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About Clifford M. Golub
Associates, Inc.

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Automobile/Motorcycle Insurance

Whether you own, lease or finance your car, you are required to insure your motor vehicle. Annually, drivers are involved in over 30 million accidents causing bodily injuries, death and property damage. It is very important to understand and maintain adequate coverage.

Liability Insurance is one of the most important components of your auto insurance. A judgment for injuries and/or damages can run into hundreds of thousands of dollars, or more. Add to that the legal costs and you risk loosing all of your assets if you are found legally responsible for the accident. The amount of your liability insurance should be enough to cover these costs, as well as bail bonds, interest on judgments and loss of earnings to attend court proceedings. Is your coverage adequate? If not, you can supplement your coverage with Excess Liability.

You can up your auto and homeowners coverage to a certain extent ($500k for homeowners, <or $250K per person> and $500k for auto) with Excess Liability (Umbrella Insurance). The more income and assets you have, the more you stand to loose. If you were smart enough, or lucky enough, to earn a high income and accumulate assets that exceed homeowners or auto coverage, protect them with Excess Liability.

Personal Injury Protection (PIP) - No Fault

No fault insurance laws vary from state to state. Personal Injury Protection is the name given to benefits in states that have no fault laws. Most states include medical, disability, accidental death and funeral expenses, and expenses to hire somebody to perform services you can no longer perform due to the accident. Since the laws, benefits and exclusions vary so much, Golub Associates carefully consults with your states specific coverage requirements before writing any policy.

Medical Payments

A two hour visit to an ER for simple stitches or x-rays can cost hundreds of dollars. Should your family members be injured in an auto accident, the medical bills can quickly add up to a staggering amount. This portion of your coverage provides you with the peace of mind that you can obtain the necessary medical attention.

Uninsured/Underinsured Motorists

These laws also vary from state to state, but basically this coverage pays for expenses if you are involved in an accident with an uninsured driver, or a driver who has less insurance that the law requires.

Collision - Impact

Covers damage to your care and is limited to the actual value of your car. Comprehensive coverage pays non-collision damage such as glass breaking, fire, theft, falling objects, vandalism, flood, hitting an animal etc. Coverage is limited to the actual cash value of your car.   Back

Homeowners Insurance

For most of us our homes are our largest asset. Loss or damage to our home would be devastating, made worse if you are not adequately covered. Golub Associates reviews all policies annually to protect your largest and most personal asset, your home.

Let's begin with some basics.

Dwelling - (Coverage A) This is residential structure coverage. Basically, your home, minus everything you could carry out. It covers the rooms, fireplaces, carpeting, built in air conditioners, attached garages, etc.

Other Structures - (Coverage B) covers items not attached such as your shed, detached garage or your pool.

Personal Property - (Coverage C) covers your furniture, clothes, your appliances, toys and things of that nature. Some items may not be covered, such as valuable items that require a special policy.

Loss of Fair Rental Value - (Coverage D) If you can't live in your home due to damage, this pays for your rental while your home is being fixed.

Additional Living Expenses - (Coverage E) On some policies this enhances Coverage D, and may also include additional expenses incurred so you can maintain your normal standard of living.

What type of situations (perils) are you protected from?

  • fire or lightning
  • windstorm or hail
  • explosion
  • aircraft
  • vehicles
  • riots
  • smoke
  • theft
  • vandalism
  • volcanic eruptions

Some policies also provide coverage for:

  • falling objects
  • damage from the weight of ice or snow
  • frozen plumbing
  • accidental overflow of water steam from plumbing
  • rupture of steam or hot water heating system or
    air conditioning
  • damage from artificially generated electric current

What's NOT covered?

  • the land
  • structures used for commercial, manufacturing or farming
    purposes
  • loss or expense due to cancellation of lease
  • animals, birds or fish
  • boats (except rowboats & canoes <see Boat Insurance>
  • Data, whether on paper or software <see Inland Marine>
  • losses caused by power failure
  • loss due to war
  • deliberate loss

Personal Liability - (Coverage E)

This covers bodily injury or property damage. For instance, your child hits a fly ball through your neighbors window. This coverage can be supplemented with Excess Liability.

Medical Payments - (Coverage F)

This pays medical expenses to non-residents injured at your home, for three years after the date of the accident. Example: Your mailman falls off your porch and breaks his leg.   Back

Personal Inland Marine

This may appear confusing, but this is what covers certain valuables such as jewelry, furs and other valuables.

The " Nationwide Definition " defines Inland Marine as:

  • imports
  • exports
  • instruments of transportation and communication
    (bridges, tunnels, transmission lines...)
  • personal property floater
    (moveable property, such as furs, jewelry, silverware, guns)
  • cameras and musical instruments
    (if you are a professional and/or own high end items they should
    be endorsed separately)
  • mercantile floaters - truck cargo, contractors equipment

Fine Arts insurance would cover valuable paintings, antiques and other rare or historic items.   Back

Life Insurance

The purpose of Life Insurance is to provide your family with the funds necessary to meet financial obligations after your death. The costs associated with the insured death -- medical bills, funeral expenses, estate taxes-- and the long term costs of mortgages, food, cars, utilities and education must be carefully calculated to determine how much insurance is necessary to maintain your current lifestyle. Once that is determined, we can develop a policy to suit your needs and your budget.

Term insurance is the least expensive initially. Large amounts of insurance can be "rented". You are covered for the term of the policy, providing your premiums (payments) are current. It is often used to provide coverage temporarily, for instance while a mortgage is being paid or while children are in college. It is less expensive because there is no cash value. The premiums increase significantly with age, but many have an option to convert the policy to a Whole Life (permanent) policy without submitting to a medical evaluation.

Businesses use Term policies to protect themselves from financial loss by the death of a key employee. The business owner, or key employee, who has very specific skills critical to the future of the business can be protected with a policy often referred to as a Key Employee policy. The business would be the applicant, owner and beneficiary and the benefits would provide help with the costs of running the business and replacing the employee.

Whole Life provides permanent protection for the "whole life" of the insured. The premiums remain the same--they don't increase with age like a Term policy and the policy builds cash value. The face amount is a guaranteed amount. For this reason, a Whole Life policy is considered an asset, and the insured can borrow against the policy. Once purchased (providing premiums are paid) the policy will not terminate until the death of the insured or the insured reaches age 100. At that time the face amount is paid to the beneficiary.

Variable Whole Life is similar to traditional Whole Life in that it offers permanent lifelong protection, there is a guaranteed minimum death benefit and the premiums are fixed and level. However, there are some differences. The cash value is separated from the rest of the policy and the policy owner chooses how the cash value will be invested by the insurance company. In this case, the policy owner is assuming some of the investment risks and therefore the cash value is not guaranteed.

Golub Associates agents are fully trained and licensed professionals. Your Life insurance policy should be reviewed periodically to reflect changes in your lifestyle and financial situations. Nobody ever feels they were left with too much life insurance. Unfortunately, the effects of inadequate coverage can compound an already devastating situation.   Back

Long Term Care

Estimates vary, but 25-50% of us will require home health care or nursing home care in our "golden years". It's tempting to "worry about that tomorrow", but then we might not qualify tomorrow, as with age comes different health issues. You can protect yourself, and your family from the burden of these costs by acting today.   Back

Personal Watercraft

Your basic canoe and rowboat may be covered under your homeowners policy. Anything bigger or more expensive requires a separate endorsement. This includes powerboats, yachts, jet skis and sailboats. Whether you need a Boat Owners Policy, Outboard Policy or Yacht Policy depends on the details. Be aware, there are rules! You cannot charter, transport for a fee, or use the watercraft in "official races". In other words, this policy is for pleasure users. Other situations would require a commercial endorsement. In either case, you should discuss whether your homeowners liability policy is sufficient or should be supplemented to cover watercraft collisions and injuries.   Back