Insurance Insights: The Cleary Insurance Blog
The Cleary Insurance blog covers insurance, risk management, and financial planning for New England businesses and individuals. Our team of licensed advisors and specialists publishes regular articles on commercial and personal coverage, employee benefits, life and financial planning, and insurance compliance. Browse recent articles below, or use the category filters to find topics relevant to your business or personal situation.
Carbon Monoxide
Carbon Monoxide (CO) is often referred to as a “silent killer” since it is a toxic gas that is odorless and tasteless. In 2011 the Centers for Disease Control (CDC) estimated there were over 500 fatalities and 15,000 emergency room visits resulting from CO poisoning. CO is produced as a by-product from the burning of fossil fuels such as propane, natural gas, oil, kerosene and wood. At low levels, CO exposure can cause nausea or flu-like symptoms. People with certain medical conditions can suffer greater impact at lower exposure levels. Higher levels of exposure will cause unconsciousness and death.
Many businesses and homes have exposure to CO. Examples include:
- Leaking vents from furnace, gas fired hot water heater or gas fireplace
- Portable generators and other gas powered construction equipment used outside but vented too close to a residence or building
- Vehicle exhaust
- Swimming pool heaters
- Gas dryers
- Vents blocked by snow or other obstructions
CO detectors are mandatory in many jurisdictions for residences and certain types of commercial operations such as schools, nursing homes, lodging and apartment operations. For example, Massachusetts requires that CO detectors be installed in any single or multifamily residence that has fossil fuel burning equipment or an attached enclosed garage. This MA law requires detectors be installed on each level and must be located within 10 feet of each bedroom door. Additional specifics can be found at http://www.mass.gov/eopss/docs/dfs/osfm/pubed/flyers/consumers-guide-w-sell-1-and-2-fam.pdf
Numerous resources are available to learn more about the dangers of CO poisoning and loss prevention. Your insurance carrier or local fire departments are good sources for information. The CDC has published a number of different resources which are available at http://www.cdc.gov/co/default.htm.
At Cleary, we will evaluate your business exposures and work with you to develop a comprehensive plan to safeguard your business. Give us a call today at 617-723-0700.
What is Commercial Surety?
Presented by Michael Regan
Contract surety refers to bonds that guarantee the performance of a contractor according to the terms & conditions of a contract. It includes the payment of all bills to suppliers, subcontractors and laborers on the project the bond is written for. Commercial surety is an umbrella term referring to all other types of bonds.
Commercial surety falls into a number of categories including the following examples:
- License & Permit (ex. – street opening and real estate broker bonds)
- Court & Fiduciary (ex. – release of lien and guardian bonds)
- Public Official (ex. – treasurer and tax collection bonds)
- Federal (ex. – customer bonds)
- Crime (ex. – employee dishonesty bonds)
- Miscellaneous (ex. – self-insured workers compensation bonds)
Here are a few types of industries and jobs that will require surety bonds:
- Trucking and bus companies
- Importers
- Plaintiffs appealing judgments
- Banks
- Bankruptcy trustees
- IT Consultants
- Alcoholic beverage distillers and distributors
- Collection Agents
- And many more!
Contact Cleary Insurance with any questions about commercial bonds. We can offer you business advise and technical expertise.
At Cleary, we will evaluate your business exposures and work with you to develop a comprehensive plan to safeguard your business. Give us a call today at 617-723-0700.
DOL Investigations and New Minimum Wage – 2015
Presented by Al Corvigno
DOL Investigations
According to the Government Contracts Enforcement Department at the US Labor Wage and Hour Division, over eight hundred investigations took place in fiscal year 2013. Seventy five percent of those resulted in violations which included retroactive wage fines totaling over thirty four million dollars and twenty three contractor debarments. Overtime violations (not paying time and one half when employees work more than 40 hours each week) and OSHA violations for unsafe practices including fatalities were at the top of the list.
Maintaining copious records is the cornerstone for violation prevention. One way to ensure your employees fully understand Service Contract Act (SCA) procedures and Fair Labor Standards (FLSA) is to have all personnel properly trained.
Al Corvigno offers a one day SCA course which covers practical training that will teach you how to apply the laws and remain in compliance. If you are interested in his course he can be reached by email at acorvigno@marallc.com.
Minimum Wage – 2015
Executive Order 13658 was signed on February 12, 2014, establishing a minimum wage for contractors. Effective January 1, 2015, the order raised the hourly minimum wage paid by contractors to workers performing on or in connection with covered federal contracts to $10.10 per hour. The amount of the Executive Order minimum wage will be determined by the Secretary beginning January 1, 2016 and annually thereafter.
This amount will be published by the Secretary at least 90 days before the new minimum wage is to take effect and will include the following:
- No less than the amount in effect on the date of such determination
- Increased from such amount by the annual percentage increase in the Consumer Price Index
As required by this Executive Order, the Departments final rule incorporates existing definitions, procedures, remedies, and enforcement procedures under the FLSA, SCA, and Davis-Bacon Act.
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.