Potential Anesthesia Side Effects Linked with Marijuana Use
Did you know that anesthesiologists routinely ask about marijuana use? Here’s why: Although the research thus far has been minimal, recent studies in Colorado indicate that marijuana use could result in a need for additional anesthesia which can have side effects such as low blood pressure and depressed heart function. Though everyone can have differing reactions to anesthesia, it’s important to be honest with all medical professionals about the use of marijuana for health & safety purposes. See this article for more details: Read...
read moreShould GAP Be Sold on RVs and Travel Trailers?
Article by our partners at Frost Financial Services | www.frostinsure.com Do you ever finance RVs or travel trailers? If so, make sure to stress the importance of GAP protection on these loans. While you may not see many accidents involving RVs or travel trailers, many of them experience total losses each year. Accidents are certainly not as frequent, but plenty are so severely damaged due to flood, vandalism, fallen trees, and fire that they are unrepairable and deemed total losses by primary insurers. Adding to the GAP risk on RVs and travel trailers is the challenge of accurately valuing the collateral at the time of financing. You can utilize a guide book or even refer to a dealer invoice, but validating model and options can oftentimes lead to many more challenges and errors in valuing RVs and travel trailers than we see in the much more standardized world of autos. These errors can create significant overvaluation of collateral and unexpected exposure to loss. And, if you think automobiles and trucks are depreciating rapidly these days, these are luxury items and can see even more wild swings in values from year to year as market conditions change. Lastly, the loans for these collateral types tend to be longer terms. This means that the loan balances will amortize down more slowly and only add to the potential of a large GAP loss even when the loan was financed well under 100% of the value at loan origination. A recent claim highlights how a number of the above factors can come together and result in a significant GAP claim. In May 2015 the lender financed $92,485 on a 42′ Jayco RV that had an assumed value of $83,710. Three years later a fire caused a total loss of the RV and the settlement provided by the primary insurer was $53,445. This left an outstanding loan balance of $30,595. Fortunately, this loan had GAP protection and the $30,595 loan balance was paid in...
read moreIntroducing our New Employee Benefits Specialist
Insurance Trust is pleased to introduce Pam Huntington as our new Employee Benefits Specialist. Pam comes to our team with more than fifteen years of experience in the health insurance and voluntary benefits field. She has previously worked as an Account Manager at both the health insurance carrier and broker levels. Pam also worked in multiple roles at a local Maine credit union for five years. Pam was born and raised in Portland where she attended Deering High School. She then attended Southern Maine Community College where she earned an Associate Degree in Automated Office Management. Pam enjoys spending time with her husband, children and black lab, Bo, as well as motorcycle rides and time at the lake. “I am excited to be part of the credit union movement and look forward to the opportunity to assist our credit union and small business partners with all of their employee benefits needs. I like that I can use the skills I have learned from my previous experiences to help educate employees on how to best understand what they have for benefits at a level that is comfortable for them. I am excited for this journey.” As Employee Benefits Specialist, Pam’s focus will be to communicate with our insurance carriers, credit unions and small business clients to provide education and service for all group employee benefits programs. Pam will conduct renewal meetings for our clients and continually work to present new and alternative options for our current and potential clients. Pam can be reached at 207-773-0925 ext. 314...
read more17th Annual Golf Tournament for Special Olympics Maine
Dear valued clients and partners of Insurance Trust, We invite you to join Insurance Trust for the 17th Annual Golf Tournament to support Special Olympics Maine on Thursday, July 18, 2019, at Falmouth Country Club in Falmouth, ME. Registration is now open! Be sure to mark your calendars, register your golf teams early (as space is limited) and sign up to become a Platinum, Gold, Silver or Bronze tournament sponsor. Please come out, enjoy a fun day of golf and help support Special Olympics Maine Athletes and their families! Location: Falmouth Country Club Golf Course 1 Congressional Drive Falmouth, ME 04105 Time: Registration from 7:45 AM to 8:45 AM Continental Breakfast included Sponsored by: Equinox Insurance Shot Gun Start at 9:00 AM (Scramble format) Fees: $140.00 per Golfer (This fee includes: greens fees, golf cart, continental breakfast, bag lunch, post-golf reception and four mulligans per team, maximum of 144 golfers.) To register, contact Barbara Christy at...
read moreThe Maine Bureau of Insurance Approves Health Insurance Association for Maine’s Credit Unions
INSURANCE TRUST 2 Ledgeview Drive Westbrook, ME 04092 MEDIA RELEASE For Immediate Release April 19, 2019 The Maine Bureau of Insurance Approves Health Insurance Association for Maine’s Credit Unions (Westbrook) – On March 29, 2019 the Maine Bureau of Insurance approved a new Multple Employer Welfare Arrangement (MEWA), an association formed to provide a collective non-profit health insurance program, for Maine’s 54 Credit Unions. The MEWA has been named “Maine Credit Union League Insurance Trust” and will be governed by a board of 7 trustees to represent its more than 500 employees. The non-profit health insurance plan will be administered by Insurance Trust in Westbrook, ME, an insurance agency founded in 1963 by Maine Credit Unions. The association is sponsored by the Maine Credit Union League, Maine’s credit union trade organization. “This employee benefits association for Maine’s Credit Unions is something that’s been needed for a long time. For many years, I’ve known this was a possibility, and Insurance Trust is truly honored to have led the charge in the creation of the Maine Credit Union League Insurance Trust. This would not have been possible without the amazing cooperative spirit of the Maine credit union movement; we are truly better together when it comes to health insurance. I believe it’s vitally important that we take care of our credit union employees and their families, so that the credit unions’ employees can best take care of their members and their communities. We are proud knowing this program will continue to help credit unions and their employees for years to come.” – Kim Daigle President & CEO, Insurance Trust About Insurance Trust Insurance Trust was founded in 1963 by Maine Credit Unions to provide insurance solutions for their members. For over 50 years, Insurance Trust has been the premier provider of insurance and loan protection products throughout the Northern New England credit union community. Visit www.insurancetrust.us for more information. About Maine Credit Union League The Maine Credit Union League is a nonprofit, professional trade association that exists to serve Maine’s credit unions. Founded in 1938, the League is committed to helping credit unions succeed, and improve the financial lives of their members. For more information please contact: Seth McClellan Marketing Director 2 Ledgeview Drive, Westbrook, ME 04092 Office: 207-887-8255...
read moreInsurance and Financial Checklist for Soon-to-be and New Parents
By Elizabeth Ingram (who just added child #2) Vice President – Operations Insurance Trust Finding out you are having a kid, even if planned, is overwhelming. What do you need to have on hand or want? When do you start to prep & who do you turn to for advice? Your family & friends will probably be able to give you tons of advice on where to register & their favorite diaper brands or tricks (& there’s something to learn every time as I’ve recently discovered thanks to my coworker & mom of 3, Heather Baird, who is also our benefits Account Manager). However, there are also a bunch of long-term items that you need to be on top of to take care of your growing family. Before Baby Arrives Start looking for childcare ASAP if one parent isn’t planning to stay home. A lot of childcare centers have long waiting lists for babies or don’t accept them until 6-12 months. Also, this is going to have a major impact on your budget & the sooner you know how much you’ll be shelling out each week, the sooner you can plan. Ask friends, family, & coworkers with young kids for advice or check out https://www.maine.gov/dhhs/ocfs/ec/occhs/child-care.html in Maine. Find a pediatrician around the middle of your pregnancy. Your primary care doctor may also care for kids, but if they don’t, ask for a recommendation. If you don’t have a primary care doctor, or don’t feel comfortable with their advice, crowdsource & then meet the pediatrician to make sure you feel comfortable with them (think of it as an interview). You’ll also want to make sure the doctor is in-network for the medical coverage that will be covering the baby as it will save you some major money on those first-year vaccines. Check in with HR (human resources) if you are working (both parents need to do this) to find out what your Family Medical Leave (HR) eligibility is. On the federal level, FML applies to groups with 50+ employees (https://www.dol.gov/whd/fmla/), and in Maine, a more limited FML applies to groups with 15+ employees (http://www.mainelegislature.org/legis/statutes/26/title26sec844.html). Your eligibility depends on how long you have been with the company and how many hours you work. You will also want to ask whether leave needs to be taken as a block or can be taken intermittently. Also, ask HR if you are eligible for any paid leave and confirm what you have for sick and vacation time. Pregnant moms will also want to confirm with HR if they have short term disability (STD) coverage. STD can be an employer paid benefit or a voluntary benefit that you pay premiums for; you might have neither or both. If you have coverage, check what the waiting period after birth (or being taken off work by your doctor) is as well as how long it lasts (generally 6 weeks) and how much of your income it replaces. You won’t be receiving your full paycheck while STD is being paid, so you’ll want to budget for this ahead of time. Before baby comes is also when you should start looking into life insurance if you don’t already have it & deciding who you want to have guardianship of your children in the case of your death. More...
read moreInsurance Trust 56th Annual Meeting & Silent Auction for Special Olympics Maine
Insurance Trust is pleased to announce its 56th annual meeting that will take place at 2:00 pm on Friday, April 26, 2019, at the Italian Heritage Center in Portland, ME. Join us as we celebrate more than half a century of service to the Maine credit union community. During our meeting, each Trust committee chair will report on their committee’s accomplishments during the previous year. You will also be brought up-to-date on the financial condition of Insurance Trust. There will be 1 Trustee-at-large position open and will be voted on at the annual meeting. There are also 3 Credit Union Chapter Trustee’s up for election. Trustee terms are for three years and we are currently accepting nominations for Trustee-at-large. As part of our meeting each year, the Insurance Trust Social Responsibility Committee will be recognizing our credit union partners for their generous efforts and contributions to Special Olympics Maine. We will also present the annual Sandra A. Doucette award to an individual for outstanding service, volunteerism and support of Special Olympics Maine. Join us for a reception directly following our meeting with complimentary fare and refreshments. Silent Auction for Special Olympics Maine This year, Insurance Trust will be holding our Third Annual Silent Auction with all proceeds to support Special Olympics Maine. If your credit union would like to donate an item for the auction, please let us know! Contact Us for More Info To register as a delegate/alternate or guest at the Insurance Trust 56th Annual Meeting, please contact Barbara Christy at bchristy@insurancetrust.us or complete the contact form below. Contact Form Name* First Last Email* PhoneWhat would you like to learn more...
read more2019 Management and Lending Roundtable – Register Now
Set the Course for Success at your Credit Union 2019 Management and Lending Roundtable with Chris Maynard and Mike Higgins May 6-8, 2019 Hollywood Hotel & Casino | Bangor, ME VIEW REGISTRATION INFORMATION Join us for a dynamic Management and Lending Roundtable presented by credit union industry speakers, Chris Maynard and Mike Higgins. Insurance Trust University is pleased to host this all-new event for 2019. Days 1 and 2 (Designed for CEOs and Management) Chris Maynard will explore the following management focused topics, and more: How to build and retain high-performance teams How to drive results throughout the organization How to turn your Call Center into a Loan Center How to grow ancillary product sales and non-interest income Day 2 Afternoon Session (Designed for CEOs and Management) Mike Higgins will provide real-world examples of how credit unions successfully manage and compensate for performance. We will review the process for developing a reward pool that benefits the credit union, its members and its employees. The session will explore how organization-wide objectives can be broken down into department and individual scorecards.Day 3 Lending Roundtable (Designed for Officers, MSRs) Chris Maynard will explore the following lending focused topics and more: Referrals and Sales through Advocacy. Key strategies to improve your member’s credit score and close more loans The 4 C’s of Lending. It’s so much more than Credit Score and DTI How to take a conversational loan application using PPC’s 4 Step Loan Detector Click the button below to view registration information REGISTER NOW...
read moreCautionary Auto Lending Trends for 2019 – Part 2
Pictured Above: General Motors Co.’s Detroit-Hamtramck Assembly Plant in Detroit, Michigan. Photographer: Jeff Kowalski/Bloomberg By Tim Dalton | EVP Insurance Trust In my last article, I had expressed a few predictions about the future of auto lending and the impacts they may have in the near future. Sadly, we are seeing auto manufacturers start to react to the changing marketplace at least domestically. I believe there is still an underlying fear of what happened during the bailout era for the auto manufacturers. Late in November of 2018 GM announced it will close 7 factories, cutting 14,000 jobs by the end of next year. This will boost GM’s cash flow by 6 billion dollars by 2020. The reasoning behind this, so told by GM, is the realignment to prepare for electric and self-driving cars. Yet after digging deeper into the major changes, some of the real facts emerge. GM stated that “four factories in the US could be shuttered by the end of 2019 if the automaker and the unions don’t come up with an agreement to allocate more work to those facilities.” At the same time, GM is looking to abandon some of its slower selling sedan models. These lines include The Buick Lacrosse, the Chevy Impala, Cadillac CT6, and the Chevy Volt (fully electric car) and Cruze. The Cruze will continue to be made in Mexico but only for other markets outside the US. Not to degrade these models that are being dropped, but they are of lower cost than crossover models and they are not selling. Why? The leasing markets. More consumers were leasing in 2015, 2016 and even 2017 and that will start to pour more preowned autos on to the market, hence driving down wholesale prices and lowering values across the board. Still, why were consumers not buying these autos? It comes down to value and what you want for your dollar. You can buy a Chevy Impala for $360 a month or lease a Yukon for $360 a month. You decide. GM stated that “Most of the one-shift plants are sedan plants” and “That’s a real mismatch in a market where 40 percent of the vehicles sold are crossover utilities.” GM’s thought behind this is to “take action” while the economy is strong. However, the comment stated by GM at this year’s Automotive Outlook Symposium (AOS) was “To stave off the fire sales of the past;” is this statement truer to the positioning of their business model? This comes down to a few variables to be aware of and how we continue to lend in the auto market for the future. My first thought is: how will this affect the Loan to Value (LTV) on loans that are currently on the books at our Credit Unions? With the loss of these product lines, how will it affect their values? In the past, when product lines were dropped, values have pitched more heavily downward in value then standard depreciation predicts. Even in a strong marketplace, we see loan values higher than values of the collateral for 70% to 80% of the loan cycle. In your typical 60-month term loan, most vehicles do not turn right side up in value until year 4, and that is if the vehicle is maintained well and kept within...
read moreThe Difference Between Workers’ Comp Vs. Disability Coverage
By Elizabeth Ingram | Vice President – Operations Insurance Trust Knowing when workers’ compensation applies rather than disability insurance coverage can be confusing. Here are a couple of pointers to help distinguish between the two different types of coverage: Workers’ Compensation Workers’ compensation (once known as workman’s compensation) is for job-related injuries and illness. If an employee gets injured in the scope of their job and loses time or requires a medical visit, you should report the injury to your workers’ comp carrier. If you work with Equinox and aren’t sure what to do, reach out to Bev for help. Remember that injuries that occur in the parking lot or off of your premises may also be workers’ comp and it’s better to report than not. Your workers’ compensation carrier will determine if the claim meets the definition of workers’ comp and work with you and your employee to pay out the claim. Workers’ compensation coverage provides coverage for medical costs (which may not be covered by your employee’s medical insurance) and for time lost. They also help get employees back to work. You may be required to have workers’ compensation coverage in the state of Maine. Disability Insurance Disability insurance is for non-work-related injuries or illness. It is a method of income replacement when an employee out of work for an extended period of time. You are not required to provide your employees with disability coverage, but it’s a great way to show that you care and get them back to work. It does not provide full income replacement. Short-term disability (STD) coverage begins after 1-30 days and generally runs until the employee is medically able to return to work or until 90 days. Long-term disability (LTD) generally begins after 60 or 90 days and generally runs until the employee is medically able to return to work. You can offer employer paid STD, LTD, both, or neither. You also have the option to offer voluntary disability coverage which is employee paid. Like the workers’ compensation carriers, disability carriers will work with you and your employees to get them back to work. Remember too that workers’ compensation and disability coverage may run concurrently with job protections such as Family Medical Leave (on the state (15+ employees) or national (50+ employees) level) and the Americans with Disabilities Act (ADA) (employers with 15+ employees). Please reach out to our benefits (hbaird@insurancetrust.us or kquint@insurancetrust.us) or commercial lines (bmacmillan@insurancetrust.us) divisions with any...
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