American Agent & Broker May 2009
Cover Story
Agent E&O: Protecting your clients (and yourself) during a recession
Producers can add value to their services by helping clients understand the implications of the economic and political climate relative to their insurance needs.
Features
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No surprises! High unemployment makes the case for EPLI
Employees simply cannot relate to the speed from gloriously good times to the shock of sudden unemployment. This shock quickly turns to resentment, which leads them straight to the Equal Employment Opportunity Commission.
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The downturn and D&O
Although economic trends may be short-lived, they will have a definite impact on organizations that purchase D&O insurance. Read on to learn how this segment will evolve.
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Using the wholesaler connection to deliver EPL coverage
The key for insurance agents is to help their clients handle situations proactively, with professional guidance and support from their EPL carrier.
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Deliver ROI to customers
Shift buyers away from price and instead measure by performance to see results.
Columns
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Strictly Sales: A producer's ego overcomes rejection
No one hates being rejected more than a successful producer.
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The Last Word: Service remains king
Highly successful organizations recognize the value of continually providing superior service.
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Editorial: Fish where the fish are
Although many businesses are struggling, their angst is nothing like what we are going through today.
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Down to Cases: Absolute agent statements are absolutely dangerous
The agent or broker who lies to a potential insured risks E&O claims for fraud or negligent misrepresentation. Read about Turner v. Milliman for more insight.
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Policy Issues: Stalled economy is perfect time to start your engines
Now is the perfect time to build/rebuild/reinforce those great relationships you always have wanted with your clients. Learn three of the possible coverage-based conversation starters.
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For the Manager: Why try to develop producers?
Many agency owners wonder how many times they have to spend $100,000, $150,000 or even $250,000 on producers that never make it before owners find ones that do. Learn teh steps to either give it up or do it right.
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Agency Technology: When disaster strikes, Part 2: How to prepare
Let's examine specific ways agencies can establish, maintain adn implement a practical plan for disaster preparedness and business continuity.
Departments
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Letters
Two letters from the May issue, plus a poem about flood insurance
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Industry IQ: April 1 renewals increase up to 14%
U.S. property-casualty reinsurance rates for April 1 renewals had increases as much as 14 percent for national programs on a risk-adjusted basis, according to the recently released Guy Carpenter Global Reinsurance Composite.
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Industry IQ: Italy's Earthquake: Up to $530 million in insured losses
Boston-based AIR Worldwide projects how much insured losses from April 6's earthquake in Italy will cost.
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Industry IQ: Chicago must pass Olympic insurance hurdle
Chicago has an unorthodox insurance policy for its 2016 games proposal: a combination of limited city and state financial guarantees, plus an undefined insurance policy
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Industry IQ: Former Gen RE CFO sentenced to 18 mos
Elizabeth A. Monrad, former Gen Re CFO, was sentenced last month to 18 months in federal prison for her role in a sham insurance scheme involving AIG.
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Industry IQ: 50% chance major hurricane to hit U.S.
The Colorado State University forecast team predicts that a major hurricane hitting U.S. shores is better than 50 percent this year.
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Industry IQ: Federal securities class action suits rose 29% in 2008
U.S. federal securities class action suits rose 29 percent in 2008 over the previous year, fueled by the global financial crisis, according to a report by PriceWaterhouseCoopers.
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Industry IQ: Cat bonds on pace to make 2009 third busiest
A Guy Carpenter briefing reports that cat bond activity is not expected to revisit 2007's record-breaking levels, but 2009 is on track to be the third-busiest year.
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Industry IQ: P/C insurer growth to slow
Standard & Poor's reports that property/casualty insurer growth likely will slow in the next few years as companies deal with long-term trends in addition to global economic conditions.
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Avoiding E&O: What's so special about a "special relationship?"
At the center of a substantial portion of insurance litigation is the duty to advise insurance clients.
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Getting Personal: Tapping into the collector and classic car market
In a slow economy, many agents and business owners are looking for ways to improve or stabilize the proverbial bottom line. One area to consider is the collector and classic car market.
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Agency Success Story: Southern Comfort
Learn how this Birmingham, Ala.-based agency became a major player in the risk management business.
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Legislative Roundup: To serve and collect
More local govenments are implementing a hidden fee on motorists and their insurers for providing emergency response services.
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New Policies
A roundup of people and places and other news policies.
