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Latest Insurance FAQs
What is the Safe Driver Insurance Plan (SDIP)?
The Safe Driver Insurance Plan (SDIP) is mandated by state law to establish classifications of risks to fairly reflect the driving records of insureds and adjust premiums based in part on at-fault accidents. The Plan encourages safe driving by rewarding drivers who do not cause accidents or incur traffic law violations with a credit to their automobile insurance premiums, and discourages unsafe driving by requiring high-risk drivers to pay a greater share of insurance costs. Massachusetts, unlike many comparable jurisdictions that afford no or limited due process rights, provides the right to a hearing before an impartial hearing officer of the Board.
Surcharge points are incurred if you:
- cause an at-fault accident
- are convicted of or pay a fine for a traffic law violation
- are assigned to an alcohol education program
Supply Chain Management - What Happens When the Chain Breaks Down?
Jun 1, 2011 Exposure to business income loss due to supply chain breakdown.Today’s article in USA Today: http://usat.ly/ja9CpE, on Supply Chain Management discussed the cost to businesses when their product / inventory is unable to move due to a breakdown in the supply chain. There is an often overlooked exposure to business income loss due to supply chain breakdown.
In the context of insurance, business income loss refers to the loss of net income that result from accidental damage to property. Business owners will often address business income losses that arise as a result of physical damage to property at the organization’s own premises, preventing the organization from conducting business. We find that many organizations, dependent on their supply chain, fail to properly insure the “dependency exposure”. This means the exposure to business income loss due to physical damage to property at locations not owned or controlled by the insured organization.
Some organizations that have an increased dependency exposure are:
- Highly dependent on one supplier
- Highly dependent on one buyer
- Highly dependent on one manufacturer
- “Leader” or “Magnet” business, such as a department store in a mall
We advise our clients to lessen their dependency, but in many cases it is impossible or impractical. For these clients, we protect them by enhancing their Business Income Insurance Form by adding the “Business Income From Dependent Properties form”. This enhancement, to the insurance policy, covers business income losses resulting from the suspension of our client’s business because of physical loss or damage to property at the described other property.
