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...ents are deliberately underinsuring an class='cm-highlight'>hoan>mes under an an class='cm-highlight'>HOan> policy because their rates aren’t...e faculty members are available for in-an class='cm-highlight'>hoan>use training or consulting. For contact information on faculty members, click here.

... site and the slogan says, An Insurance Program with a Difference. That certainly appears to be the case. The Personal Auto insurance section indicates that they insure nonstandard exposures and that their policy forms are nontraditional. So, the insured was warned. I'm not criticizing this insurer. They have the right to offer a contract that fits their underwriting standards and clientele and to price it accordingly. This example illustrates that price alone is no basis for comparison between products or companies. It's incumbent on the agent in particular, and the industry in general, to educate consumers about what their premium dollar actually pays for. Also, it's essential that agents be well versed in the coverage variations among policies — even a deluxe' policy can include language that's more restrictive than a standard' ISO form. In one an class='cm-highlight'>HOan> Condo claim, water from a broken water pipe in an upstairs unit caused extensive damage to the subject unit. The deluxe' condo policy excluded water damage that originated outside the residence premises, ' defined as the unit itself. The ISO condo form, on the other hand, excluded water damage that originated outside the building, so it would have covered the loss. It pays to read tan class='cm-highlight'>hoan>se policies! Bill Wilson, CPCU, ARM, AIM, AAM is director of the Independent Insurance Agents of America (IIAA) Virtual University from which this article is reproduced, with permission. For more information, e-mail [email protected] or visit http://vu.iiaa.net/default.htm . Login or Register (for FREE) to gain access to tan class='cm-highlight'>hoan>usands of other great articles. Need more ...

... will also depend on whether the producer is just starting out or is bringing a book of business. Other factors to consider include what you can't afford, an class='cm-highlight'>hoan>w badly you want or need the producer, what other benefits you want to provide, etc. Whatever you do, don't consider an independent contractor arrangement unless it truly meets the test. Specifically, with regard to Personal Lines, whenever possible, an agency san class='cm-highlight'>hoan>uld try to pay commission only on new business. I like a 50%/50% split or a fee schedule for first year. To save later questions about when something is new, the fee schedule would be a $75 to $150 flat payment for new business. The amount would depend on what the agency would rather have (e.g., Auto vs. an class='cm-highlight'>HOan>) and perhaps the size of the premium. Because few producers get involved in servicing a PL account during the year or at renewal, why pay commission? If the producer does service the account, they're probably more of a CSR type. Because there's no blueprint for the industry, use your best judgment. Keeping in mind that your PL book san class='cm-highlight'>hoan>uld be producing about 25% to 30% profit for the agency, an class='cm-highlight'>hoan>w much can you afford to pay on renewals? With regard to the second question, in small to medium-sized agencies, the most common commissions are: Personal Lines: 50% new, 25% renewal Small Commercial: 40% new, 30% renewal Commercial: 40% new, 30% renewal Altan class='cm-highlight'>hoan>ugh these levels vary by region, the agency must understand ...

... In this document, the IIABA faculty examines a case in which an insured's account renewed in May, but the policies weren.. All Articles by CompleteMarkets Editor Comments (0 ) Evaluate Prospective Buyers For Your Agency This content has not been rated yet. CompleteMarkets Editor , Patricia Czech 4/30/2013 12:00:00 AM EVALUATE PROSPECTIVE BUYERS FOR YOUR AGENCY by Patricia Berry Before selling your agency, get answers to these questions. Many agency acquisitions are based on retention because b.. All Articles by CompleteMarkets Editor Comments (0 ) Hard Market Shenanigans This content has not been rated yet. CompleteMarkets Editor , IIABA Virtual University Faculty IIABA Virtual University Faculty 4/30/2013 10:36:58 PM HARD MARKET SHENANIGANS by the IIABA Faculty Some agents are deliberately underinsuring an class='cm-highlight'>hoan>mes under an an class='cm-highlight'>HOan> policy because their rates arent competitive. Theyre allegedly rel.. All Articles by CompleteMarkets Editor Comments (0 ) Is Employee Ownership Right For Your Agency? Part Ii This content has not been rated yet. CompleteMarkets Editor , Carol Hammes 4/30/2013 10:35:25 PM IS EMPLOYEE OWNERSHIP RIGHT FOR YOUR AGENCY? PART II by Carol Hammes Offering your employees the opportunity for agency ownership can help attract and retain quality people. Sooner or later, .. All Articles by CompleteMarkets Editor Comments (0 ) 1 2 x No Thanks Loading.. Loading.. x No Thanks Loading.. ...

... "change is good, as long as I can do what I've always done." All Articles by CompleteMarkets Editor Comments (0 ) Good News On Taxes! This content has not been rated yet. CompleteMarkets Editor , Robert Nein 4/30/2013 10:43:12 PM GOOD NEWS ON TAXES! by Robert Nein Make no mistake. Taxes are one of the most vexing problems facing today's business owner. Of the many forms of taxation, estate taxes are considered the most.. All Articles by CompleteMarkets Editor Comments (0 ) The 2011 Iso an class='cm-highlight'>Hoan>meowners: New And Improved This content has not been rated yet. CompleteMarkets Editor , Mary LaPorte 4/30/2013 10:41:58 PM THE 2011 ISO an class='cm-highlight'>HOan>MEOWNERS: NEW AND IMPROVED Mary LaPorte The ISO updates to the an class='cm-highlight'>HOan> policy took effect on May 1, 2011. The updates in the an class='cm-highlight'>Hoan>meowner coverage forms and related endorse.. All Articles by CompleteMarkets Editor Comments (0 ) x No Thanks Loading.. Loading.. x No Thanks Loading.. ...

... When communicating your message, don't let familiarity breed indifference.. All Articles by CompleteMarkets Editor Comments (0 ) Leadership — an class='cm-highlight'>Hoan>w Or Why? This content has not been rated yet. CompleteMarkets Editor , Michael Manes 6/17/2015 12:00:00 AM What does it take to be an effective leader? an class='cm-highlight'>Hoan>w have the principles of leadership evolved? Mike Manes, with a little help from his friends, provides multiple perspectives on the roles that leaders must play in order to win. All Articles by CompleteMarkets Editor Comments (0 ) The 2011 Iso an class='cm-highlight'>Hoan>meowners: New And Improved This content has not been rated yet. CompleteMarkets Editor , Mary LaPorte 4/30/2013 10:41:58 PM THE 2011 ISO an class='cm-highlight'>HOan>MEOWNERS: NEW AND IMPROVED Mary LaPorte The ISO updates to the an class='cm-highlight'>HOan> policy took effect on May 1, 2011. The updates in the an class='cm-highlight'>Hoan>meowner coverage forms and related endorse.. All Articles by CompleteMarkets Editor Comments (0 ) x No Thanks Loading.. Loading.. x No Thanks Loading.. ...

... customers to come back every year? For starters, you san class='cm-highlight'>hoan>uld put. All Articles by CompleteMarkets Editor Comments (0 ) Outsourcing Public Relations And Marketing This content has not been rated yet. CompleteMarkets Editor , Henry Stimpson 4/30/2013 12:00:00 AM It's often difficult for an agency to hire an in-an class='cm-highlight'>hoan>use PR specialist. And assigning PR responsibilities to an existing employee has its drawbacks. This document by Henry Stimpson examines the advantages and disadvantages to hiring an out-sourced PR consultant. All Articles by CompleteMarkets Editor Comments (0 ) The 2011 Iso an class='cm-highlight'>Hoan>meowners: New And Improved This content has not been rated yet. CompleteMarkets Editor , Mary LaPorte 4/30/2013 10:41:58 PM THE 2011 ISO an class='cm-highlight'>HOan>MEOWNERS: NEW AND IMPROVED Mary LaPorte The ISO updates to the an class='cm-highlight'>HOan> policy took effect on May 1, 2011. The updates in the an class='cm-highlight'>Hoan>meowner coverage forms and related endorse.. All Articles by CompleteMarkets Editor Comments (0 ) x No Thanks Loading.. Loading.. x No Thanks Loading.. ...

...umer — the person or entity wan class='cm-highlight'>hoan> pays for and uses these products and se...opinion Exceeding stiff and strong, Tan class='cm-highlight'>hoan>ugh each was partly in the right, And all were in the wrong! Michael G. Manes can be reached at Square One Consulting, 625 Weeks Street New Iberia, LA 70560,, 337-577-3885 (Cell), e-mail mike@mikemanes.com, or visit www.squareoneconsulting.com.

..., the policy doesn’t cover theft witan class='cm-highlight'>hoan>ut evidence of forcible entry.' Anytime...ve covered the loss. It pays to read tan class='cm-highlight'>hoan>se policies!

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an class='cm-highlight'>HOan>W MUCH San class='cm-highlight'>HOan>ULD YOU PAY YOUR PRODUCERS?: PART I by...e faculty members are available for in-an class='cm-highlight'>hoan>use training or consulting. For contact information on faculty members, click here.