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... you're better off leaving to competitors. It's critical to underwrite and price business appropriately. The hard market offers an opportunity to weed out undesirable business (and blame it on pricing) . But you still have to do loss control on the remaining business. In a hard market, producers and others sometimes do crazy things to keep an account. Be sure to focus on areas that might increase the frequency and/or severity of E&O claims during the hard market. Here are some of the issues you might want to address: COVERAGE REDUCTIONS AND CARRIER CHANGES Coverage reductions required by carriers. Often, to keep a premium at competitive levels or (more likely) to limit loss exposures, an insurer might suggest coverage or limit reductions. Be wary of such new exclusions as terrorism and mold. It's critical to advise your insured of any coverage reductions before renewal. The same holds true if the carrier will only renew at lower limits and/or increased deductible amounts. Recently, an agent quoted a $90,000 premium for a $5 million Commercial Umbrella policy. The expiring Umbrella's limit was $25 million at a premium of $69,000 — 80% less coverage for 50% more premium. Coverage changes requested by insureds. Be wary of requests 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 ...

...ness and/or adding new exclusions. Mold, a risk that had barely found its way ...ombination of new exclusions (such as mold, terrorism, and cyber-risks) with a...

... - Content Package Categories Popular Recent All saturn approach don Articles tagged with saturn approach don Back 14 TIPS FOR SELLING IN A HARD MARKET 1 Verified Reviews - 5 of 5.0 1 2 3 4 5 CompleteMarkets Editor 2/12/2018 12:00:00 AM Historically, a hard market is part of the cyclical nature of the insurance industry. At one time, these cycles occurred fairly consistently at about seven year intervals. However, the last significant hard market came in the mid-80s. A hard market is characterized by increasing rates and/or reduced industry capacity, which leads to affordability and/or availability problems. In addition, both underwriting and claims adjusting usually become more stringent. In the current marketplace, these conditions are exacerbated by increased uncertainty about such loss exposures as terrorism, mold, etc., and by a reinsurance market significantly strained by the events of September 11. All Articles by CompleteMarkets Editor Comments (0 ) x No Thanks Loading.. Loading.. x No Thanks Loading.. ...

... Member Content Member Content - Content Package Categories Popular Recent All seminars Articles tagged with seminars Back 14 TIPS FOR SELLING IN A HARD MARKET 1 Verified Reviews - 5 of 5.0 1 2 3 4 5 CompleteMarkets Editor 2/12/2018 12:00:00 AM Historically, a hard market is part of the cyclical nature of the insurance industry. At one time, these cycles occurred fairly consistently at about seven year intervals. However, the last significant hard market came in the mid-80s. A hard market is characterized by increasing rates and/or reduced industry capacity, which leads to affordability and/or availability problems. In addition, both underwriting and claims adjusting usually become more stringent. In the current marketplace, these conditions are exacerbated by increased uncertainty about such loss exposures as terrorism, mold, etc., and by a reinsurance market significantly strained by the events of September 11. All Articles by CompleteMarkets Editor Comments (0 ) x No Thanks Loading.. Loading.. x No Thanks Loading.. ...

... Member Content - Content Package Categories Popular Recent All sincere objections Articles tagged with sincere objections Back 14 TIPS FOR SELLING IN A HARD MARKET 1 Verified Reviews - 5 of 5.0 1 2 3 4 5 CompleteMarkets Editor 2/12/2018 12:00:00 AM Historically, a hard market is part of the cyclical nature of the insurance industry. At one time, these cycles occurred fairly consistently at about seven year intervals. However, the last significant hard market came in the mid-80s. A hard market is characterized by increasing rates and/or reduced industry capacity, which leads to affordability and/or availability problems. In addition, both underwriting and claims adjusting usually become more stringent. In the current marketplace, these conditions are exacerbated by increased uncertainty about such loss exposures as terrorism, mold, etc., and by a reinsurance market significantly strained by the events of September 11. All Articles by CompleteMarkets Editor Comments (0 ) x No Thanks Loading.. Loading.. x No Thanks Loading.. ...

... - Content Package Categories Popular Recent All sales training program Articles tagged with sales training program Back 14 TIPS FOR SELLING IN A HARD MARKET 1 Verified Reviews - 5 of 5.0 1 2 3 4 5 CompleteMarkets Editor 2/12/2018 12:00:00 AM Historically, a hard market is part of the cyclical nature of the insurance industry. At one time, these cycles occurred fairly consistently at about seven year intervals. However, the last significant hard market came in the mid-80s. A hard market is characterized by increasing rates and/or reduced industry capacity, which leads to affordability and/or availability problems. In addition, both underwriting and claims adjusting usually become more stringent. In the current marketplace, these conditions are exacerbated by increased uncertainty about such loss exposures as terrorism, mold, etc., and by a reinsurance market significantly strained by the events of September 11. All Articles by CompleteMarkets Editor Comments (0 ) x No Thanks Loading.. Loading.. x No Thanks Loading.. ...

... Member Content - Content Package Categories Popular Recent All smokescreen objections Articles tagged with smokescreen objections Back 14 TIPS FOR SELLING IN A HARD MARKET 1 Verified Reviews - 5 of 5.0 1 2 3 4 5 CompleteMarkets Editor 2/12/2018 12:00:00 AM Historically, a hard market is part of the cyclical nature of the insurance industry. At one time, these cycles occurred fairly consistently at about seven year intervals. However, the last significant hard market came in the mid-80s. A hard market is characterized by increasing rates and/or reduced industry capacity, which leads to affordability and/or availability problems. In addition, both underwriting and claims adjusting usually become more stringent. In the current marketplace, these conditions are exacerbated by increased uncertainty about such loss exposures as terrorism, mold, etc., and by a reinsurance market significantly strained by the events of September 11. All Articles by CompleteMarkets Editor Comments (0 ) x No Thanks Loading.. Loading.. x No Thanks Loading.. ...

... Member Content Member Content - Content Package Categories Popular Recent All buyer Articles tagged with buyer Back 14 TIPS FOR SELLING IN A HARD MARKET 1 Verified Reviews - 5 of 5.0 1 2 3 4 5 CompleteMarkets Editor 2/12/2018 12:00:00 AM Historically, a hard market is part of the cyclical nature of the insurance industry. At one time, these cycles occurred fairly consistently at about seven year intervals. However, the last significant hard market came in the mid-80s. A hard market is characterized by increasing rates and/or reduced industry capacity, which leads to affordability and/or availability problems. In addition, both underwriting and claims adjusting usually become more stringent. In the current marketplace, these conditions are exacerbated by increased uncertainty about such loss exposures as terrorism, mold, etc., and by a reinsurance market significantly strained by the events of September 11. All Articles by CompleteMarkets Editor Comments (0 ) 20 Tips For Prospective Agency Buyers 1 Verified Reviews - 5 of 5.0 1 2 3 4 5 CompleteMarkets Editor 12/9 /2013 12:00:00 AM Before you buy an agency, check out these tips. If you're planning to purchase an agency, these guidelines are essential.. All Articles by CompleteMarkets Editor Comments (0 ) Characteristics of the Most Successful Independent Agencies This content has not been rated yet. CompleteMarkets Editor , Carol Hammes 3/1 /2018 12:00:00 AM Ten years ago it took $5 million in total agency revenues and about $30 million in Property/Casualty premiums to land on the top ...

... Member Content Member Content - Content Package Categories Popular Recent All offer Articles tagged with offer Back 14 TIPS FOR SELLING IN A HARD MARKET 1 Verified Reviews - 5 of 5.0 1 2 3 4 5 CompleteMarkets Editor 2/12/2018 12:00:00 AM Historically, a hard market is part of the cyclical nature of the insurance industry. At one time, these cycles occurred fairly consistently at about seven year intervals. However, the last significant hard market came in the mid-80s. A hard market is characterized by increasing rates and/or reduced industry capacity, which leads to affordability and/or availability problems. In addition, both underwriting and claims adjusting usually become more stringent. In the current marketplace, these conditions are exacerbated by increased uncertainty about such loss exposures as terrorism, mold, etc., and by a reinsurance market significantly strained by the events of September 11. All Articles by CompleteMarkets Editor Comments (0 ) Calling Your Referral Prospect This content has not been rated yet. CompleteMarkets Editor , Bill Cates 3/1 /2018 12:00:00 AM Many readers have been asking me for scripts that cover the first phone call to a new referral prospect. Obviously, this first call will vary greatly for a number of reasons: The nature of your business, the circumstances of the referral, and whether or not your client introduced you in some way — just to name a few. All Articles by CompleteMarkets Editor Comments (0 ) How to Get the Best from Your Data? This content has not been rated yet. Theodore Franz 5/ ...

... Member Content Member Content - Content Package Categories Popular Recent All prospect Articles tagged with prospect Back 14 TIPS FOR SELLING IN A HARD MARKET 1 Verified Reviews - 5 of 5.0 1 2 3 4 5 CompleteMarkets Editor 2/12/2018 12:00:00 AM Historically, a hard market is part of the cyclical nature of the insurance industry. At one time, these cycles occurred fairly consistently at about seven year intervals. However, the last significant hard market came in the mid-80s. A hard market is characterized by increasing rates and/or reduced industry capacity, which leads to affordability and/or availability problems. In addition, both underwriting and claims adjusting usually become more stringent. In the current marketplace, these conditions are exacerbated by increased uncertainty about such loss exposures as terrorism, mold, etc., and by a reinsurance market significantly strained by the events of September 11. All Articles by CompleteMarkets Editor Comments (0 ) Build Up Your Practice and Sales Via Referrals 1 Verified Reviews - 5 of 5.0 1 2 3 4 5 CompleteMarkets Editor , Bill Cates 3/21/2018 12:00:00 AM Why Is the Referral Process the Most Powerful Way to Sell? Without question, selling through referrals is the most powerful way to build your practice; not to mention the most enjoyable. Producers who really love prospecting for business through cold calls are rare birds. My guess is that you're not one of them. In this age of voice mail, increased competition, and everyone being super busy, cold calling has become less effective. Bob Kerrigan, one ...