In this month’s edition of WorkBoat magazine, Gene McKeever answers the question: Can You Insure Your Work Boat With a Yacht Policy?
The insurance industry uses the law of large numbers to make money by insuring as many of what the numbers tell them to insure. How do you get a large number of boat owners to buy your insurance?
You make the policy as generic as possible and throw in some goodies like personal effects coverage, pollution liability, uninsured boater coverage and towing assistance.
Read more now at WorkBoat.com.
Are You Prepared for Hurricane Season? What About Your Insurance?
The United States and coastal residents have dodged more than a few bullets over the last few years. Not since 2005 has a major hurricane made landfall, sparing a substantial number of home and business owners from having to file a property insurance claim.
But with the official start of hurricane season beginning in June and lasting until the end of November, that’s a long time for the possibility of major storms to develop, and researchers at Colorado State University predict that there will be seven named before the active weather period winds its way to a close. That’s fewer than the 12 per season average that’s been the norm for the last 35 years now, according to the National Oceanic and Atmospheric Administration.
Even if only one takes shape, though, it can wreak a staggering amount of damage that could make 2015 a year to remember for all the wrong reasons.
It’s for this reason that the Insurance Information Institute recommends that you review your homeowners insurance policy so that you’re covered properly. Here are some tips from our colleagues from Selective.
1. Determine your policy’s limits
It’s not unusual for people to buy coverage, only to find out later on that their policy doesn’t provide for everything that’s damaged. For instance, some insure their home based on its purchase value rather than what it cost to rebuild the home from scratch. The cost to rebuild should determine your policy limit. By securing an extended replacement cost policy, these typically pay 20% over and above what your policy allows for.
2. Perform an inventory assessment
Built within every home and business owners insurance policy is protection for your valuables and belongings. But do you know how much all your valuables are worth? If not, it’s a good idea to conduct an inventory assessment to see how much protection is appropriate. III has a free downloadable app that can help you with this.
3. Review flood coverage protection
Oftentimes, people think that their homeowners insurance includes flood insurance, when in actuality, this is a separate policy entirely. Flooding is the No. 1 natural disaster in the U.S., according to the Federal Emergency Management Agency. And if there is a hurricane, you can almost guarantee it will be accompanied by copious amounts of rain that could find its way inside. In fact, 90% of all natural disasters include some form of flooding, according to III data.
4. Examine coverage for additional living expenses
After Hurricane Sandy, which was a Category 1 storm, thousands of people in the Tri-State area had to abandon their homes because they were deemed uninhabitable. Besides the inconvenience it caused, it also required many people to pay out of pocket for the cost of renting out a hotel. Additional living expenses protection provides for these unexpected costs. Ensure that your home or renters insurance policy has it.
5. Assemble an emergency kit
If you don’t have an emergency kit, now’s the time to put one together. The best items to include are those that you’ll need to have when in an urgent situation, such as three days worth of food, water and clothing. The Federal Emergency Management Agency has a great online resource that details all the things that ought to go in one, including the type of first-aid resources to have on hand.
Knitting for a Cause
Paula Caputo and Abe Dugal.
Allen Insurance and Financial recently delivered dozens of hats and skeins of yarn to the Chemo Caps for Kids program run by the Commonwealth Financial Network.
In addition, hats knitted by local people were delivered last week to the Dempsey Center for Cancer Hope and Healing in Lewiston. Kimberly Edgar of Allen’s Camden office is coordinating the program locally.
“We are grateful to Over the Rainbow in Rockland for yarn and hat donations and to Cashmere Goat in Camden for their help with publicity to their customers,” said Edgar, noting that a large of Midcoast knitters, all pretty much anonymous, have dedicated serious time and creativity to this cause.
Anyone interested in donating yarn or knitting time to this project can call Kimberly Edgar at 230-5831.
Allen Insurance and Financial Appointed to The Hanover’s President’s Club
The Hanover Insurance Group, a leading provider of property and casualty insurance products and services nationwide, recently honored Allen Insurance and Financial with an appointment to its President’s Club, an elite group of independent insurance agencies from across the country.
President’s Club agencies meet the highest level of standards with regard to the agency’s ability to deliver value to customers through strong insurance expertise and responsive service.
The Hanover partners with only 2,200 out of a total of 35,000 total independent agents in the country. Across The Hanover’s agents, an elite group of only 125 are honored in its President’s Club each year as the company’s top performers.
“The Hanover has always partnered with the best independent agents in the country who provide real value and outstanding service for their customers,” said Frederick H. Eppinger, president and chief executive officer of The Hanover. “Allen Insurance and Financial exemplifies what it means to be a truly professional independent agent, providing expert insurance advice, dedicated service and a broad range of products to meet the needs of its customers.”
Mike Dufour.
The agency will be formally recognized for its President’s Club achievement at a national business conference sponsored by The Hanover.
“We are proud to have earned the honor of The Hanover’s President’s Club,” said Michael Dufour, executive vice president at Allen Insurance and Financial. This achievement is a reflection of the successful partnership we have developed with The Hanover, through which we offer specialized and innovative insurance products to meet our customers’ unique needs. We are very pleased that The Hanover has recognized our team for its excellent work and dedication on behalf of our customers.”
Sherree Craig Now NAHU Self-Funded Certified
Sherree Craig, senior account executive in the insured benefits division at Allen Insurance and Financial, is now certified through the National Association of Health Underwriters’ new professional development course on self-funding. This continuing education course for agents has been approved in all 50 states.
Sherree L. Craig, CEBS
Craig completed this three-hour course to receive the most up-to-date information on the key technical components of self-funding and is prepared to counsel Allen Insurance clients on self-funded models and strategy.
“By taking this course, Sherree has joined an elite group who is uniquely qualified to assist clients in implementing and maintaining self-funded medical coverage,” said Janet Trautwein, NAHU chief executive officer. “She understands the benefits and risks between self-funded and fully-insured, and is in the perfect position to advise businesses on their options.”
Topics of study include:
- Implementing self-funding plan structure—technical knowledge and overview
- Fixed cost and aggregate risk
- Third party administrators—fees and services
- Stop-loss insurance
- Managing claims and controlling cost
- Plan design structure to influence consumer behavior
- Transparency
The National Association of Health Underwriters represents 100,000 professional health insurance agents and brokers who provide insurance for millions of Americans.
Kimberly Edgar Earns Maine Health & Life Insurance License
Kim Edgar
Kim Edgar, a group benefits account manager at Allen Insurance and Financial, has obtained her license to sell life, health, and other group insurance benefits programs in the state of Maine. She studied for the state exam through Allen’s in-house education program.
Edgar joined Allen Insurance and Financial in August 2014 and is based in the company’s insured benefits division, located at 31 Chestnut Street in Camden. She assists clients with questions about group benefits, including life, disability, dental, and health insurance.
Edgar lives in Lincolnville with her husband and son and their rescue dog.
Last Days to Take Advantage of Tax Season Special Enrollment Period
Uninsured tax filers who owe a fee on their 2014 taxes for not having minimum essential health coverage in 2014 have until April 30 to take advantage of a Special Enrollment Period through the Federally-facilitated Marketplace to enroll in health coverage for the remainder of 2015.
As of mid-April, more than 68,000 consumers have taken advantage of this opportunity to sign up for coverage through the Federally-facilitated Marketplace.
In order to take advantage of this Special Enrollment Period, consumers must meet all of the following requirements:
• They did not know that the health care law required them and their household to have health coverage, or they didn’t understand how that requirement would affect their family.
• They owe a fee for not having minimum essential coverage for one or more months in 2014;
• They are not already enrolled in minimum essential coverage for 2015.
• They live in a state with a federally-facilitated marketplace; some state-based marketplaces are offering similar Special Enrollment Periods as well.
For those who are required to file taxes, the fee for not having minimum essential coverage in 2014 was 1 percent of household income or $95 per person, whichever is greater. This fee will increase in 2015 to 2 percent of household income or $325 per person, whichever is greater. The fee is pro-rated based on how many months a person is uninsured. If an individual who would otherwise have to pay a fee enrolls in coverage for the remainder of 2015, they will pay the fee only for the months they were uninsured.
Additional information for consumers: Consumers seeking to take advantage of the Special Enrollment Period can find out if they are eligible by visiting https://www.healthcare.gov/get-coverage. Consumers should also be aware of the following:
1. Act now to avoid owing the full fee next year. This Special Enrollment Period is only open until April 30, 2015. Consumers who don’t have minimum essential coverage for the remainder of 2015 risk owing the fee for whatever portion of the year they don’t have coverage.
2. Plans might be more affordable than you think. Eight out of 10 people can find minimum essential coverage for $100 or less a month with tax credits through the marketplace.
3. You benefit from increased competition and choice. Compared to last year, there are over 25 percent more health insurance companies participating in the Marketplace in 2015. More than 90 percent of consumers will be able to choose from three or more health insurance companies—up from 74 percent in 2014- and consumers can choose from an average of 40 health plans in their county for 2015 coverage—up from 30 in 2014.
For more information, contact Anna Moorman at Allen Insurance and Financial.
Health Insurance Premium Payment Grace Periods: What You Need to Know
An insurer expects premiums to be paid prior to a member’s specified due date. Exchange rules require a payment grace period. Although this is not a new term, the grace period for Exchange premium payments will differ between non-subsidized and subsidized members.
A grace period is the period of time after a premium payment becomes due in full without policy cancellation.
Members should pay before their due date. Beyond these grace periods if a member has not paid their outstanding premium in full, their coverage will be terminated and they will not be allowed to re-apply for Exchange insurance until the next Open Enrollment Period. Members will be notified if they are in a past due premium situation.
Grace periods:
• Non-subsidized members: A non-subsidized member will have a 1-billing-month grace period from their billing due date to pay in full.
• Subsidized members: A subsidized member will have a 3-billing-month grace period.
If you have questions, please call Anna Moorman.
Choosing Health Plans When Your Business is Growing
When your business grows and you begin adding employees to meet growing customer demands, there’s more to consider than making schedules and setting up new work spaces. You must begin considering health plans that meet the needs of your employees while still meeting the complex requirements of the Affordable Care Act, including the employer shared responsibility mandate.
Choosing the right health coverage inspires loyalty and productivity in your workers and is a key factor in employee recruitment and retention. You also need to know exactly where your plan stands with ACA compliance, so this is something you want to get right.
Read more now from our partners at Anthem, on their healthcare reform blog.
Michael Pierce Recognized by Commonwealth Financial Network®
Michael Pierce, an independent financial advisor affiliated with Commonwealth Financial Network® and president of Allen Insurance and Financial in Camden, Maine, has achieved Commonwealth Leaders status for 2015.
This distinction recognizes successful financial advisors based on a ranking of annual production among Commonwealth’s network of approximately 1,600 financial advisors. Commonwealth is the nation’s largest privately held independent broker/dealer–RIA and the broker/dealer of choice for Pierce.
Wayne Bloom, CEO of Commonwealth, said, “We are pleased to recognize Mike Pierce with this exclusive distinction. As a highly regarded advisor within the industry and a valued member of the Commonwealth community, Mike represents the scale and stature of a Leaders-level advisor, and we look forward to his participation in our conference.”
A variety of business meetings and informative sessions spanned the weeklong conference, where attendees gained compelling insights, best practices, and recommendations from industry leaders. Numerous networking sessions and opportunities for interacting with peers allowed like-minded advisors to connect and share ideas. Overall, the conference emphasized providing the highest level of service, value, and commitment to the participants’ clients.
Said Bloom: “Attending this event is just one of the many ways in which Mike displays a long-term commitment to educating himself on the best tools and strategies to meet the demands of investors.” .
About Allen Insurance and Financial
Allen Insurance and Financial has been providing individuals and organizations with financial guidance. Located at 31 Chestnut Street in Camden, the advisors of Allen Insurance and Financial pride themselves on crafting unique strategies for each client. For more information, please visit www.allenif.com. Securities and Advisory Services offered through Commonwealth Financial Network®, Member FINRA, SIPC, a Registered Investment Adviser. Fixed Insurance products and services offered through Allen Insurance and Financial or CES Insurance Agency.
About Commonwealth Financial Network
Founded in 1979, Commonwealth Financial Network, member FINRA/SIPC, is the nation’s largest privately held independent broker/dealer–RIA, with headquarters in Waltham, Massachusetts, and San Diego, California. J.D. Power ranks Commonwealth “Highest in Independent Advisor Satisfaction Among Financial Investment Firms, Four Times in a Row.” The firm supports approximately 1,600 independent advisors nationwide in serving their clients as registered representatives, investment adviser representatives, and registered investment advisers, as well as through hybrid service models. For more information, please visit www.commonwealth.com.
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