS recommends that you consider avoiding or delaying your travel until the snow squall passes. If you must stay on the road, use extra caution and allow extra time. Be aware that rapid changes in visibility and slick roads may lead to accidents.

Cline Wood represents top trucking and agribusiness insurance carriers across the country. We have access to all types of insurance programs. We treat your company as if it were our own. Contact us today to find out how we can help you manage your risk, which directly contributes to your bottom line.

This document is not intended to be taken as advice regarding any individual situation and should not be relied upon as such. Marsh & McLennan Agency LLC shall have no obligation to update this publication and shall have no liability to you or any other party arising out of this publication or any matter contained herein. Any statements concerning actuarial, tax, accounting or legal matters are based solely on our experience as consultants and are not to be relied upon as actuarial, accounting, tax or legal advice, for which you should consult your own professional advisors. Any modeling analytics or projections are subject to inherent uncertainty and the analysis could be materially affective if any underlying assumptions, conditions, information or factors are inaccurate or incomplete or should change.

FBI Warns Agricultural Industry about Increasing Cyber Risk

Posted October 11, 2017 by Administrator

In a Private Industry Notification (PIN) targeted to the agricultural industry, the Federal Bureau of Investigation (FBI) Cyber Division warned the food and agriculture sector that it is increasingly becoming vulnerable to cyber attacks. As the adoption of technology and digital data increases in the farming community, cyber crime is on the rise. Smart farming practices, also known as the “Third Green Revolution” or “precision agriculture technology” has shown tremendous positive impacts on reducing the costs of farming and increasing crop yields. The report warns farmers to be aware of and understand the cyber risks associated with using modern Information and Communication Technologies (ICT) and develop adequate cyber security and breach response strategies.

A Growing Threat

There is a growing threat of cyber targeting activity against the food and agriculture sector, warns the FBI. Cyber criminals are seeking to steal farm-level data in bulk. An example of how valuable this information is, government-authorized big data analytics are being used to aggregate farm-level data to track and even anticipate crop pricing and availability. Another target by cyber attackers could be to steal aggregate and/or analyzed data to exploit U.S. agriculture resources and market trends.

Other threats include:

  • Increased cyber targeting of farm-level data gathered by equipment that collects and analyzes data about soil content and past crop yields, including planting recommendations.
  • Cyber hacking of public worldwide climate and crop data used to design data visualization tools for farmers. Big data in agriculture is being used to help farmers make sustainable decisions that have an impact on food supply.
  • Susceptibility to ransomware and data destruction.
  • Drone manufacturers are focused on offering low pricing structures for farmers by using systems that are interoperable with networked devices with poor cyber security protections.

Challenges

Historically, the farming industry has lacked awareness of how to protect their data from cyber exploitation.

  • In a 2014 American Farm Bureau study of 3,400 farmers, almost half intended to invest in smart farming technologies in the next 2 years. However, 76% of the respondents expressed concerns that unauthorized individuals could hack their data and use it for commodity market speculation. Even more concerning is the finding that less than 5% of companies holding their data had a security breach response plan in place.
  • Drone manufacturers offering farmers recognize the demand for low pricing. They use interoperable data in order to keep costs low at the expense of more expensive analytics that protect against cyber attacks. Farmers have depended on drone RGB (red, green, blue) photography and thermography to monitor crop growth for the last decade. (CyberTrend, 2016.)

Recommendations

The report warns the food and agriculture industry to increase awareness of the cyber risks to farm-level data collected through precision technology and urges that farmers take the following precautionary measures:

  • Ask data management companies that store farm-level data to reveal their cyber security features and ensure adequate protections are in place.
  • Monitor employee logins, especially those that occur outside normal business hours.
  • Develop a centralized Information Technology email account that can be used to report suspicious logins, emails and other unusual activity
  • Provide ongoing training to remind and inform employees about current cyber security threats
  • Monitor outgoing data, and be ready to block unknown IP addresses
  • Monitor unusual traffic, especially from non-standard ports
  • Close unused ports
  • Create a Virtual Private Network (VPN) for remote login capability.

The FBI, in conjunction with the USDA, strongly urges members of the food and agriculture sector to refer to the U.S. Computer Emergency Readiness Team Website for additional cyber security information and resources.

Cline Wood is here to help farmers and agricultural-related businesses protect themselves against the growing risk of cyber crime. Contact us today to learn more about how our agribusiness insurance experts can help you be prepared in today’s changing environment.

This document is not intended to be taken as advice regarding any individual situation and should not be relied upon as such. Marsh & McLennan Agency LLC shall have no obligation to update this publication and shall have no liability to you or any other party arising out of this publication or any matter contained herein. Any statements concerning actuarial, tax, accounting or legal matters are based solely on our experience as consultants and are not to be relied upon as actuarial, accounting, tax or legal advice, for which you should consult your own professional advisors. Any modeling analytics or projections are subject to inherent uncertainty and the analysis could be materially affective if any underlying assumptions, conditions, information or factors are inaccurate or incomplete or should change.

Five Tips for Agribusinesses to Combat White Mold

Posted October 4, 2017 by Administrator

Farmers face a variety of hurdles in order to cultivate a successful crop. White mold is just one of those obstacles. This fungus thrives in cool damp environments. Foggy and brisk mornings create the perfect conditions for white mold to take root.

At first, individuals may mistake the fungus as rat droppings. It presents as firm, black, asymmetrical-shaped forms; these are sclerotia. When the environment cools and the canopy closes, the growth produces tiny mushrooms. The fungus is most likely to take hold during flowering as spores land on dead flowers and invade the plant.

How to Deal with White Mold

By the time the fungus is noticeable, the infestation is two to four weeks old. Below are several tips farmers should keep in mind when dealing with white mold.

  1. No spray can stop the mold once it has taken root. Save time and money by allowing the mold to run its course. In general, white mold does not colonize from plant to plant. It is possible, but not typical.
  2. Farmers do not need to fear for their entire farm. A field must have sclerotia present in order for the fungus to grow. However, farmers will want to take note of any infected fields, as they will always have sclerotia after an infection.
  3. Farmers should harvest infected fields last. Sclerotia lodge themselves in all areas of combine harvesters, so farmers can inadvertently contaminate other fields if they harvest from infested fields first.
  4. Once harvesting is complete, farmers should avoid tilling infected fields. Surface level sclerotia will die off faster than those buried underground will.
  5. Farmers should also stay vigilant in their weed removal. White mold can take hold in a variety of plants, including weeds, legumes, and alfalfa. For future crops, farmers should consider wheat or corn for previously infected fields, as they are more resistant to the fungus.

Dealing with mold is never a fun task, but farmers who follow the above guidelines can keep future infestations to a minimum. Farmers can also protect their venture by investing in farming insurance. As the leading provider of agribusiness insurance, Cline Wood can help farmers identify and mitigate risks to their crops and fields. To learn more, contact us today.

This document is not intended to be taken as advice regarding any individual situation and should not be relied upon as such. Marsh & McLennan Agency LLC shall have no obligation to update this publication and shall have no liability to you or any other party arising out of this publication or any matter contained herein. Any statements concerning actuarial, tax, accounting or legal matters are based solely on our experience as consultants and are not to be relied upon as actuarial, accounting, tax or legal advice, for which you should consult your own professional advisors. Any modeling analytics or projections are subject to inherent uncertainty and the analysis could be materially affective if any underlying assumptions, conditions, information or factors are inaccurate or incomplete or should change.

Increasingly Sophisticated Weather Forecasting Technology a Boon to Trucking Industry

Posted September 26, 2017 by Administrator

Sophisticated weather forecasting technology applications help trucking fleets navigate adverse weather conditions that could pose freight delivery delays or safety risks.

New technologies provide drivers in the contintental U.S. with weather-related information to improve safety and efficiency. With these new applications, drivers can view:

  • current radar
  • precipitation on roadways
  • wind speed
  • current and extended forecasts, helping them be aware of the weather ahead.

Weather prediction resources have significantly improved since the days when the Farmers’ Almanac was the best weather forecaster source.

Rapidly improving technology has put weather forecasting and radar capabilities into the hands of those who need this information the most, which includes truck drivers. Weather technology continues to improve, current technologies are able to predict the disruptive impact of weather events and suggest actions that can be taken to mitigate the effects of the disruption.

This ability to foresee the weather and make adjustments as needed is especially useful for trucking fleets, whose daily operations can be disrupted, sometimes for days or weeks, from the effects of a hurricane, flash flood or blizzard.

According to PeopleNet, a provider of fleet management technology, weather has accounted for $3.5 billion in mobility costs and $14 billion in accident costs. Amazingly, 93% of those disasters can now be predicted using the new, cutting-edge predictive applications.

The new weather technology may be the catalyst for change for today’s competitive trucking firms, who must deal with disruptive weather events. A large-scale weather event, such as Hurricane Harvey that recently swept through the Houston, TX region, can have a disastrous effect on the transportation supply chain.

Weather is one of the biggest causes of market volatility in both the short term as well as the long term. These new technologies can help mitigate the impact such events can have throughout the supply chain. Companies are starting to use trading platforms that enable independents, fleets and third-party logistics firms to lock in rates ahead of major weather events like earthquakes.

Weather forecasting has been used to predict market price volatility for commodities since the 1980’s and is already commonly used by oil, gas and grain traders.

Enhanced notifications of road and cargo hazards can help carriers minimize losses and reduce down times. The new technology will enable drivers and equipment to maximize their potential while improving delivery efficiency during harsh weather seasons. For more on transportation safety, news, and risk, contact Cline Wood.

This document is not intended to be taken as advice regarding any individual situation and should not be relied upon as such. Marsh & McLennan Agency LLC shall have no obligation to update this publication and shall have no liability to you or any other party arising out of this publication or any matter contained herein. Any statements concerning actuarial, tax, accounting or legal matters are based solely on our experience as consultants and are not to be relied upon as actuarial, accounting, tax or legal advice, for which you should consult your own professional advisors. Any modeling analytics or projections are subject to inherent uncertainty and the analysis could be materially affective if any underlying assumptions, conditions, information or factors are inaccurate or incomplete or should change.

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