Moran Insurance Newsletter: May 2012


Enjoy a Stress-Free Boating Season With Watercraft Coverage 

Owning and enjoying a boat are among life’s great pleasures.

Boating can be a real stress-buster, but only if you have the right insurance in place.

A personal watercraft policy is similar to auto insurance in that both cover moving motor vehicles.

With personal watercraft policy coverage (PWC), you can insure any size of craft from an angler boat to a yacht, giving you total peace of mind.

Here’s how it works:

Liability Coverage will pay for accidents if you are deemed to be legally liable. This will also be your limit of coverage if you are sued for an at-fault accident. Medical payments will help pay for medical or death expenses.

Agreed Value means you and your insurance carrier agree on the value of your boat. In a total loss, you will get that amount to replace it. If this option is offered, take it!

Property Coverage is similar to Comp and Collision on your auto policy and will pay to repair or replace your boat in case of damage. You also may be able to get Contents coverage for trailers, sporting equipment or belongings kept in the boat.

Pollution Coverage is helpful if you have a fuel leak that contaminates the water. Some carriers offer up to $500,000 in limits.

There are many insurance carriers that offer PWC, and your local insurance agent will have the resources to shop around for the best policy at the best price for your needs.



The Providence Center & Moran Insurance Annual Golf Classic is scheduled forJune 4, 2012.  To help support this event our office will be CLOSED.  

Our Office will be CLOSED, Monday – May 28th in observance of Memorial Day.

Staff News:

Employee of the Month of March was Joan Devoe, Assistant Bookeeper.
Employee of the Month of April was Tracy Mazurowski, Account Manager in our Personal Lines Department.

Effective 5/18/12, Tom Simmons will be assisting Russell Devoe in the handling of his accounts.  Tom practiced law for several years prior to joining our agency two years ago.  He will be responsible for managing the day to day service of accounts.  We believe Tom’s level of experience as well as his legal background will be of great benefit to our clients.
Contact information for Tom Simmons:
410-544-3422 x116
Cell Phone:  410-353-1078


Why All Companies Need D&O Liability Coverage

Directors and officers liability coverage is a key component of an executive liability portfolio.

This type of insurance protects the management team in both corporate and nonprofit organizations when they make business decisions that fall within the scope of their duties as directors or officers of the cheapest uk supplier viagra company.

D&O liability insurance provides coverage for claims made against directors and officers. This could include omitting important information, committing an actual or alleged error, or breaching corporate duties in a way that results in financial loss to shareholders.

Important for small companies

D&O coverage is not just for large companies. In fact, it is even more important that small and midsize business owners carry this coverage because of the amount of risk involved.

While larger companies without this form of protection can usually weather the risk, one claim may well sink a smaller business.

While you might think non-profit organizations would be exempt from a claim, that is not always the case.

Many non-profits actively seek donations. However, if a donor feels that the funds he or she has contributed have been mismanaged or the money was not used the way the donor had intended, he or she can sue to recover the donation. This would be a D&O claim.

Non-profits also need this coverage to protect their boards of directors.

Take, for example, homeowner and condominium associations, where boards of directors are usually made up of residents of the association. Say the association board decides to increase monthly fees to redecorate the halls or add amenities, against the wishes of other residents of the association. The residents who do not agree with the board’s position may sue, citing self-interest on the part of the directors. This also would be a D&O claim.

D&O is not General Liability

One important point: D&O coverage is not general liability coverage, although the two are sometimes confused.

For example, if a member of a homeowners association, who, coincidentally, is also on the board of directors, injures someone while clearing snow from the building’s parking lot, this would be a general liability claim.

The injury did not arise as a result of the member’s duties on the board of directors and D&O coverage is not applicable here.

Defense coverage key

One key benefit of a D&O policy is defense coverage, and this benefit alone is worth the cost of the policy. It means that the insurance company will defend you in the case of an actual or alleged event.

Directors and officers coverage varies widely among insurance carriers.

It is very important to have a trusted insurance advisor who can guide you to the best coverage for your needs.

If you are an officer of an organization that doesn’t have D&O liability coverage, you might want to consider investigating it.

The cost for $1 million in coverage can range from $750 to $1,000, depending on the size of the organization, and many believe it’s well worth it.

An ounce of prevention is worth a pound of cure.