Kerrigan & O'Malley Insurance Agency

                                                                                           Serving Massachusetts since 1938

Small Business General FAQ's

Small Business Property Insurance FAQ's

Small Business General Liability FAQ's

Life FAQ's

Renters FAQ's

Umbrella FAQ's

General FAQ's

There are many different programs offered by different companies and information like above help determine the program that is right for you.

There are several things you should consider when purchasing automobile insurance that your independent agent will help you with. Here are a few:

	Purchase the amount of liability coverage which makes sense for you.
	Select the optional coverages you want.
	Decide which company to purchase insurance from.
	Don't base your decision solely on price. Other factors like service and claim response are extremely important in selecting the right insurance.

Another way to lower the cost is to change your deductible. By raising your deductible you may lower the cost of your automobile insurance almost 10% You must be able to pay the deductible amount in case of a claim. You can also look for discounts that you may be in titled to. Some examples of discounts that may be available are: multiple cars under the same policy, carrying a homeowners policy with the same insurance company, different groups or associations.

1. Get the amount and type of insurance that you need.

2. Determine the amount of personal property insurance and personal liability coverage that you need.

3. Select any additional endorsements you want to add to your policy. For example, do you want the personal property replacement cost endorsement?

Named Insureds are those listed by name in the relevant block of the policy's declaration page. Although the named insured is commonly one person, partnership, corporation or other entity with insurable interests, multiple named insureds may be included.

First Named Insured is the first "named insured" listed on the policy declarations (front page of the policy). This insured acts as the legal agent for all named insureds in initiating cancellation, requesting policy changes or accepting any return premiums. The first named insured may also be responsible for payment of the premiums.

Additional Insured is an entity to which a policy's coverage is extended. An additional insured must be added to the policy prior to a claim being paid. There must be a tied to relationship between the additional insured and named insured. Being an additional insured on another's policy does not eliminate the need for someone to have his/her own Commercial General Liability policy.

Premium shall be computed on the basis of the total remuneration (payroll) paid or payable by the insured for services covered by the policy.

It is recommended that a person's insurance advisor be contacted for a precise calculation of how much life insurance is needed.

If your ability (and willingness) to pay life insurance premiums is such that you can afford the desired amount of life insurance under either type of policy, it is then appropriate to consider the "financial" decision--which type of policy to buy. Important factors affecting the "financial" decision include your income tax bracket, whether the need for life insurance is short-term or long-term (e.g., 20 years or longer), and the rate of return on alternative investments possessing similar risk.

Yes; the purchase of a new mortgage protection term insurance policy is usually not required by the lender. An existing policy, either term or cash-value life insurance, can be used for many purposes, including paying off an outstanding mortgage loan balance in the event of the insured's death.

Credit life insurance is frequently recommended in conjunction with the taking out of an installment loan when purchasing expensive appliances or a new car, or for debt consolidation. Is credit life insurance a good buy?

Credit life insurance is frequently more expensive than traditional term life insurance. Further, if you already own a sufficient amount of life insurance to cover your financial needs, including debt repayment, the purchase of credit life insurance is normally not advisable due to its relatively high cost.

A renters policy provides named perils coverage. This means your property is protected from all the perils that are specifically listed on your policy. These usually include:

	Fire or lightning
	Windstorm or hail
	Explosions
	Riots
	Aircraft
	Vehicles
	Smoke
	Vandalism or malicious mischief
	Theft
	Falling objects
	Weight of ice, snow, or sleet
	Accidental discharge or overflow of water or steam
	Sudden and accidental tearing apart, cracking, burning, or bulging
	Freezing
	Sudden and accidental damage from artificially generated electrical current
	Volcanic eruptions (but this doesn't include earthquake or tremors)

Renters coverage applies to your personal property no matter where you are in the world. This means you're covered when you are on vacation as well as at home.

The personal umbrella liability policy is an insurance contract designed to accomplish two goals.

1. First, it increases the liability protection beyond what the policy owner already has in his or her homeowners and automobile insurance policies.

2. Second, the personal umbrella policy is designed to fill in the gaps in a policy owner's liability coverage since several types of liability exposures exist that are not covered by automobile and homeowners policies.

Together with homeowners and automobile insurance policies, broad personal liability protection is attained through the purchase of a personal umbrella policy.

It used to be that the only people who needed personal umbrella liability policies were wealthy individuals who had sizable amounts of personal assets that would be at risk in a lawsuit.

However, in our very litigious society, many people are realizing that they have a need for more liability insurance than what is provided under their homeowners and automobile insurance policies. The personal umbrella policy is ideally suited to provide this protection.