| |  | | | Special Feature - COVID-19 * Commercial Property * Business Income * Homeowners' Insurance * Personal Auto Issues * Agency Management * Insurance Laws and Statutes/Coverage Resources |
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| | COVID and the government actions that resulted were never anticipated, but now it has happened. Such government actions are now a known exposure, what must the agency do to going forward to address this new possibility? |
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| | Property underwriters analyze essentially the same information today as was reviewed 400 years ago. Although technology has changed, the basics of property underwriting has not changed. The four primary factors in property underwriting are Construction, Occupancy, Protection and Exposures (COPE). This article provides a brief overview of one piece of this puzzle – Protection. |
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| | Christmas Day 2020 saw Nashville, TN rocked by an explosion. Were these the acts of a terrorist? Might these acts trigger the terrorism exclusions? |
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| | I can’t prove that Leasehold Interest is the most undersold property coverage, but I would be willing to place money on it. The difference in cost between a favorable lease and a market-rate lease can thousands even hundreds of thousands of dollars; you wouldn’t underinsure the building by that amount, why are we putting the insured at such great risk in their lease? The coverage is easy to understand, but to make it easier, we put this primer together. |
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| | Non-BOP business income coverage is written on a coinsurance basis; however, some agents are afraid of coinsurance for a couple reason: 1) they don’t know how to develop the proper coinsurance percentage; and 2) they don’t want to explain the CP 15 15 Business Income Report and Worksheet. Well, there are three alternatives to coinsurance agents can use. One doesn’t save the agent from having to explain the worksheet, and two may not indemnify the insured – but agents do have alternatives. All three are touched on in this article. |
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| | Business Income is the most important property coverage. The problem is, some agents only do half the job when protecting the insured’s income loss exposure. There are two loss periods the business income policy needs to cover. |
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| | The ISO Business Income program has a Monthly Limit of Indemnity option that allows the entry of factors of 1/3, 1/4, or 1/6 on the declarations page. Does this mean you have 3, 4, or 6 months worth of coverage? In addition, how does coinsurance work with this option and why is the option even available? |
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| | Now through February 19, 2021, view this three part series which covers Homeowners insurance issues including guaranteeing replacement cost, special limits of coverage, and dog bite rules and statutes. |
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| | An agent asks: I'm working on establishing a standard office procedure for our office when dealing w/ divorce and personal auto policies. At what point are we able to remove the other party? If the first named insured sends in a copy of the formal divorce decree, are we able to then proceed with removing the other party? |
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| | Regardless what the commercials tell us, personal auto coverage is not one-size-fits-all. Every insured has unique arrangements and exposures. These lead to uneasiness and questions – hopefully. This article attempts to answer three personal auto questions every agent needs to know how to answer. |
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| | Most insurance agents “could write a book” about some of the choices consumers often make about their insurance protection. A prime example is the small commercial insured that has his company purchase an auto, which he then leases to himself (for a nominal fee). See any problems here? |
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| | Six “costs” in addition to the premium combine to develop the insured’s true total cost of risk: 1) Deductibles or Self-Insured Retentions; 2) The cost of uninsured or self-insured losses (intentional or unintentional); 3) Legal costs; 4) Loss control and safety costs; 5) Claims management costs; and 6) Opportunity costs. Do your clients understand these costs? |
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| | The qualified lead ratio tells the agency if their database of leads is beneficial or wholly useless by answering the question, what percentage of leads in its database are good leads and which ones are just names taking up memory space? In simplest terms, the qualified lead ratio tells an agency how beneficial its prospect database really is to the producers and the agency. With this ratio it is not hyperbole to say the agency can predict its future success. |
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| | If it’s not measured, it can’t be managed. Every agent and agency must be able to measure specific sales ratios to effectively plan for the future. Two commonly measured ratios are retention ratio and closing ratio; but a new metric not often discussed is the “effective production time.” |
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| | Need help finding the condominium laws of each state? This reference gives you the condominium law, the horizontal property law, the common ownership law, or whatever it is called of every state. Useful – and needed - whether you insure the association or the unit owner. |
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