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Business to Business Newsletter
November - 2010
In This Issue
Corridor Retention
Preparing for an Audit
Covering Volunteers

THE CORRIDOR SELF-INSURED RETENTION MIGHT BE THE INSURANCE PROGRAM THAT SAVES YOUR BUSINESS

2 walkers

 
A large contractor that specializes in excavating, removing, and hauling contaminated soil runs into an insurance problem while bidding on a multi-million dollar three-year project. The contractor has Liability insurance that covers pollution-related incidents for up to $1 million each and up to $10 million per year. However, that is not enough for the project's owner and general contractor. They plan to build a new school on the site after the soil is cleaned up, and they want the excavation contractor to carry at least $40 million limits in case...

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Unless you live under a rock, you know that the San Francisco Giants just bested the Texas Rangers to become the 2010 World Series champs. It was a sound victory and while perhaps not the most watched Championship ever televised, much of America was tuned in.

 

Baseball

 

 

Are you ready for a confession? I did not watch the World Series. I like sports well enough, but I have to say that with baseball, unless my team is in the ultimate showdown? I don't really pay much attention. I'm not interested, I guess because it's just not my thing.

 

You may feel that way about insurance (in fact, I'm fairly certain you probably do!) Maybe you view it as something that you have to have, but that you don't care that much about. Reading all that fine policy print might even make your eyes glaze over and [gasp] cause you to sigh. You know what? That's ok. We get it. It's why we're here!

 

Believe it or not, it doesn't surprise us that you might just take that policy we send you each year and file it in a drawer without reading it right away. We understand that not everyone finds this stuff as interesting as we do. Our goal is not to bore you with details, but to make sure that your business is protected. We read over your policy carefully, examining limits, premium amounts, and exclusions (among other things) to make sure you have the comprehensive coverage you need, at a price you can afford. We're here to answer any questions you have, and to help you understand the details (and heck, sometimes we even make it interesting!)

 

Maybe baseball's not my thing - but insurance definitely is. And here at Mason & Mason, we're glad to be on your team so you can be freed up to focus on YOUR thing! Now that's a winning combination!

Jeanne & Dave

 

David Mason, President
Mason & Mason Insurance Agency
M&M Assurance Group
 
 
P.S. We'd love for you to LIKE us on FACEBOOK! And don't forget to check out our website! We're at www.mmins.com. Just click the "Clients" tab at the top of the page and enter the site with username: "Client" and password: "INFO4U". Happy browsing! If you have any questions, give us a call at (800) 298-0802. We'd love to hear from you!


Preparing for an Audit

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What is an Audit?

The money you pay at the beginning of your insurance policy year is an estimate of the cost of your coverage for the next 12 months. The estimate is based on payroll, cost of subcontractors and/or gross receipts.

 

Your insurance company is allowed under the terms of your policies to examine your books and records for the purpose of determining the proper charge for your insurance.  These examinations, known as audits, are performed after the close of the policy year.  They look back to see what actually happened and adjust the estimated cost that was charged in the beginning of the policy year. Some companies do not return premium, using the audit only to determine if any amounts in excess of the estimate are due. Other companies adjust the premium either up or down based on audit results, returning premium or charging additional amounts as determined by the audit. Your company's approach is determined when coverage is written. An adjustment in billing consistent with their approach will be made following the audit.

 

            Why you need to be ready

Liability and Workers Compensation rules allow payroll to be allocated to the types of work being performed. Some types of work cost more to insure than others. If your records are not properly arranged, all...

    

 
 
 

DO YOU HAVE PROPER COVERAGE IN PLACE FOR YOUR VOLUNTEER WORKFORCE?

Worksheet

Volunteers are the lifeblood of hundreds of organizations, from churches to political campaigns to youth sports leagues. These organizations could not accomplish their missions without them. Just like paid employees, however, volunteers can have accidents that injure themselves or others or that damage property. A woman making deliveries for Meals On Wheels can have a car accident. A Little League coach can be injured by a batted baseball. A man helping to build a house for Habitat For Humanity might discard what he thinks is an extinguished cigarette...
 
 
Thank you for taking the time to read this month's newsletter! Remember, your feedback helps shape future issues. We value your input, so please...let us know what you think! Have a great month!
 
Sincerely,
 

David Mason
President
Mason and Mason Insurance
M&M Assurance Group 
Mason & Mason Insurance                   M&M Assurance Group
458 South Avenue                                      3304 White Mountain Hwy
Whitman, MA 02382                                    North Conway, NH 03860
T (800) 759-1452                                        T (800) 298-0802
F (781) 447-2832                                        F (603) 356-9290