Rough Notes back issues from December 2007:
COURT DECISIONS
Dec 01, 2007; ... Digested from case reports published in Westlaw, West Publishing Co., St. Paul, MN Insurer deletes wind coverage after hurricane In June 2004, Delores Graham applied for homeowners insurance, including windstorm coverage, through the John Lee Insurance Agency in Naples, Florida ....
FANTASY LEAGUE FOREIGN RELATIONS
Dec 01, 2007; ... Yes, our friends at the NAIC are at it again The National Association of Insurance Commissioners (NAIC) signed another Memorandum of Understanding (MOU) with representatives of an authoritarian regime in October. Alabama Insurance Commissioner and NAIC President Walter Bell and Egyptian ...
EVERYBODY HAVE FUN TONIGHT
Dec 01, 2007; ... Philosophy of sharing creates agency powerhouse in Illinois When Jim Blackburn established Assurance Agency in the northwestern suburbs of Chicago, Illinois, it was primarily to write coverage for a fledgling but growing construction industry. That was in 1961. Anyone who has been to the ...
SUPERCHARGE YOUR AGENCY
Dec 01, 2007; ... Six principles that will leave competitors in the dust The vast majority of insurance agencies are nowhere near their full power capacity. Most have technology, equipment and talent, but their performance ratings are below desired expectations. When we look "under the hood" of these ...
HOME IS WHERE THE RISK IS
Dec 01, 2007; ... Underserved residential and habitational risks find a home with Dauntless Specialty Brokerage There isn't an agent alive who doesn't know how to write a basic homeowners policy. But not all residential risks can be handled by a standard HO-2. Consider antique homes with irreplaceable ...
EXECUTION OF CONTRACT TRIGGERS COVERAGE FOR ADDITIONAL INSUREDS
Dec 01, 2007; ... General contractors and subs should specify when their contractual relationship begins If a general contractor fires a subcontractor and hires another subcontractor to take over the existing work, the question is whether the new subcontractor's agreement to name the general contractor as ...
HAVE IT YOUR WAY
Dec 01, 2007; ... The AMS Users' Group and ASCnet each updates its Web site enabling members to customize the information they receive Popularized by the ad folks for Burger King over 30 years ago, "Have it your way" has even more impact in the Internet era. Recently the leadership of two major management ...
FLOOD REFORM LEGISLATION TALKS GO ON ... AND ON
Dec 01, 2007; ... House approves extension bill; Senate action will take longer As 2007 draws to a close, Congress still has yet to produce a final flood insurance reform proposal to pass on to President Bush. At the time of this writing, the U.S. House of Representatives had passed H.R. 3121, the Flood ...
PREMIUM FINANCING OPTION BOOSTS AGENCY INCOME
Dec 01, 2007; ... Three providers discuss advantages of agency-owned finance companies When the property and casualty insurance marketplace is in a "hard" cycle and rates for commercial insurance soar, independent insurance agents and brokers usually find that their clients are anxious to finance their ...
IRS SURPRISE PACKAGE
Dec 01, 2007; ... Proposed revenue ruling would seriously affect the captive industry September is usually a very interesting month. In addition to the traditional fall events, September is famous for providing surprises that come in a variety of packages. Some of the surprises come in the form of adverse ...
ROADMAP TO BENEFITS
Dec 01, 2007; ... A finely tuned benefits "engine" delivers high-octane results for this St. Louis agency Ask some property/casualty producers how they feel about selling employee benefits, and you may get a response of pained puzzlement. While most P-C producers will readily acknowledge that their ...
CRITICAL ILLNESS INSURANCE: READY FOR PRIME TIME?
Dec 01, 2007; ... Popular in overseas markets, the concept is gaining interest in the U.S. "Everyone is especially sensitive to just how precarious their financial security may be. Critical illness insurance speaks directly to that concern." -Wilma G. Anderson President Senior Care ...
A PREVIEW OF THE 2008 SPECIALTY MARKET
Dec 01, 2007; ... Déja vu all over again At the time of last year's preview, the cost of fuel was a major concern. Déja vu folks. We are seeing the cost of a barrel of oil surpass $90 for the first time in history and the price at your local gas station is starting to reflect this increase. Many of your ...
GRADUATED LICENSING LAWS PROVE TO BE LIFESAVERS
Dec 01, 2007; ... In a report issued earlier this year, the Insurance Institute for Highway Safety (Institute) says that while crash rates for teenage drivers are still higher than those of adults, "real progress has been made in safeguarding" young drivers. According to the Institute, fatal crashes ...
8 STEPS TO SUCCESS
Dec 01, 2007; ... A multitude of qualities make for a top-notch CSR The role of the customer service representative is to provide clients with good service. Our job is not only to provide a quote or sell an insurance policy, but also to counsel and advise customers. Our customers do not always know the ...
BUILDING A SUCCESSFUL BUSINESS MODEL
Dec 01, 2007; ... Dawn Bijou Janes always knew that she wanted to be a child psychologist when she grew up. She pursued that goal, working as a chemical dependency counselor after college graduation in 1997. At that time, opening an insurance agency wasn't on Dawn's radar. In fact, after working as a ...
The Rough Notes Company: COMMUNITY SERVICE AWARD
Dec 01, 2007; ... Nomination deadline is approaching The independent insurance industry is comprised of generous individuals and agencies that give back to their communities through philanthropic deeds and services. The Rough Notes Company, through its annual Community Service Award, recognizes these ...
GET SERIOUS ABOUT YOUR PERPETUATION PLAN
Dec 01, 2007; ... Unrealistic expectations can doom internal perpetuation plan The 75 million Americans who are part of the Baby Boom generation are now beginning to approach retirement age, and the average age of the United States population is increasing. Likewise, the average age of owners of insurance ...
IT'S ALL ABOUT THE ADJUSTERS
Dec 01, 2007; ... The right TPA can help lower the total cost of loss When a claim occurs, it's an opportunity for an agent to shine or to fall flat on his or her face. A mishandled claim can result in an angry client or former client if things go really badly, an upset carrier and an end to any ...
SURPLUS LINES OUTLOOK
Dec 01, 2007; ... Underwriters gear up to meet soft market challenges As the year nears its end, surplus lines insurers in the United States have a good deal to celebrate. According to a new research paper by Conning Research & Consulting, Inc., surplus lines companies have outperformed the general ...
GAUGING RISK IN THE EXPANDING INTERNATIONAL MARKET
Dec 01, 2007; ... Chubb survey shows differing perspectives of risk managers and corporate executives U.S. businesses, by a wide margin, intend to expand their operations overseas, according to a recent survey by Chubb International; but the risk managers and chief executives of those firms are often at ...
USING VIDEO FOR SALES AND SERVICE
Dec 01, 2007; ... It's a trend that should not be ignored In previous columns, I began discussing the impact of generational differences on an insurance agency-how it needs to sell to and service these new types of customers. To continue-One striking example of how the younger generations (GenX ...
TRUE BRITT
Dec 01, 2007; ... New CPCU president looks at the Society's heritage, growth potential and new directions Jim Britt, Managing Director for Marsh USA, is the new President of the Chartered Property and Casualty Underwriters Society (CPCU). A tropical sunrise recently shone at the dawn of the term ...
COURT CASES - SUMMARY JUDGMENTS
Dec 01, 2007; ... Great Harm Hazard & Liability Insurers provides coverage for the Blumbertons. Jan Hert has sued the Blumbertons. Jan suffered serious injuries when a dog owned by Tom Vagrant attacked her. At the time of the attack, Tom and his dog were living in the Blumbertons' home. Tom's dog injured Jan ...
ACTUARIAL SUPPORT
Dec 01, 2007; ... Pinnacle helps mid-sized agencies provide the same services as the large brokers Actuaries can work with mid-sized agencies to help determine "what the client is looking for from a strategic standpoint in his overall risk management program." - Robert Walling, III, FCAS, MAAA ...
FINDING THE RIGHT PARTNER
Dec 01, 2007; ... The right buyer depends on the future desires of the seller In our last article, "So, You've Decided to Sell Your Agency," published in the August issue of Rough Notes, we outlined many of the key factors that agency owners need to consider when selling their agency. It is imperative ...
GUIDELINES FOR REPORTING AUTOMOBILE ACCIDENTS
Dec 01, 2007; ... Agents who furnish essential information in advance can help clients through traumatic times Some insurers provide small cards that can be kept in a purse, billfold or a glove compartment that outline what steps an insured should take on the spot in the event of an accident. Other ...
VIDEO GAMES: RISKY BUSINESS
Dec 01, 2007; ... Fireman's Fund package addresses risks of producers and distributors Do you remember "Donkey Kong," "Space Invaders" and "PacMan"? Back in the 1980s, they were the first wave of what has become a multibillion-dollar phenomenon: video games. Simple and essentially nonviolent, these games ...
SOFTWARE THAT HELPS INTEGRATE RISK ANALYSIS
Dec 01, 2007; ... Towers Perrin product designed for risk managers also can be useful for brokers It's clear that enterprise risk management (ERM) is gaining significant traction in corporate America. At first its use was limited primarily to financial institutions; however, today many non-financial ...
Automobile Liability Insurance in Action
Dec 01, 2007; ... Rough Notes magazine, March, 1933 Selling Automobile Insurance (ProQuest: ... denotes text stops here in original.) MORE today than ever before, the claim experience of insurance companies must be used for production purposes. The selling of Automobile Liability ...