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...n firm. In others, publicly traded firms were able to exploit their high price...(707) 936-6565 or by e-mail at info@oakandassociates.com. Reproduced by permis...

... They didn't take the time to provide true customer service, which I define as "recognizing and addressing a customer's needs." The losses also come from failure to upgrade coverage (Homeowners 3 to Homeowners 5) . Many of these high-valued homes had not had an appraisal, or even an inspection, in years and were woefully underinsured. Finally, as you would imagine, most of the claimants lacked proper coverage for jewelry, furs, silverware, fine arts, etc. Such failures can cost agents dearly. Deductibles for E ... sales opportunities. Properly used, the checklist and annual review will help your agency provide professional customer service, while growing revenues. For agencies that have a good record with their E&O carrier, an internal or external audit and procedural implementation by an outside consulting firm can both help the agency in writing and implementing procedures, and provide carriers the opportunity to grant schedule credits that reduce the annual premium. Members of Gold Seal Risk Management Services have been approved by some carriers to provide these services, which, in many instances ... have led additional credits on agencies' E&O premiums. The choice is yours: Implement detailed written procedures that incorporate professional customer service, Errors & Omissions protection, and account development — or stick with the "me too" process of attacking renewal declarations, ignoring the opportunity to increase income per account, and subjecting your agency to a loss of dollars, E&O coverage, and public opinion. Jack Fries can be reached at Fries & Fries Consulting, P.O. Box 66, Alexandria, KY 41001, phone ...

...igh-valued homes had not had an appraisal, or even an inspection, in years an...unity to increase income per account, and subjecting your agency to a loss of dollars, E&O coverage, and public opinion.

...ompanies on time? Has it incurred errors and omissions claims due to sloppy procedu...e of the initial questions that agents and bankers must ask and answer before even considering a re...

... of ways. There can be a formula, such as 1 times or 1.25 times commissions. Such formulas have a way of getting out of date quickly, so they should be used with caution if the transaction is not to close soon. There can be an appraisal by a specialty insurance appraiser. These appraisals look at the bottom line rather than the gross commissions of the agency, and consider how the agency compares to others in the industry. They are aware of comparable sales. There can be a combined approach, under ... shareholder, but (c ) generates no cash for the acquired shareholder until the stock is sold (normally on an exchange) . Mergers are normally used by large brokerages which are expanding by acquiring local agencies. They are used much less frequently in acquisitions by smaller firms. There are several types of tax deferred reorganizations involving two or more corporations, including statutory mergers, stock for stock exchanges, and stock for asset exchanges. IRC 368. If the agency game plan is to grow through mergers, or to be acquired down ... little down as possible. He typically wants to be able to depreciate as many of the assets he acquires over as short a time as possible, to reduce the tax cost of the acquisition. He also wants to avoid liabilities of the acquired business, such as errors & omissions exposure. The seller may wish to defer tax from the sale. He normally wants as much of a down payment as possible. He typically would prefer to have capital gains treatment for the gain from the sale of the business, rather than ordinary ...

... to close soon. There can be an appraisal by a specialty insurance appraiser. These appraisals look at the bottom line rather tha...t of a decedent, suffering both estate and income tax (with