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| 2008 HOLIDAYS |
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Tuesday, |
January 1 |
New Year’s Day |
| Monday, |
February 18 |
President’s Day |
| Monday, |
April 21 |
Patriot's Day |
| Monday, |
May 26 |
Memorial Day |
| Friday, |
July 4 |
Independence Day |
| Monday, |
September 1 |
Labor Day |
| Monday, |
October 13 |
Columbus Day |
| Tuesday, |
November 11 |
Veterans Day |
| Thursday, |
November 27 |
Thanksgiving Day |
| Friday, |
November 28 |
Thanksgiving Bonus Day |
| Thursday, |
December 25 |
Christmas Day |
| Friday, |
December 26 |
Christmas Bonus Day |
| Q. |
Can my mortgage company, bank, or lender require me to carry a limit of insurance on my house or rental property beyond the cost to rebuild the building?
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| A. |
No. Under Massachusetts General Law, Chapter 183 Section 66, any lender doing business in the Commonwealth of MA shall not require as a condition of a mortgage that the mortgagor purchase insurance in excess of the replacement cost for that structure. A later clarification to this statute further indicated that lenders are not empowered to require that the insurer provide "Guaranteed Replacement Cost" coverage on the premises. A simple way to check into this is to divide the insured dwelling limit by the total square footage of finished and heated area’s on the premises, not including garages, unheated porches, etc. This will develop a rough cost per foot (to consider adequacy). Most properties are less than $200 per square foot, though luxury properties will usually cost more in local areas.
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| Q. |
Do I need to add my son or daughter to my MA Auto policy when they obtain their learner’s permit?
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| A. |
No. Until they receive a MA driver’s license, they do not need to be listed. While operating with a learner’s permit, they are operating under the license of the adult driving with them as required under MA law. Upon licensure, they should be added immediately, with evidence of driver training provided to our office if applicable.
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