Insurance Journal » Agents & Brokers http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Thu, 24 Apr 2014 10:24:31 +0000 en-US hourly 1 http://wordpress.org/?v=3.8.2 Burand’s Agency E&O Blog: Tip #58 http://www.insurancejournal.com/blogs/agency-e-o/2014/04/24/327135.htm Thu, 24 Apr 2014 10:15:45 +0000 http://www.insurancejournal.com/?p=327135 ACA Grandfathering Disclaimer. According to the Wall Street Journal (Nov. 6, 2013), the first E&O suits have been filed against an insurance company for allegedly misleading a consumer into changing their health insurance deductible and thereby obviating the grandfathering clause …

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Burand’s Agency E&O Blog: Tip #57 http://www.insurancejournal.com/blogs/agency-e-o/2014/04/23/327132.htm Wed, 23 Apr 2014 16:55:05 +0000 http://www.insurancejournal.com/?p=327132 Review Renewals. While my recommendation to review renewals might seem so simple that even mentioning it might seem like I’m scratching the bottom of the barrel, I am writing this recommendation because I am seeing too many agencies that are …

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Mexico Broker AER Joins Brokerslink in Expansion Move http://www.insurancejournal.com/news/international/2014/04/17/326681.htm Thu, 17 Apr 2014 10:17:44 +0000 http://www.insurancejournal.com/?p=326681 Independent insurance broker network Brokerslink announced that it has gained a new member in the key Monterrey corporate market in Mexico with the addition of broker AER as a member. Brokerslink’s bulletin described Monterrey as a “key corporate market in …

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Why Agencies Need to Pay More Attention to Insurer Insolvency http://www.insurancejournal.com/news/national/2014/04/10/325990.htm Thu, 10 Apr 2014 16:41:13 +0000 http://www.insurancejournal.com/?p=325990 A myth is sneaking into the industry that insurer insolvency is not as important today. Belief in this myth is important to many entities. To put it more simply, a number of companies, agencies, and other firms benefit if less …

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Montana’s Sen. Tester Awarded Big ‘I’s’ Legislator of the Year 2013 http://www.insurancejournal.com/news/national/2014/04/10/325947.htm Thu, 10 Apr 2014 14:58:14 +0000 http://www.insurancejournal.com/?p=325947 U.S. Sen. Jon Tester (D-Mont.) has been named the Gerald Solomon-IIABA Legislator of the Year for 2013 by the Independent Insurance Agents & Brokers of America (the Big “I”). The award was presented Tuesday during the annual Leadership Luncheon, just …

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Burand’s Agency E&O Blog: Tip #56 http://www.insurancejournal.com/blogs/agency-e-o/2014/03/27/324290.htm Thu, 27 Mar 2014 15:00:19 +0000 http://www.insurancejournal.com/?p=324290 Personal Lines Quote Sheets. In most agencies, CSRs base their personal lines quotes off the data gathered per their quote sheets. Two common problems exist using quote sheets. The first is many agencies’ quote sheets are inadequate. The questions are …

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Business Risk Partners, LIU Launch New E&O Policy Form for Agents, Brokers http://www.insurancejournal.com/news/national/2014/03/26/324416.htm Wed, 26 Mar 2014 16:25:34 +0000 http://www.insurancejournal.com/?p=324416 Program administrator Business Risk Partners (BRP) has launched a new insurance agents and brokers professional liability form through Liberty International Underwriters (LIU), a division of Liberty Mutual Insurance. It’s the first major policy upgrade since 2008, when BRP and LIU …

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Burand’s Agency E&O Blog: Tip #55 http://www.insurancejournal.com/blogs/agency-e-o/2014/03/24/324287.htm Mon, 24 Mar 2014 21:55:12 +0000 http://www.insurancejournal.com/?p=324287 Fees & Agency’s Standard of Care. An agency’s Standard of Care requirement has many moving parts and variables. Simple answers generally do not exist because the applicable standard is case and fact specific. However, a key to making the agency’s …

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Technical and Medical Device Convergence Exposes New World of Risks http://www.insurancejournal.com/news/national/2014/03/24/324191.htm Mon, 24 Mar 2014 16:07:49 +0000 http://www.insurancejournal.com/?p=324191 When the acclaimed television drama series Homeland climaxed with a devious plot by terrorists to kill America’s vice-president by hacking into his electronic pacemaker, critics mocked the ludicrousness of the idea deeming it as simply far-fetched fiction. However, the storyline …

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Survey: Who’s Worth What in the Independent Agency System? http://www.insurancejournal.com/news/national/2014/03/21/323927.htm Fri, 21 Mar 2014 16:25:33 +0000 http://www.insurancejournal.com/?p=323927 For the second year in row, salaries and total compensation rose in independent insurance agencies across the nation. That’s according to Insurance Journal’s annual Agency Salary Survey 2014. This year all levels of agency personnel averaged between a 2 percent …

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Young Agents: Final Call to Say What You Think! http://www.insurancejournal.com/news/national/2014/03/21/323917.htm Fri, 21 Mar 2014 14:51:08 +0000 http://www.insurancejournal.com/?p=323917 YOUNG AGENTS, this is your last chance to tell us what you think about the insurance industry, the agency you work in, and what young agents want in an insurance career. Insurance Journal is making its final call for young …

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Agents Can Help Small Businesses Stay on Top of New Risks: Hartford School http://www.insurancejournal.com/news/east/2014/03/20/323796.htm Thu, 20 Mar 2014 16:54:04 +0000 http://www.insurancejournal.com/?p=323796 Small businesses face a myriad of challenges throughout the business life cycle as they embark on new ventures and grow their operations. And insurance agents can serve as their guide and help them understand risks and insurance coverage options, according …

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Willis Opens Representative Office in Myanmar http://www.insurancejournal.com/news/international/2014/03/20/323764.htm Thu, 20 Mar 2014 11:01:33 +0000 http://www.insurancejournal.com/?p=323764 Willis Group Holdings plc announced that it has opened a representative office in Myanmar that signals its commitment to the country’s growing insurance industry. Willis said the “office in Yangon will support Willis’s multinational and Asian client base, and also …

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Calling All Young Agents: Tell Us What You Think http://www.insurancejournal.com/news/national/2014/03/17/323443.htm Mon, 17 Mar 2014 11:50:06 +0000 http://www.insurancejournal.com/?p=323443 Are you a young insurance agent, 40 years old or younger? Do you know a young insurance agent? Insurance Journal is searching for young insurance agents to participate in this year’s Young Insurance Agents Opinion Survey. Tell us what you …

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Vertafore, StoneRiver Partnership Aims to Make Selling Flood Insurance Easier http://www.insurancejournal.com/news/national/2014/03/05/322340.htm Thu, 06 Mar 2014 00:26:46 +0000 http://www.insurancejournal.com/?p=322340 Insurance software firm Vertafore has formed a partnership with flood insurance policy processing firm StoneRiver National Flood Services (NFS) to provide independent agents a new way to quote and cross-sell flood insurance when selling homeowners insurance. The partnership integrates NFS’s …

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MacDonald to Head Miller’s New Combined P&C Team http://www.insurancejournal.com/news/international/2014/02/27/321672.htm Thu, 27 Feb 2014 13:42:19 +0000 http://www.insurancejournal.com/?p=321672 UK specialist insurance and reinsurance broker Miller Insurance Services LLP announced that it is combining its property and casualty specialists into one business area headed by Ken MacDonald. Miller said the new structure would enhance the service it “provides to …

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Burand’s Agency E&O Blog: Tip #54 http://www.insurancejournal.com/blogs/agency-e-o/2014/02/21/321232.htm Fri, 21 Feb 2014 17:03:05 +0000 http://www.insurancejournal.com/?p=321232 Fees & Agency’s Standard of Care. An agency’s Standard of Care requirement has many moving parts and variables. Simple answers generally do not exist because the applicable standard is case and fact specific. However, a key to making the agency’s …

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Insurance Journal Co-Sponsors Agency Research Project http://www.insurancejournal.com/news/national/2014/02/21/321227.htm Fri, 21 Feb 2014 16:52:59 +0000 http://www.insurancejournal.com/?p=321227 Channel Harvest Research, in partnership with Insurance Journal, has launched a new study of the independent agency system, probing agents’ attitudes toward insurance carrier relationships and, in particular, the companies they represent. The research, dubbed “Leaving Independent Agents to Their …

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Burand’s Agency E&O Blog: Tip #53 http://www.insurancejournal.com/blogs/agency-e-o/2014/01/23/318201.htm Thu, 23 Jan 2014 17:40:03 +0000 http://www.insurancejournal.com/?p=318201     TPA Activities. Some agencies are unknowingly conducting TPA activities. Others are knowingly offering these services without knowing whether their E&O policy will provide coverage. Many insurance agency E&O policies specifically exclude coverage for TPA activities/services. TPA services can …

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The Importance Of Sales Meetings http://www.insurancejournal.com/blogs/2014/01/15/317113.htm Wed, 15 Jan 2014 22:59:47 +0000 http://www.insurancejournal.com/?p=317113 Your Sales iQ  Nothing, not one thing happens in this economy until a sale is made. No raw materials are ordered, not one engine starts, and no services are performed until an order has been placed. Strong sales are the …

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Insurance M&A Trends That May Lead to ‘Perfect Storm’ in 2014 http://www.insurancejournal.com/news/national/2014/01/09/316503.htm Thu, 09 Jan 2014 17:28:36 +0000 http://www.insurancejournal.com/?p=316503 Encouraged by a vigorous period of insurance M&A activity in the second half of 2012, many in the industry had high expectations of robustness in 2013. It’s clear now that 2013 M&A activity did not reach the levels of 2012 …

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Burand’s Agency E&O Blog: Tip #52 http://www.insurancejournal.com/blogs/agency-e-o/2013/12/27/315532.htm Fri, 27 Dec 2013 17:31:30 +0000 http://www.insurancejournal.com/?p=315532 Update Census Forms on AORs/BORs. When an agency takes over a group benefits account by AOR or BOR, it is likely picking up the prior agency’s/broker’s mistakes. Sometimes, for many different reasons ranging from innocent mistakes to cheating, an insured …

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The PIA Partnership Launches Growth Tool For Agency Members http://www.insurancejournal.com/news/national/2013/12/19/315026.htm Thu, 19 Dec 2013 17:17:19 +0000 http://www.insurancejournal.com/?p=315026 The National Association of Professional Insurance Agents (PIA) and its agency-company council, The PIA Partnership, have designed a new tool to help independent insurance agencies grow and increase profits. “Closing the Gap – Growth & Profit” provides agents with calculators …

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P/C Industry Supportive But Cautious on Federal Insurance Office Recommendations http://www.insurancejournal.com/news/national/2013/12/13/314446.htm Fri, 13 Dec 2013 17:57:37 +0000 http://www.insurancejournal.com/?p=314446 Insurers, agents, brokers and state regulators welcome modernization and improvements in the current regulation of insurance, but are not so welcoming of changes that might invite regulation by the federal government. The U.S. Treasury’s Federal Insurance Office (FIO) yesterday released …

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Burand’s Agency E&O Blog: Tip #51 http://www.insurancejournal.com/blogs/agency-e-o/2013/11/27/312547.htm Wed, 27 Nov 2013 16:50:00 +0000 http://www.insurancejournal.com/?p=312547 State Guaranty Funds. Many agency owners, producers, and CSRs believe state guaranty funds provide blank insolvency protection for any client insured by an admitted carrier. This is not true. Many state’s guaranty funds are limited to insureds of a certain …

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The Charity Issue: How the Insurance Industry Helps http://www.insurancejournal.com/news/national/2013/11/21/311965.htm Thu, 21 Nov 2013 17:59:05 +0000 http://www.insurancejournal.com/?p=311965 Does your insurance organization support the community? Over the years, Insurance Journal has discovered numerous stories of how agents, brokers, wholesalers and insurers support their community. Our Dec. 16 issue of Insurance Journal magazine will share some of those stories …

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Burand’s Agency E&O Blog: Tip #50 http://www.insurancejournal.com/blogs/agency-e-o/2013/11/21/311705.htm Thu, 21 Nov 2013 10:00:01 +0000 http://www.insurancejournal.com/?p=311705 Binders Redux. A binder is a temporary insurance contract. This is a fact. The Acord 75 field Description states, “A Binder is a temporary insurance contract which provides coverage in advance of the issuance of an insurance policy.” The Acord …

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Burand’s Agency E&O Blog: Tip #49 http://www.insurancejournal.com/blogs/agency-e-o/2013/11/19/311701.htm Tue, 19 Nov 2013 17:24:28 +0000 http://www.insurancejournal.com/?p=311701 Date Stamping. Could any E&O blog address a simpler subject than date stamping? Maybe not, but date stamping correctly to mitigate E&O exposures is something too few agencies practice. Most agencies I visit have a practice of opening all incoming …

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Dovetail Insurance Expands Distribution of BOP Product in Midwest http://www.insurancejournal.com/news/midwest/2013/11/07/310616.htm Thu, 07 Nov 2013 16:23:28 +0000 http://www.insurancejournal.com/?p=310616 Dovetail Insurance, a supplier of cloud-based insurance product delivery services, is expanding its distribution of NetBOP in seven states, including Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota and Wisconsin.  NetBOP is a business owners policy (BOP) insurance product developed for businesses …

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Marsh & McLennan Climbs to Post-Spitzer High http://www.insurancejournal.com/news/national/2013/10/28/309381.htm Mon, 28 Oct 2013 12:14:10 +0000 http://www.insurancejournal.com/?p=309381 Marsh & McLennan Cos., the biggest insurance broker by market value, has climbed to a 9-year high, bouncing back from the plunge that followed then-New York Attorney General Eliot Spitzer’s lawsuit against the company. The broker has rallied 35 percent …

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