| |  | | Special Features * Advantages of Big 'I' Membership * Commercial General Liability * Commercial Property * Agency Management * Homeowners' Insurance * Insurance Laws & Statutes/Coverage Resources
* * * Please note, our next edition will be published July 8 * * * |
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| | Linked here is the video recording of the committee hearings on reauthorization of the NFIP conducted June 16, 2022. Content begins at 00:17:23 and lasts about an hour. Testimony is presented from several key sources as part of this hearing. |
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| | You’ve heard the statistics, right? Not only do we face a “silver tsunami” of retirements, now we have employee flight and a shortage of qualified applicants. According to the Society for Human Resource Management, in 2021 almost 48 million workers quit their employment, or about 4 million workers monthly. A growing number of agents, adjusters and other insurance personnel are retiring, as well. What is the best antidote to slowing the flood of employee flight? It’s a simple technique known as the “stay” interview. |
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| | Does the personal auto policy extend coverage for a STD supposedly contracted in an insured auto? Well, “disease” is within the definition of bodily injury and there is no specific exclusion – so don’t laugh. |
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| | As a Big “I” member, you have access to two stand-alone personal umbrella markets which enables you to write most any risk you will run across. Whether the risk qualifies for the endorsed market with endorsed carrier RLI or, for risks RLI will not write, the alternative market via Anderson & Murison, you can support your state Big “I” association by placing your stand-alone umbrella business with the Big I Advantage® Umbrella Program. Limits up to $5 million are available ($1M in NM). Excess UM/UIM is available in all states. |
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| | Proprietary coverage forms are not always better than Insurance Services Office (ISO) forms. Careful comparison is required to confirm the insured is not harmed by non-ISO language. A recent Illinois district court ruling highlights an incidence where ISO’s Personal and Advertising Injury wording may be broader and better for the insured. |
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| | Construction risks are becoming harder to place and premiums continue to increase. With the construction market expected to increase by about 9% in 2022, now is an opportune time to increase your expertise and client base in construction and artisan and contractors risks. This article outlines the current state of the market, including some tips on collaborating with wholesalers to place those hard-to-place contractor risks. |
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| | Nearly 40% of ISO’s general liability class codes are, what some call, “dagger” codes. All a “dagger” classification does is rearrange where the products and/or completed operations coverage is found. |
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| | Within the wording of the commercial property policy’s replacement cost provision there is a 180 day “limitation.” How does this supposed limitation actually apply and to whom does it apply? For whatever reason, some insurance carriers routinely use this supposed limitation incorrectly. |
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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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| | Work patterns since COVID-19 sent millions of workers home had a big impact on the commercial real estate market. And although JP Morgan predicts commercial real estate will come “bouncing back” in 2022, it’s a great time to remind your clients of the need to understand their commercial property policies’ vacancy clauses. |
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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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| | An agent asks: Can our agency cancel or non-renew a nightmare client? |
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| | Upset customers can be unnerving. But with the right attitude and techniques, many of these people can be turned into satisfied, loyal customers. It's not always easy, but it's worth it. In this article, I'll present 14 tips that you can use to calm upset customers...half deal with general principles and half target specific behaviors and responses that you can learn and control. |
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| | Vacant land presents two problems. First, most people find it hard to believe that they could be sued because they own a piece of vacant land. Second, the characteristics that make a piece of land “vacant” are not universally agreed upon, and thus are unpredictable. |
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| | With hurricane season a concern and unpredictable weather on the rise, homeowners’ losses can be devastating. After your insureds submit a claim, the insurer will request they document their damaged contents. Remind your insureds that homeowners’ claims are always much easier to settle if they prepare a home inventory before they experience a loss. Now is a perfect time to remind your insureds to create a home inventory. With today’s sophisticated cell phone cameras, it may be as simple as walking through the house and videoing contents with accompanying verbal descriptions. There are many online tools available, as well. |
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| | What happens if an insured’s tree falls and damages property or injures someone on a neighbor’s premises? If the occurrence is caused by an “Act of God,” is the insured off the hook? This may not be as simple a question as you think and many factors can come into play. |
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| State laws vary regarding auto policies, personal and commercial. Each state prescribes its own minimum limits and other required coverages. Some state require Uninsured Motorist (UM) and some states require Uninsured and Underinsured Motorist (UM/UIM). Is it a Personal Injury Protection state (aka, No-Fault); or are you allowed to exclude a driver?
* * * Please note, our next edition will be published July 8 * * * |
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