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Review Insurance Clauses Before Signing

Chris Richmond, Allen Insurance and Financial

By Chris Richmond
Originally Submitted to WorkBoat Magazine

We are often asked by our insureds to review the insurance clause in contracts they are asked to sign. All too often, unfortunately, the contracts have already been signed before we have a chance to review them. These contracts are often prepared by legal teams or pulled from the Internet. While it is important to have the legalities in a contract correct, it is equally as important to have the insurance aspects correct –and that is why a conversation with your agent is important before you sign on the dotted line.

A contract, when properly drawn and signed, can become an enforceable document. But for insurance purposes, just because you have signed the document does not mean that your insurance policy will react to it. Your insurance policy is also a legal contract, and the insurance company is only going to respond to the limits and conditions written out in your policy. It is important to make sure that the limits and conditions that you are insured for will meet the requirements in the contract you are signing.

In addition to limits there are often other stipulations that need verification with your agent before signing. Waiver of Subrogation and hold harmless clauses are often inserted. While these can be very beneficial to the party making the request these types of requirements need to be approved by your insurance company beforehand. Contracts often include the words “any and all” when referring to risks covered. Your insurance policy most likely will not react to “any and all” claims made against it. Again, have these clauses reviewed beforehand.

If your contract only involves a vessel then any General Liability and Workers Compensation limits that are required will most likely not apply. Your hull and protection & indemnity policies will react to claims made against the boat. Getting the party who is requesting these limits to understand this can often be futile. This is when you should get your insurance agent involved to help sort out the wording and coverage issues.

Contracts are required for many reasons. A boiler plate contract most likely will not fit your unique situation. Contracts are also negotiable. It is wise to involve your insurance agent in this process before signing any contract.

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Welcoming Kirsten Pomeroy to Our Team

Kirsten Pomeroy

Kirsten Pomeroy of Pittsfield has joined the team at Allen Insurance and Financial as a receptionist in the company’s Waterville office.

Kirsten is a graduate of the University of Maine in Farmington; her previous work experience includes work as an insurance agent and a high school counselor. She renewed her Maine Property & Casualty license in November 2024.

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Checklist for Property Owners: Protect Your Business From Frozen Pipes

Bitter temperatures can freeze pipes, creating catastrophic property losses and havoc in your life.

With proper winter weather preparation, you can minimize the impact of severe weather on your business.

Before winter weather occurs:

  • Add emergency contacts to your emergency plan. Post the list at all telephones, and make copies for all employees to keep with them.
  • Plan for maintenance personnel to properly monitor buildings during cold snaps, upping site visits and checking unoccupied areas of buildings.
  • Properly mark the location of hydrants and sprinkler system post indicator valves for easy clearing after heavy snow.
  • Inspect all areas along the building’s inside and outside perimeters to ensure they are sealed.
  • Provide heat for dry-pipe sprinkler system enclosures.
  • If space heaters are used as this heat source, keep them in good operating condition and away from combustible or flammable materials.
  • Maintain roofs; repair leaks, secure flashing, clear debris from the roof’s surface, drains and overflow scuppers.
  • Check that gutters and downspouts are secured to buildings and clear of leaves and debris. If they iced over during a previous winter, consider properly installing heat trace to prevent major icicles and dams. Consult with a professional roofer to properly assess your situation.
  • Make sure all building openings are weather-tight so they do not admit cold.During winter months:
  • Maintain building temperatures above 55 degrees, with adequate airflow to prevent freezing.
  • Make frequent visits to unoccupied and often overlooked areas: mechanical rooms on an outside wall, closets, space above a finished ceiling, stairways, open warehouse areas with large doors, pipes near glass windows and walls, vestibules and atrium areas.
  • Thaw piping, equipment or building systems that become frozen using extra heat and airflow.
  • Have qualified sprinkler contractors ensure that your sprinkler system is properly repaired and operational before normal building operations are resumed. Never thaw pipes with open flames.
  • Verify that all fire protection equipment is operating effectively and, if it is brought offline or damaged, have a qualified fire protection contractor repair and place the system back into service.

Artic temperatures can have a dramatic effect on your building – and your livelihood. Regular maintenance and a winter weather plan can help you avoid its negative impact.

Via Cincinnati Insurance Companies.

Frozen water inside caused the pipe to burst and leak.
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Are Subscriptions Draining Your Bank Account?

Subscriptions infographic

You open your bank statement and notice a string of small charges you barely remember signing up for—a streaming service you signed up for during the pandemic, the meditation app you downloaded during a stressful week, and a digital magazine subscription you haven’t read in months. When you added these on, each charge seemed minor. But over time, these subscriptions can add up, draining hundreds or even thousands of dollars from your account. That $50 a month? That’s $600 yearly—enough for a weekend getaway or a solid contribution to your emergency fund. But the good news? Reclaiming control over your subscriptions is simpler than you might think.

The Subscription Landscape

Today, our lives are filled with subscriptions. Besides the usual streaming services, companies now offer recurring payments for meal kits, pet supplies, beauty products, fitness programs, and even car features. While they all promise convenience, these ongoing charges can quickly add up and overwhelm your budget. Often, people don’t realize the true cost of all these services combined.

Find Hidden Costs

A great first step is to review your bank and credit card statements from the past three months. Look for any recurring charges, especially those tied to digital services and app stores, which can often hide under unfamiliar company names. Free trials that quietly transitioned into paid plans or annual subscriptions renewed without your notice are common.

To simplify this process, try using a dedicated credit card just for subscriptions. This keeps all charges in one place, making it easier to track your spending. You might also check whether your bank offers subscription-tracking tools, which are increasingly available through mobile apps.

The Auto-Renewal Trap

Auto-renewal settings often work against your financial interests. Many companies rely on customers forgetting about renewal dates or finding cancellation processes too complicated. Disable auto-renewals when possible, and set calendar reminders five to seven days before renewal dates. This gives you a chance to review whether the service is still valuable and check for any price increases or free alternatives.

Subscription rules are becoming more consumer-friendly, too. The Federal Trade Commission (FTC) recently finalized a “click to cancel” rule to make cancellations as easy as sign-ups. Under this rule, companies, including gyms, streaming platforms, and cable providers, will need to offer cancellation options as simple as the sign-up process. This rule, expected to take effect sometime in early 2025, will help prevent consumers from feeling “tricked or trapped into subscriptions.” While some companies argue it’s an undue burden on their processes, the rule’s goal is clear: to empower you to regain control of your subscriptions and stop paying for services you don’t need.

Watch for Hidden Requirements

Before purchasing a subscription, look into any required add-ons. That new fitness device may need a monthly app subscription to unlock basic features, or a tool you downloaded may be free only for the first month. To avoid unexpected fees, read the fine print, and consider these ongoing costs in your decision-making.

Find Free Alternatives

Many paid subscriptions have great free alternatives. Your local library often provides free access to digital books, magazines, movies, and even some streaming services. Try these ideas for cutting subscription costs:

  • Use shared family plans for streaming services rather than separate accounts
  • Check out YouTube for free workouts instead of relying on paid fitness apps
  • Look into your library’s digital catalog before paying for entertainment subscriptions

Take Action ASAP

Take 15 minutes tonight to start a subscription audit. Create a simple list or spreadsheet of each service, noting its monthly cost, renewal date, and how often you use it. Cancel any unnecessary subscriptions right away and remove your payment info to prevent future charges.

Next, calculate your total annual spending on subscriptions. This number is often surprising! Consider if that amount might be better directed to other financial goals, like building an emergency fund or saving for retirement. For services you keep, check for annual payment discounts, which can be more economical than monthly payments.

Build Better Habits

Here’s a helpful habit: wait 24 hours before signing up for any new subscription. This cooling-off period can help prevent impulse decisions. When you do subscribe to something new, set up a renewal reminder in your calendar so you’ll remember to review it.

Convenience is great—but not when it drains your finances. By managing your subscriptions proactively, you can enjoy services that add real value to your life while keeping more money in your wallet. The key is to stay aware of where your money goes and ensure that every recurring charge serves your financial goals.

© 2025 Commonwealth Financial Network®

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Food in every seat. Help for every family. Fill the Strand is Jan. 20, 2025

On Monday, January 20, 2025 AIO Food and Energy Assistance will host its fifth Fill The Strand food and funds drive to benefit AIO’s Food Assistance, Energy Assistance, Weekend Meal, and Diaper Assistance Programs. This event challenges the community to fill every seat in the historic theater with bags of food and funds for AIO’s programs. AIO has raised over $125,000 in the first four Fill the Strand events. In celebration of AIO’s 35th anniversary in 2025 the goal for the fifth Fill the Strand event is to fill the theater seats 3 times and to raise $35,000.  The snow date is Monday, January 27.

“ With long, cold nights, Fill the Strand is a well-timed, important opportunity for AIO to refill shelves with food following the holidays. I love it because it is a community-wide event that serves as a great opportunity to teach children about food insecurity and helping neighbors in need.” says AIO Executive Director Alan Kearl.  “Powered by Allen Insurance and Financial and hosted by the Strand Theatre, this event is a testament of a community that cares for one another. As many families face greater challenges making ends meet, AIO continues to keep pace with the need for food and energy assistance. In the past year, we have provided over 668,000 pounds of food through more than 14,000 visits to our pantry market. That is a 29% increase over last year’s record-setting number of visits! Fill The Strand is vital to keeping food available for those who need it.”

Monetary donations are welcome – and in fact your dollar goes further since AIO can purchase food through partners at a competitive price. Individuals can fill one theater seat with a bag of food or sponsor a seat at $35. Your $35 monetary donation can buy up to $125 worth of food. Those interested in sponsoring a seat through a financial donation can donate online at www.aiofoodpantry.org/strand.

Non-perishable food with a current expiration date is appreciated (no glass please). AIO would be grateful for donations of the most needed items including sauces and condiments, canned goods, toilet paper, personal care products, pasta, coffee & tea. Whether a monetary gift or food donation – your support will help the people in our community who need it the most.

Food collection sites have been established at area businesses, including Allen Insurance and Financial offices (Rockland and Camden), the Strand Theatre, First National Bank (Rockland branches), South End Grocery (Rockland), Camden National Bank (Rockland), The Grasshopper Shop (Rockland), Rock City Coffee (Rockland), Mid Coast Credit Union (Rockland) and AIO Food and Energy Assistance (Rockland). On Monday, January 20th volunteers will be at the Strand Theatre between 9:00-2:00pm to receive food and funds donations. Drive-up and drop-off service will be available or come in the Strand Theatre, located at 345 Main Street, Rockland, to deliver your food and funds donations.

AIO is proud to partner with two business leaders who are instrumental in making the Fill the Strand event possible – The Strand Theatre who hosts the event and Allen Insurance and Financial who helps power the event, through their financial support, as well as a team of employees who volunteer during the day of the event in greeting donors, collecting and organizing donations.

AIO is grateful to the generous support of its sponsors which include, at the Leadership level – First National Bank and First National Wealth Management, Rockland Plaza and Frantz Furniture Showroom. At the Partner level – Gartley & Dorsky, The Inn at Ocean’s Edge, 250 Main Hotel, Knights of Columbus Limerock Council 136, Cates Real Estate, and South End Grocery. At the Champion level – Maine State Credit Union, Mercedes-Benz of Scarborough, Nebo Lodge Island Inn & Restaurant and The Landing, North Haven. And at the Business level – Page Gallery, Farnsworth Art Museum, Jess’s Market, Nina June, Plants Unlimited and Zoot Coffee. A list of all sponsors can be found at www.aiofoodpantry.org/strand.

“Here at Allen Insurance and Financial, supporting initiatives like AIO’s Fill the Strand reflects our company’s deep commitment to community well-being,” said company president Michael Pierce. “By contributing our time and energy to this effort, now for the fifth year, we not only foster a strong sense of shared responsibility among our co-owners but also make a lasting impact that enriches lives far beyond the workplace. We are proud to be part of this project.”

“We’re thrilled to be hosting this terrific event for the 5th year! Fill the Strand accomplishes so much in one powerful day – moving forward AIO’s mission in such an impactful way,” shares the Strand’s Marketing Director, Jana Herbener. “At the Strand, we love to see so many community members coming through our doors with their donations and are so proud to be a part of it!”

For more information about the event and how you can participate please contact event coordinator Leila Murphy, email hidden; JavaScript is required.

About AIO Food and Energy Assistance In our 35th year, AIO has provided nutritious food and heating assistance to Knox County families without judgement, always with compassion. Funding and access to AIO’s programs are more critical than ever as food insecurity in Knox County is projected to continue to increase. Knox County currently has the 4th highest food insecurity rate in the state. Child food insecurity is estimated at 17.6%. During the past year, AIO has supported nearly 1,900 unique households in the County, that’s more than 4,200 of our neighbors, or more than 10.2% of the County. AIO has distributed more than 75,000 meals to students through our weekend meals program. AIO’s Energy Assistance Program helps households with heating assistance or electrical disconnection prevention – which is critical as winter begins. AIO has nearly doubled the number of energy assistance vouchers vs. last year in what has been a time of overwhelming need. AIO provides a direct path for donors to assist our community by putting your donation to work immediately.

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Death, Taxes and Change…What’s in Store for 2025

Sarah Ruef-Lindquist, JD, CTFA

Sarah Ruef-Lindquist, JD, CTFA

By Sarah Ruef-Lindquist for Pen Bay Pilot

I’ve said it before, and I’ll say it again: The only things that are sure in this life are death and taxes…we need to be mindful of change, at least as it pertains to taxes.

Retirement Savings

A variety of plans can be used to save money on a tax-deferred basis. Those include 401(k)s, IRAs SEP and SIMPLE plans. The great thing about tax deferral is it allows accounts to not pay taxes on their dividends, income and capital gains for years and years, until funds are withdrawn, presumably in retirement. This tax deferral can allow for significantly higher levels of appreciation due to growth in market value without the negative impact of taxes on that growth.

It’s important to maximize saving for retirement and take advantage of the provision of the tax law that allow taxpayers to save funds in tax-deferred accounts…for 2025, the contribution limit for most plans (401(k), 403(b) and 457 plans) increases from $23,000 to $23,500 with another $7,500 for those age 50 – 59 or those older than 63. For those age 60, 61 or 62, the amount is now $11,250.   That means that certain taxpayers can add as much as $34,750 to their plans in 2025, the highest amount ever allowed.

Similarly, in 2025 SIMPLE plans will have new elective deferral limits:  $16,500 up from $16,000 and a catch-up amount of $3,500 for those 50 – 59, and $5,250 if there are 26 or more employees. For those with 25 or fewer employees, the catch-up amount is $3,850 for those age 50-59 or older than 63, and $5,250 for those 60, 61 or 62.

IRAs will continue to have a 2025 contribution limit of $7,000 with an unchanged catch-up amount of $1,000 for those age 50 and older.

There are other changes for SEPs in store for 2025. For those who participate in them, taxpayers should consult their accountants and financial advisors for more details.

Why maximize savings in these types of plans and accounts? Earnings in these plans are tax free until withdrawn, which for many is not required until age 73 or if born in 1960 or later, age 75.

Please remember that financial and tax situations differ widely from person to person, and there is no one-size-fits-all for most of these situations. Consult with your financial and tax advisors for how any of these or other provisions that are changing in 2024 may affect you.

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Business Income Coverage – It’s For Everyone

Chris Richmond, CIC, AAI, CMIP

By Chris Richmond for WorkBoat  Magazine 

You have had a catastrophic fire loss at your boatyard. Your insurance policy responds to the property loss but how does your business survive while you rebuild? This is where your business income coverage becomes very important.

Like loss of use coverage on a vessel, business income coverage is triggered due to a slow down or suspension of your operations caused by a covered cause of loss to your commercial property. A fire in your shop or a burst water pipe which causes damage are just two examples. Business income coverage applies to the loss suffered during the time required to repair or replace the damaged property. It can also extend to losses suffered after the repairs are completed for a specific number of days.

But how many days will it take to rebuild your business property and how many days does your policy provide? Many policies only provide one year of business income. The time period for this coverage would begin shortly after the date of the loss. How long will it take for any claims adjustors or fire marshals to inspect the loss site? And then how long will it take to have all the debris cleared and the site ready to rebuild? And speaking of rebuilding, how long will it take to get a contractor lined up to start the actual building process? You could be three to five months into your business income policy before the work actually starts.

When looking at business income coverage – also known as business interruption coverage – you should remember to include extra expenses. This is the insurance which pays for additional costs in excess of normal operating expenses – what your business spends to continue operations while your property is being repaired or rebuilt, including, for example, costs you incur to relocate and advertise this new location. Your extra expense coverage begins immediately after your claim occurs. Your actual business income kicks in three days later.

Business income insurance is an essential safeguard for any business. It enables business owners to focus on rebuilding their business without the stress of no actual income coming in. Key to this coverage are adequate limits and timeframes.

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Welcoming Debbie Tyler

Debbie Tyler, SHRM-CP

Debbie Tyler, SHRM-CP

We are excited to announce that Debbie Tyler has joined Allen Insurance and Financial as the Human Resources Manager. She joins Susan Howland on the Allen HR/Operations team.

Susan Howland, SVP of HR and Operations said, “As a best place to work in Maine award winner for 13 years running, we are thrilled to welcome Debbie to the Allen team. She is the ideal person to help us continue our growth, while ensuring our employee owners enjoy best in class benefits, flexibility, and a positive workplace culture.”

A native of Rockland, Debbie is a graduate of the University of Maine in Augusta with a bachelor’s degree in social science.  She held previous leadership positions in both childcare and human resources. Debbie holds her SHRM-CP certification from the society of Human Resources Management.

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Welcoming Jess Sanborn

Jess Sanborn

Jess Sanborn

Jess Sanborn of Vinalhaven, a licensed life and health producer in the state of Maine, has joined Allen as an account manager in our benefits division, serving the needs of our group health insurance clients.

A native of Dresden, Maine and a graduate of the University of Maine in Orono, Jess holds a degree in mechanical engineering.  Jess spent a decade working in loss control at Acadia Insurance and in human resources at a local medical center. Both experiences position her well for her role at Allen.

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5 Financial Habits for Long-Term Success

In the world of personal finance, it’s not just about how much you earn; it’s about how you manage what you have. Whether you’re fresh out of college, eyeing retirement, or somewhere in between, developing strong financial habits is critical for long-term success. This article will explore five key moves that can help you build wealth, reduce financial stress, and achieve your long-term goals. Although they aren’t quick fixes, you’ll be amazed at how they can positively affect your financial future if you stick with them.

  1. Put Savings and Investments on Autopilot

You’ve heard this before, but don’t dismiss it as a cliché: pay yourself first. This means setting up automatic transfers from your checking account to your savings and investment accounts as soon as you get your paycheck. Begin by logging into your online banking platform and setting up recurring transfers. You can start small—even 5 percent is worthwhile—and gradually increase the percentage over time. If your employer offers a 401(k) match, ensure that you’re contributing enough to take full advantage of this free money. Remember, even small, consistent contributions can grow significantly over time due to compound interest.

  1. Cut Back on Impulse Purchases

That late-night online shopping scroll that somehow ends with a cart full of stuff you didn’t know you “needed” isn’t helping you reach your money goals. To reel in impulse purchases, try setting aside a cooling-off period for nonessential items you’re considering buying. Instead of purchasing, add them to a wish list on your phone or to a Post-it Note—and keep it out of your online cart. Then, give it a day or two. That “must-have” item might seem unnecessary after 24 hours. You can also try the 30-day rule for larger purchases, giving yourself a full month to decide if it’s worth the cost. You may realize you didn’t need it that much.

  1. Track Your Spending

To make informed money decisions, you need to know where your cash is going. Keeping track of spending helps you figure out where you can cut back and increase the funds you put toward your goals. Start by choosing a way to record your purchases, whether it’s a budgeting app, a spreadsheet, or just an old-fashioned notebook. Record every expense, no matter how small, for one month. Then, go over your spending patterns and figure out where you can make cuts. You might find some surprises, like buying coffee, snacks, or a daily lunch salad add up to a vacation’s worth of cash over time. Use this information to create a practical, goal-centered budget, and continue tracking to ensure that you’re sticking to it.

  1. Get Familiar with Your Credit Report

Your credit score affects everything from loan approval to interest rates, so it’s a major factor in your financial life. Make it a habit to check your credit report regularly to catch errors and find ways to improve your score.

Hot tip: Every 12 months, you’re entitled to one free credit report by mail from each of the three major credit bureaus (Equifax, Experian, and TransUnion) through annualcreditreport.com. If you set a reminder to request one report every four months, you’ll have a year-round overview of your credit. You can also receive free weekly online credit reports through the same site. What should you be on the lookout for? Any unfamiliar accounts, incorrect balances, or payments that mistakenly show they were late. If you find issues, file a dispute with the credit bureau as soon as possible. Regularly monitoring your credit can also help you discover identity theft early.

  1. Stick to It

It’s not always fun or easy to stick to a financial plan, but consistency is key when it comes to money matters. Developing discipline helps you stay on track, even when you spot a great sale or find a must-have collector’s item. Start by setting clear, achievable goals. Write them down and keep them somewhere you’ll see them often, like your fridge or as a phone background. Break larger goals into smaller, manageable steps. If you want to save $5,000 for an emergency fund, for instance, set monthly or weekly savings targets. Create accountability by sharing your goals with a trusted friend or family member. When you’re feeling discouraged or tempted, remind yourself that your long-term financial success is worth it.

Developing strong financial habits is a marathon, not a sprint. It’s about making small, smart choices each day. It requires patience, persistence, and a willingness to learn from both successes and setbacks. Start by choosing one or two habits to focus on, and gradually incorporate the others as you become more comfortable.

As always, we’re here to help you reach your goals. Feel free to reach out for more information or advice on how to adopt these habits for a more financially secure future.

© 2024 Commonwealth Financial Network®

 

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