We have all heard the jokes about Maine weather, and none of us would be without the essentials: our snow shovel and an umbrella. The question is: Do you have the right kind of umbrella?
You are responsible for bodily injury, property damage and personal injury caused to another person by you, your dependents, even your pets. Your home and auto liability have limits to what and how much they will cover in the event that you are sued. A Personal Umbrella Policy not only raises the dollar limit above and beyond your current policies, but also broadens what will be covered.
This is the way it works: Let’s say your homeowners policy has a limit of $250,000. You have a pool and a neighbor’s child is injured while swimming.The neighbor sues you. The case is lost and your neighbor is awarded $400,000.
Your homeowners liability kicks in and pays your limit of $250,000. On top of that the policy pays the attorney fees you racked up to defend you in court. But what about the $150,000 not covered? If you have an umbrella policy, it kicks in where the homeowners left off and pays the balance of the award up to its limit. If you do not have enough coverage on your homeowners policy and if you do not have an umbrella, the remainder of the award comes from you. Your paycheck, your house, your car, your assets!
One of the best aspects of an umbrella policy is that because they do not start to pay until the limits of your home or auto policy have been exhausted, they are very reasonably priced. On average you can purchase a $1 million umbrella for less than $150 a year.That’s a little more than $12 a month.
Only you can make the decision that best suits your needs. Individuals with teenagers, pets, pools, who volunteer in civic groups or who own a business should give careful consideration to the need for additional liability coverage.
Health and Safety Resources for Sochi Olympics
The U.S. State Department says the Olympics are the first large-scale event to be held in Sochi and medical capacity and infrastructure in the region are untested for handling the volume of visitors expected for the Olympics. Medical care in many Russian localities differs substantially from Western standards due to differing practices and approaches to primary care. Travelers should consider purchasing private medical evacuation and/or repatriation insurance. Click to visit the GeoBlue Sochi portal, a valuable resource.
Weekly Market Update – 1/21/2014
Treasuries moved very little last week, trading within a tight range and finishing the week on the lower end of that range. The small inflation number pushed yields lower, mostly on the longer end of the curve. The yield on the 10-year Treasury ended last week at 2.81 percent but bounced back on Tuesday to as high as 2.86 percent before settling at 2.83 percent later in the morning.
WeeklyMarketSummary_21Jan14
Supporting Waldo CAP’s Heroes 4 Hunger
Waldo Community Action Partners recently received a donation from Allen Insurance and Financial, with the funds going to toward WCAP’s Heroes 4 Hunger program, a program rooted in WCAP’s Thanksgiving and Christmas holiday food box projects.
Those holiday projects are still held annually, with Heroes 4 Hunger expanding the agency’s reach to address food insecurity and obesity in Waldo County year-round using various avenues for opportunity, such as community education and advocacy.
The Heroes 4 Hunger program is an excellent fit with Allen Insurance and Financial’s emphasis on employee wellness and wellness programs for the agency’s health insurance clients.
A multi-service agency serving Waldo County since 1965, WCAP is the largest provider of low-cost and free transportation and early childhood education in Waldo County.
Pictured here are, from left, Keith Small, WCAP executive director and Richard Crossman of Allen Insurance and Financial.
Closing Early New Year’s Eve
On New Year’s Eve, Dec. 31, our offices are closing at 1 p.m. and will reopen Thursday, Jan. 2, at 8 a.m.
Happy 2014!
Continuing Education Program Benefits Our Employees and Their Customers
Four members of the personal insurance team at Allen Insurance and Financial recently achieved the designation of Accredited Customer Service Representative from the Independent Insurance Agents & Brokers of America.
They are (clockwise, from top left): Chris Wilson, Meesha Luce, Leann McKusic and Holly Hill-Coombs. All are based in the company’s Rockland office.
“The ACSR designation shows our people are well-educated members of the insurance industry,” said Scott Carlson, personal insurance team manager. “Holly, Meesha, Leann and Chris are dedicated to improving their technical knowledge and enhancing their professionalism.”
The ACSR designation program was developed to recognize the contribution made to each customer by the service they are provided through independent insurance agencies such as Allen Insurance and Financial.
Independent Insurance Agents & Brokers of America is the nation’s oldest and largest national association of independent insurance agents & brokers with more than 300,000 members. Find them online at independentagent.com.
Founded in 1866, Allen Insurance and Financial is an employee-owned insurance and financial planning services company with offices in Rockland, Camden, Belfast and Southwest Harbor, Maine. In 2014, the company will be celebrating the 25th anniversary of its employee stock ownership plan.
Holiday Hours: Christmas 2014
Our offices will be closed for Christmas both Tuesday, Dec. 24 and Wednesday, Dec. 25. Our offices will reopen Thursday, Dec. 26 at 8 a.m.
On New Year’s Eve, Dec. 31, our offices are closing at 1 p.m. and will reopen Thursday, Jan. 2, at 8 a.m.
Best wishes for a Merry Christmas and a Happy New Year!
Bookham Named Director of Business Development
Dan Bookham
Allen Insurance and Financial is pleased to announce the appointment of Dan Bookham, a business insurance specialist, as the company’s director of business development, a new position.
Bookham joined the company in September 2012 after four years as executive director of the Penobscot Bay Regional Chamber of Commerce.
Other administrative changes effective Jan. 1, 2014 at Allen Insurance and Financial:
- The appointment of Jean Dutch as the company’s Chief Operations Officer. She has also been named a vice president of the corporation. Dutch, of Belfast. She has been with the company since 1995.
- The appointment of Gene McKeever, a business and marine insurance specialist, as a vice president of the corporation. McKeever has been with Allen Insurance and Financial since March 1992.
- The retirement of Steve Crane and Peter Van Alstine from the company’s board of directors. Crane, a former company president, retired from that position in November 2007. Van Alstine, a long-time financial advisor with the company, is retiring at the end of 2013.
The company’s board of directors approved these changes at their annual meeting earlier this month.
Founded in 1866, Allen Insurance and Financial is an employee-owned insurance and financial planning services company with offices in Rockland, Camden, Belfast and Southwest Harbor, Maine. In 2014, the company will be celebrating the 25th anniversary of its employee stock ownership.
Weekly Market Update 12/16/2013
Equity markets slid lower last week, and the S&P 500 posted its first weekly loss since early October. Losses for most major domestic large-cap indices were grouped tightly in the 1.50 percent–1.60 percent range. Unlike in previous periods, there was no late-week rally to offset the declines that took place earlier in the week. Read more now in our Weekly Market Update.
Weekly Market Summary – 12/9/2013
Equity markets were largely unchanged last week, with the S&P 500 posting a nominal gain of 0.01 percent and the Nasdaq faring slightly better, up 0.08 percent. International indices, as well as the small-cap Russell 2000, were notably weak.
Contrary to appearances, equities were quite volatile last week. A 1.10-percent gain for the S&P 500 on Friday—thanks to
better-than-expected economic news—wiped out losses that had built up earlier in the week. Read more now in our Weekly Market Summary.