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Almost a year after Superstorm Sandy, parts of New York and New Jersey are still recovering from billions of dollars in flood damage. And a new study says that in the future, storms smaller than Sandy may be able to produce similar flood damages due to rising sea levels. “Rising sea levels exacerbate flooding,” says Andrew Kemp, a geologist at Tufts University in Massachusetts. “As sea level rises, smaller and weaker storms will cause flood damage.” Kemp co-authored a study on sea-level change close to New York that was published recently in the Journal of Quaternary Science. Sandy hit New York as a team led by Kemp was researching sea-level change and flooding that had occurred in seven historically damaging hurricanes in New York since 1788. Last October, Sandy’s storm surge hit the coast at high tide, but storm and tidal conditions were not the only cause of the devastation, Kemp says. Seawaters off New York’s coast have risen 16 inches since 1778, the year of New York City’s first major recorded storm, his research shows. To make this determination Kemp and his team studied salt-marsh sediments from Barnegat Bay in northern New Jersey, south of the tide gauge at Battery Park in New York. Using sediment cores, long cylinders drilled into the marsh floor that offer scientists a look back through time, they were able to reconstruct sea-level changes since 1788. Kemp cites two factors for rising seas. One is the natural sinking of land called glacio-isostatic adjustment. A second factor, and one supported by the latest report from the Intergovernmental Panel on Climate Change (IPCC), points to the melting of the ice-covered terrain of Greenland and Antarctic as well as the thermal expansion of ocean waters. Looking forward, Kemp says he sees the possibility of storms less powerful than Sandy inflicting serious damage. He uses a basketball analogy. “It’s like playing basketball and raising the level of the court so that shorter and shorter people can dunk. It makes low lying property and infrastructure more vulnerable at a time when developers are pumping money into coastal cities and towns.” Source: Tufts University Cited from: http://www.insurancejournal.com/news/national/2013/10/21/308737.htm

Now do you think insurance is pricey? Imagine if you participate in this: (CNN) -- Before the transcontinental race in "Cannonball Run," the starter tells the gathered racers, "You all are certainly the most distinguished group of highway scofflaws and degenerates ever gathered together in one place." Ed Bolian prefers the term "fraternity of lunatics." Bolian, a 28-year-old Atlanta native, had long dreamed of racing from East Coast to West. A decade ago, for a high school assignment, Bolian interviewed Brock Yates, who conceived the Cannonball Baker Sea-To-Shining-Sea Memorial Trophy Dash, aka the Cannonball Run. Yates, who played the previously quoted organizer in the film he wrote himself, won the first Cannonball in the early 1970s with a time of 35 hours and 53 minutes. Read more about this exciting drive: http://www.cnn.com/2013/10/31/us/new-york-los-angeles-cannonball-speed-record/index.html?hpt=hp_t1

What standard markets are best for Child Daycare Centers? In the past we have typically used Harleysville/Nationwide. I was curious if agents are finding them the most competitive. I also have access to Liberty, The Hartford, Travelers, etc.

I am in need of a market for a Teen Community Center, the center has been finished being constructed, there is a small skate area with a few ramps in it attached on the side of the center. The Teen Center will hold dances on the weekends and during the week teens can hang out and play games. This center is intended for junior high and high school teens. My client is needing: PL, GL, and Equipment Breakdown.

Hi All, I'm in some uncharted territory, preparing to sell homeowners insurance in southern and coastal states. Our agency has yet to quote or issue any home policies down south, which is why I'm reaching out on here to see if anyone has any helpful tips or advice for me. The specific question has to do with building code grades, or the "Building Code Effectiveness Grading Schedule" (BCEGS) as it relates to writing homeowners policies. Now that we will be selling in states like Florida, where there are greater exposures to things like hurricanes, the Building Code Grade will likely be a rating factor. Does anyone on here has experience with issuing homeowners policies where these building codes were at play? Is there a specific type of document (home appraisal? other form?) that is used to verify the building code? What documentation/proof the insurance companies require? Basically any information at all about the BCEGS would be appreciated. I want to make sure we are fully prepared for this new factor when quoting and issuing homeowners business in new territory. + Multi Quote Top PS - in case this information is at all helpful... our agency uses a comparative rater, and there is a field that asks for the Building Code Grade. The options are "Ungraded" (which we have always used, here in the Northeast), or 1, 2, 3... up to 10. Thanks again everyone!

...examine the role that your website plays in your agency’s overall marketing st...

Errors and Omissions or Professional Liability Insurance is a necessity for every insurance broker that interacts with customers. Decades ago, when agents/brokers had a personal relationship with every one of their valued customers, problems could be solved over a cup of coffee or a sandwich at the local deli. As society became more litigation prone and coverages more complex, issues that could be reasonably negotiated took a backseat to the likelihood of multi-million dollar settlements. There was a time when agents/brokers wanted to be a part of the claims process and assist their clients or advocate for their clients’ needs. Over time and after many cases set various precedents, notice of a claim means giving the client an 800 number and hoping or praying that it all works out. As a child, our camp counselor played a game where one person was told a secret. That child then told the person sitting next to him or her and that person told the next and so on until the initial message was disclosed by the last person in line (we called it “telephone”). When the last person stated the message, it wasn’t anything like the original message that was given. It wasn’t even close! In fact, one can assume that even the second person in line to hear the message probably heard a different message than even the primary communicator! This issue is the basis for most coverage disputes. A customer or prospect “hears” that something is covered and makes a decision on that basis. When a claim occurs that the policyholder assumed was covered eventually is denied, this leads to an uncomfortable phone call or email and could eventually end up as a claim filed in court. Despite the fact that coverages and ISO forms have become standardized and policies commoditized, consumers still do not understand or read the documents that substantiate the very coverage they pay premiums on. With the advent of the Internet, consumers understand even less about what they’re buying and merely focus on the annual premium. To make matters worse, Insurtech startups are usually created by people angry at the industry, have zero work experience in the industry, have never read a policy until they’ve incurred a claim and yet focus on transactions and community rather than on educating their customers. In fact, Insurtech focuses on consumers at the fringes (drone owners or renters coverage, the “gig” economy, pay by the mile auto) and lower than minimum premium policies in order to gain scale. Their consumers aren’t interested in knowing what they’re buying as much as they want the coverage at a low price. Policy documents that could easily be emailed or PDF’d on the front end are never delivered until the customer hits their PayPal button. It’s been said that a “sophisticated” buyer is one that has had a claim denied. New entrants into the industry will, undoubtedly, incur E&O claims as their customers incur claims which are denied or paid at a cut rate. Despite this dire prediction, innovations in Reputation Management can reduce agent’s exposure and ideally carrier’s exposure to E&O claims and frivolous filings. As agents/brokers adopt Reputation Management platforms, agencies are afforded visibility into disgruntled or unhappy consumers at every interaction or transaction. No other vehicle is as critical to the mitigation of potential claims as is Reputation Management services and software. Initially, brokers and agency owners adopted Reputation Management Software as a way of gaining new business and referrals. On that basis, it is a necessary system for every brokerage. But, that is to minimize its impact as a bell-weather or early warning system for potential claims activity. Each time a customer has a transaction (purchase of a policy, renewal approval, endorsement, certificate, etc.) Reputation Management Software, integrated via an API with the agencies’ Management System automatically sends in the background a survey (either 1 to 5 stars of 1-10 or NPS) to the customer. After the customer answers the one question survey, the system then follows up with a Review Request. The consumer discloses their satisfaction or unhappiness on that survey. The Software then pumps that data, like a firehose, to many social media sites built for the agent: Facebook Business, Google Business, BBB, etc. And of course, with a widget on the Agency site, that content is published and rolled constantly so that Google’s Algorithm finds it and promotes the agency as best in their location. When a negative survey or review is completed, that information goes right to the Owner’s desk or head of customer services’ or a compliance officer’s desk for follow-up. By providing an immediate notice of a potential unhappy customer, the agency is able to intercede and ascertain what the issue really is….and fix it! Without that interdiction, it’s a very high possibility that the upset customer will leave at the first opportunity (causing churn and negative income due to acquisition costs), tell others how bad their experience is (harming an agent’s or agency’s reputation) or even sue based upon a coverage disagreement. Without Reputation Management, the owner of an agency or the insurer of that agency’s E&O has no early warning detection system to intimate of a potential lawsuit until they receive the notice of a filing in their local superior court. To further the need to mediate or prevent potential E&O possibilities, the use of Reputation Software influences Agent/Broker/CSR behaviour. When a service or sales professional knows that each transaction is subject to a customer’s rating or review, they intuitively up their game. This is not a matter for debate or doubt. Anyone who understands human behaviour knows that an interaction subject to a judgement or public review automatically adopts a higher sense of purpose and positivity to earn a good result. We all want to be loved and we all want to earn approval. Knowing that every interaction is an opportunity to earn positive affirmation enhances the broker/agents’ service level and professionalism. Many Reputation Management Software packages include Social Media Monitoring. 87% of unhappy customers will post their issues on Reddit, Google, Facebook, Instagram, etc. This can cause an avalanche of “me too” posts and empathy posts. The more “likes” and shares, the more likely that data can be used as evidence of an agency’s lack of responsiveness or sympathy for an unhappy customers’ experience. There can be no doubt that E&O claims not only hurt an agency’s public perception and reputation but damage the morale of the agency and cause the agency to focus on the litigation rather than on new business or ongoing customer service. It’s a costly distraction in every way. </span>

Hi Everyone, I have a prospect that I'm trying to help find a market for, they have a small business and they drive their customers personal vehicles to their designated destination. They do have a written contract with their customer but their are restrictions in the agreement, my prospect needs their own coverage for driving their customers cars. They needs liability and auto coverage and they do not drive their customers outside the state of Florida. Referrals will be greatly appreciated!

Hello Peers I have a risk with 34 autos. Progressive is getting off the risk due because they have more than 20 units in their fleet plus. Their loss history is not good over the last five years at $250k. Expiring premium is $85k. Scottsdale has not yet told us if they are quoting. NICO via Pacific Gateway takes a very long time to offer any terms. The renewal date is 8/28/18. Any suggestions for a market? Thank you,

A lot of my clients request the bare minimum coverage for their policy requirements, and even more will only get the coverage they are required to obtain. My concern is they are not being covered as significantly as they need. The clients that have excess coverage, higher limits, etc are the ones who have gone through a loss and experienced how limited coverage can hurt you in the long run. What are your clients doing? Do they fully understand what would happen if they were sued and their policy only covered a portion of the awarded damages? I try to express this need, but I feel like the economy has put my clients in a tough position of taking lower policy limits, higher deductibles, and bare minimum coverage. Lower insurance = higher risks in case of a claim.