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This summer marked the 25th anniversary of moving to to our current office/barn property. The property has held
up well over the years (great quality craftmanship – thank you Ebersole Builders), and continues to be a showcase and a pleasurable place to work. With the recent soaring temperatures, the ground source air conditioning has been especially appreciated.
Unfortunately, this summer also has been challenging for anyone trying to get to our beautiful offices via back roads. Last October, an excavator being towed on a flat- bed trailer struck and damaged the bridge over Rt. 283 just above our office on Strickler Road. If you’ve driven on Rt. 283 you’ve noticed that half the bridge is missing, which is something you don’t see every day (unless you drive Rt. 283 regularly). So, we’ve had “Road Closed” and “Detour” signs next to our office since October.
While the Strickler Road bridge has been out, PennDOT also is replacing a bridge over Chiques Creek on Milton Grove Road. This closure creates another detour a few miles from our office. I normally travel Milton Grove Road when seeing clients over toward our old Mastersonville stomp-ing grounds, or even in Lebanon County. So, the detours definitely have made me take some roads previously less traveled. Google Maps has been getting a workout.
I recently had a conversation with a business customer about purchasing higher liability limits to protect against large at-fault claims. A year or two ago, I wouldn’t have thought of hitting an overpass while hauling equipment as a claims example, but here we are. The costs to just repair the bridge are estimated at over $1 million. It’s also possible that someone could attempt to collect other economic costs, like a local business having to drive their trucks extra miles around the detour. Thankfully, I’m not aware that there were any injuries that were caused by the accident.
I’m frequently asked what liability limit is the right amount to make sure that you’re appropriately covered without breaking the budget. There are no formulas or calculations to determine the exact amount to purchase. Sometimes a business enters into a contract that dictates minimum coverage, but in the absence of that, covering at least the amount of the assets at risk is the best method. So, if you have property or assets worth $2 million, you should carry at least a $2 million liability limit. The cost of each million-dollar increment of additional protection decreases, so coverage becomes more affordable as you increase liability limit.
The Strickler Road overpass is supposed to be replaced in the coming weeks, so then we’ll be down to just one detour. If it isn’t a bridge too far, stop by and see us sometime. We look forward to serving you for the next 25 years.
Steven L. Faus, CIC, CLU
President
Matt Miller has recently decided to take his insurance and investments shingle off the wall and enter the retire-ment phase of his life. Matt leaves after over 30 years with The Hess Agency, and he is the last of the ‘Mastersonville’ crew on staff other than Steve. Over the years, Matt worked in auto, home, small business, life, and Medicare insurance. For the last many years, he was our financial services and retirement planning guru. With Matt’s retirement, we’ve entered a new partnership with Orrstown Financial Advisors to provide ongoing financial advice and support.
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If you don’t already have identity theft coverage, give us a call at 717-665-2770 or stop by the barn and an agent will tell you more about the coverage.
We are here to serve you Monday through Saturday
Weekdays 8:00 a.m. – 5:00 p.m. Thursdays 8:00 a.m. – 8:00 p.m.
Saturday 8:00 a.m. – noon Other hours by appointment
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preferences. Email williamd@hessagency.com or call 717-665-2770. Thank you.