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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 ...

... ! 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 Boost Your Commitment To E&O Prevention!4/30/2013 10:44:07 PM by CompleteMarkets Editor , Curtis Pearsall This content has not been rated yet. BOOST YOUR COMMITMENT TO E&O PREVENTION! by Curt Pearsall How do hard market conditions affect your E&O strategies? This document by Curt Pearsall tells you why you should examine your loss prevention methods, particularly in light of recent events. &# 160 The market had begun to harden before September 11th in many parts of the nation. Prices were rising and carriers were non-renewing unprofitable business and/or adding new exclusions. Mold, a risk that had barely found its way into insurance policies, was becoming a significant issue. Carriers were uncertain about their exposures to e-commerce and cybercrime. Terror Tuesday shocked the industry out of its complacent belief that the future would resemble the past. Reinsurers abruptly redefined their worst-case catastrophe scenarios. In my 27 years, I can't remember a market as hard as today. To survive in this stressful environment, agents will need to strengthen their commitment to E&O loss prevention. Here's why: History has shown that the harder the market, the greater the exposure of agents to E&O claims. Market restrictions are leading more and more agents to seek new homes for non-renewed business. When you move an account from one carrier to another, you or your staff should do ...

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... 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 ...

... a trusted advisor? Is it because you provide risk management assistance? Did you save them money over a prior agent or broker? You need to know the specifics. If they say service' (as you often do), ask them to specifically define the good service that impresses them. Is it your claims processing assistance? Is it because you're available when they need you? Is it because you return their phone calls? Is it because of the caliber of your staff? Is it because you have the technology to meet their needs faster through the electronic world? You need to know the specifics. The third challenge is (or should be) the awareness of the many services and products you can provide. The independent agency system has to break out of the P/C mold. Clients want more, and you should be giving more as the industry moves into full financial services. You have to package your agency as a full-service, multifaceted financial partner to your clients. If you can't do that, you may not be around to worry about branding. Once you discover and determine the base points on which to solidify your branding, you have three critical tasks: Meet or exceed all expectations your branding creates. Truth in marketing, verified by performance, is the cornerstone of your future success. Create a template for your brand. Every message, every marketing exposure, every advertisement should be captured within the template. Your brand must be alive. Nothing is static in life. Your brand, like life, must be in a continual process of renewal. When ...

... 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 ...

... 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 benefits Articles tagged with benefits 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 ) Forex EA Builder Pros and Cons This content has not been rated yet. CompleteMarkets Editor 4/15/2021 12:00:00 AM Automated forex trading has emerged as a technological breakthrough over the years. Every year, millions join the trend either ditching manual trading hassles or experiencing the easiest way to make money by trading forex with the help of a forex expert advisor (EA) . But what if there was a way to customize the EA you use every day? Now it is possible to work with an EA that works for you the way you want it to. A personalized EA can be achieved with the help of a ...