Summer 2004 newsletter

Raising Responsible Young Drivers		Dead or Alive?!
When adding a youthful driver to your policy, your first question most likely is "How will this effect my premium?" Understandable but a bigger concer is the safety of your young driver. Statistics provided by the State show that while drviers aged 15 to 24 years only account for 1/8 of all drivers, they result in 1/4 of all motor vehicle fatalities and nearly 1/3 of all injuries. Each week, in Maine alone, one young driver is killed and 60 are injured. Driver inexperience and risky driving behavior are cited as main reasons for this trend.	Studies are showing that good communication and consistent involvement between parents/guardians and youth have a positive influence. Start by talking with your inexperienced driver about safe driving haabits and being a good role model yourself. We encourage you to complete a "Young Driver-Parent/Guardian Contract"together. A sample copy, safety tips and statistics are available at www.state.me.us/sos/news/youngdriver.htm or stop by our office.	Have you ever heard someone say: "I am insurance poor! If I had all the money I paid in insurance premiums over the years, I'd be rich!!!"? Well! O.K.! WE CAN HELP! If you have a life insurance need that is expected to last a specified period of time, such as a mortgage or covering you life while the children are young, you need a ROP!!! A Return Of Premiumpolicy gives you your money back at the end of the term if you do not die. Even if you don't keep the policy for the entire term, you may still get a percentage of the premium returned! Term plans run either 15, 20 or 30 years.
Law & Ordinance Changes While recovering from a property loss, the last thing you need to hear is "You must update all the wiring because codes have changed." or "We'll have to tear down the remaining walls, too and build from scratch." Costs for situations like this can escalate, especially for homeowners and landlords whose property has not been updated recently.	How Could They Effect You? Law and Ordinance Changes can result in increased repair, renovation, demolition, debris removal, and remodeling costs. The Law or Ordinance Endorsementcan alleviaate some of the burden of these added expenses. Not all homeowners and dwelling policies are eligible; please call us to discuss your possible exposure and coverage alternatives.	This type of plan gives you flexibility. Use the fund to pay off the mortgage early or take a vacation. You could even use the funds to pay for a trip to your child's graduation! It's like spending an IRS refund! Call Sue McKay today to see how your life insurance can pay off "dead or alive!" These newsletter articles are intended for general information only and do not represent individual policies. Remember: only your actual insurance policy can give the specific terms, coverage amounts, conditions and exclusions applicable to your situation; each insurance product varies slightly by company.

Professionally Speaking
Most professional liability policies are now written on a "claims made" basis. The policy may have a Prior Acts, Errors, and Omissions Exclusion (or a Retroactive Exclusion).It is important that the retroactive date remains constant as the policy renews each year. Coverage depend on the incident causing the claim taking place during the policy period (or prior to the policy effective date, but after the retroactive date) and the claim being reported during the policy period (or within a set number of days after its expiration) All professional liability policies are not created equal. Several honor a aretro date from a previous policy for prior acts coverage. Some automatically prrovide a basic ERP, but most require the insured to purchase this tail coverage. Some ERPs have an unlimited time element, but many are limited to 1-3 years. We are familiar with these coverages; call us today!

Professionally Speaking

Most professional liability policies are now written on a "claims made" basis. The policy may have a Prior Acts, Errors, and Omissions Exclusion (or a Retroactive Exclusion).It is important that the retroactive date remains constant as the policy renews each year. Coverage depend on

the incident causing the claim taking place during the policy period (or prior to the policy effective date, but after the retroactive date)
and the claim being reported during the policy period (or within a set number of days after its expiration)

All professional liability policies are not created equal. Several honor a aretro date from a previous policy for prior acts coverage. Some automatically prrovide a basic ERP, but most require the insured to purchase this tail coverage. Some ERPs have an unlimited time element, but many are limited to 1-3 years. We are familiar with these coverages; call us today!

Your Home, One of Your Most Valuable Assets! We want to ensure you don't lose it due to death or disability! Please complete this basic questionaire to request a quote for mortgage protection.
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