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Please
note: This is not an official quote - for the most up-to-date rates,
please contact
the Allen Agency. NB:
Directors and Officers Liability for a new, low rate. Please See Section 1, below Group Rate Liability Insurance Exclusively
for
Maine COLA has been working with
the Maine DEP and the state Office of Risk Management to find affordable
liability insurance for
The Office of Risk
Management provided us with a list of
Commercial Insurance Proposal THE INFORMATION CONTAINED HEREIN IS NOT A CONTRACT. It is an insurance
proposal, setting out the liability insurance coverage endorsed by
the Maine Congress of Lake Associations and made available to
of the
The various categories of liability insurance such as - - directors and officers liability, vessel coverages, pollution liability, - - comprise a menu of choices. Associations and alliances may choose one type of coverage, two, several, or all options as fits the level of protection needed. June 11, 2007 I. Directors and Officers Liability Coverage Details
Directors and Officers Liability: DIRECTORS AND OFFICERS LIABILITY COVERAGE insures corporate directors and officers against claims, usually brought by stockholders, alleging loss due to mismanagement. More individuals owning stock and more stringent standards imposed by the courts indicate a growing risk. An outside directorship liability policy is available as supplementary protection to assure sufficient limits for the exposure created when a company’s director, officer or employee serves in an outside director position at its request. Premium Summary / Comparison Premiums
NOTE: Insurance coverage for Directors and Officers Liability is one type of policy, and General Liability is another. An association may choose to purchase Directors and Officers Liability, alone, or it may add General Liability coverage under a second policy. The level of General Liability an association chooses will depend upon the level of its activity and can be selected on an "as needed" basis from the menu in Section II of this proposal. The
II. General Liability Coverage Detail COMBINED SINGLE LIMITS/ DEDUCTIBLE
Commercial General Liability Coverages The Commercial General Liability Policy provides the insurance protection needed to pay damages for bodily injury or property damages for which the insured is legally responsible. The policy provides coverage for liability arising from personal injury and advertising injury. Coverage for medical expense is also provided. The policy also covers accidents occurring on the premises or away from the premises. Coverage is provided for injury or damages arising out of goods or products made or sold by the named insured. The insured is the named insured and the employees of the named insured. However, several individuals and organizations, other than the named insured, may be covered, depending upon certain circumstances specified in the policy. In addition to the limits, the policy provides supplemental payments for attorney fees, court costs and other expenses associated with a claim or the defense of a liability suit. Commercial Automobile Coverages 1. Liability Coverage The liability coverage of the commercial auto policy provides protection against legal liability arising out of the ownership, maintenance, or use of any insured automobile. The insuring agreement agrees to pay damages for bodily injury or property damage for which the insured is legally responsible because of an automobile accident resulting from the ownership, maintenance, or use of a covered auto. The insuring agreement also states that in addition to the payment of damages for which the insured is legally liable, the insurer also agrees to defend the insured for all legal defense cost. The defense cost is in addition to the policy limits. 2. Non-Owned Autos Coverage is provided only for autos not owned, leased, hired, or borrowed by the named insured. Coverage includes autos owned by the insured's employees or members of their households, but only while used in the named insured's business or personal affairs. 3. Hired Auto Coverage is provided only for autos leased, hired, rented or borrowed for use in the named insured's business. Vessel Coverages Coverage Details
*Includes Hull Coverage for value of the vessel Vessel Pollution Liability Coverage Details
*An Example
of Vessel Liability Insurance: Little Sebago Lake Association owns and operates 4 suction
dredges for milfoil mitigation. These dredges are cumulatively
valued at $49,500 and work throughout open water season. Operation
requires workers to be active both on the dredge and in the water. Little
Sebago Lake Association will be able to purchase Vessel Protection
and Indemnity from the
Service Directory Gene McKeever, 207-236-4311, Extension 402 Toll Free: 800-439-4311 gmckeever@allenagency.com Office Hours: 8:30 AM to 5:00 PM Monday – Friday Fax: 207-236-5872 or 207-236-5874
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