Essential Insights on Condo Insurance for Marsh & McLennan Employees: What You Need to Know Before You Buy

Marsh & McLennan employees may benefit from understanding how the ownership structure of a condominium unit is different from that of a single-family house. Here’s what you need to know when purchasing insurance for your condo.

1. Understand the Master Policy

For Marsh & McLennan employees worried about condo insurance, since the ownership of all common areas is shared with other condo owners, the association of owners typically purchases insurance coverage (a master policy) for the common areas, e.g., hallways, exterior walls, etc. The condo association’s policy will outline what is covered and what is not.

2. Three Types of Coverage

There are three basic types of coverage under a master policy that those employed at Marsh & McLennan should be aware of.

Primary buildings and common areas
Your unit and any items within your unit, other than personal belongings
Building, unit, and any fixtures

The individual coverage you may consider depends upon the scope of coverage of the master policy. Marsh & McLennan employees should also try to determine what is and isn’t covered under the master policy – this can influence the coverage you may need.

3. Know the Master Policy Deductible

Generally, an association’s master policy has a deductible that is charged pro-rata among unit owners in the event of a claim. Determining that obligation is important because while it may never materialize, it could represent a meaningful financial commitment.

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4. Consider Additional Coverage

Similar to any homeowner, Marsh & McLennan employees will need to make decisions about other coverage options, such as cash value or replacement coverage, adding personal liability coverage, and whether flood insurance may be appropriate.

Several factors will affect the cost of condo insurance, including the insurance coverage provided by the homeowners association. You should consider the amount of your deductible and level of coverage before purchasing a condo insurance policy. Any guarantees associated with a policy are dependent on the ability of the issuing insurance company to continue making claim payments.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.

Name of Pension Plan: Marsh & McLennan does not typically offer a traditional defined benefit pension plan. Instead, it offers a defined contribution plan. Years of Service and Age Qualification: The detailed eligibility criteria can be found in the Summary Plan Description (SPD) or 10-K filings. Pension Formula: As Marsh & McLennan primarily offers defined contribution plans, a pension formula might not be applicable Name of 401(k) Plan: Marsh & McLennan 401(k) Savings Plan. Eligibility Criteria: Generally available to full-time employees. Eligibility may require a waiting period.

Restructuring and Layoffs: Marsh & McLennan announced a restructuring plan in late 2023 to streamline operations and integrate their various business units more effectively. This restructuring involved the consolidation of certain departments and led to a reduction in workforce by approximately 5%. The move aimed to improve operational efficiency and align with the company’s strategic objectives for growth and innovation. Given the current economic climate, it's crucial for employees and investors to stay informed about these changes, as they impact job security and company performance. Benefit and Pension Changes: In 2024, Marsh & McLennan also updated its benefits package and pension plans. The company introduced enhanced retirement savings options, including increased 401(k) match contributions and expanded investment choices. These changes were made to attract and retain top talent amid a competitive labor market. Additionally, adjustments to the pension plan were implemented to ensure long-term financial stability and compliance with new regulations. These updates are significant in the context of current investment and tax environments, making it essential for stakeholders to review these changes carefully.

Marsh & McLennan (MMC) offers stock options primarily to senior executives and key employees. For 2022 and 2023, stock options were granted based on performance targets and individual roles. Marsh & McLennan (MMC) provides RSUs to a broader range of employees, including mid-level managers and above. In 2023, RSU grants were made as part of a broader incentive plan to align employee interests with shareholder value.

Healthcare Plans: Marsh & McLennan offers comprehensive healthcare plans, including medical, dental, and vision coverage. They provide various plan options to suit different needs, including PPO and HMO plans. Wellness Programs: The company emphasizes wellness programs and preventive care, with resources such as wellness coaching and fitness incentives.