Examples:

Imagine you are setting off some fireworks in your driveway for your children and their friends. Suddenly, a sparkler you gave to a neighbor’s child violently flares up, burning her hand and face.

Or…

While setting off some bottle rockets, one smashes through a window of a house across the street. The rocket sets the home’s living room curtains on fire. It then spreads to the carpeting and the room’s furnishings. The local fire department responds, putting out the fire. There are thousands of dollars in damage caused by fire and water.

In the first example, your Homeowners Policy could cover her injuries a couple of ways. If the injuries are minor, her medical treatment could be handled under the Medical Payments portion. However, if the child’s injuries are more serious and her parents sue, your policy’s liability portion should handle your legal defense as well as a legal judgment.

In the latter example, one could be found negligent for causing the fire and subsequent damage. A homeowner’s policy usually handles claims such as these. However, you should also be aware of limitations which will be covered below.

We’ve discussed that a homeowners policy may be available to handle losses involving fireworks. However, this is not always the case as there are instances where your homeowner policy does not offer coverage.

• Legal Issue

If it’s illegal for you to set off fireworks, this legal hurdle could result in any loss being excluded by the policy.

• Business Issue

A homeowner’s policy is meant to handle losses related to owning and living in a home, there’s no coverage for a person who uses their home for making, selling, storing or distributing fireworks. Any business activity involving fireworks is going to cause a big problem if a loss occurs.

• Who Is Injured Issue

Injuries to yourself or others in your household are not covered because Medical Payments and Liability coverage is designed to handle loss suffered by persons outside of your household.

• Intentional Loss Issue

If an injury or damage to property is not an accident, there’s no coverage. Tossing a firecracker or aiming a bottle rocket at another person could be considered deliberate, even when no injury was intended. Deliberate acts and their consequences are commonly excluded by homeowner’s policies.

So when dealing with fireworks, make sure they’re legal, that they’re used carefully and only for entertainment. Then your chances are good that any loss may also be covered.

Collision coverage–This covers damage to your own vehicle that happens when your vehicle runs into another object, such as other vehicles, trees, light poles, mountains, etc.

Other Than Collision coverage–This also covers damage to your own vehicle that is due to sources such as fire, theft, hitting an animal, vandalism, earthquake, flood or hail. Unlike liability coverage, both Collision and Other Than Collision coverages are subject to deductibles, the amount of a claim that the policy owner must pay. Deductibles are meant to eliminate an insurer having to pay for very minor losses.

Special Parts and Accessories–This coverage may be part of a cycle insurer’s basic coverage or, quite often, an optional coverage. Typically it pays for loss involving damage to custom equipment that is added to a cycle rather than what is provided by the cycle manufacturer.

Medical Payments–This coverage typically handles medical expenses for injuries to you while operating your cycle.

Roadside Assistance–This coverage is to help pay for your costs to deal with a disabled cycle, helping to pay for it to be transported to a location for repairs of to assist with the cost for any repair or service that occurs at the location of the cycle’s breakdown. However, this coverage is for labor rather than the costs of parts.

Remember the above information only touches upon some typical insurance issues. It’s always wise to contact your agent and discuss your coverage questions and needs in detail.

Motorcycles are an amazing way to travel, making even commuting adventurous. But motorcycles share the roads with vehicles that dwarf them. They also lack the protective shells of cars and trucks, so motorcyclists are far more vulnerable to serious, even fatal injuries. In order to minimize the danger, there are steps that all motorcyclists should take:

Pre-Motorcycle Season

Make sure that, after being parked and stored, the cycle is in good condition. That means:

• Checking lights and signals
• Testing brakes
• Checking fuel and oils
• Make sure all cables and chains are in working order (also properly lube chains)

This is also the ideal time to see if you have the proper outfit and gear for riding. Light colors, sturdy fabrics, protective footwear, padded jackets and, of course, a proper helmet. Another thing to consider if you are inexperienced or if it has been a long time since you have operated a cycle is a brush-up safety course.

During Motorcycle Season

• Adjust your driving to driving conditions, especially poor weather
• Always wear correct clothing and gear
• Brake properly – especially avoid braking while making turns
• Don’t drive beyond your skills
• Keep alert – make sure that others on the road are aware of you. Stay out of their blind spots and take care when changing lanes and passing other vehicles
• Obey traffic laws – Complying with speed limits and road warnings is important. Also, NO tailgating!
• Stay focused on your cycle – driving distractions are even more dangerous for motorcyclists

Few things are as much fun as motorcycles, but ride them safely!

Property Coverage – Typically a boat owner’s policy covers:

• Boats – Refers to property designed to travel on water and includes sails, its permanent equipment, spars and fittings.
• Boating Equipment – Includes a wide variety of property that is used in conjunction with boats and it includes accessories. Items considered as equipment are property used for communication (radios), navigation, sonar, radar, outboard motors, dinghies, skis and sports equipment (recreational flotation devices) that are towed by boats and similar property. As a rule of thumb, the more related an item is to the ownership and use of a boat, the greater the justification to classify it as boating equipment.
• Boat Trailers – Trailers used (and designed) for transporting boats (as defined by the policy).

This property must be owned by the person who is named as the policyholder. There are limited instances when such property that is temporarily in the policyholder’s possession also qualifies for coverage.

Items and situations that aren’t covered include boating property that is used in business activity, losses that involve races or competitions (an exception is made for sailboats) and boats that are used, full-time, as residences.

Liability Coverage – Besides protecting boating property, a boat owners policy also responds to claims or lawsuits caused when another person is injured, and /or when another person’s property is damaged or destroyed. An example of this would be a collision where the owner of a large speedboat collides with a person on a jet ski, seriously injuring the rider and (or) demolishing the jet ski. The policy would handle both portions of such a loss. The liability portion would also provide a legal defense against lawsuits.

Another important coverage under the liability section is medical payments. This provides reimbursement for, typically, emergency or immediate medical treatment expense. Consider a person who slips on a boat deck and needs transportation to an emergency for treatment of a broken bone or concussion. Such costs would qualify under medical payments.

As is the case with property coverage, there are liability situations that are NOT covered by a boat owner’s policy, including losses that involve business activity, transmission of communicable disease, unauthorized operation of boating property, intentional acts, and criminal activity.

Boating property is a substantial investment and boat owner’s coverage is an efficient, affordable way to guard against accidental losses.

Give us a call before putting your boat in the water this season, so that you can cruise along free from worry!

Many homeowners love the simplicity and effectiveness of using fire pits as a way to enhance the looks and the usefulness of their homes’ outdoor space. Fire pits are great for entertaining during cooler spring days and nights and have grown increasingly popular throughout the years. They could be portable units, simple dirt areas, encircled with rocks, or complex and expensive custom built structures.

Their recreational usefulness and ability to enhance outside livability comes with a danger. Fires are lit in these portable or permanent areas and should be monitored at all times. When fire loses containment, serious injuries and damage can result. So, consider the danger to persons and property, and what measures fire pit owners should take to minimize losses.

Here are 10 Tips to consider before lighting a backyard fire this spring:

1. If you use a portable fire pit, it must be placed on a level, non-flammable (concrete, brick, gravel, etc.) surface
2. If you install a permanent fire pit, its location must meet local ordinances regarding its placement, including the need of a site inspection
3. Any fire pit should be at least ten feet aware from structures, flammable property and overhanging branches
4. Take consideration of weather conditions such as drought and wind before lighting fires
5. Do not use accelerants (gas, kerosene, lighter fluid) to start fires.
6. Only seasoned hardwoods with the proper size (logs in proportion to pit size) should be used
7. Never use fire pits to burn cardboard, paper, plywood or trash
8. Fire extinguishing equipment or materials should be kept nearby
9. Carefully supervise children when using a fire pit
10. When extinguishing, be sure there are no glowing embers that could ignite before heading in for the night

Do I need FLOOD INSURANCE if I don’t live near the coast?

Floods can happen anywhere. More than 20 percent of flood claims come from properties outside the high risk flood zones.  All banks require flood insurance for property located in high risk zones A or V.

While home insurance policies in Massachusetts and Rhode Island do cover water damage from faulty plumbing systems, leaky hot water tanks or water damage from roof leaks, all home policies specifically exclude coverage for floods even for flooding from a hurricane.

If you live in a moderate- or low-risk area, flood insurance might not be mandatory — but it is advisable, as many victims of last year’s record flooding in Texas can attest.

Who offers flood insurance and what does it cover?

In selecting flood coverage in Massachusetts and Rhode Island, there are two basic options:

National Flood Insurance Program: The NFIP is administered by the Federal Emergency Management Agency (FEMA), with coverage limits capped at $250,000 for your home and $100,000 for belongings.

Private Flood Insurance: If you live in a high-risk zone, you can get higher coverage limits with private flood insurance — typically up to $800,000 for your home, and $250,000 for belongings.

We have been successful in finding lower flood insurance premiums in the Private Flood Insurance market for property in either the Preferred or low risk flood zones of B, C or X and in the A – AE zones.

The Private Flood Insurance market has not been as competitive in the most hazardous flood zones V (the V describes the velocity of water that may cause extensive damage).  They are doing extensive risk analysis of a property before offering coverage.

How do I determine my flood risk?

We can do a flood zone determination for you and provide a quote for this important coverage. Preferred Risk policy premiums are often less than $500 per year.

What is insured under a Massachusetts or Rhode Island flood policy?

Building Property coverage includes:

• The insured building and its foundation.
• The electrical and plumbing systems.
• Central air-conditioning equipment, furnaces, and water heaters.
• Refrigerators, cooking stoves, and built-in appliances such as dishwashers.
• Permanently installed carpeting over an unfinished floor. (not in basements)
• Permanently installed paneling,wallboard, bookcases, and cabinets and window blinds.
• Debris removal.

Personal Property coverage includes:

• Personal belongings such as clothing, furniture, and electronic equipment.
• Portable and window air conditioners.
• Portable microwave ovens and portable dishwashers.
• Carpets not included in building coverage (see above).
• Clothes washers and dryers, Food freezers and the food in them.
• Certain valuable items such as original artwork and furs (up to $2,500).

Unfortunately Massachusetts and Rhode Island Flood insurance coverage is limited in areas below the lowest elevated floor (including crawl spaces) depending on the flood zone and date of construction and in basements regardless of zone, or date of construction.

Other Resources:

FEMA Flood Map Service Center: https://msc.fema.gov/portal/search

FEMA’s National Flood Insurance Program: https://www.fema.gov/national-flood-insurance-program

How can I pay less for FLOOD Insurance? https://www.fema.gov/how-can-i-pay-less-flood-insurance

FEMA’s Flood Mitigation Resources: https://www.fema.gov/national-flood-insurance-program-and-mitigation-resource-list

Elevating your house: https://www.fema.gov/pdf/rebuild/mat/sec5.pdf

Get a Massachusetts or Rhode Island Flood Insurance Quote

The Black Whale is a Contemporary bar & eatery serving innovative seafood & raw shellfish amid harbor views.

Located in the heart of the New Bedford Waterfront Pier 3 The Black Whale specializes in the freshest Raw Bar & Seafood New England has to offer. Straight from the local boats to their kitchen to your plate.

The Black Whale also carries a fine, extensive, and exclusive selection in Bourbons, Scotches and Whiskeys.

Sporting a gorgeous interior, the dining room is Brightly lit, warm, and inviting. Large prints of vintage 19th century photos of the area show how proud The Black Whale is of its New Bedford home.

If you are Looking for an upscale night out, you don’t have to travel to Providence or Boston. This high-end eatery provides the food and atmosphere you are looking for while paying respect to New Bedford and the South Coast

With seafood straight off of the docks and produce from local farms, visit the Black Whale today to Support local and enjoy excellence.

The Black Whale is open Sunday through Thursday 11:30am – 9pm and from 11:30am – 10pm on Friday and Saturday. The Black Whale is located at 106 Pier 3 in New Bedford, MA. You can reach them at (508) 990-7100 or send a message here: http://www.theblackwhale.com/contact-us/ Don’t forget to check out their Facebook Page for more info.

For years, the IIHS has been the best source of safety ratings for new vehicles. However not all vehicles listed as a TOP SAFETY PICK or TOP SAFETY PICK+ (especially brand new ones) are within a family’s budget. In fact, 83 percent of parents who bought a car for their teen last year got a used one, according to a national survey conducted for the IIHS (see background research).

What makes a car safe?

The IIHS defines safety by these four main principles:

• Less horsepower is better for young drivers. Being able to go fast is not seen as a good thing for teen drivers.
• Bigger, Heavier, Slower, Better. Beginning to see a trend here? A big, slower vehicle is always going to be safer in a collision, and HLDI studies show that teens are less likely to crash them in the first place. You’ll notice on the recommended list that there are no small cars.
• They should have Electronic stability control (ESC). This feature, will help a driver keep control of the vehicle on icy or wet roads, reducing the risk of an accident.
• The higher the safety rating, the better the car. At the very least, a good rating in the IIHS moderate overlap front, side, and head restraint tests and 4 out of 5 stars from the at a minimum from the National Highway Traffic Safety Administration (NHTSA).

Check for recalls

Before buying, check the car’s VIN number to see if there are any outstanding recalls. After buying, register your vehicle with the manufacturer to stay in the loop about any future recalls. NHTSA is another great resource for vehicle owners to check on any recalls or issues.

For more information, see “Smart picks for new drivers: IIHS updates criteria for recommended used vehicles” (April 2017).

The following lists are provided by the IIHS and we put them here for your convenience. For the original content, visit http://www.iihs.org/iihs/ratings/vehicles-for-teens

BEST CHOICES: recommended used vehicles for teens starting under $20,000

Vehicles on this list earn good ratings in the IIHS moderate overlap front, side, roof strength and head restraint tests and good or acceptable ratings in the small overlap front test. If rated by NHTSA, they earn 4 or 5 stars overall or 4 or 5 stars in the front and side tests under the old rating scheme. All come with standard ESC.

All listed vehicles start under $20,000. Prices, provided by Kelley Blue Book and rounded to the nearest $100, are from March 1, 2017, for the lowest trim level and earliest applicable model year. The estimates are based on the following criteria: vehicle in good condition, typical mileage and private party purchase in Arlington, Va.

Note: Some listed models include a “built after” date. This applies when a manufacturer makes changes to improve safety in the middle of a model year. Information about when a specific vehicle was manufactured can be found on the certification label typically affixed to the driver door or near it.

GOOD CHOICES: recommended used vehicles for teens starting under $10,000

Vehicles on this list earn good ratings in the IIHS moderate overlap front, side and head restraint tests. If rated by NHTSA, they earn 4 or 5 stars overall or 4 or 5 stars in the front and side tests under the old rating scheme. All come with standard ESC.

All listed vehicles start under $10,000. Prices, provided by Kelley Blue Book and rounded to the nearest $100, are from March 1, 2017, for the lowest trim level and earliest applicable model year. The estimates are based on the following criteria: vehicle in good condition, typical mileage and private party purchase in Arlington, Va.

Note: Some listed models include a “built after” date. This applies when a manufacturer makes changes to improve safety in the middle of a model year. Information about when a specific vehicle was manufactured can be found on the certification label typically affixed to the driver door or near it.

To make an insurance plan for your teen driver, click here

Warehousing and transportation are key components of the current American economy, and the same could be said for the early twentieth century. Then, as now, products were being shipped across the country in large volumes with significant monetary value. Owners of inventory typically use bank loans to finance the production, storage and transportation of the product until it is sold. Banks issuing such credit require the owners to provide “warehouse receipts”, or written evidence of the goods being held in a warehouse. In the case of a particularly valuable, or regulated product such as liquor, the banks would further require that the warehouse be “bonded”. In most cases bonds are issued by an insurance company in a legal process referred to as surety. The insurance company agrees (for a fee) to guarantee the financial pledge the owner of the property is making to some third party. If the owner defaults, the insurance company is required to make restitution to the third party.

Records of the US Senate Committee on Agriculture and Forestry from June of 1918 provide detail of the extent of bank’s commitments to the liquor industry. Percy H Johnston, VP of Chemical National Bank of NY testified that there were between 200 and 250 million gallons of liquor stored in bonded warehouses representing a value of $500 million. Against this was approximately $250 million in credit issued by US banks. The bankers feared that quick passage of laws implementing the prohibition of liquor would render this credit worthless and result in the failure of many small banks. It seems nothing was in fact done to specifically address this issue in the eventual implementation of the law. In 1920 the Bulletin of the American Warehousemen’s Association, Vol 21 quoted Federal Reserve Board Chairman William P.G. Harding; “[the U.S. Attorney General] has ruled that warehouse receipts covering whiskey in bond may under certain circumstances be legally bought and sold. Whether or not a bank will make a loan upon a note secured in that manner is a question which, of course must be determined by the bank itself in each case”.

By January of 1922 (two years after ratification of the amendment) there remained 38 million gallons in 304 bonded warehouses. 80% of the stock was in reality owned by banks who held warehouse receipts for the spirits but had no control over it under prohibition laws. Congress passed the Concentration Act in Feb 1922 allowing spirits to be moved for bottling and storage, and empowered the IRS to write regulations ensuring the payment of taxes on the spirits. The Transportation and Warehousing bond Form 1522 was required by the IRS ruling, ensuring that requirements of the law were complied with and taxes would be paid. Insurance companies provided financial surety using the IRS bond. As a result the value of the warehouse receipts held by banks did not crash, and they continued to be bought and traded by investors and speculators who envisioned the eventual repeal of Prohibition.

Insurance companies provided underwriting expertise to profitably assume the risk of default among whisky warehouses, allowing banks to properly collateralize their loans during the “dry days” of prohibition.

William Lapointe MBA,CPCU
President

Floods are the most common Natural Disaster: Experts reveal a very interesting fact about flood insurance; they say that almost 25% of claims for flood damage are made by people living in low to moderate danger zones. The fact is that flood related disasters don’t always originate from rivers or other large bodies of water. They may happen due to poor drainage systems, broken water mains or rapid rainfall that lead to serious and extensive damage to properties.

Homeowner policies do not include flood damages:
Few of you may be aware of the fact that most home owner insurance policies do not provide assistance for flood related damages. Therefore, if you face any loss after flood then you have to bear all the cost for repair and restoration out of pocket. Especially, those who are living in an unsafe zone are advised to purchase a flood insurance policy.

Flood Losses can cause large financial loss:
Most people have a common misconception that flood damages are not very costly unless the entire house is flooded. But studies reveal that even small water damage can lead to an expense as high as up to $20,000 or even more, flood insurance would of course cover this cost.

They are reasonable solutions:The premiums for flood insurance policies in Rhode Island and Massachusetts are very reasonable, especially if you are not in a flood zone. To apply for a flood insurance policy you simply need to provide some details about yourself and your property (Contents, age, location etc.)

The Federal Government will not guarantee you any help for flood damage:
Floods can bring serious risks to anyone who owns property in coastal areas like Massachusetts and Rhode Island. Therefore it is good to take few protective steps towards your home or commercial property and get it insured. Flood insurance is a reasonable solution that will help protect your property. The Federal government does not cover flood related risks for people who don’t live in a flood zone, and only limited coverage for those who do, so it is good to search few trustworthy insurance service providers and get your property insured fast.

Taking this all into account, it makes a lot of sense to consider purchasing a flood insurance policy. If you own a house or a commercial property in the coastal area then flood insurance policy is an essential purchase. The professionals at Lapointe Insurance advise can help provide you with a quote to protect your property, and give you the advice you need to ensure your loved ones are safe.

Transcript:

John: Hey welcome back everybody, John Lapointe here your host from Lapointe insurance here with another Mortgage Monday. We’re once again at KAM realty, drinking the Mongeon Juice with the man himself, Ken Mongeon. We’re coming at you with some more tips on buying homes, selling homes. One of the things we’re getting asked right now is why is the market so hot? Ken, why is it such a busy real estate market, everyone’s talking about it.

Ken: It’s been busy for probably over a year and a half and the reality is that because there’s still low interest rates, they’ve been low for a while, there’s a lot of pent up demand, a lot of consumer confidence, but the number one biggest reason why the market is so hot is because the listings are at a premium. There’s a massive inventory shortage in both Massachusetts and Rhode Island, big part of the country too. I’m only concerned with Massachusetts and Rhode Island because that’s my service area, but there’s a massive inventory shortage.

John: You’re dealing with supply and demand right now

Ken: Supply and Demand. The demand is high, the supply is low we all know how that works, economics 101 it causes the prices to be a little higher average market time is down to a month, 33 days I think is my average in the last year. We’re getting like 98.6% of the asking price, so people are paying all the money because there aren’t a lot of opportunities to look at other things. Now a lot of my folks john that are buying properties are selling their previous property to get a bigger one, a smaller one whatever the case may be. So the good news is  the seller is getting all the dollar for their property, they can go out and get a few more bucks. Unfortunately, some of these people forget that just because you’re changing your hate from a seller hat to a buyer hat, the market is still the same you’re gonna pay too much for the next house. The good news is you’ve got more money to put into the deal. The reason the market is in fire is consumer confidence, low interest rates, massive inventory shortage. So, for anybody looking to sell, call the Mongeon Juice (508)-677-1600 at KAM realty. If you’re looking to buy, you need to get on it get your pre-approval letter. And that’s why the market is hot, there’s a shortage of houses. It can’t change tomorrow, there isn’t gonna be any alien spacecraft flying over southeastern new England dropping a million houses for sale tonight. So, this is gonna continue for a while. If you’re going to be relocating, retiring, whatever the case may be, cash out now.

John: it’s a great time. Alright reach out to ken you know where to find him, number at the bottom of the screen, and when you do find your dream home, reach out to us, you need home insurance and we’ll help you out with that as well. Thanks Again Ken

Ken: Peace! Thanks again John.

This video is part of an ongoing series dedicated to helping families and individuals answer many questions they may have in regards to the Home Buying process.

At Lapointe Insurance, we have a long history of working with real estate professionals and protecting their clients. That history gives us the unique experience and expertise to provide comprehensive answers to your questions. Through a plan that includes working with you to understand your unique needs, we can help ease your mind as you traverse through the home buying process.

If you would like to speak with our MA or RI  insurance specialists, please call us at (508) 678-8341 or click here to begin the process by filling out the form.

If you would like to contact Ken,  Call (508)-264-9811 or email him at kmongeon@kamrealty.com

Thank You,
John Lapointe
Account Excecutive