American Agent & Broker October 2009
Cover Story
The Wild, Wild West: Markets and economies from the Great Plains to Hawaii
Earthquakes, wildfires, state budget collapses and massive unemployment.
Features
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Occupational accident coverage: Protect the company by protecting the drivers
As any motor carrier knows, America runs on trucks. Motor carriers play a vital role in keeping our factories and offices supplied and our store shelves stocked.
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Confusion in two acts
Maritime employers have an insurance problem. It is sometimes difficult to distinguish liability exposure under the Jones Act and general maritime law from workers' compensation exposure under the Longshore and Harbor Workers' Compensation Act.
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Transporation insurance market leveling off
Double-digit rate decreases are nearing the end in transportation insurance, after a long stretch of declines. The market appears to be in a transitional phase as established transportation underwriters attempt to hold the line on rates for key business.
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From peanuts to pet food
CAUTION! A U.S. government agency has alerted consumers that consumption or use of this product may pose an unsafe, hazardous or potentially harmful threat to users.
Columns
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For the Manager- Protect your assets with non-compete agreements
An agency owner dreads the scenario that an employee leaves the agency and takes customers, prospects, employees and proprietary information with him or her to a new job. When this happens, the agency loses more than its investment in the employee.
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Policy Issues- Tricky policy provisions are no treat
It's October and you know what that means--Halloween! Out will come the scaries and ghoulies, the warlocks and witches, and the Spidermans on every block. But when, oh, when, will someone come to our door as Svengoolie?
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Editorial: Lessons not learned
Things gradually may be getting back to normal in the global stock markets, at least compared to events last year, when Lehman Brothers tanked and AIG and others were in crisis mode after their subprime mortgage investments collapsed.
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Sounding Board- Beware the ides of the market
Remain diligent and focused on the insurance market and the economy as you maneuver the remainder of 2009 and into 2010.
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Down to Cases- In assault and battery case, California limits duty to defend
The duty to defend is always broader than the duty to indemnify. California case law, and that of most states, requires that the insurer provide a defense if there is "potential" that coverage applies.
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Agency Technology- Twitter: A bird in the hand
Twitter, tweets, tweeters (or twitterers, rhymes with widowers, which is ironic because obsessive users can make their loved ones feel abandoned) are just some of the words used to describe this latest rage.
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The Last Word- State insurance regulations: Personal relationships still matter
As president of the National Conference of Insurance Legislators (NCOIL), an organization of state lawmakers dedicated to sound insurance public policy, I know first-hand the benefits of state regulation for insurance consumers.
Departments
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Industry IQ: Most Americans oppose Mexican trucks on U.S. highways
A new national survey by Rasmussen Reports shows 66 percent of those questioned oppose allowing Mexican trucks on U.S. roads.
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Industry IQ: Business bankruptcies up 64%
More than 30,000 U.S. businesses filed for bankruptcy protection in the first half of 2009, a 64 percent increase from first half 2008, according to the American Bankruptcy Institute (ABI).
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Industry IQ: U.S. captive net income down, but underwriting income rising
Although U.S. captive insurers' net income declined approximately 66 percent in 2008, net underwriting income actually increased over the prior year, according to a recent A.M. Best Co. study of 186 captive companies.
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Industry IQ: P-C insurers to invest in tech enhancements
A recent Towers Perrin survey found that 74 percent of claim officers at property-casualty insurers reported their main objective for making technology.
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Industry IQ: Layoffs negatively affect productivity, remaining employees
Recession-driven layoffs are hurting not only the unemployed, but those workers who remain to shoulder their responsibilities.
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Legislative Roundup- Texting while driving: hot public policy issue
During the past 2 years, state lawmakers have made texting while driving (TWD) one of the hottest public policy issues in the country.
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Getting Personal- Revving up coverage for collector car clients
The niche collector car market, filled with enthusiastic, passionate owners of vintage vehicles, muscle cars, sports and exotic motorcars or classic automobiles, often is an untapped market for insurance agents.
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Industry IQ: Execs say "no" to Facebook friending
In a recent OfficeTeam survey of senior executives at the nation's 1,000 largest companies, nearly half of the respondents said they have some degree or discomfort being friended by the employees they manage or their bosses
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Avoiding E&O- When clients dissatisfaction moves to E&O claims
To paraphrase Abraham Lincoln, you can please some people all of the time, and all people some of the time, but you can't please all people all of the time.
