Our occasional column featuring press releases and other insurance items of interest that Agency Checklists just couldn’t leave out…
The Hanover launches new online quoting tool
The Hanover has launched a new tool this month which lets its independent agent partners quote, bind and issue contractor’s equipment policies. Building on the success of its builders risk online quoting tool, this new tool adds contractor’s equipment to its marine online product suite. As a result, agents can now issue contractor’s equipment policies for a broad range of equipment, including general construction, specialized equipment, and equipment used in warehousing, manufacturing, and municipalities.
“The rollout of our contractor’s equipment tool means our agents can issue quotes for contractor’s equipment clients within minutes,” said Paul J. Butler, president of Hanover marine. “This helps agents provide the high-quality service demanded by the construction industry. With the competitive rates and broad coverage options offered through this online system, we’re able to help our agent partners better serve their clients.”
This new platform is an addition to The Hanover’s existing marine products, serviced through a nationwide network of marine specialists, and supported by dedicated marine claim and loss control experts. Agent partners of The Hanover can access TAP Sales Marine here: hanover.com/agentsolutions<https://www.hanover.com/agentsolutions/mar_prod_contractors_equip.html>.
Massachusetts’ New Marijuana Insurance Regulations Have Gone Into Effect
The new Marijuana insurance regulations went into effect in Massachusetts on On March 23, 2018. Outlined in 935 in the Code of Massachusetts Regulations (CMR), here is what they say:
935 CMR (10). Liability Coverage required for Marijuana Establishments
(10) Liability Insurance Coverage or Maintenance of Escrow.
(a) A Marijuana Establishment shall obtain and maintain general liability insurance coverage for no less than $1,000,000 per occurrence and $2,000,000 in aggregate, annually, and product liability insurance coverage for no less than $1,000,000 per occurrence and $2,000,000 in aggregate, annually, except as provided in 935 CMR 500.105(10)(b) or otherwise approved by the Commission. The deductible for each policy shall be no higher than $5,000 per occurrence.
(b) A Marijuana Establishment that documents an inability to obtain minimum liability insurance coverage as required by 935 CMR 500.105(10)(a) may place in escrow a sum of no less than $250,000 or such other amount approved by the Commission, to be expended for coverage of liabilities.
(c) The escrow account required pursuant to 935 CMR 500.105(10)(b) must be replenished within ten business days of any expenditure.
(d) Reports documenting compliance with 935 CMR 500.105(10) shall be made in a manner and form determined by the Commission pursuant to 935 CMR 500.000.
RMV’s Transition to Real IDs Begins This Week
The Registry of Motor Vehicles has officially begun its transition to issuing REAL ID Driver’s licenses. REAL ID is the Federal Security Standard for identification cards in the U.S. The standards were created in 2005 in order to implement enhanced federal security measures after the September 11, 2001 terrorist attacks. Unlike a Standard RMV license, applicants must present Lawful Presence Documentation in order to obtain a Real ID.
“We encourage the public to review information on our website at mass.gov/id to learn what documents they must provide for the credential they seek,” said Registrar Erin Deveney. “In most cases, people will have the required documents on hand as these documents are regularly requested when a child starts school, when someone travels outside the country, or in order to get married.”
The following a side-by-side comparison on the two types of driver licenses:
It is important to note, that while REAL IDs are now available at the RMV, citizens will not be required to carry one until October of 2020. After October 2020, however, all U.S. citizens will need either a passport or REAL ID Massachusetts’ Driver’s License in order to enter restricted areas of federal buildings or to fly in the United States. Standard Massachusetts Licenses or ID Cards will no longer be valid as a federal ID after that date.
