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PIA Western Alliance knows you want to be the best in the field, and the best way to stay on top is to stay informed. PIA Weekly Industry News Brief is an informative e-news brief that delivers the most relevant industry content.

 

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Olivia Raese Awarded CRM Designation

Posted By Staff writer, Friday, April 19, 2019

Olivia Raese, CIC, CRIS, ARM, RIMS

Olivia Raese is a Senior Risk Management Consultant and Manager at Bickmore where she provides risk management consulting and contractual risk transfer support for large public and private entities around the US.

 She has over 18 years of experience in the risk management and insurance industry and currently works with large state and local government infrastructure projects as an outsourced risk manager.

Prior to consulting, she served as a commercial insurance broker in the Pacific Northwest, and also sat on the Washington State Insurance Commissioner’s Advisory Committee. Additionally, Olivia is actively involved in the local risk management community and a national speaker at risk management conferences throughout the US. 

"The CRM curriculum offers a "boots on the ground" approach to risk management offering real-life examples and experiences throughout the course work. As a risk management consultant, I'm challenged daily with new and better ways to solve my client's problems and I feel better prepared having gone through the CRM program."

Olivia continues, "I am truly honored and humbled to be recognized with the highly sought-after risk management designation and would like to thank the fantastic staff at the National Alliance for helping me get here!”

Tags:  Olivia Raese CRM Designation 

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Isn't she a beauty?!

Posted By Staff writer, Tuesday, April 16, 2019

Safeco Auto Insurance PIA Western Alliance PIA insurance KKLUB

 1967 Pontiac GTO. Watch how it was restored - tap on the image above.


 

Your insurer's car is loaded with options,
make sure their insurance policy is too.

 

For more than 85 years, Safeco has delivered new and better ways to protect cars and drivers with auto insurance. Whether it be a sedan, hybrid, minivan, station wagon, SUV, pickup truck or anything in between, provide personalized coverage that's right for your client. If trouble comes along, we'll make sure they are taken care of every step of the way.

 

 

Safeco's Insurance
Coverage Options

 

 

 

 

 


 

 

PIA KKLUB PIA Insurance

 what is KKLUB?

 

Safeco is a proud member of PIA Western Alliance's KKLUB.

 

 

Tags:  KKLUB Member Safeco  PIA Insurance  PIA Western Alliance  Safeco Insurance 

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5 COMPELLING FACTS ABOUT PIA'S MARKET ACCESS PROGRAM

Posted By Staff writer, Tuesday, April 16, 2019

 

Fact #1

Write just a few Market Access policies in a year and it will pay for your PIA membership.

 

Fact #2

PIA's Market Access Program is available in all 50 states.

 

Fact #3

PIA members enjoy lower monthly fees while benefiting from 2% more in commissions than going direct.

  

Fact #4

Personal and commercial lines markets from a number of admitted “A” or better-rated companies.

 

Fact #5

Receive quotes from many of these companies through technologically advanced personal and commercial lines rater. 

 

Tap to learn more about it!

 

Tags:  market access program  Market rater  pia insurance 

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Purchase an E&O Utica policy direct from the PIA!

Posted By Staff writer, Tuesday, April 16, 2019

PIA insurance

 

 

PIA Western Alliance sells Utica National

 

 

Easy Estimate Form

Click here

Available in all states

 

Q: How can I earn 10% off my agents' E&O premium?

A:  There are 3 ways you can save...

1.  Conduct an annual exposure analysis program reviewed by Utica (5% credit)

2.  Professional training & development of your staff

3.  Attendance at an approved E&O seminar (5% credit)

 

Utica E&O Insurance PIA Western Alliance

 

Q:  Is this program available in my state?

 

A: This program is available in Arizona, Idaho, Montana, Nevada, New Mexico, Oregon and Washington.

 

 

 

Q:  Why Utica?

 

A:  Utica is the only company that separates property and casualty E&O from life and health E&O. Both Utica Mutual and Utica Life & Health are specifically geared toward that type of agency.

Utica has been providing agent E&O coverage for more than 40 years and has nearly $2-billion dollars in assets. They continue to be one of the standard bearers in the industry, offering a superior product at a competitive price.

 


 

 

Q:  What do the Utica policies include?

 

  • DIRECT access to the underwriter
  • Dedicated claims specialist
  • Full prior acts
  • Defense costs in addition to limits of liability
  • First-dollar defense coverage
  • Optional loss and litigation deductible and an aggregate deductible that caps your annual deductible exposure
  • Advertising and personal injury coverage
  • 5% loss control credit. Attend a Utica approved 3 hour E&O course for credit
  • 5% credit for Professional Training & Development. 60% or more agency staff achieve recognized designations including CPSR, CISR, ACSR, CPCU, CIC, and CPIA
  • Flexible payment plans and an A+ claims department
  • Optional Coverage's include-Financial products coverage, real-estate coverage, mutual funds and variable annuities, and employment practices liability
  • Optional extended reporting periods that reinstate the aggregate and offer options of as long as 10 years

 

 

GET STARTED!

 

 Easy Estimate Form

Click here

Tags:  E&O insurance  errors and omissions  pia insurance  pia west insurance  Purchase a Utica policy direct from the PIA 

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It's not too late to Register! PIA Oregon/Idaho Annual Conference — May 5 - 7

Posted By Staff writer, Tuesday, April 16, 2019

It's not too late to register...

Do it now!

 

The 2019 PIA of Oregon and Idaho conference returns to its roots at the Salishan Spa & Golf resort. With the state’s independent insurance agents and companies heading to one of Oregon’s premiere resorts, PIA Oregon/Idaho is taking, “an inspiring new direction. One that we are pleased to say, ‘Where Tradition Meets and Begins.’”

 

Haven’t registered yet: Click here.

 xxxxxxxxxxx  xxxxx xxxxxxxxxx 

 

The change comes from what the membership asked the association’s management to do and PIA takes to heart our members needs. Agent and company input identified strengths, weaknesses and challenges of what they want from an annual event.

 

Out of that wisdom came the realization that no matter how much innovation and trend reaction there may be, one thing is constant — tradition.

 

PIA Western Alliance Executive Vice President Clark Sitzes said, “This year we’ve brought in the heavy equipment to carve out a thoughtful and knowledgeable program.”

 

He said one important addition to this year’s celebration is the incorporation of Oregon’s newest agent group the Oregon Young Insurance Professionals (OYIP). This year’s conference will give them a chance “to see for themselves why attending will offer them the opportunity to experience what equals to more than a few hundred years of collective knowledge. And the benefit of both to share and learn.”

 

As with all PIA Oregon/Idaho conferences, there will be plenty to do from golf to the annual industry trade show to the industry awards recognition of agent, company person and blinders awards and to world class education.

 

As for golf, don’t miss the annual Dave Iwata Memorial Golf Tournament Sunday May 5th. Tee off begins at 12:30.

 

Dave Iwata had a long and successful career for a number insurance companies including Safeco, Travelers and Mid Valley General Agency. His passion was people and golf. Dave represented everything that is good and important about the independent agency system. He touched people with his genuine smile, caring of others and his knowledge of the industry. He mentored many, and when people met him, they became fast friends.

 

Dave Iwata was passionate and always strived to find the best in himself, in others and in life. And as much as he loved people, his real addiction was golf! Dave helped spearhead many PIA golf events. Working to get companies on board to sponsor and encouraging friends — old and new — to come play. He was instrumental in PIA's success and PIA is forever grateful.

 

The PIA is proud to rename our annual golf tournament after Dave. It's the best way we know to honor him and his passion.

 

In other words — the annual PIA Oregon/Idaho conference has something for everyone. Here are the breakout sessions:

 

Thriving Through the Perfect Storm

Monday’s general session and awards luncheon feature speaker is Captain James Evanow. He presents a discussion of how change in business and in life is inevitable. When we are navigating through numerous or sudden changes it can feel like a Perfect Storm. James will share his maritime experience with examples and techniques that can help people to develop the mental preparedness to survive and even thrive through the Perfect Storm.

 

Evanow is an international speaker and trainer. Having many years of maritime experience, He realized how his experiences and responsibilities of bringing his crew through tight situations had a direct correlation to the emotional intelligence of leadership. Evanow inspires people to develop collaborative skills by enhancing their ability to understand the needs of others and develop mental preparedness. This results in higher productivity, lower turnover rates, stronger relationships and increased abundance for all involved.

 

Don't Kill Your Golden Goose: Protecting Your Agency Assets From Taxes and Lawsuits — 3 CE OR, ID

This one is taught by Larry Oxenham of the American Society of Asset Protection. It takes a lifetime to accumulate your assets. Take the time to protect them. Is your agency's financial house in order? Discover the tools you can use to become invincible to lawsuits, save thousands in taxes and achieve financial peace of mind.

 

Is your agency's financial house in order?

Discover the tools you can use to become invincible to lawsuits, save thousands in taxes and achieve financial peace of mind.

Larry Oxenham is one of the top asset protection experts in America. He is the Senior Advisor with the American Society of Asset Protection and Aircraft Owners & Pilots Association. He has written 3 books and contributed to several others that assist people to properly structure and protect their assets.

 

By the end of this session you will know who to act on the following:

 

1. Protect 100% of your assets from lawsuits. You will learn how to make yourself so unattractive to a plaintiff attorney that they will never pursue a lawsuit against you.

 

2. Save thousands of dollars each year in taxes. You will learn five tax reduction strategies most people fail to utilize, which could save you more than $10,000 each year in taxes.

 

3. Avoid probate and eliminate all estate taxes. You will be taken through a checklist of items that are important to every estate and business succession plan. You will learn what you should be doing now to prepare for successful business and estate succession.

 

Agency Journey Mapping and Perpetuation Planning — 4 CE OR, ID | 3 WA

 

Al Diamond does this session. It shows attendees how valuations are properly done, how to identify, train and implement agency Internal Perpetuators and how to merge or sell their agencies to maximize value and client effectiveness is the perfect compliment to keep your agency strong and truly independent.

 

Diamond is the president of the Agency Consulting Group and as a consultant for over 35 years, Al has spent over 45 years in the insurance industry working for both stock (agency represented) and direct writing insurance companies, agencies and as an independent businessman.

 

Diamond’s company is a national consulting firm for insurance agencies since 1985. He is the author of THE PIPELINE, a national newsletter for insurance agency principals and insurance industry executives.  THE PIPELINE is distributed to agents, associations, and carriers throughout the United States.

 

The Good, The Bad and the Ugly Side of Insurance: Oregon Law — 3 CE OR

 

Karla Martinez is an Education and Outreach Coordinator with the Division of Financial Regulation. She has been with the Division for the last 9 years previously working in Consumer Advocacy as a Compliance Officer. Karla was a licensed insurance producer for a one of the largest insurance companies in the industry and has over 19 years of insurance expertise. Karla is a participant of the North American Securities Administrators Association where she attends their annual Investor Education Conference and currently serves on their Special Project Committee for Cybersecurity. Karla is also a certified educator through Financial Beginnings.

 

This Class will introduce you to the Division of Financial Regulation A.K.A Insurance Commissioner's office. We will discuss the integrated parts of the division and how each section works. We will also walk through the complaint process and how advocacy functions. We will go over laws that govern the insurance marketplace. We will go over some agent office practices " The Good, The Bad and The Ugly".

 

  

E&O Case Studies, Huge Losses and Navigating Social Media — 3 CE OR, ID WA

Corey Wilkins is teaching will be instructing 2 courses at the conference. This is the first.

He has a knack for bringing his topics to life. This session will examine producer and staff activities of agency exposure areas and how customer and product selection are related to the potential legal impact upon the agency. He’ll provide methods to reduce the risk of Errors and Omissions exposure will be and identify characteristics of Errors and Omissions policies and the impact of Errors and Omissions claims payment will be discussed.

 

Do I need Long Term Care Insurance? Really? — 3 CE OR, ID, WA

This is Corey Wilkins’ second class. No one wants to talk about hard subjects like Long Term Care. If you are an agent that sells it or just need a better understanding of what it all entails no matter your age. Learn the intricacies of the underwriting process, affordability, coverage options, designing a policy, selecting ancillary options, considering available forms/endorsements, and case studies with Medicare/Medicaid subsidy possibilities will be discussed.

 

Wilkins is Owner and President of Corey Wilkins Insurance & Financial Services, Inc. A State Farm agency in Tacoma, WA. Corey attended the University of Washington and Seattle Pacific University. He started his career with Safeco and Kemper Auto & Home Group as Marketing Manager in 3 Western states. Along with running his own agency, Corey is a CISR instructor of The National Alliance and has over 30 years of experience in the industry.

 

Walk Like An Underwriter: Underwriting 101 — 2 CE OR

Kim Turner and Pat Morrill do parts I and II of the standard Workers Compensation policy and introduce some common endorsements. The course begins with the development of standard premium and identify common loss calculations and concludes with the three elements of exposure analysis (operations, hazards, controls).

 

Kim Turner is SAIF’s marketing advisor & agency marketing specialist. She has built her career in the insurance industry over the past 30 years, including tenure with a few of SAIF’s large agency partners (KPD, Alliance, and Propel). She currently holds the CPCU, ARM, CIC, and AFIS professional designations.

                       

Pat Morrill is SAIF’s agency and group program coordinator representing SAIF-appointed agents in the eastern and northern part of our state and 21 of SAIF’s group association partners. She holds the CPCU and AIC professional designations and has been in the workers compensation industry in various roles for 39 years.

 

Click here to see the schedule and learn more. 

 

 3 easy ways to register.

 

1.    Log in to your profile to receive your PIA member discount on the entire conference or Monday or Tuesday only.

2.    Ala Carte – no log in required, create your own conference.

3.    Print the registration form to send back to us.

Tags:  2019 Oregon Idaho Conference and Tradeshow 

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Oregon Governor Raids SAIF — PIA Oregon Reacts

Posted By Staff writer, Tuesday, April 16, 2019

The Professional Insurance Agents of Oregon — PIA Oregon — is just one of many groups in Oregon disturbed over Governor Kate Brown’s decision to grab funds from the quasi-private State Accident Insurance Fund (SAIF) to beef up the PERS retirement system.

Brown’s decision takes $486 million from SAIF’s $1.9 billion surplus.

Negative reaction around the state was immediate. PIA Oregon Lobbyist Lana Butterfield said the governor’s decision is not a good one and she checked off a few reasons why:

  SAIF’s reserves are essential to protecting the safety of Oregon workers and ensuring low rates for employers throughout state. 

  Small businesses, school districts, local governments and non-profits depend on SAIF’s affordable rates and safety programs to ensure a safe and healthy workplace.

  Raiding SAIF’s reserves will negatively impact worker safety and accident prevention.

  Any excess premiums (that created the reserves) should go back to the employers who have paid them.

And the bottom line? SAIF’s funds ought not be used as a piggy bank by Salem politicians trying to cover unsustainable costs in PERS.

 

"Many PIA members serve small businesses. SAIF has stepped up to serve this community of small businesses that often have difficulty securing coverage,” she said. “It provides a very reasonable price for a high level of worker benefits and safety. If SAIF reserves are swept, it is likely employer rates will increase substantially over time.  This is not good for Oregon, small businesses or PIA members.”

 

In her news release on the decisions to shore up PERS, the governor said, “Oregon’s public employee retirement system, or PERS, is first and foremost an essential benefit for our public employees. In exchange for dedicating their lives to public service, Oregon has made a promise to provide them a secure retirement after decades of teaching our kids, fixing our roads, keeping our neighborhoods safe, fighting fires, or helping our children in foster care.”

 

Brown said it’s important to keep the promises the state made to those workers. Anything less is “kicking the can down the road.”

 

The editorial board of Portland, Oregon’s newspaper, The Oregonian published an editorial that urged the governor to reconsider her decision. It said:

 

“While the Legislature in 1982 passed a law expressly authorizing such a transfer, it would be controversial and risks destabilizing an entity that has competently, reliably and efficiently administered workers compensation for public and private employers for years. In trying to address the PERS crisis, Oregon should not do anything to trigger another,” the editorial board wrote.

 

In a story in Weekly Industry News last week, we referenced what happened with the 1982 decision of the Oregon Legislature. It authorized taking $80 million of SAIF’s reserves. A lawsuit followed and the Oregon Supreme Court said the state acted illegally and ordered the money returned.

 

With interest, $225 million was returned to SAIF and its policyholders. The attorneys fees and the cost of the litigation totaled a staggering $20 million.

 

If a decision is made by the Legislature to grant the governor’s decision to take that money, Weekly Industry News assumes lawsuits will be filed.

 

PIA Oregon is part of a coalition of business groups and associations opposing the governor’s decision. The group published a response a couple of weeks ago when the governor began talking seriously about taking the SAIF funds.

 

“SAIF’s revenue’s come via premiums from the 47,000 small businesses, school districts, nonprofits and local governments who depend on the company to cover their workers,” the group wrote. “The system is working well for workers and employers and this could significantly disrupt the balance that exists within the system. Make no mistake that this will impact rates paid by employers as SAIF fights to rebuild it’s reserves.”

 

The group called the governor’s decision, a dangerous game.

 

“They are literally stealing from one pot to cover liabilities in another and hoping that you can pay it back before something bad happens. That’s a dangerous game,” the coalition stated.

 

“Additionally, that would require significant changes to SAIF’s operating structure and should be done after careful study rather than as a hasty bailout strategy for PERS. SAIF is unlike other insurers in that it operates solely within the state of Oregon and is required to focus 100% on workers comp (mono-state and mono-lines).”

 

Republicans immediately criticized the SAIF raid decision. House Republicans said, “While recent Secretary of State audits reveal many agencies are prone to waste, SAIF has built enviable reserves, annually returning dividends to clients and covering thousands of claims. Ironically, cash reserves built on years of workplace safety and sound fiscal practice are viewed as easy pickings to shovel into the ever-deepening PERS pit.”

 

Mike Salsgiver is the Executive Director of the Associated General Contractors. He agrees and said SAIF’s reserves should be off limits. “You can be certain that raiding hundreds of millions of dollars from SAIF's reserves will negatively impact worker safety and accident prevention. That means higher rates for employers, reduced benefits for workers, or fewer investments in accident prevention. Any way you cut it, Oregon small businesses and workers lose,” he said.

 

Oregon Business & Industry represents Oregon’s largest employers. Spokeswoman Samantha Tipler said her group agrees that the SAIF raid is a bad idea. “We will strongly oppose this effort to raid SAIF to bail out PERS. The PERS solution should stand on its own.”

 

The governor’s PERS rescue plan has a couple of other components:

  After giving each family $100, the state will keep — one time — the income tax kicker. Brown hopes it will raise $400 million to 500 million.

  Repatriation funds already dedicated under 2018 Senate Bill 1566 (and Senate Bill 1529) for a total of $83.3 million.

  Windfall revenue from variable sources, including direct, above-trend revenues from capital gains and estate taxes to the account.

 

Keeping the kicker — funds returned to Oregonians if tax collections exceed income projections by 2% — will require a two-thirds vote by the Legislature to happen. It has no chance since the idea has to get support from both parties.

 

In last week’s Weekly Industry News, we covered a letter to The Oregonian from former PIA Oregon/Idaho president Rich Kingsley. He hit the nail on the head with his description of the governor’s decision.

 

“It was a stupid stunt then,” Kingsley wrote. “And to think of doing it again is still stupid, and reckless.”

 

Source links: Governor Kate Brown, Weekly Industry News — link 1, link 2, link 3OregonLive.com, Willamette Week

Tags:  insurance content  insurance news 2019  PERS  PIA Western Alliance 

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Washington Legislature Wants to Tax Insurance

Posted By Staff writer, Tuesday, April 16, 2019

The Professional Insurance Agents of Washington/Alaska (PIA) is just one of many groups, associations, agencies and insurance companies opposing a new proposal to add to Washington’s insurance premium tax.

 

The premium tax — as it stands now — is 2%. It generates $1.4 billion in income for the state. The new proposal — SB 5996 — was introduced in both the Senate and the House. It adds an additional .52% to the current tax. The hope is to bring in $125 million in revenue to use to fund the newly established Wildfire Prevention and Suppression Account.

 

As most of you know, the current tax is on home, auto and business insurance. This tax applies to all P&C lines including home, auto, commercial property, BOP, medical malpractice, inland marine, construction and contractor liability, municipal and school district excess liability, umbrella policies — and no joke — even the insurance paid to insure mobile phones.

 

PIA Washington Lobbyist Mel Sorenson testified before the House Financial Committee. Along with others — including PIA Western Alliance Executive Vice President Clark Sitzes — Sorensen said the tax is unfair and unjustifiable.

 

“Fighting and preventing wildfires is a priority for society as a whole,” he told Weekly Industry News. “The costs should be supported broadly, not just by insurers and the insurance-buying public. SB 5996 will drive the cost of insurance coverage for Washington consumers $125 million higher over the next two years. It’s not fair to homeowners, drivers, and others who need insurance to push the cost of their coverage higher in this way.”

 

Sitzes pointed out the danger of the tax to consumers. Higher insurance prices could end up with a lot of people forgoing the buying much-needed insurance.

 

In addition to Sorensen and Sitzes, members from the American Property Casualty Insurers Association (APCIA), the National Association of Mutual Insurance Companies (NAMIC) and the Northwest Insurance Council (NWIC) testified.

 

Mark Sektnan of the APCIA said, “Taxes on insurance companies and our customers are contributing to support the state budget — including efforts to train wildland firefighters, prevent loss and improve forest health — and insurance consumers are doing their part to protect the investment they make in their homes, vehicles and businesses when they buy insurance. Improving forest health and protecting wildlands and communities is a societal good, and should be a priority shared by all taxpayers, not just insurance consumers.”

 

NWIC’s Kenton Brine said the increase — if passed — will put Washington-domiciled insurers at a competitive disadvantage to insurers housed in other states. In a document he prepared for testimony, Brine said it’s not that insurers oppose doing something about the destructive nature of wildfires. They just don’t want to bear the entire burden.

 

“We recognize that a variety factors including population growth, changing demographics, current and past forest practices and climate change are rapidly and dramatically changing the wildland fire threat in Washington,” he wrote.

 

Brine went on to say insurers are partners with communities all over the state in working onways to stop the carnage. However, he said this “unfairly shifts the societal cost of fire suppression exclusively to insurance premiums.”

 

He also asked committee members a number of critical — and very good — questions.

 

“Does the state tax health insurance policies to pay for cancer research and chemotherapy treatments?” he asked. “Is there a tax exclusively on jewelry stores to pay for more police officers? Of course not.

 

Washington residents, businesses and visitors across the state pay taxes to our state’s general fund to pay for societal costs, like fire and police protection. SB 5996 shifts those costs from all taxpayers exclusively to insurance companies and policyholders with a 25% tax increase only on auto, home, commercial and other P&C insurance premiums, to be paid into a dedicated account managed by the state Department of Natural Resources.”

 

Plus, Brine wrote, “There are no controls or limits included in SB 5996 on the use of the $125 million tax increase after it is put into the Wildfire Suppression and Prevention Account. At any time, the Legislature could ‘sweep’ these funds back into the general fund for other unrelated purposes, leaving property owners paying more and getting the status quo.”

 

Source links: Insurance Journal, Northwest Insurance Council, Tri-City Herald

Tags:  Insurance Content  PIA National  Washington insurance premium tax 

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Utica’s E&O Tips — Premium Audit

Posted By Staff writer, Tuesday, April 16, 2019

Errors & Omissions (E&O)Loss Prevention Tips

Your insureds don’t like surprises, especially when it comes to the topic of audits. Without proper explanation and timely, adequate handling procedures, policies subject to audit can lead to surprises and E&O claims against your agency.Your agency works long and hard to establish a relationship with a prospect. You learn about his or her business, analyze loss exposures, develop and present a comprehensive risk management plan, including insurance coverage, and win the case.

Now it’s time to think about audits, as a number of policies are subject to audit.

The following are some suggestions for your agency to ensure that your customer understands what it means to be audited and what he or she can expect.

Know

  Identify which policies are subject to audit.

  Determine why the policy is subject to audit, whereas some other policies are not.

  Improper Workers Compensation class codes and territory issues are often discovered during an audit, and can result in premium changes.

  Check with the carrier prior to choosing classifications and developing premium.

  Document your conversation.

Inform

  Notify your client in writing, on the proposal, that his or her exposure will be audited.

  Explain the audit process and timing.

  Clarify the difference between a physical audit, phone audit, and self-reporting audit.

  Explain why the client’s premium can change from the initial proposal or policy premium. Talk to him or her about how growth, previously unknown exposures, changes in operations, new products and/or operations, acquisitions, etc., can result in premium changes.

  Reinforce his or her responsibility to maintain adequate records. Advise what specific information will be needed to complete the audit. 

Use

  Utilize proper premium calculation forms. If the carrier has its own form for calculating premiums for policies subject to audit, use that form. 

Plan

  Strategize how to respond to an audit. 

  Discuss with agency management, or the producer, the best approach to promptly disclose premium increases to the client.

  In the event of a mistake, advise your client that you are looking into the matter.

  Collect your information and contact your E&O carrier.

  Together, determine if there are any solutions to the problem.

  Discuss how best to communicate with the client.

While not all premium audit problems can be avoided, proper knowledge, explanation, and planning go a long way toward maintaining a positive relationship with your customer and minimizing the E&O exposure to your agency. 

 

Purchase a Utica policy direct from the PIA!

pia for errors and omissions insurance

 

 

Tags:  E&O  errors and ommissions  Pia western alliance  Utica 

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M&A Activity — Growing ​

Posted By Staff writer, Tuesday, April 16, 2019

 

OPTIS Partners tracks mergers and acquisitions. The company said the first quarter of 2019 saw M&A activity continuing to be hot. By “hot,” the company means 151 agencies changing hands. That’s one more than was seen in the first quarter last year.

These are agencies that sell P&C insurance, employee benefits, or both.

The largest number of the transactions were picked up by Patriot Growth Insurance Services. There were 18 of them and 17 closed. Other top buyers:

  Acrisure — 16

  Hub — 12

  Gallagher — 10

  Broadstreet Partners — 10

OPTIS Partners also noted there were only 57 unique buyers in the first quarter transactions. That’s the lowest number in any quarter since 2014.

Source link: Insurance Business America

Tags:  insurance content  insurance news 2019  M&A Activity — Growing  pia western alliance 

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Commercial Rates — Looking Good!

Posted By Staff writer, Tuesday, April 16, 2019

The first quarter of 2019 is looking good for insurance rates. New data from MarketScout says both commercial lines and personal lines saw increases of 2% when compared to the first quarter of 2018.

MarketScout’s CEO Richard Kerr said, “Transportation risks were up by 4%. Auto continues to be assessed with the most aggressive rate increase by line of coverage at plus 7%. Also, energy exposures are now starting to see more rate increases. Otherwise, the commercial market is stable.”

Here are the statistics by line:

  Commercial property: +2.5%

  Business interruption: +2%

  BOP: +2%

  Inland marine: +2%

  General liability: +2%

  Umbrella/excess: +2%

  Commercial auto: +7%

  Workers’ compensation: -1%

  Professional liability: +2%

  D&O liability: +1%

  EPLI: +1%

  Fiduciary: +1%

  Crime: +1%

  Surety: Flat

By account size:

  Small — up to $25,000: +2.5%

  Medium — $25,001-$250,000: +2%

  Large — $250,001-$1 million: +1%

  Jumbo — over $1 million: +1%

By industry:

  Manufacturing: +2.5%

  Contracting: +2%

  Service: +2%

  Habitational: +3%

  Public entity: +2%

  Transportation: +4%

  Energy: +2.5%

Kerr said personal lines rates are in the positive as well. The composite rate only rose 2% but Kerr said the number isn’t exactly what it seems. The totals are a bit deceptive.

“The personal lines market is so large that the composite rate can sometimes be misunderstood. There is an incredible volume of business in benign areas, which helps stabilize rate increases in catastrophe-exposed areas such as Florida and California,” Kerr pointed out. “Some of the insurers of larger homes in Florida are increasing rates significantly or choosing to restrict their writings. In California, it’s a mess for wildfire- and mudslide-exposed properties. California homeowners are experiencing rate increases of 20% for homes in brush areas, and for the brush-exposed homes without adequate protection, rate increases are up over 40%.”

Here are the personal lines stats:

  Homeowners under $1 million value: +2%

  Homeowners over $1 million value: +2%

  Auto: +2.5%

  Personal articles: +1%

Source link: Insurance Business America

Tags:  2019 insurance rates  Around the PIA Western Alliance States  commercial lines  insurance content  insurance news 2019  personal lines 

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A special thank you to our KKlub Members for their support.