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New Empire Group Blog

New Empire Group offers effective and competitive insurance programs and solutions for many types of commercial real estate exposures.

What is an MGA?

Author AlbertoBarros , 5/28/2014
There are many different acronyms and terms that are thrown around in the insurance industry. If you are not familiar with what some call the ‘secret language’ that agents and brokers use, you may find yourself completely confused after talking with other insurance professionals. One of those acronyms is ‘MGA’ which is short for ‘Managing General Agent’. If you have ever heard this term, but are not quite sure what it means, keep reading.

According to IRMI.com an MGA (Managing General Agent) is a wholesale insurance intermediary with the authority to accept placements from (and often to appoint) retail agents on behalf of an insurance carrier. Managing general agents generally provide underwriting and administrative services, such as policy issuance, on behalf of the insurance carriers they represent. These arrangements are most common in the surplus lines marketplace. Typically, MGAs market more unusual coverage, such as professional liability, for which specialized expertise is required to underwrite policies. MGAs benefit insurers because such expertise is not always available within the company and would be more costly to develop on an in-house basis. MGAs are often hired by insurance companies to manage their business in a specific territory. It is important to keep in mind; MGAs do not compete with brokers and do not deal with clients. Instead, they are authorized to supply brokers with products to pass on to their clients.

For more information on MGAs and other insurance related topics, visit our sources: http://www.aamga.org/education/ens2; www.irmi.com

To keep up to date with what’s new at New Empire Group, Ltd., visit our website, www.NewEmpireGroup.com or find us on Facebook, LinkedIn, Twitter & Instagram!

How to Pitch Commercial Umbrella Coverage to Your Clients

Author AlbertoBarros , 5/21/2014
Property Managers, Property Owners, Coop Boards and Landlords research and deal with many different types of insurance policies for their property. One of the most commonly overlooked (and one of the most important) types of insurance is the umbrella insurance policy. It’s important to let your client’s know that primary coverage may not be enough to cover them in the event of a catastrophic claim. This is where their umbrella insurance would come into play.

Also called excess liability, a commercial umbrella insurance policy can give your clients additional liability coverage above the primary liability policies in place for their business. Generally, those policies may be their general liability policy, employer’s liability, and automobile liability.

Try providing an actual claim scenario that is pertinent to your insured’s business or exposures to try to persuade them into buying the coverage.

Once you’ve developed the need for a commercial umbrella, how do you decide how much coverage they need? Several factors come into play when determining the appropriate excess liability coverage. These factors include the type of business they own, the coverages they already have in place, as well as the assets of the business.

While standard coverages will generally take care of most situations their business will encounter, the most sophisticated agents at least offer umbrella coverage to their insureds annually. You may want to mention that New Empire Group provides a wide variety of Real Estate umbrella programs. Our Real Estate Umbrella program has limit options of $1 million, $5 million, $10 million, $15 million, $20 million, $25 million, $50 million, $75 million and $100 million for Community Associations, Apartments and most Real Estate risks. Coverage is provided through the nation’s top carriers on an admitted basis in all states.

Talk to any of our knowledgeable associates about our commercial umbrella program, it could be the key to preserving your client’s company in the event of a serious claim.

To learn more about New Empire Group, Ltd. visit our website, www.NewEmpireGroup.com or find us on Facebook, LinkedIn & Twitter!

Hurricane Season is Rapidly Approaching…

Author AlbertoBarros , 5/16/2014
The 2014 Hurricane season begins on June 1st! Now is a great time to remind your client’s to review their coverage since hurricane’s are so closely associated with insurance. The hurricane season will last through November 30th. Although each hurricane season is unique, you should prepare the same way every year because these powerful tropical storms that are predicted wreak havoc on communities when they make landfall. It is beneficial that severe weather such as hurricanes and tropical storms can normally be tracked days ahead of any impact which provides ample time to prepare for a potential evacuation. In spite of such warnings and tracking, each year thousands are left unprepared for these devastating storms and have to deal with their aftermath.

Let your client’s know that generally, there are three essential steps to disaster and emergency preparedness:

1.) Have a disaster supply kit – Click here to download our Disaster Preparedness Checklist

2.) Develop a plan for what you, your personnel and your family will do prior to disaster striking.

3.) Stay informed during severe weather however you can.

The American Red Cross has created a ‘Hurricane App’ which is a great source of information during severe weather.
It is crucial to be prepare for each storm the same way. Be sure to check your client’s insurance policies ahead of time to ensure they have the coverage they need.

New Empire Group, LTD. offers coverage for Property Managers, Community Associations and Apartment Building Owners! Double-check your General Liability and Umbrella coverage to make sure you don’t end up with any uncovered claims!

To see what’s new at New Empire Group, LTD. visit our social media sites – Facebook, LinkedIn & Twitter!

Overcoming Common Objections When Selling Cyber Liability Insurance

Author AlbertoBarros , 5/13/2014
If you’re selling property and casualty insurance, you’ve most likely had the opportunity to sell Cyber Liability coverage to your clients. This is not a new coverage, but with the rise in technology use in the industry within the last decade, it is being purchased on a more frequent basis.

If you know the top objections for buying Cyber Liability coverage, you will have a greater opportunity to counter their decline and make the sale. Here are the top 5 objections that keep your clients from buying cyber liability insurance:
  • “We are Secure” – This objection usually comes from an in-house Information Security (IT) specialist. Try to make the sale less threatening to them by pitching that cyber policies now cover privacy exposures as well such as paper files and other vulnerabilities outside the IT realm.
  • “Don’t I already have this coverage?” – Common property, casualty and professional liability policy wording has evolved to make the policies’ intent clear that security breaches are not covered.
  • “A breach won’t happen to us.” – Security breaches happen on a daily basis, no one is immune to them. Even huge corporations like Target, LinkedIn and Niemen Marcus have recently been breached. Most information security specialists often say that it isn’t a question of ‘If’ a breach will occur, but ‘when’.
  • “There’s too much information required on the application” – Fortunately, with cyber liability coverage becoming more common, insurance carrier applications are becoming more streamlined which comes with experience and the familiarity with the risks. Inform your clients that the application process is not as cumbersome as it once was.
  • “I don’t understand the Tech Talk” – The majority of insurance buyers are CFO’s, COO’s, Finance Professionals, etc. and may be reluctant to engage in conversations regarding IT (information technology) simply because they don’t understand it.

Knowing these objections for buying cyber liability insurance can give you a better chance of explaining and convincing your client to reconsider the necessity of purchasing cyber liability coverage.

Sources: https://www.staysafeonline.org/; www.NetworkWorld.com

Helpful Tips for Remembering Names

Author AlbertoBarros , 5/5/2014

Do you ever get annoyed or upset when someone calls you by the wrong name or simply forgets your name? There are a lot of emotions tied to our names. Names are extremely important as it is usually the first thing we learn about a person. No matter what industry you’re in, learning someone’s name can be the key to building rapport and maintaining relationships with co-workers, clients, etc.

There are a ton of tips and techniques out there to help you remember a person’s name. Here are a few to keep in mind when meeting someone new:

  • Say the name out loud as soon as possible – “Hi Katie, nice to meet you”
  • PAY ATTENTION to the person when they are introducing themselves – This may seem like a given, but often times when we meet new people there is an agenda. So when the person introduces themselves, we are so preoccupied with the content of the conversation that is coming after the introduction that we forget to pay attention to the person’s actual name.
  • Ask a question including their name
  • Repeat, Repeat, Repeat – saying the person’s name several times in your head or glancing at their business card while you are talking to them may help it stick in your mind! Also, try using their name a few times throughout the conversation.
  • When all else fails, there’s an app for that!Namerick – Remember Names” is a great way to help remember names.   This app for your smartphone allows you to enter information about the people you meet and it uses keywords and reminders to help keep the name in your brain. It costs $.99 in the app store.
  • Do not call people by a nickname if they haven’t told you it’s OK to do so first! It’s best to play it safe and use the exact name they use when introducing themselves until they tell you otherwise.

Start today by committing yourself to learning two new names of people you meet within your industry each day. Remembering names could be the most useful key to building your successful network!

Keep up to date with what’s new at New Empire Group, Ltd. by visiting our website,www.NewEmpireGroup.com or find us on any our Social Media Sites, FacebookLinkedIn & Twitter!


It’s Earth Day! Helpful Tips to Reduce Your Carbon Footprint!

Author AlbertoBarros , 4/22/2014
Did you know that homes and commercial buildings account for 40% of the United States’ energy use?  Are you doing your part in reducing your carbon footprint?  Check out these tips and realize just how easy it is to Go Green!
  1. Increase Energy Efficiency – Switch your light bulbs to LED or CFL Lights.  Research shows that about 12% of an average home’s energy bill goes towards lighting.  Many utility companies even offer programs that allow you to receive these bulbs for free or get rebates!
  2. Reduce Water Consumption – Fixing leaky faucets, installing low-flow sinks, showerheads and toilets can all help reduce your homes water consumption.  According to EPA.gov, 10 percent of homes have leaks that waste 90 gallons or more per day.  The average household’s leaks can account for more than 10,000 gallons of water wasted every year so make sure you pay attention to those pesky leaks!
  3. Seal Gaps around doors and windows – Have you checked for gaps around doors and windows lately? These types of gaps, no matter the size add up! Installing weather stripping around doors and windows can save you up to 10% on your heating and cooling bills each year!
  4. Consider buying low or no-VOC materials – According to the Environmental Protection Agency, many household items, including furniture, paint, building materials, etc. contain volatile organic compounds (VOCs) which can irritate your eyes and respiratory tract and could potentially affect your central nervous system.  In order to reduce these indoor air pollutants in your home, it’s best to choose low or no-VOC products and all natural household cleaners.
  5. Remember to always Reduce, Reuse & Recycle! – These all help to cut down on the amount of waste we throw away each day while conserving natural resources, landfill space and energy!

Taking the right steps in ‘Going Green’ really makes a difference in lessening your home’s impact on the environment.  Making your home more green can reduce waste and minimize pollutants while helping to reduce the costs of your energy bills!

Happy Earth Day!

Keep up to date with what’s new at New Empire Group, Ltd. by visiting our website,www.NewEmpireGroup.com or find us on any our Social Media Sites, FacebookLinkedIn & Twitter!


Cyber Security Breaches & Your Clients: Are They Covered?

Author AlbertoBarros , 3/31/2014

Over 170 million American’s live in either community associations or apartment buildings. Property Manager’s and Building Owners store pertinent tenant information on their computers.  Have you considered what could happen if there was ever a security breach to one of your client’s systems?  Do you wonder what they could be liable for?  If you answered yes to any of these questions, you should consider the Cyber$ential Program that New Empire Group offers.  The program is designed specifically to protect Community Associations, Property Owners and Property Managers from security breaches that can result in liability for their organizations.

If a security breach were to happen to one of your clients, they could be responsible for:

  • Financial losses to those whose records were stolen
  • Costs for monitoring impacted records following a breach (these are estimated as high as $228 per record!)
  • Forensic reviews to determine the extent of the breach

Available Coverage Features for Cyber$ential include:

  • Disclosure Injury, including lawsuits alleging unauthorized access to or dissemination of the plaintiff’s private information.
  • Privacy Notification Expenses, including the cost of credit-monitoring services for affected customers, even when state law doesn’t require notification.
  • Content Injury, including suits arising from intellectual property infringement, trademark infringement, and copyright infringement.
  • E-Business Interruption, including first-dollar extra expense.
  • Crisis management & reward expenses, including the cost of public relations consultants.

These losses can come from outside hackers, accidental dissemination, rogue employees or actual physical theft.  Even if you do not think that your client’s need this coverage, it is always a good idea to look into all of the available options.  You never know when a hacker can strike!

Submission requirements:

For More Information & to submit applications:

Contact us at: wholesale@newempiregroup.com

To learn more about different coverages for Property ManagersCondominiumsHomeowner Associations, and Cooperatives that New Empire Group offers, visit our website: www.NewEmpireGroup.com.

Also, visit us on FacebookLinkedIn & Twitter!


Outdoor Safety Hazards for Apartment Buildings & Condominiums to Consider

Author AlbertoBarros , 3/18/2014

It’s hard to believe that the first day of spring is in just two days!  With the warm weather on its way, your client’s may see an influx of young children around their properties.   With this influx comes the potential for unwanted claims related to outdoor safety hazards.  Avoiding these claims can be a direct result of knowing your risk factors. Have your clients surveyed their apartment building or condominium property recently for outdoor safety hazards?

Obviously, different properties will have different risk factors, but a few general hazards to look out for are:

  • Swimming pools
  • Swing sets
  • Jungle gyms
  • Ladders for maintenance crews
  • Various other maintenance tools and machinery

Urge your clients to stay on top of their workers to make sure they are putting away their ladders, tools and machinery after they’ve finished using them.  Your clients can lessen the degree of risk by inspecting their property on a regular basis, especially around or during the summer months when children tend to spend more unsupervised time outdoors.

To learn more about New Empire Group, Ltd. visit our website, www.NewEmpireGroup.com or find us on FacebookLinkedIn & Twitter!

Check out the great Insurance Programs for Condominium InsuranceCooperative InsuranceApartment Insurance and Property Manager’s Insurance that New Empire Group, Ltd. offers!


Five Techniques for Composing Better Emails

Author AlbertoBarros , 3/11/2014

These days, the main source of business communication is email exchange.  Do people respond well to your emails or do they seem to get ignored?  When composing an email, there are a few techniques you can use to ensure that your emails make a positive impression on your reader and you get the response you were looking for.

Here are five suggestions that are simple yet can be very useful:

1. Include only one request per email. 
This may sound counter-intuitive because you may end up sending more emails. But, multiple requests slow things down. When you only have one topic in an email, the individual can reply to that email with the information you need.

2. Use a subject line that reflects the topic and urgency. 
Most people will scan the subject line to get an idea of how important and how urgent your email is. By putting the topic and the urgency in the subject line you will help them be able to prioritize when and how fast they need to answer your email.

3. Get to the point quickly.
The first sentence in your email should be a clear explanation of the request you are making. Any explanation for the reason for the request should be included in subsequent paragraphs.

4. Keep the email as brief as possible.
Keeping the details as brief as possible will help them save time and, hopefully, provide you with a quicker response.

5. Proof your emails before sending them.
To make sure you have time to proof your emails you may want to set up your Outlook to not automatically send emails immediately. This will cut down on the number of questions and/or clarifications you may have to deal with later.

Email is a great communication tool — when managed well. Hopefully these tips will help you write better emails and take you one more step toward regaining control of your email inbox.

To learn more about different coverages for Property ManagersCondominiumsHomeowner Associations, and Cooperatives that New Empire Group offers, visit our website: www.NewEmpireGroup.com.

Also, visit us on FacebookLinkedIn & Twitter!


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