Agency Operations

Some lenders are refusing to accept the current editions of the ACORD 27 and 28 and insist that agents issue the 2003 editions of these forms. There are several reasons…

Past articles in industry publications have incited many calls from anxious agency owners. The articles were, unfortunately, very misleading. Each inaccurately concluded that big agencies paid producers better than small…

One of the most common questions asked by agency owners is, “What is the average producer compensation for new and renewal business?” You may be surprised to learn that such…

If one company is willing to pay three times more bonus for the same results, for the same book, same ease of doing business, and the same benefits to your…

The concept of fair and motivating producer compensation still eludes most agents who have found themselves over-compensating producers who are not generating the growth needed by the agency. The Million…

A 1999 tax court case determined that advanced commissions received by an insurance salesman were not taxable when he received them. The Tax Court determined that the salesman received loans…

One of the most common questions that we get each week is, “How much should we pay producers?” Questions like these are equivalent to asking, “What is the ‘average’ that…

Many insurers don’t want their agents to copy them on certificates they issue. Other carriers have expressed their intent to NOT copy certificate holders on cancellations. In some instances, even…

It’s been over 7 years since the ACORD 25 was revised, but a new version came out this month. Changes include several revisions in the Coverages section and a Disclaimer…

Agencies are often asked to review contracts of insureds and/or to issue “nonstandard” certificates. Does your agency have a standard procedure for processing certificates? If so, the VU would like to hear…