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...Floater IX. Commercial General Liability X. Commercial Crime XI. Umbrella Liability XII. Premium Summary XIII. Acco...MBRELLA Limit of Liability Premium Limit of Liability Premium ENERGY...

...icularly in the areas of product liability. Many of these firms are insured by...res: Auto, Health, Marine, Products Liability, Workers' Compensation, and so f...

...or area of study is the changing liability resulting from: newly formed corpor...carefully examine the potential for liability and weigh the possible risks tha...

...to become financially literate. Accountants record a written history of the va...

... will go away. Call on the entire agency team for assistance. A profit-improvement program won't work unless all employees understand the reasons for instituting the program and the methods to be used in implementation. Every person in the agency must be sales, service, and expense-conscious to make progress in increasing sales and controlling costs. Use these formulas to help determine the financial performance of your agency: Required information Accounts Receivable (current and aged- for instance 15, 30, or 45 days old) Cash Total Liabilities Current Liabilities Total Premiums Net Written Premium Net Earnings Total Assets Current Assets Owners Equity Net Worth Tangible Net Worth Total Revenues Intangible Assets Stockholders Equity Marginal Income Rate (commission revenue and variable costs divided by premium volume) Total Fixed Cost Office Costs Sales Costs Total Number of Policies Total Number of ... FINANCIAL ANALYSIS An agency's long-term survival depends totally on profit maximization — and profit maximization depends on a number of variables. To achieve profit maximization, you need to must mesh all variables into the most efficient arrangement, which includes a balance between effective production and financial management. We won't deal with production here, but financial management should be defined simply as" the effective handling of an agency's assets, liabilities, income, and expenses." It's an integral part of planning, organizing, directing, and controlling all aspects of the agency. This guide refers to external standards — that is, the averages developed by the industry or the results attained by the most effective agencies. You can take your pick to set goals for your agency, but in no event should your goals be lower than ...

... : Last name: Email: Are you sure you want to deactivate your CompleteMarkets Company Profile Deactivate Cancel Loading.. About Us Services Jobs PR Newsletters Employees Articles Blog Photos Group Connections Reviews IMMS Library Immerse yourself in our stacks. Take some time and browse through our library. We have thousands of articles, checklists, tip sheets, sales letters, and more! Communications Marketing Customer Service Planning Finance/Accounting Risk Management Human Resources Selling Legal and E&O Technology Life/Financial Services Glossaries Management Resources & Links Categories Popular Recent All Back Accounting Audits And Reviews: Worth The Expense 4/30/2013 12:00:00 AM by CompleteMarkets Editor , Chris Burand This content has not been rated yet. Agencies can avoid a lot of grief by obtaining annual accountant's reviews or audits. An ... was having problems paying its companies on time. Reason: Because a huge portion of the agency's accounts receivable was uncollectible, its realistic trust ratio was actually quite poor. Problem: An agency had to be sold at a significant discount from what the ownership had believed it was worth. Reason: The agency had been entering pre-bills as accounts receivable, which is an asset, without entering an offsetting liability. Problem: An interested buyer eventually decided to pass on an agency. Reason: Too many of the agency's records weren't reconcilable. By the time the seller got the agency records in order, he couldn't find a buyer willing to pay nearly as much as the initial buyer had offered. The monetary losses these incidents caused are obvious, but the problems didn't end there. Lives were turned ...

... that of the Buyer. A creative security arrangement is included, involving a security-escrowed broker-of-record letter as set forth in Exhibit G. AGREEMENT FOR PURCHASE AND SALE OF ABLE INSURANCE AGENCY Table of Contents Section/Paragraph 1. Parties 2. Recitals 2.1 Status of Seller 2.2 Status of Buyer 2.3 Status of Able 2.4 Status of Dalton 2.5 Purpose 2.6 Move 3. Purchase and Sale 3.1 Insurance Accounts 3.1.1 Valuation 3.1.2 Risk of Loss 3.2 All Goodwill of the Seller 3.3 Name Change 3.4 Personal Property 3.5 Commissions Receivable 3.5.1 Schools Exception 3.5.2 Repayment 3.6 Contingency Commissions 3.7 Assumption of Liabilities 4. Payment/Terms/Security 4.1 Purchase Price 4.2 Allocation 4.3 Terms 4.4 Security- Assets 4.5 Assignment, Replacement Property 4.6 Default 4.7 Security-Escrowed Letter 4.8 Cross-Default 5. Closing 5.1 Place and Time ... Delivery of Documents and Consideration 5.3 Adjustments 6. Seller's Representations and Covenants 6.1 Representations and Warranties 6.2 Covenants 6.2.1 No Interruption in Business 6.2.2 Liabilities 6.2.3 Delivery of Receipts 6.2.4 Cessation 6.2.5 Ownership Indemnity 6.2.6 E&O Coverage and Indemnification 6.2.7 Carriers/Transition 7. Buyer's Representations and Covenants 7.1 Status of Buyer 7.2 Covenants 7.2.1 Non-Disclosure 7.2.2 E & O Coverage 8. Non-Compete 9. Contingencies 9.1 Representations, Warranties and Covenants True 9.2 Exhibits 10. Dispute Resolution 10.1 All Disputes 10.1.1 Alternative 10.1.2 Equitable Relief 10.2 Notice of Arbitration 10.3 Authority 10.4 Costs 11. Miscellaneous 11.1 Notices 11.2 Waivers and Extension 11.3 Expenses 11.4 Amendment 11.5 Entire Agreement 11.6 Applicable Law/Venue 11.7 Headings 11.8 Counterparts 11.9 Successors, Assigns, and Subsidiaries 11.10 Duration of Warranties 11.11 Necessary ...

... : Last name: Email: Are you sure you want to deactivate your CompleteMarkets Company Profile Deactivate Cancel Loading.. About Us Services Jobs PR Newsletters Employees Articles Blog Photos Group Connections Reviews IMMS Library Immerse yourself in our stacks. Take some time and browse through our library. We have thousands of articles, checklists, tip sheets, sales letters, and more! Communications Marketing Customer Service Planning Finance/Accounting Risk Management Human Resources Selling Legal and E&O Technology Life/Financial Services Glossaries Management Resources & Links Categories Popular Recent All Back Agency Financial Management 101 4/30/2013 10:43:49 PM by CompleteMarkets Editor , Catherine Oak This content has not been rated yet. AGENCY FINANCIAL MANAGEMENT 101 by Bill Schoeffler and Catherine Oak Because most agency owners are former producers, they seldom ... , and ignorance. Agencies have fewer dollars available today, owing to lower commissions a soft market, and increases in expenses. These pressures make financial management critical in order to provide the owners with the same personal income and value for their stock as in the past. All well-run agencies exhibit certain financial management characteristics. Financial management starts with a comprehensive analysis of revenue, expenses, assets, and liabilities. Periodic review of financial statements should include a comparison to past performance, future budgets, and industry standards. A well-run firm always displays good control over all expenses. Compensation expenses (which account for two-thirds of all costs in the average agency) are reviewed thoroughly. Better firms run "meaner and leaner." They have fewer employees, but pay them above-average salaries because they hire only ...

...l as possible about property and liability exposures, claim frequency and type...

...ent for certain services. Thus, accountants who were negligent in rendering a... only have the ability to establish liability against its consultant's lawyer...