American Agent & Broker November 2008
Features
Cover Story: D&O Market Evolves for Financial Institutions
In a world with headlines dominated by the subprime debacle, the credit crunch crisis and volatile stock markets, it is an especially challenging time to be in the financial institutions (FI) industry. Consider the representative sample of dramatic
Features
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Do You Have a Program and Not Realize It? Elevating a niche to a program
In the interesting business life of an insurance agent, one thing often leads to another. A family friend opens a wedding planning service and can't find coverages that suit this unique field, where exposures could range from a wayward delivery
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Concerned About Comp Costs? Claims Adjusters Can Help
"The only constant is change, continuing change, inevitable change." Isaac Asimov wrote it, but we in the risk management industry surely experience it. From state workers' compensation reform to the legal and regulatory
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Is Program Business in Your Future?
Why would a retail agent want to get into the program business? Providing a single carrier solution goes against the agent's traditional role of securing the best deal from competing insurers. In reality, a program can help a retail agent
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Real Time, Real Advantages
As a fifth-generation principal, I could probably rely on our eight-person agency's reputation and continue doing business just as we have for more than 100 years. However, that's not me. Yes, I enjoy serving customers. I'm
Columns
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For the Manager: Property-Casualty Endures "Wacky Wednesday"
These are unusual times for the insurance industry in many ways. Insurance company profits are down, yet the soft market is hanging on strong and prices are dropping. Insurance companies are suddenly realizing huge
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Agency Technology: Telepresence-It's Better Than Being There
The concept of telepresence is at least 50 years old and has a long-running relationship with science fiction and television. From Issac Asimov's "The Naked Sun," published in 1956, to the
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The Last Word: Alleviate U.S. Taxpayer Burdens
The U.S. taxpayer faces unprecedented burdens: a $700 billion rescue from the toxic effects of subprime loans, relief from Hurricanes Gustav and Ike, a National Flood Insurance Program nearly $20 billion in arrears,
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Strictly Sales: Taking Action-Create Plans to Achieve Growth
In October's Strictly Sales column, we discussed how to know prospects and establish rules. In this second of a two-part series, let's explore how to implement prospect revenue growth plan and take the
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Down to Cases: Agents Only Owe Duties Actually Assumed
Although insurance agents and brokers accept many duties owed to their customers, they are not guarantors of every problem that may face an insured. In Boyer v. Wells, No. B205345 (Cal.App. Dist.2 08/29/2008), a case
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Editorial: Hitting Bottom?
It may be too early to be heaving any sighs of relief, but as AA&B goes to press, global stock markets are beginning to stabilize in the wake of a multitude of government bailout promises to their respective
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Policy Issues: Take a Stand and Get Rid of the Turkeys
November is a glorious month. It's the home of Thanksgiving, when the days are sliding toward Christmas, football is in full swing, and Frosty is on his way. But permit me to focus upon one other famed
Departments
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Getting Personal: Surviving the Matrix-Segmenting prevents adverse selection and ensures adequate premium
Let's face it: Current market conditions mean that most agencies are in a substantial business slowdown, both for commercial and personal lines sales. Our agency is based in Des Moines, the most metropolitan
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Agency Success Story: The Personal Touch-Targeting high-end personal lines yields rich results
Left to right: Brett Woodward, member; Kelley Danis, assistant vice president; Anthony Rosania, associate manager. When F. Scott Fitzgerald wrote, "The
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Letters
Thank You and GoodbyeSadly on one hand, but happily on another, I have elected not to renew my subscription this year. I am closer to the end of my career than its beginning and believe that someone else should benefit from my free copy of
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Industry IQ: Two-Time "Loser"
A winner on the first season of NBC's "The Biggest Loser" turned into a loser of another sort after he tried to defraud an insurer. Boston resident David Fioravanti was indicted by a Suffolk County grand jury
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Legislative Roundup: Feds Must Reform NFIP
Senate Banking Committee Chairman Chris Dodd (D-Conn.) and House Financial Services Committee Chairman Barney Frank (D-Mass.) had been making progress on resolving the differences between the two reform proposals
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New Policies
AAIS Develops Agricultural General Liability ProgramThe American Assn. of Insurance Services (AAIS) will initiate a countrywide filing of its new Agricultural General Liability Program. The program includes two base forms. The Farm Commercial
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Avoiding E&O: What's in a Name? The clear distinction between agent and broker no longer applies
It used to be easy to classify insurance brokers and agents, as they were distinguished from each other and their roles were defined. Agents were salaried employees or exclusive agents of an insurance company.
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Industry IQ: AA&B readers sound off about AIG crisis
AA&B readers weighed in on AIG's financial turmoil impact on the industry in a recent online survey. Here are the results:1) Did the Fed do the right thing by providing AIG with an $85 billion bridge
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Industry IQ: Economy Doesn't Deter Top Agencies From Hiring New Talent
In spite of a scary economy and a lingering soft market, top-performing agencies are investing in new production talent, according to the Big I's 2008 Best Practices Study Update. The study, which includes
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Industry IQ: What They Don't Know Can Hurt Them
Most small-business owners don't understand the financial risks involved in obtaining workers' compensation coverage through self-insurance groups, according to a recent national opinion poll conducted by
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Industry IQ: Homeowners Can't Get No Satisfaction?
Homeowners' insurance customer satisfaction has remained flat during the past 5 years, according to the J.D. Power and Assocs.' 2008 Homeowners Insurance Study, which measured customer satisfaction with policy offerings, price, billing
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Industry IQ: For CROs, Risky Business Pays Off
Chief risk officers (CROs) and vice presidents of risk management at U.S.-based corporations with more than $1 billion in annual premium revenue received an annual average compensation package of $220,200, making
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Market Directory: Facilities for Program Administrators
Directories
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Market Directory: Financial Institution Insurance
AIG Executive LiabilityInsurer(s): AIG Executive Liability.Type of financial institutions insured: Banks, savings and loans, credit unions, mortgage bankers, finance companies, insurance companies, exchanges,
