IMPORTANT INFORMATION IF YOU HEAT YOUR HOME WITH OIL
New law addresses oil leak prevention and insurance coverage
Oil home heating systems must be equipped to prevent leaks from tanks and pipes that connect to the furnace.
The law has two major provisions: (1) Installation of an OIL SAFETY VALVE or an OIL SUPPLY LINE WITH PROTECTIVE SLEEVE if your system does not currently have these devices*; and (2) Insurance companies that write homeowner policies MUST OFFER COVERAGE FOR LEAKS from heating systems that use oil.
Insurance optional, but recommended
Today, most homeowner policies do not include oil leak coverage, leaving many to pay for costly cleanups or liability claims out of pocket. Although it is mandatory that insurance companies offer “leak” coverage, the insurance is an optional purchase for homeowners who are certified to be in compliance with the leak prevention measures.
What kind of insurance is available?
“First party” insurance coverage is available to pay for costs of cleaning up a leak to soil, indoor air, or other environmental media from a home heating system at the residence and reimbursement for personal property damage.
Also, there is “third party” liability coverage for costs of dealing with conditions on or off your property if the leak from your system has affected (or is likely to affect) groundwater; or causes bodily injury or damage to someone else’s property. Legal defense expenses are included.
Sample coverage example
One of the insurers we represent offers a homeowner policy endorsement for first-party coverage of up to $50,000 and third-party liability coverage of up to $200,000. The cost for this coverage is $75 if the oil tank is located in the basement on a slab or $150 is the oil tank is not on a slab or is located outside.
For more information about this endorsement, contact us.
*Oil heating systems installed on or after January 1, 1990 most likely are in compliance because state fire codes after that date required these protections on new installations. You will still need to document your compliance with the new law.
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Our 10th Annual Read & Ride program is underway!
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| Cindy Davis, children’s librarian and coordinator for the summer reading program at the Bridgewater Public Library, and Tom Chamberlain display a poster with this year’s children’s summer reading program theme. |
Ten participants in this year’s summer reading programs at the Bridgewater Public Library and West Bridgewater Public Library will have an opportunity to be lucky winners of new bikes donated by Estabrook & Chamberlain and provided by B & B Bike Shop, Bridgewater.
Read & Ride is not a competition to see who can read the most books. To qualify for bike drawings, each child must simply agree to read at least one book. Studies show that children who continue reading during the summer perform better when they return to school in the fall.
Entry forms for the mid-July to mid-August program are now available at the Bridgewater Public Library and West Bridgewater Public Library Children’s Rooms.
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CONSUMER ALERT
Renting a car this summer? Check the contract carefully.
In the past, if you had an accident while driving a rental car, the rental company would usually take the car back and fix it, unless it was a total loss. Your insurance company would adjust the claim under the Physical Damage coverage of your Personal Auto Policy. Recently, we heard reports of rental companies selling off damaged cars “as is” to auction yards. The result: (1) the driver’s insurance company correctly adjusts the claim for FIXING the car; (2) the rental car company SELLS off the car for less than its original value; (3) the rental car company holds the driver responsible for the DIFFERENCE between the original value of the car and the total of the insurer’s claim payment and the auction payment. Here’s an oversimplified example.
. Value of rental car: $28,000; auction price: $11,000
. Driver’s personal auto policy claim payment: $8,000
. Due from the driver: $9,000!!!
The only way that we know to cover this type of claim is to buy the rental car’s insurance coverage. Advice: Be sure to check the accident policy of the rental car company before you sign a contract.
SOURCE: RESOURCES magazine (p.9, Spring 2010)
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PROPER COVERAGE
Jewelry, collectibles review
is timely
The loss of valuable assets is always a concern, but especially so in these economic times. There are limits on what your homeowner policy covers. For example, if you lose the stone in your diamond ring, it may not be properly covered by the contents limit of your policy. What about breakage in a porcelain figurine collection? If you have a theft of valuable art objects or your collectibles are they insured at their proper value today? Call us for a review and coverage recommendations.
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PERSONAL SAFETY CORNER
Guard against mower injuries
Safety officials report that over 70,000 children and adults are injured by power mower accidents every year.
Most frequent accident causes: trying to unclog blades by hand or with a tool; backing up with the mower; losing control on steep lawn embankments; and children falling off riding mowers or out of carts towed behind.
As an extra precaution against flying objects and noise, officials advise power mower users to wear protective headgear. They also recommend wearing heavy duty footwear, preferably with steel insert toe guards.
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Careless Tweet or Internet posting could be costly
If you use popular online social media such as Facebook or Twitter or MySpace, be careful about what you post on the sites. This goes for any written online communication, including comments to blogs or other Internet sites. Derogatory statements about others may be used against you in a libel lawsuit. The number of Internet-related defamation suits is increasing every year. So are slander suits based on things you say about others.
It pays to make sure you have proper insurance coverage for libel and slander. The answer is an inexpensive but valuable Personal Injury endorsement to your homeowner policy.
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IF YOU ARE NOT SURE YOU HAVE A PERSONAL INJURY ENDORSEMENT ON YOUR POLICY, CALL US TODAY.
