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.
Insta-Brite Mobile Washing, Inc.
Client Spotlight
Spring is the perfect time of the year to spotlight one of our long-term clients, Insta-Brite Mobile Washing, Inc.
For over 40 years, Insta-Brite Mobile Washing, Inc. has been distinguished as the premier provider of pressure washing and related cleaning services. They are focused on meeting their customers’ needs, including reliability, responsiveness, and consistent quality. Their clients highly recommend Insta-Brite and all agree on their exceptional service!
They are located in Whitman, Massachusetts, and operate a fleet of 16 mobile units which are operated by professionals dedicated to solving each of their customers’ unique facility, residential, kitchen, and fleet cleaning challenges.
Ocean Marine Insurance
Presented by Michael Regan
The cousin to “inland” marine insurance is “ocean” marine insurance; which is insurance that protects goods and vessels in waterways and oceans around the world.
The following are examples of available coverages:
- Hull insurance to cover loss to the vessel itself
- Freight insurance to cover loss to cargo
- Protection & Indemnity (P&I) which provides owners of vessels liability coverage for damage to property of others or bodily injury to others
Bluewater coverage is for ocean going risks and brown water coverage is for risks on lakes and rivers.
Some examples of commercial ocean marine risks are: cargo vessels, tug boats, marinas, and offshore drilling rigs.
An example of personal ocean marine risk is personal watercraft, including sailboats, yachts and wave runners.
Ocean marine insurance is an integral part of international trade. It is believed that the insuring of vessels and cargo began back with the Phoenicians around 100 BC.
The term “underwriter” began at a London coffehouse owned by Edward Lloyd. Individuals willing to insure vessels and cargo would write their names under the vessel’s name.
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.
Fidelity Bond (ERISA) Vs. Fiduciary Liability Insurance
Fidelity Bond (ERISA)
A fidelity bond protects a business against theft of its assets as a result of dishonest actions by employees. It does not cover the assets within a company’s retirement plan because plan assets are not the property of the company, but of the plan beneficiaries.
The Employment Retirement Income Security Act (ERISA) was put into place to safeguard employee retirement plans. Among other things, it requires the posting of an ERISA fidelity bond to protect the retirement plan from losses caused by fraudulent or dishonest acts by persons who handle the plan.
A plan must be bonded for no less than 10% of the amount of the plan funds. In most cases, the maximum ERISA bond required is $500,000 per plan, however higher limits are available. They are issued on a “blanket” basis, so everyone who handles the plan is covered.
Fiduciary Liability Insurance
Fiduciary liability insurance provides coverage for breaches of duty by ERISA plan fiduciaries. Fiduciaries are those responsible for operating and administering a retirement plan under ERISA. Some of these duties include: authority and management over plan assets, making high-quality prudent decisions, documenting and rendering investment advice over the plan’s assets. Unlike the fidelity bond, fiduciary liability insurance also offers fiduciaries protection of personal assets. Fiduciaries who breach their duties may be personally liable to make the plan whole for any losses caused by their breach, including lost opportunity and litigation costs. Fiduciary liability insurance can be purchased as part of an organizations management liability insurance program or on a stand-alone basis.
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.