Search found 45 matches

by NYagent301
Tue Jun 21, 2011 12:00 pm
Forum: Hard-to-Place Accounts
Topic: Non Compete Insurance?
Replies: 7
Views: 9799

Re: Non Compete Insurance?

Not sure exactly what your question is... "told by their lawyer that they should get a insurance policy in case his current employer believes he is violating his non-compete and takes legeal action" To me it seems management liability (D&O), but would probably not be covered if there i...
by NYagent301
Thu May 05, 2011 12:33 pm
Forum: Opinions
Topic: Independent Contractor (LLC) v. Employed by Agency
Replies: 2
Views: 1879

Re: Independent Contractor (LLC) v. Employed by Agency

If your commission split remains the same stay as an employee. Do the math gregcw mentioned also adding in medical benefits.
by NYagent301
Fri Feb 04, 2011 11:55 am
Forum: Opinions
Topic: Social Media and its potential
Replies: 23
Views: 117091

Re: Social Media and its potential

Facebook sponsored ads can be targeted to a particular audience. If you want your ad to appear only to members who list their "current city" as XXXX then only your ad will show up on their page. I find this especially useful if you want to brand your agency to just residents of the town yo...
by NYagent301
Thu Jan 20, 2011 11:47 am
Forum: Hard-to-Place Accounts
Topic: Incentives for Clients
Replies: 2
Views: 2737

Re: Incentives for Clients

It varies by state. Usually the limit is a nominal amount $20-$50 which allows for things like coffee mugs, pens, calendars and such. Check with your insurance department.
by NYagent301
Thu Jan 06, 2011 2:13 pm
Forum: Opinions
Topic: Open Office Next to Geico
Replies: 11
Views: 4904

Re: Open Office Next to Geico

I would do some research on how your rates compare to GEICO in your particular area. Have all employees, family & friends in the area get GEICO quotes and run them against your companies. At least you will know where you stand in general (for the time being) and not have a potential exodus to GE...
by NYagent301
Fri Oct 29, 2010 12:34 pm
Forum: Hard-to-Place Accounts
Topic: Condo Association: BOP vs. Package?
Replies: 2
Views: 2950

Re: Condo Association: BOP vs. Package?

One item I can think of is BOPs normally require 100% insurance to value, and CPP normally is 80% coinsurance, besides maybe getting agreed value. BOP will have more bells and whistles though. I would write it on a BOP unless property values preclude from doing so. Most of our BOP markets are eligib...
by NYagent301
Fri Oct 22, 2010 11:23 am
Forum: Opinions
Topic: Insured/policyholder dies - what to do?
Replies: 10
Views: 6288

Re: Insured/policyholder dies - what to do?

I wouldn't know if there is a "legally correct" procedure. Most personal policies revert insurable interest at the time of the named insured's death to their legal representative automatically. I would subscribe to Phils as in "do nothing". At least that is the most consistent wa...
by NYagent301
Thu Jun 03, 2010 11:36 am
Forum: Hard-to-Place Accounts
Topic: CIBA Insurance purchasing group...Help
Replies: 20
Views: 23279

Re: CIBA Insurance purchasing group...Help

I found this a challenge also, whereas some carriers will write RC with lower than RC limits. I think you have to do some risk management. For example if you have 40 buildings spread over a large area, you may be able to underwrite still with discipline and arrive at an blanket agreed amount with yo...
by NYagent301
Fri May 21, 2010 11:46 am
Forum: Opinions
Topic: Independent Agent Sub Producer Commission Structure
Replies: 16
Views: 50690

Re: Independent Agent Sub Producer Commission Structure

Jack1978 you do not understand what it takes to run an agency. miinsguy is right, carrier appointments is key, as well as E&O and carrying costs of another person. Automation and backroom support is often taken for granted. I've been in business for over 20 years and rarely have been provided &q...
by NYagent301
Tue Apr 06, 2010 2:34 pm
Forum: Opinions
Topic: What is the industry standard for acquisition?
Replies: 2
Views: 1726

Re: What is the industry standard for acquisition?

I think standard is 50-50 you pay for your own benefits. That being said, it depends on your's and the agency's needs. For example if you expect total account management, marketing, word processing, claims and a W2 employee with benefit contributions etc. you are probably at 25%. If you do your own ...
by NYagent301
Mon Mar 01, 2010 2:17 pm
Forum: Opinions
Topic: Need some help with my car insurance dilema
Replies: 3
Views: 2375

Re: Need some help with my car insurance dilema

piffd - NJ Auto insurance takes into consideration all members in the household. If your father has a drivers license and if his driving record prevents him from having a car, it will affect your underwriting. If he is unlicensed or for whatever reason does not need a car, that's fine but any advers...
by NYagent301
Thu Sep 24, 2009 11:50 am
Forum: Opinions
Topic: Child Away at College with Car
Replies: 12
Views: 9294

Re: Child Away at College with Car

We are in NJ so pretty much any student with a car at college is not a problem since lower garaging rates should apply everywhere else. I think it is critical to get your underwriter to sign off on this and acknowledge the vehicle usage. If you live in say South Carolina and the car is in Boston and...
by NYagent301
Wed Jun 10, 2009 11:44 am
Forum: Opinions
Topic: Canceling Current Policies Auto/Home
Replies: 5
Views: 2804

Re: Canceling Current Policies Auto/Home

check state statutes. some states protect the consumer to change anytime they want with pro rata cancellation.
by NYagent301
Thu May 14, 2009 11:48 am
Forum: Opinions
Topic: brightway insurance brokerage in florida
Replies: 33
Views: 93306

Re: brightway insurance brokerage in florida

Brightway owns the business - that's the problem!
by NYagent301
Fri Aug 17, 2007 11:52 am
Forum: Opinions
Topic: Non compete lawsuit
Replies: 34
Views: 33545

Your agency was merged into a much larger agency. A part of the larger agency some of your old partners decide to leave and buy their business out. You have accounts that you have cultivated for 20 years and NOT due to any marketing efforts of the new larger agency. The new agency makes a decision t...