American Agent & Broker

Specialization Gives Us an Edge in Lpl Insurance

Lawyers, particularly those practicing at large firms, are highly trained specialists who know their areas of the law inside and out. When it comes to their professional liability insurance, they are best served by agents or brokers who also are highly specialized. Certainly that notion lies at the heart of strategy at Arthur J. Gallagher & Co. The agency has a group of six people who are niche specialists, concentrating solely on lawyers professional liability insurance. The managing dir...

Agent E&Amp;O Insurance: Time to Check the Fine Print

The errors and omissions market for insurance agents is settling down after a 2002 market hardening. A brief overview of what has transpired during the past three years is presented, including: new exclusions used to tighten policy language, reduced limits, withdrawal from certain sizes and classes of business, and significant premium increases. A forecast of future E&O market conditions is discussed. The authors believe that, as economists would say, the market is entering a period of eq...

How to Respond Productively to Slow Underwriting Service

Finding knowledgeable underwriters who provide quality service is not always easy - and working with those who don't meet that description is stressful. But it doesn't have to be this way! By following eight time-saving principles, you can get the best service possible no matter what company you're dealing with. These tips allow agents to focus on sales rather than spending a frustrating amount of time on the underwriting and quoting process. The eight principles include: 1. Know what they wa...

As the Landscape Changes, Agents Cite Challenges

Agents and brokers operate in a challenging climate today. A softening market dictates a change in tactics, as do such developments as the continuing squeeze on commissions and New York Attorney General Eliot Spitzer's investigation into whether brokers' contingent-commission agreements with insurers represent a conflict of interest. A panel discussion at the Aon Specialty Product Network's Resource Fair, an event held in July in Banff, Alberta, Canada, for ASPN's top producers, provided some...

Darwin, Target Markets Offer E&Amp;O Coverage for Program Administrators

Aig Small Business Introduces Worldrisk Travelpak Coverage

Wss Offers New Markets for Custom Home Builders

Merchants Insurance Group Offers Coverage for Restaurants, Offices

Lemac Announces Coverage for Auto Repair &Amp; Service, Artisan Contractors

Calsurance Launches National E&Amp;O Coverage for Broker-Dealers

Target, National Casualty Partner for Staffing Firms Liability Program

Other Market News

Down To Cases

Association Responsible for Insurance, but Is Condo Unit Owner's Policy Valueless?

A case involving a condominium owner in California and her property insurance disputes over water damage is detailed. The condo development was managed by its homeowners association, which had established a declaration of covenants, conditions and restrictions (CC&Rs) stating that the association was responsible for obtaining liability and property insurance for the entire development. When the interior of the woman's condo suffered water damage that resulted from a water leak in a neighb...

For The Manager

Carrier Instability Can Be a Harbinger of Insolvency

Most agents don't understand the difference between stability and solvency, and many agents fail to appreciate the perils of doing business with weak carriers and the benefits of doing business only with those that are stable. Solvency is an all-or-nothing proposition. A company is either solvent or it's not. But there isn't necessarily a direct correlation between solvency and stability. A company can be quite unstable and still be solvent, or vice-versa. Agents who don't worry about a carri...

Policy Issues

The Names in the Game Sometimes Can Be Arcane

A hypothetical conversation about property liability insurance takes place between baseball players. The first baseman says that his brother-in-law Tom, who owns a sporting goods store, is having problems with his landlord. The landlord is demanding proof that Tom's premises liability coverage includes something called Broad Form PD. Tom calls his agent, who says that there is no such thing. The third baseman says that he can understand Tom's problems: His brother, Neil, is having a similar s...

New Policies

St. Paul Travelers Forms Entertainment Unit

Ace Usa Offers Evacuation Coverage

Assurex Global Re Forms Cell to Address Construction Risks

Strictly Sales

Winners Know How to Use Emotions for Motivation

In the sales profession, much ado is made of particular selling skills: strategic positioning, mirroring and matching, and handling objections, for example. We focus less often on a common personality trait of top producers: They hate to lose. Successful salespeople will tell you they hate to lose as much as they love to win. To become a top producer means learning what it takes to win. Strategies for winning in insurance sales are presented, including: 1. Understand the role of emotion in sa...

Automation

How We Stopped Processing Premium Payments-Part Iii

The owner of an insurance agency describes the steps his company has taken in ending walk-in premium payments from customers. The final step in the process was establishing a termination date after which the agency would firmly discourage customers who still brought payments in person. The agency used various advertising methods to spread the message about the termination date, including posters, word of mouth, and newsletters. On July 1, some customers still came to the office to make cash p...

What's Going On

Insurers Appear to Be Up to Charley's Challenge

Last month, Hurricane Charley hit Florida's west coast, packing Category 4 (145 mph) winds. Before it exited the state on the Atlantic side, it caused insured damages estimated at $6.8 billion to $7.4 billion. To understand how the insurance industry was able to stare down a hurricane like Charley, you have to go back to 1992, when Hurricane Andrew, a monster Category 5 storm, slammed into Homestead, FL., and caused $15.5 billion ($20.3 billion in today's dollars) in insured damages. Andrew r...