American Agent & Broker

Now Is the Time to Focus On Underwriter Relationships

Underwriters are looking for opportunities to develop relationships with CSRs, since they are the people responsible for marketing accounts at most agencies. Relationships are being developed -- both personally and professionally -- between CSRs and underwriters, which should lead to improved agency results. CSRs can improve their current relationships with underwriters and develop new ones through: communication, recreation and consideration. Let underwriters know you are familiar with what ...

How to Launch New Programs in a Changing Market

In an interview, Greg Thompson, CPCU, president of Thomco, who is in line to become president of the Target Markets Program Administrators Association in 2007, talked about what it takes to get a program insurer to say yes. He said as a general rule, it is difficult to get a new program off the ground, especially after the latest hard market. A lot of research needs to be done in creating a new program, and it is extremely time-consuming. Some program insurers pay commissions on a sliding sca...

Tips for Recruiting and Interviewing Prospective Employees

For many companies, losing an employee is like falling victim to a natural disaster. Prepared employers keep their composure and their companies intact by following a PATH, a planned alternative to hiring. When a vacancy hits, instead of scavenging the job market for recruits, the PATH employer consults a cache of quality candidates for a replacement. Before you can hire anyone, you must gather recruits. Start your search at home. Survey your staff for replacements and recruit recommendations...

A Directory of Markets for Financial-Institution Insurance

A Directory of Facilities for Program Administrators

Specialty Aviation Underwriters to Cover a Range of Aircraft

Other Market News

Absolute Pollution Exclusion Upheld; Does Not Render Cgl Coverage 'Illusory'

In a case from the state of Washington, a restoration company's insurance policy had a standard pollution exclusion. The building owners had a CGL policy with a similar exclusion. The two insureds filed an action, claiming their insurers wrongfully denied their request for defense and indemnity, and that the scope of the pollution exclusion was so great as to make coverage under their policies illusory. After discussing the evolution of the pollution exclusion from partial to absolute, the Su...

Aig Risk Management Announces Program for Temporary Staffing Firms

Progressive Announces D&Amp;O Policy for Community Banks

Correction

Down To Cases

Agent Not Responsible for Uncovered Patent Infringement Claim Against Farmers

A seed seller in Tennessee brought a claim against a group of farmers for patent infringement and breach of contract. The farmers' insurer refused to defend under its farm liability policy, saying its policy did not cover patent infringement. The farmers sought a declaratory judgment against the insurer. The appellate court found it unnecessary to address the agent's assertion that insurance against patent infringement and the actions alleged by the seed seller was not available. Rather, the ...

For The Manager

Agents Have More Options for Working with Carriers

Today's carrier marketplace is quite diverse. While diversity among carriers provides agencies with opportunities to build a strong stable of carriers, it also requires them to more carefully investigate their carriers. All but the smallest agencies need one national carrier, and every agency is encouraged to find one that suits its needs and personality. Agencies may overlook small carriers, but they play an important role. Many are fine markets and some offer excellent specialty programs. A...

Policy Issues

'Tis the Season to Give Thanks and Sell Flood Insurance

The implications of the oft-cited statistics that only 30% of the area's residents affected by storms Katrina and Rita had flood coverage depend on the viewpoint of the statistics presenter. It makes little sense for an agent whose income is solely or primarily derived from insurance sales commissions to deliberately underinsure anyone. If underinsurance occurs, it usually represents gross stupidity, not criminal intent. Brochures, interviews, phone calls, e-mail signature tags, newsletters, ...

New Policies

Aig Excess Casualty Offers Coverage for Insurer Insolvency Exposure

General Star Announces Several New Programs

Lexington Insurance Co. Announces Products for Transportation Risks

Automation

The Opportunities in Technology Lie On the Cutting Edge

At IIABA's national convention, a panelist who had developed a successful sales plan referred to a "short-read" book entitled "Acres of Diamonds." This book asserted that opportunity is found not just on the other side of the world or even in the next state, but also in the backyard. In technology, the backyard of opportunity often is the front edge of currently available options. For an agency to be technologically competitive and innovative, it must continuously think of the next possibilit...

What's Going On

Talking with the Talkers at the Target Markets Meeting

At last month's Fifth Annual Summit of the Target Markets Program Administrators Association, there was one insurance company representative on hand for every two program administrators. HBW director Scott King said he came to the meeting looking for additional markets for a residential contractors program and said he had some promising talks with insurers. John Solari, president of Professional Underwriters, said he found carriers' attitudes toward program business had improved markedly from...

Correction