Inland Marine Policies
Inland Marine policies, as compared to Ocean Marine policies, are meant to cover non ocean related property that is under construction, moves from place to place or is of special or high value. These features usually do not make them good candidates to be insured by standard business property policies.
The term “Inland Marine” covers policies that have many different names to describe what they cover. When you see a building under construction, it would be insured under a Builders Risk policy. Cargo in transit would be insured by a Cargo policy. Contractors Equipment would be insured under an Equipment policy. Jewelry stores inventory is covered by a Jewelers Block policy.
What are some of the benefits of insuring property under an Inland Marine Policy form?
- Most of them have broader coverage than standard property policies
- Most use a rate structure that is more advantageous to the insured
- Many insure the property in question under a “stated” value, meaning the stated value of the property insured is what you would receive if it were destroyed or lost as compared with Actual Cash Value which is a depreciated value
These coverages can be written as a stand-alone policy or added to a commercial property policy by endorsement. The industries where you typically see Inland Marine coverage are construction, warehousing and transit and where there is a “bailee” exposure, such as a dry cleaner. Loss to the property of others in their possession is covered under an Inland Marine form.
If you think that you may have an Inland Marine exposure or if you have coverage but are not sure if it is sufficient, please call Mike Regan at Regan Cleary Insurance.
At Cleary, we will evaluate your business exposures and work with you to develop a comprehensive plan to safeguard your business. We are members of the National Association of Surety Bond Producers (NASBP), the professional organization for agents that also specialize in surety bonding. Give us a call today at 617-723-0700.
Summer Activities
Liability risk is everywhere: at home, on the road, on vacation. It’s an unfortunate fact that accidents can stem from everyday activities and lead to costly lawsuits. Do you:
- Own a pool or trampoline?
- Entertain?
- Have excited pets?
- Spend time behind the wheel?
- Have a teen driver in the household?
- Own a recreational vehicle or boat?
- Have staff in your home (gardeners, nannies, housekeepers)?
These are all factors that increase your risk for a lawsuit. Therefore it is important to make sure you understand the risks you face and the options you have to manage those risks.
In today’s litigious society, every family with significant assets faces the risk of lawsuits that could significantly impact their net worth. That’s why we recommend you consider the need for an Excess Liability policy. Financial planners suggest that clients should have excess liability coverage at least equal to their net worth.
Personal Excess Liability policies, more commonly known as Umbrella policies, are very important to your financial well-being and the cost is minimal: usually about $300 annually for the first $1,000,000 in coverage.
Umbrella policies pick up where your homeowner and auto policies leave off. For example, if you are in a car accident and your auto policy provides $500,000 in coverage, and someone is seriously injured, you could be sued for much more than $500,000. The umbrella policy would then take over. The policy would pay for medical bills and in the event of a lawsuit, pay legal fees and the settlement – up to the limits of your policy.
Contact us today so we can customize a policy that balances your assets and risks to provide you with peace of mind.
Concerned about your personal insurance coverage? At Cleary, our experienced Personal Lines department will work with you to evaluate your insurance needs, identify exposures and create a customized insurance portfolio. Give us a call today at 617-723-0700.
Federal Service Contracts
The U.S. Department of Labor issued a Final Rule implementing Executive Order # 13495, Nondisplacement of Qualified Workers under Service Contracts, signed by President Obama on January 30, 2009. The Order and the final rule require contractors and subcontractors who are awarded a federal service contract to provide the same or similar services at the same location to, in most circumstances, offer employment to the predecessor contractor’s employees in positions for which they are qualified.
Where the successor contract is a contract subject to the Order and the final rule, the contracting officer (or designee) will ensure that the contractor provides written notice to the eligible employees of the predecessor contractor of their possible right to an offer of employment. Such notice may either be posted in a conspicuous place at the worksite or may be delivered to the employees individually. An offer of employment may be for any position for which the employee is qualified; the offer need not be for the same position that the employee previously held.
The effect on Contractors is outlined below:
- With limited exceptions, the contractor will be compelled to initially offer employment to the predecessor contractor’s employees. The contractor’s workforce will be comprised of the predecessor company’s employees rather than employees selected or employed by the contractor.
- If the predecessor workforce is unionized, the successor contractor will be required to recognize the union under the National Labor Relations Act successorship rules.
- Additionally, if the predecessor’s workforce was in the process of unionizing, then those organizational efforts will continue with the new Employer.
- The Final Rule’s effective date will probably be before year end when the Federal Acquisition Council issues companion regulations implementing the Executive Order.
Health and Welfare Changes
Effective June 17, 2012 the new SCA health and welfare benefit increased to $3.71 per hour. We encourage all contractors to not pay the new fringe benefit until it has been authorized by your Contracting Agency with a modification date.
At Cleary, we know how important a comprehensive benefits package can be to your continued success. Give us a call today at 617-723-0700 and we will work with you to create a plan that meets your fringe benefit obligations and provides your employees with valuable benefits.