Treasury yields started this week near where they had ended the last, with the 10-year hovering around the 2.17-percent level. It
seems that bond investors are waiting for another event or announcement to give them clarity on the direction of short-terms rates. Read more now in our Weekly Market Summary.
Get Ready for Changes in How You Purchase Health Insurance
Read our Navigator newsletter.
The Affordable Care Act, having been ruled constitutional by the Supreme Court, is picking up speed and momentum like a huge boulder rolling down a mountain. The ACA will land on your doorstep Jan. 1, 2014, accompanied by thousands of pages of regulations from a variety of federal agencies, including Health and Human Services, IRS, Department of Labor, Center for Medicare Services, and even Homeland Security.
Although we are still waiting for pricing and plan designs to be revealed, this edition of our Navigator newsletter will help you start thinking about your options.
For almost 150 years, Allen Insurance and Financial has been helping our clients with insurance and financial issues, and we’re committed to helping you navigate the complexities of this massive new law.
In this newsletter, Dan Wyman and Sherree Craig discuss how the ACA will impact individuals, small groups, and larger organizations. Dan is Allen’s group benefits department manager, as well as a broker, consultant and attorney focusing on group benefits. Sherree is Allen’s large group health insurance guru and account manager.
Weekly Market Summary – 5/28/13
The yield on the 10-year Treasury remained above 2 percent early Monday morning, after being as low as 1.91 percent last Wednesday, before the Federal Open Market Committee (FOMC) minutes were released and Chairman Bernanke spoke before Congress. Read more now in our Weekly Market Summary.
Lindsey Eaton Joins Our Camden Office Staff
Lindsey Eaton
Lindsey Eaton of Hope has joined Allen Insurance and Financial as a scanning associate in the company’s Camden office.
A Camden native and graduate of Camden Hills Regional High School, Lindsey is new to the insurance industry and is studying for her Maine property & casualty license as part of the Allen Insurance and Financial in-house education program.
As a scanning associate, Lindsey plays a key role in Allen’s paperless office system. She also supports members of the administrative staff and reception in the Camden office.
“I enjoy the variety of tasks my job requires,” she said. “And I enjoy being part of the front desk team. I am people-person — I love interaction with others.”
Outside of work, Lindsey enjoys spending time with her young daughter, family and friends.
Weekly Market Summary – 5/20/13
After testing the 1.95-percent level before retreating to 1.86 percent last Friday, the yield on the 10-year Treasury was back up to 1.95 percent on Monday morning. This is a key number for the 10-year; should rates break on the upside, we could see yields of 2 percent or even 2.10 percent. More downside pressure is expected as we head into early summer, however.
Weekly Market Summary – 5/13/13
Treasury yields were higher last week, with the 10-year ending the week at 1.89 percent, up from the prior week’s 1.72-percent finish. On Monday morning, the yield remained at 1.89 percent.
Strong price momentum pushed equity markets higher last week, and the S&P 500 gained 1.29 percent. Higher-beta indices and
the more cyclical sectors led the markets higher as the risk-on trade came back into vogue.
Weekly Market Summary – 5/7/13
After a week during which the yield on the 10-year Treasury was pushed to 1.62 percent—its lowest level since December 2012—better-than-expected unemployment numbers helped the 10-year move back up to 1.72 percent late Friday and earlyMonday morning.
The strong unemployment report on Friday was a big surprise for the markets. Although the unemployment rate did drop modestly, what really grabbed investors’ attention was the addition of 75,000 more jobs than analysts had expected both in this month’s report and in last month’s revision.
Stay Well Protected on a Motorcycle
There’s more to staying well protected on a motorcycle than just hanging a small bell from your frame.
Med Pay. Motorcycle liability insurance in Maine includes coverage for medical bills due to injuries you and your passenger incur while riding. Whether you tip your bike while practicing safe riding techniques in a parking lot or you hit wet leaves, you have at least $2,000 per person for the ambulance and treatment. You can buy coverage of up to $10,000 per person. If your injuries require you to file a claim with your health insurance, the medical payments coverage on your motorcycle policy should be able to be applied against your health insurance deductible.
Liability coverage. You may think you could not do much damage to someone else if you are at fault in a motorcycle accident, but there is a good reason to buy as much liability coverage as you can afford. In Maine, the limit of coverage you have, which will pay someone else if you injure them, is the same limit that will pay your medical bills if you are hit by a driver who has no insurance or has an amount that is insufficient to cover your medical bills. This is called uninsured and under-insured motorist coverage, and you will see it listed as UIM on many insurance policies.
For example: Assume you have $500,000 in liability coverage. You should also have $500,000 in UIM. They only way you wouldn’t is if you signed a form specifically requesting lower coverage. Let’s say a driver hits your bike, causing you $130,000 in medical expenses, but that driver has the state minimum limit of $50,000 in liability coverage. Because your insurance is greater than the insurance of the person who hit you, your insurance will pay up to your limit of coverage. In this case, your insurance is more than adequate to cover the extra $80,000.
Another thing to note: Your motorcycle insurance is not like an HMO with treatment exclusions. So if your doctor says you need chiropractic care, deep tissue massage or a wheel chair ramp into your house following the collision, your motorcycle policy will likely cover it.
On a motorcycle policy, you may have the option to include passenger liability protection. This means your liability coverage will extend to your passenger, even if they are related to you. Without this, your passenger only has Med Pay coverage protecting them.
If you purchase accessory coverage for your motorcycle to compensate you for damage to saddle bags and chrome bling, you should also have the option to include safety riding apparel as accessories. That means your helmet, gloves, leather or cordura jacket and rain suit can be replaced following an accident. Always keep receipts and pictures of upgrades to your bike and of your riding gear so you are properly compensated in the event of a claim.
If you are riding a classic bike and want full coverage, it will likely be written for an agreed value. That means it doesn’t suffer any depreciation like a newer bike might. Some agreed value policies don’t sell separate accessory coverage, and the value of the accessories should be included in the bike’s agreed value.
Other things you may want to add to your policy are roadside assistance/ towing , trip interruption coverage, disappearing deductibles, coverage for a trailer used to haul your bike, and for brand new bikes, guaranteed replacement cost.
Be sure to let your agent know if you have a motorcycle endorsement on your license, how many years of experience you have, whether you have completed a rider safety course, and if you belong to any riding associations such as HOG or BMW MOA.
Proud to Sponsor a Celebration of National Maritime Day in Belfast – May 18
The Propeller Club of the United States’ Searsport/Bucksport Chapter announces the area’s first celebration of National Maritime Day, to take place on Saturday, May 18, at Heritage Park in the City of Belfast. The celebration will call attention to our region’s rich commercial maritime heritage, and feature companies and organizations that support growth and safe operations within Penobscot Bay’s active seaports.
Planned activities include: USCG Color Guard honoring mariners lost at sea, guided tours aboard commercial and training vessels, boat trips, pilot gig rowing, law enforcement vessels, pilot boats, tug boats, and many other port support vessels. There will be a live tug boat demonstration by Penobscot Bay Tractor Tug Company tug FOURNIER TRACTOR, and a demonstration of the Bangor Fire Department’s new fire and rescue boat. Folk live music by the Windbuyer’s. Exhibits from 24 + local companies.
Event Schedule
| 10:00 AM | Opening Ceremonies | Pres. Capt. David Gelinas |
| 11:00 AM | Honoring those Lost at Sea
Hymn “Eternal Father” Blessing & Prayers Laying of the Wreath |
U.S.C.G. Color Guard St. Margaret’s Choir Reverend Joel Kreuger. Capt William Abbott |
| 11:30 AM | Maritime Person of the Year Award | Presented to Mr. Peter Vigue |
| 12:00 PM | Live Music | The Windbuyers folk trio |
| 2:00 PM | Demonstration of Fire Fighting Live Tug Boat Demonstration with all water cannons blazing |
Bangor Fire Department
Penobscot Bay Tractor Tug Company, Belfast |
| 4:00 PM | Closing Ceremonies | Pres. Capt. David Gelinas & V. Pres. Capt. Worth |
History of National Maritime Day
In 1933 the U.S. Congress designated May 22 as National Maritime Day to honor those who serve the nation as merchant mariners. On or about that day, the nation celebrates commercial seafarers for safely and responsibly promoting commerce and for protecting our freedom. The day is also intended to highlight the importance of the industry and our maritime heritage.
Maritime Person of the Year Award
The Propeller Club of Searsport and Bucksport are proud to announce that the recipient of the Club’s first Maritime Person of the Year Award for 2013 is Mr. Peter Vigue, Chair and CEO of the Cianbro Corporation. A Maine native, he received a B.S. in Marine Engineering from Maine Maritime Academy. After work in the Merchant Marine, he joined Cianbro in 1970 and soon became a leader in the construction industry. Under the leadership of Mr. Vigue, Cianbro has used Maine’s working ports in new and creative ways: they have brought valuable work to the port of Rockland, and overhauled the former Eastern Fine Paper facility in Brewer into a modular fabrication facility. For his influence in improving infrastructure in the region, his appreciation for the strategic significance of Maine’s working ports, and his ability to bring jobs and opportunity to the State, we are honoring Mr. Peter Vigue with our award as Maritime Person of the Year.
Background: In 2007, Cianbro started the overhaul of the former Eastern Fine Paper facility in Brewer, turning the former mill site into a modular fabrication facility. The site’s location adjacent to the Penobscot River was an especially attractive attribute for Cianbro, as the finished modules could be shipped out by barge. The first shipment was made in March of 2009, marking the first time in decades that manufactured goods had been exported down-river, and established the return of Brewer as a working port. In June of 2010, Cianbro was successful in securing a contract to do overhaul work on a 748’ deep-sea drill ship, the STENA FORTH. The project utilized the Port of Rockland as a staging and logistical base to successfully execute this task.
Attending Vessels and Exhibitors in alphabetical order
- Bangor Fire department: 26’ Fire & Rescue Boat
- Cianbro Corporation
- Come Boating
- Cummins Northeast LLC
- Dragon Cement Products
- First Wind
- Front Street Shipyard
- Great Northern Paper/Thermogen Industries
- Hamilton Marine
- Harbor tours aboard M/V Fish Hawk at discounted ticket price
- Hartley Marine Services
- H.O. Bouchard
- Irving Oil
- Lane Construction Corporation
- Maine dept. of Environmental Protection
- Maine Dept. of Marine Resources
- Maine Maritime Academy
- Maine Marine Patrol: 47’ patrol boat Guardian
- Maine Port Authority
- National Oceanic and Atmospheric Administration (NOAA)/ National Ocean Service (NOS)
- NEARACOOS (Northeast Regional Association of Coastal and Ocean Observing Systems)
- Nautical Scribe Books of Belfast
- Oil Spill Response Vessel Alvin McNeil
- Penobscot Bay and River Pilots: 47’ Pilot Boat Penobscot Pilot.
- Penobscot Bay Tractor Tug Company (one or more tugboats open for tours.)
- Penobscot River Oil Pollution Abatement Committee (PROPAC)- oil spill response vessels and equipment
- Penobscot Marine Museum, Searsport
- Prock Marine Corporation
- Reed & Reed
- Searsport Pilot Boat “Ciloway III” Courtesy Hamilton Marine
- Sprague Energy Corporation
- Tug Pentagoet; “Motor Vessel Ned” Courtesy Maine Maritime Marine
- U.S. Coast Guard Auxiliary
- U.S.C.G. Color Guard North Eastern Sector Portland division
- Webber Energy/Webber Tanks
Sponsorship is being provided by the following Companies in alphabetical order:
- Allen Insurance and Financial
- Cianbro Corporation
- Cummins Northeast LLC
- First Wind
- Hamilton Marine
- Irving Oil
- Lane Construction Company
- Mainely Solutions
- Montreal, Maine and Atlantic Railroad
- Monhegan Boat Line
- Nautical Scribe Books of Belfast
- Penobscot Bay and River Pilots Association
- Penobscot Bay Tractor Tug Company serving t
he Penobscot Region - Prock Marine Corporation
- Prock Marine Tug & Barge
- R & R Ltd
- Reed & Reed
- Sprague Energy
- Thermogen Industries/Cate Street Capital
- Wardwell Construction
Website: http://propellerclubsearsportbucksport.wordpress.com/
Facebook: https://www.facebook.com/pages/Propeller-Club-of-Searsport-and-Bucksport/145803792100204
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