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... , 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 E&O And The Hard Market 5/24/2013 12:00:00 AM by CompleteMarkets Editor , Bill Wilson This content has not been rated yet. In a hard market, E&O claims have a tendency to rise in both frequency and severity due to increased workloads ... to eliminate or reduce such coverages as Uninsured Motorist or Umbrellas. The agent above had an insured who'd recently dropped his Products Liability coverage because he said he just couldn't afford it. Agents will need to work with insureds to find a way to keep critical coverages in place and/or explore alternative risk management techniques. If you must reduce coverage, particularly at your insured's request, document everything — with the insured's signature. Carrier changes. If you need to move an account to a new insurer, watch for coverage reductions, ... ), and that the account might not be subject to such statutory protections as cancellation notices. It's absolutely essential that you require any E&S insured — without exception — to sign an E&S Waiver or similar hold-harmless agreement. When using residual markets (Auto, Workers Comp, F.A.I.R. Plan, etc.), follow all plan procedures, particularly the lack of binding authority. Communicate any issues to your insureds. Monitor the financial stability of your carriers. Given market conditions and the aftershock of September 11, ...

E&O And The Hard Market
In a hard market, E&O claims have a tendency...sful E&O defense, especially in a hard market. Consistency. Follow the Inv...

Hard Market Shenanigans
HARD MARKET SHENANIGANS by the IIABA Fac... Sadly, some people are probably going to lose their jobs. But if the company ...

...ans? We sell insurance and we work hard every year to excel. What difference does it make to spend all this time formulating plans and forcing yourselves to meet your goals?' There’s no satisfactory answer for some agents. They feel tha...ARGET MARKETING Finally, don’t attempt to offer your services to every business in the area. Being all things to all people will make you a 'specialist' to none. Market yourself to one business segment at a time (contractors, retailers, professional offices, ...

... cost and expected results. It’s hard to determine the number of repetitions and iterations of a message needed to motivate a target market to buy a product or service from you. Unle... know if the campaign generated new customers or revenues.

...e banks had been fighting long and hard to do and something that most agents&#...hether it’ll eventually turn out to be the best thing for the banks, the agency principals, their customers, and their employees remains to be proven.

... realize that selling P/C insurance requires serious marketing. Banks also need to be aware that P/C insurance products are very different from traditional bank products and services that focus on money management and asset accumulation. THE AGENT PERSPECTIVE For years, independent agents fought hard to maintain a barrier between agents and banks. The U.S. Supreme Court's Barnett Bank decision in 1996, however, changed all that. Even the independent agent associations no longer oppose the involvement of banks in the insurance process. Several independent agents I've spoken to ... , it's important that all state and federal regulators be involved in this process. The ultimate goal, after all, is to protect consumers while creating a marketplace environment that allows agents, companies, and insureds to benefit from insurance transactions. Why partner in the first place? Because of their contacts with private and business clients, banks often are involved with their customers at the point at which insurance decisions are required. This provides banks with the opportunity to be at the right place at the right time for selling P/C ... both of these business relationships. CUSTOMER CONVENIENCE Positive aspects of banks selling P/C insurance can be found in the dealings many people have in their personal lives. For example, new vehicles often are financed with banks. Because of state motor vehicle requirements, Personal Auto insurance is mandatory when registering a vehicle. This situation provides banks with an opportunity to service more customer needs-all in one location. A similar scenario plays out when a bank customer seeks financing for the purchase of a home. Because Homeowner's insurance is needed, the ...

...peaker for an hour or two. Kind of hard to keep your attention, let alone teach yo...of an old Irish blessing: May the elevator rise smoothly, Profits rain gently ...

...ork. No password, no access to the hard drive. If a laptop with such protection is stolen, the thief could only reformat the d...;ndash; even if the technology belongs to your competition. Technology is not ...

...erage $10,000 per person. That is hardly enough to cover the emergency room fees let alon...nsurance extend their liability limits to $5 million. Though you hope never to use it, for a few hundred dollars pe...