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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 ...

...ch new exclusions as terrorism and mold. It’s critical to advise your insured ...cies cover such risks as terrorism or mold, and you might not be able to provi...

...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...

... training program commonly known as boot camp? We are often disappointed when we hire experienced people from other insurance operations. Along with their experience comes a predisposition of doing things one way or another. The match might not be as good as you would like. Also, experience costs money! In today's leaner employment environment, every cent of your human-resources budget must be spent wisely. Boot camp might be the way to obtain employees who will perform their work your way and within your budget. It brings a totally inexperienced person up to speed in the shortest possible time. Everything from core values to following instructions to developing key skills are addressed in a few short weeks. The program is planned, structured, and goal oriented. Very little is left to chance. Specific people are assigned to mold and train the recruits, and each trainer is held personally responsible for meeting the goals. The Costs of Training Can you afford to train a new person? Look at the time involved: Can you wait while the new person gets up to speed? Put this question in perspective by considering whether you could survive if one of your key persons took several weeks off for a medical emergency. Weigh the expenses of training an inexperienced worker against the costs of hiring an experienced worker. Can you afford the experienced worker? To hire one, you will pay a headhunter fee, higher base salaries and the continuing escalating costs of keeping him or her satisfied in your agency. Hiring an inexperienced worker might save you $10,000 to $15,000 per year, with the highest ...

... Member Content - Content Package Categories Popular Recent All competitors offer Articles tagged with competitors 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 ) x No Thanks Loading.. Loading.. x No Thanks Loading.. ...

... - Content Package Categories Popular Recent All ben franklin approach Articles tagged with ben franklin approach 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 coverage perks Articles tagged with coverage perks 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 insurance package Articles tagged with insurance package 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 market Articles tagged with market 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 ) Hints From Hales: What Is In A Business Plan? This content has not been rated yet. CompleteMarkets Editor 12/24/2013 12:00:00 AM Question: The loan officer asked me for a business plan. What should it include? Answer: The lender uses your.. All Articles by CompleteMarkets Editor Comments (0 ) SALES CENTER - PART 2 This content has not been rated yet. CompleteMarkets Editor 2/12/2018 12:00:00 AM TELEMARKETER'S SKILLS You might look toward four basic types of people when you're searching for prospective telemarketers: Your own administrative or service employees Professional salespeople Experienced telemarketers New employees who ...

... - Content Package Categories Popular Recent All market sales plan Articles tagged with market sales plan 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.. ...