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...ments are made. Services include towing, door-to-door pickup and delivery of ...

... x No Thanks Loading.. E&O Insights: Let Me Think About It … 4/7 /2014 by CompleteMarkets Editor , Curtis Pearsall This content has not been rated yet. A client who utters these words might well be laying the groundwork for a nasty E&O claim. Consider this case: The insured had a niche market for tow truck operators. The claim involved a client from another state whose tow truck rear-ended a car, causing an occupant of the vehicle to become a wheelchair-bound paraplegic. The underlying case was worth $5 million to $10 million. The client, a new customer, had provided a copy of his previous policy to the agent and asked for coverage. The agent stated that he saw the previous policy had $1 million primary and $4 million umbrella. According to the agent, he told the client he was only going to obtain a primary policy for $1 million and that the client was going to think about whether he wanted the umbrella coverage. Again, according to the agent, the client never got back to him on the umbrella. The client testified that he told the agent to duplicate his prior policy, and assumed that he had umbrella coverage. Unfortunately, there was no documentation of the alleged conversations between the agent and the client. The E&O carrier settled the claim for the limit of the agency's policy, $1 million. Could this happen in your agency? There's probably not much question whether clients need or want primary coverages. After all, the vast majority of your commercial clients need ...

... forecast premium volume accurately, you can still come up with workable estimates. Multiply the number of potential insureds by the average premium per policy to estimate the total premium volume the program will generate. In the past, I've been unsuccessful in securing insurance company markets because the average premium size was too low or the potential premium volume wasn't high enough. Even the argument that there's less pricing volatility in small premiums didn't change the underwriting philosophy of some carriers. The attitude that small accounts are a waste of time will change as technology becomes more sophisticated. Do your homework Before you find a market, the first step is to assess the potential of a specialty program. I cannot stress enough the importance of market research. Start by finding out how many insureds fit your niche program. How many tow truck operators do business in Arizona? What's the number of landscapers working in California? How many nonstandard auto drivers are there in Washington? How many accountants are there in California who need Professional Liability insurance? What about the number of new-car franchised auto dealers compared with the number of used-car auto dealers? The next questions you should ask: How much effort will go into putting the program together? What are your expectations for it? How much will it cost? How much premium volume will it generate? What is the average premium volume per insured? There are many factors that go into quantifying the premium volume of a specialty niche program. Some insurers have declined to write a program because the average premium per insured is too low. Many carriers won't consider underwriting a program unless it ...

... Are owned vehicles used for towing special equipment (air compressors, c...

... is a good vehicle for staying in touch with your client. And many types are available (such as those offered by IMMS) that will fit your agency. It is important to select a newsletter that fits what your agency is doing, as well as your clientele. You don't want to send something that is over their heads, nor do you want a newsletter that insults someone's intelligence. Your newsletter should be personalized. Our CPA firm sends out a newsletter with their name rubber-stamped on it. Frankly, it looks cheap. On the other hand, something too flashy may not fit a particular community. Along with the name, a newsletter should have the agency's logo on it. YELLOW PAGE ADS Most studies indicate that the first thing people look for in the Yellow Pages is a tow truck, and the second is an insurance agency. With that kind of impact, every agency should be listed in the phone book. In my opinion, the telephone book is the modern community business directory. It is printed annually and is current. You buy advertising space to tell your message, and if you want to be affiliated with an insurance company, you can list your agency under that company as well. In the Yellow Pages, your agency is easy as pie to find. If a person needs insurance, and you're who they spot, you'll get the call. LETTERHEAD You should never use white paper-it's too commonplace. Color is effective in this youth-oriented, changing world. People are used to seeing color; they look for it. Also, logo design is very ...

... Uninsured Motorist Coverage Y N Towing and Labor Y N Rental Reimbursement Y...

... /accidents in household? If so, detail below. ____ ____ ____ AUTO YR. MAKE/MODEL USAGE COMP/COLL. VIN# Auto 1 ____ Auto 2 ____ Auto 3 ____ Auto 4 ____ Alternate Garaging Auto # Loss Payee Auto # Sole Owner Yes No TOTAL PRESENT PREMIUM ____ DRIVERS NAME AGE/MARRIED LICENSE # G.S/AWAY Driver 1 ____ Driver 2 ____ Driver 3 ____ Driver 4 ____ TICKETS IN DRIVER # DATE VIOLATION ACCIDENTS LAST 5 YRS. ____ ____ DO YOU HAVE YOUR HOME INSURED WITH YOUR AUTOS? EXP. DATE ____ RECOMMENDED Company ____ COVERAGE BI ____ PD ____ MED ____ UM/UIM ____ CSI ____ DRIVER # CLASS COMP/COLL. RENT/TOW PREMIUM Auto 1 ____ Auto 2 ____ Auto 3 ____ SEE COMPUTER QUOTE TOTAL PREMIUM ____ COMBO Package Auto Premium ____ Company ____ COVERAGE Package Home Premium ____ Umbrella ____ TOTAL ____ Login or Register (for FREE) to gain access to thousands of other great articles. Need more reasons to join? Need insurance for you, your business or your family? Get quality appointments - Save yourself a whole lot of time & money when you use our directory of carriers, wholesalers and service providers. Negotiate lucrative contracts with carriers and wholesalers. Net result. More revenue for your agency! Clients & Prospects will research you, your co-workers and your agency here. The most comprehensive online insurance industry reference library for - Personal Lines Professionals Commercial Lines Professionals Life ...

... , in the Charleston, SC area, and in parts of New York and Massachusetts. Forty-four of our fifty states are now considered earthquake prone, although not all of these will experience damaging earthquakes. It is not possible to prevent earthquakes or change the likelihood of an earthquake occurring. However, you can greatly increase your chances of safety and survival, by being aware and prepared. Awareness is the first step. Preparedness is the key! WHAT CAUSES EARTHQUAKES? Very little has been known about the causes of earthquakes until this century. Geologists have concluded the crust of the earth consists of plates of layered rock which are in continual movement every so slowly. In some places, where these plates meet, one is forced under the other, creating faults and mountains. In other places, tow plates may slide past each other, with their boundaries forming a fault, such as the San Andreas in California. Faults also occur far from the edges of the Crystal plates, as in the New Madrid fault zone in the southeastern United States. Less is known about the creation and behavior of these faults. They may occur from compression of the crust as plates push together. Because the earth's crust is several miles thick, there is tremendous friction between the pieces which are trying to move. When the strain becomes great enough to overcome the friction, there is sudden movement, resulting in the ground motion and shock waves which we feel as an earthquake. The strength of an earthquake may be described in terms of magnitude' measured on the Richter scale. A 3.0 magnitude quake is ...

...verages. Pay for expenses such as towing, labor, rental vehicles, etc.   ...