sc agent & broker magazine - winter 2009
DESCRIPTION
Trade publication by the Independent Insurance Agents and Brokers of SC for the entire industry, members and nonmembers alike. Vol. 3, ed.1 - January 2009. Features convention photo spread.TRANSCRIPT
Loss Control ServicesWorking with businesses
Coverages underwritten by General Casualty Company of Wisconsin, General Casualty Insurance Company, Hoosier Insurance Company, Regent Insurance Company, Blue Ridge InsuranceCompany, Blue Ridge Indemnity Company, Southern Guaranty Insurance Company, Southern Pilot Insurance Company, and Southern Fire and Casualty Company. General Casualty is aregistered service mark of General Casualty Company of Wisconsin.
Help customers reduce losses and control insurance costs.
General Casualty offers your commercial clients exceptional loss
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generalcasualty.com
Employee Negligence
Job Site Hazards
Theft of Tools & Equipment
At Burns & Wilcox, we have you covered — from course of construction defects to employee mishaps and job site hazards. Our national network of experienced underwriters and brokers has strong relationships with specialty markets, making sure your client gets the quickest turnaround and most competitive rates possible. Plus, a Contractors Coverage policy from Burns & Wilcox carries broad protection and fl exible solutions uniquely tailored to each risk. So if you’re looking for aninsurance company with the speed, intelligence and agility to take care of your client’s contracting job, look no further than the professionals at North America’s largest specialty insurance wholesaler.
Alan Jay KaufmanChairman, President & CEO
Course of Construction Defects
Window & Roof Leaks
Who can hammer out a solution for any remodeling Contractors Policy?
Cont
ract
ors
Insu
ranc
e
Morehead City, North Carolina 252.726.8992 fax 252.726.9484moreheadcity.burnsandwilcox.com
IIABSC Staff
G. Frank Sheppard, AAIPresidentext. 23, [email protected]
Rebecca H. McCormack, CPCU, CIC, AAI,CPIWVice Presidentext. 14, [email protected]
Anita J. TrevinoDirector of Communicationsext. 29, [email protected]
Beth ChastieDirector of Administration & Financeext. 17, [email protected]
Charlene Bernotas, CISR, ACSRAgency Administratorext. 22, [email protected]
Elaine MikellMeeting Coordinatorext. 16, [email protected]
Mary A. EllisEducation Coordinatorext. 12, [email protected]
Jeanette BlossEducation Coordinatorext. 11, [email protected]
Pat FetnerReceptionistext. 10, [email protected]
Lee RuefDirector of State Government [email protected]
Independent Insurance Agents & Brokers of South Carolina
PO Box 210008, Columbia, SC 29221800 Gracern Road, Columbia, SC 29210
803-731-9460 803-772-6425 (fax)e-mail: [email protected]
48
Contents
Advertiser Index
Message from the Chairman of the Board 6
Message from the National Director 8
How to Use Trusted Choice® PR Materials 11
Education Spotlight - What Insurance Did for Me 12
Web 2.0 - Empowering a Cultural Transformation 16
Condominiums - The Mystery of “Coverage A” 20
IIABSC 110th Annual Convention Highlights 26
Spotlight on Young Agents 32
E&O Angle - Pitfalls of Placing Surplus Lines 36
2008 InsurPac Contributors 40
Save the Date: Upcoming Events 43
IIABSC Calendar 44
2009 Board of Directors and Executive Committee 46
AequiCap Program Administrators 21
AmTrust North America 47
Auto Owners Insurance Company 45
Bankers Insurance Group 14
Builders Mutual Insurance 13
Burns & Wilcox 3, 5, 48
Edwin M. Rollins Company 7
General Casualty Insurance 2
Hanover Excess & Surplus 17
Hull & Company 27
Insurance House 33
Jackson Sumner & Associates 19
Johnson & Johnson 24, 25
Market Finders Insurance Corp. 39
Montgomery Insurance 45
Prime Rate Premium Finance 33
ProVision Underwriters 23
Sagamore Insurance Company 10
South Carolina Agent Network 27
Southern Insurance Underwriters 9
Southern Risk 23
Summit Marketing Services 37
TAPCO Underwriters 22
The National Security Group 37
The Seibels Bruce Group 10
Universal North America 15
South Carolina Agent & Broker is the official magazine of the Independent Insurance Agents and Brokers of South Carolina and is published four times annually. IIABSC does not necessarily endorse any of the companies advertising in this publication or the views of its writers.
Articles and information published in this magazine may not be reproduced without written consent of the IIABSC. South Caroli-na Agent & Broker is not responsible for unsolicited manuscripts, art or photography. The publisher cannot assume responsibility for claims made by advertisers and is not responsible for the opinions expressed by contributing authors.
For more information on advertising,Contact Jim Aitkins
Blue Water Publishers22727 - 161st Avenue SE
Monroe, WA 98272360-805-6474 fax: [email protected]
WINTER 2009
The Strength To Weather Any Storm. The Power To Provide Brighter Solutions.
Morehead City, North Carolina 252.726.8992 fax 252.726.9484moreheadcity.burnsandwilcox.com
At Burns & Wilcox, we believe strong leadership ensures a bright future.With Alan Kaufman’s vision, we’ve grown into North America’s largest and most capable specialty insurance wholesaler. Our unique ability to provide comprehensive specialty risk coverage, especially in this challenging and stormy market, is the result of a national network of experienced underwriters and brokers who give us the strength to grow regardless of what’s on the horizon. So if you want a company with the foresight to stay ahead of the storm, turn to the professionals with the speed, intelligence and agility to get the job done — the specialists at Burns & Wilcox.
Alan Jay KaufmanChairman, President & CEO
Iknow what you are thinking; this is going to be one
of those typical “new year” articles talking about setting
goals and wrought with clichés about “turning over a new
life” etc, etc, and so on! Well, you are wrong, because,
I know now that it is the middle of January, and you are
over it already!
Recently, I attended a meeting in Atlanta, the
Southern Agents Conference, where Brett Nilsson, CIC,
IIABA Chairman, reminded us of who we are… we are
another; we build Habitat houses, work with special needs
children, serve the hungry, go on mission trips both in the
US and in faraway places and serve in many other ways.
We serve on county commissions and boards, elected to
one of our clients suffers a loss, either in their business or
home, to serve as a trusted advisor.
Even with all of the above-mentioned activities we
still have time to go baseball games, dance recitals, coach
business where we have the opportunity to work, play and
serve in the communities where we live.
Recent surveys indicate the “millenniums” want to
they want to do. Why aren’t they standing at our doors
trying to get in? The bottom line is that we are not telling
our story. Ours is a good business, even with its challenges
(soft market, which may be over, coastal issues, etc.) We
are in a business where our product is a need, not a want,
which means that we are somewhat insulated from the ups
and down of our economy.
I would like to challenge each of you to think of how
you can promote our business and bring in new, fresh
to help you start a program in high schools or technical
schools called INVEST. This is a step-by-step program
to train people in our business. Several of our companies
have new-producer-training programs to help jumpstart
someone in the business. Allow qualifying agents in your
offer through the association for those 40 years old and
younger, or those 41 or older who have only been in the
business for 5 years or less.
Colleges in our State have intern programs through
the Business Schools or departments where students must
complete an internship to receive their degree. They may
not have majored in Insurance but that does not matter:
how many of us majored in Insurance when we were in
school? I know that Southern Risk, Johnson and Johnson,
interns in recent years. From personal experience, we have
been very pleased and will do it again. It is just another
way of introducing our business to young people entering
the work force.
have recently left other businesses due to the economy.
It is a great time to look around for talented people who
are making a shift in their careers. It may be a surprise
how quickly they can become a part of the business and
add value to the organization. Job openings for people
who may or may not have experience in areas that impact
our business such as: marketers, computer techs, account
managers, administrative, personnel, accounting, banking,
property managers, real estate and securities.
Now is a good time to tell them who we are and what
we do, and the results may be surprising.
Who we are
By the time you are reading this, the country willBBbe “buzzing” over the historic installation of President Barack
Obama. And with the new administration also comes increased
majorities in both the U. S. House and Senate for the Democratic
party. This new political landscape coupled with the economic
situation of the past few months is sure to increase the focus on
insurance agents and brokers?
in Washington. This bipartisan team has been actively engaged
since the elections in assessing the issues and analyzing policy
platforms of the parties. Expect your federal affairs team to be
involved at every level as proposals affecting insurance issues
start to materialize.
What are the major issues? Here is an early recap prepared
by IIABA Senior Vice President of Government Affairs Charles
Symington just after the November elections:
Federal Regulation:
elections could be the perfect storm that forces comprehensive
rescue of AIG and possible additional insurer access to federal
funds, the insurance industry is almost certain to be a part
of that effort. On the positive side, many insurance industry
players are now recognizing that an “optional” federal charter
(OFC) may have lost its window of opportunity. A deregulatory
proposal such as OFC is going to be a heavy lift indeed in these
new economic and political circumstances. Unfortunately, the
focus turned to dual state/federal regulation of the marketplace
and mandatory federal regulation of insurance.
Early discussions centered on the creation of an overarching
“systematic risk regulator” with broad powers across the entire
powers such a regulator would hold over insurers is currently
unknown, but at the very least any proposal is expected to
include oversight of large national insurers.
Targeted Regulatory Reform: In the last Congress, the Big
“I” established a solid foundation for future consideration of
targeted reform of state insurance regulation, such as the surplus
lines legislation and agent licensing reform (NARAB II). The
House of Representatives passed both bills overwhelmingly,
and there could be continued momentum in both the House
and Senate in the 111th Congress. However, should Congress
regulatory reform, there could be little time or “oxygen” in
either chamber of Congress for these targeted reform efforts.
Natural Disaster Insurance (NatCat): President-elect Obama
natural disaster insurance fund. Based on the election results,
it appears the prospects for passage of some sort of federal
backstop for natural disasters have improved. However, it is
also important to recognize that when it comes to the issue
of natural disaster insurance, positions don’t typically fall
along partisan lines, but instead along geographic boundaries.
Even though Democrats have increased their majorities, these
geographic hurdles (and insurance industry division on the
issue) must still be overcome.
Flood Insurance: The 2008 elections should have very little
practical impact on efforts to extend and reform the National
Flood Insurance Program (NFIP). Late last year, Congress
passed a short-term extension through March 6, 2009. Both
The New Administration and Federal Government Affairs –
What’s the Impact on Independent Insurance Agents and Brokers?
Continued on page 10
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political parties have stated that long-
term reauthorization of the program
is a top priority. The only impact the
election might have is on the details
there could be some added momentum
for the inclusion of optional business
interruption and additional living
expenses coverage.
Taxes: The 2008 elections will have
an impact on the issue of taxes for
independent agents and brokers that
could be felt in three distinct ways.
First, it is likely that Obama and
Congress would allow many of the
Bush tax cuts to expire over a certain
income threshold, including individual
tax rates, the capital gains tax rate and
the dividends tax exclusion. Second,
estate tax elimination is now off the
table, though there could be opportunity
for long-term reform. Finally, Obama
included in his policy platform a call
to increase the cap on Social Security
taxes for those making more than
$250,000 per year by an estimated 2
to 4 percent and may pursue that tax
change.
Naturally, some of these issues
are more likely to happen than others,
but what is certain is that we will be
busy in 2009, and the industry will
face challenges. This is why your
grassroots involvement on a national
level will be more critical than ever.
Please take the time to respond to
Big “I” grassroots Action Alerts,
contribute to InsurPac and attend the
annual Big “I” Legislative Conference
in Washington, D.C., April 29 and 30.
The more you’re involved, the more
future of your business.
For more information on
national regulatory issues, visit
www.independentagent.com
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ne of the most underutilized branding tools
among independent agents—indeed, among most small business
owners—is public relations. Often called “free media,” PR
involves generating or coat-tailing news in which you or your
agency is featured, and it can be practiced in newspapers,
magazines, radio, television and/or on the Internet. Done well,
a PR effort will establish you as an expert—with it the third-
party endorsement of the media outlets running the story. It’s
a more subtle marketing approach than advertising—but one
that, ultimately, can be far more effective and much, much less
expensive.
Realizing the enormous potential of public relations for its
members, Trusted Choice® has developed a significant set of
PR tools for you to use. Found in the Agents/Brokers area of
TrustedChoice.com, these materials offer agents the opportunity
to engage in effective PR without having to learn the trade from
scratch. They include articles on media planning and engaging
in both print and broadcast PR, which include these key tips:
Define your target audience. Knowing what kind of customer
you are trying to reach will make it easier to identify the
appropriate media outlet.
Explore all media. Look at every media that reaches your target
audience, even if you don’t like or subscribe to them. Think
print, broadcast and online and identify the individual journalists
who handle specific types of stories.
Create a calendar of story ideas. These should include a mix of
story types, such as the insurance spin on currently major news
topics, disaster or weather-related stories, and “evergreens” (e.g.
“Saving money on car insurance”).
Create press materials. A professionally written press release is
a critical first-step in reaching media professionals. The Trusted
Choice® web site includes several templates that you can tailor
for your agency, and examples include:
Conduct an insurance check-up this tax season
Home remodelers often risk financial exposure
Household help may pose expensive risk to
homeowners
Insurance tips protect college-bound students and
parents
Protect your holiday jewelry investment
Tips for saving money on auto insurance
Check back often, as new materials are being developed all
the time.
Follow up. You’ll want to follow up the release with personal
calls to the journalists you are trying to reach.
Prepare for the interview. Have all your facts and some good
quotes at hand.
You don’t have to be a media professional to engage in
public relations successfully, but with Trusted Choice®, you’ll
at least have professionally produced materials to help you.
For more information about Trusted Choice® or to access these
tools, go to the Agents/Brokers area of www.TrustedChoice.com.
PR Materials
How to Use
O
11
..
s I approach retirement, I find myself reflecting
on an insurance career that has spanned 38 years, all in the
independent agency system. By any measurement, I would be
considered successful: status, compensation, self-satisfaction,
relationships, and respect… all have been attained or exceeded
based on the criteria that were available to women in the ‘70s.
But none of it “just happened”; it has been the direct result of
good decisions along the way.
At the age of 26, with a husband and two small children, I
decided it was time to get a job. I had attended college for a short
while but abandoned that route in pursuit of love and marriage. I
was looking for an “office job” where I could use my secretarial
skills and by sheer luck was hired by an insurance general agency
that was starting a Greenville office to service their local retail
agents. Some readers may remember Harold Gault, who traveled
the state for Johnson & Johnson for many years. He was a true
technician of insurance and saw potential in me that I did not
know existed. It did not take me long to figure out that insurance
was not just another office job. The scope and complexity of the
subject would require an investment in education.
In the early ‘70s, formal insurance education was limited,
particularly for women. Through affiliation with the Greenville
Association of Insurance Women, I found mentors and friends
who were holding study groups for IIA courses. We studied
together on our own time, encouraged each other through tests
and celebrated successes. With the successful completion of
each course, my confidence grew. About this time, the National
Association of Insurance Women developed its own professional
designation – Certified Professional Insurance Woman (CPIW) –
and with completion of my third IIA course, I was eligible for the
designation and received it in 1975. It was a proud moment and
made me realize the significance of professional designations
and also sealed my loyalty and dedication to NAIW.
In 1978, I had the opportunity to move into the retail side of
the business and soon found that I was not nearly as smart as I
thought I was! Dealing directly with the customer was a whole
new concept, and balancing the needs of the client with the
obligations to our insurance companies was a constant challenge.
More education was required!! The next logical step at that
time was the Chartered Property Casualty Underwriter (CPCU)
program. There were no formal classes available so between
some insurance women friends and a few local agents, we did
our own study groups, pulling in outside experts in the fields
not related to insurance. While the books and exam fees were
funded by my employers, all the time necessary for study and
exams were on my own. A trip to New York City to receive my
CPCU designation in 1985 opened my eyes to the larger world
Education Spotlight:
Education is one of the primary characteristics of a professional. SC Agent & Brokerg
magazine will be regularly featuring a SC insurance industry professional who has
made a commitment to better themselves through education. If you would like to
contribute or recommend someone to spotlight, please contact Becky McCormack inBy Martha Garrison, CPCU, CIC
Capstone Insurance Services
A
“In 1978, I had the opportunity to move
into the retail side of the business and
soon found that I was not nearly as smart
as I thought I was! Dealing directly with
the customer was a whole new concept,
and balancing the needs of the client
with the obligations to our insurance
companies was a constant challenge.”
What
Did for MeInsurance Education
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Workers’ CompensationCommercial Package PolicyCommercial General LiabilityCommercial Property
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(800) 809.4859www.buildersmutual.com
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of the insurance industry and
its impact on the entire business
environment.
In 1984, I made a career move
to another, larger independent
agency. With my new credentials
and experience, I was able to attain
more compensation and greater
responsibilities. For the next 13
years, I worked side-by-side with
the agency principals as they grew
the company and ultimately sold it
to a national brokerage firm. With
the exception of personal lines, my
job responsibilities have crossed
all lines – commercial insurance, management, accounting and
marketing. My newly found confidence allowed me to join and
participate in several industry organizations where I was able to
network with other insurance professionals, chair committees
and serve in various officer positions.
In the late ‘80s a new insurance designation program came
on the scene – Certified Insurance Counselor (CIC) – and was
heavily marketed as being more subject-specific than other
programs. It required 2-1/2 days of intense study followed by
an exam for each of the five parts. The idea of three days outside
the office (usually at a nice location) was
appealing, so I jumped in and completed
this program in 1991.
I need to interject some personal
background here to give more perspective.
I am an only child, born late in life to loving
parents who taught me responsibility. In the
1980s and ‘90s when my career was at its
most intense they were elderly and needed
my attention on a daily basis. By this
time, my children were in high school and
college. As all who have traveled this road
know, there was no free time and a constant
balancing act to maintain sanity. I lost my
parents in 1994 and 1998, but thanks to a
wonderful husband and supportive family
and friends I have no regrets about any of
the choices I made.
By this point, I was ready to sit back and
ride out a few more years at a less harried
pace until retirement. Fate intervened
in the person of a charming young man
who had just begun a new agency. So in
1997, I was privileged to join Capstone
Insurance Services as a partner and have
spent the past 11 years helping to build
the company. We have long passed the
$20 million premium mark, and I am
retiring with a six-figure income. These
accomplishments were not imaginable
in 1970 when I sought my first office
job!
At the beginning, I said that my
success was the result of some good
decisions. The most important decision
I made was to take advantage of every
educational opportunity that came
my way. Hard work and perseverance
were needed as well, but without the
credibility of professional designations
I could never have achieved the status
and respect that I am privileged to hold today. Many of those
insurance women who began the journey with me in the ‘70s are
still dear friends today, and for them I will be eternally grateful.
While the variety of insurance programs available and
the delivery methods have expanded over the years due to CE
requirements and automation, it is not enough just to meet the
minimum needed for licensing. To be taken seriously in this
industry, a higher standard of achievement is required. There is
no better road to success than the one leading to a professional
designation.
“The most important decision
I made was to take advantage of
every educational opportunity
that came my way. Hard work
and perseverance were needed as
well, but without the credibility
of professional designations,
I could never have achieved
the status and respect that I am
privileged to hold today.”
This is my customer.
This is my insurance company.
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This is my
motivation.
This is my
lunch hour.
hen there is a discussion about Web 2.0 it typically
centers on Web logs (or blogs), Social Networks, Flickr, Wikis,
Second Life, YouTube, Twitter and the like. To be sure, there is
an entire universe of very cool technology making up the Web
2.0 landscape.
Yet, technology just for technology’s sake makes little sense,
and if Web 2.0 were just about the technology it would be far less
compelling. Technologies are neither good nor bad. Rather, it is
So, you might ask, “What’s the big deal about Web 2.0?”
Web 2.0 technologies are the enablers to a set of social and
cultural trends that are transforming our world. Peers coming
together and tapping into a collective intelligence to create value
characterize this new world. It is a culture where by drawing
strength from each other, individuals collectively gain control,
Back to the Future
Actually, people’s desire to connect is not new. Historically,
people have depended on each other for strength and support. The
front porch of the general store was a place where the community
gathered to share stories and trade goods. However, during the
era of mass production and mass communication, institutions
subjugated the value of individual. Now, the social and interactive
technologies of Web 2.0 are ushering in a new era of relationship
and community—there is a power shift from the institutions back
to the people.
Why should I care?
A great deal of personal and informal business Web 2.0 usage
is taking place today. More than likely, you and/or your agency
staff are already watching videos on You Tube, reading blogs and
joining social networking sites such as Facebook and LinkedIn.
Unfortunately, many independent agency owners just haven’t
been able to get their heads around the concept—at least not as
a business strategy. Yet, making the Web 2.0 culture part of your
agency’s business plan may very well be a matter of survival.
As pointed out above, Web 2.0 culture is not a passing fad. It’s
your agency can most effectively interact and communicate with
your prospects, customers and employees. Only by understanding
Web 2.0 culture (technology and trends) will you be armed with
the knowledge necessary to create and implement appropriate
Web 2.0 Means Business
These tools are often times free and very easy to use.
There are now a variety of tools available to agencies for both
knowledge sharing and collaboration. Here are a few examples to
Web Sites
For the most part, traditional agency Web sites limit visitors
to viewing content. The sites are online versions of printed
brochures that far too often are static—quickly becoming out of
date and stale. Web 2.0 Web sites, on the other hand, expand the
user experience by encouraging participation and asking users to
1.0—contrasting that to the participatory Web known as 2.0.
What could that mean for your agency? Instead of having an
overly deep and content-rich Web site you have a “thinner” site
with an integrated blog component. It is through the blog that the
Empowering a Cultural Transformation
By Rick Morgan
ACT Web 2.0 Social Media Subgroup Chair
Many independent agency owners are wary of the hype around online
social networking, but they should think about them as today’s business-
building tools. Younger producers will want to take advantage of them
to grow their books. This article outlines some new social networking
tools and how they are changing our world.
W
content remains dynamic, fresh and current. More importantly,
agency customers and prospects can add comments to your posts.
Thus, they are engaged and become active participants in your
agency “community.” Coincidently, they are adding value.
RSS
Really Simple Syndication, or RSS, is basically a personal
news wire service. When you create content you can use RSS to
automatically notify the world that you have added information
to your blog or Web site. People interested in your Web site or
blog subscribe to RSS feeds so that when you site is updated, the
RSS reader grabs the latest content and delivers it back to the
them.
By using RSS feeds, content is pushed out to subscribers,
which is much more effective than expecting customers to “check
in” to your site.
Del.icio.us
The Web 2.0 capability known as del.icio.us can be installed
as a plug-in to your Internet browser. It allows you to bookmark
and tag Web articles immediately with keywords that resonate
interesting article in e-mail, coworkers or customers can access
del.icio.us and can see the stories you have tagged.
Instead of using email you are using a tool where users can
golf culture, common interests in one area—even if they are not
work-related—open conversations that often lead to professional
relationships.
Social Networking
Many agency owners question the value of social networking
and think that those using social networking sites such as
LinkedIn are wasting time at the workplace—when they could
be “out selling.” Yet, social networking tools are becoming the
building blocks of trusted professional relationships.
Think of these environments as today’s online Chamber
of Commerce meetings, where interactions lead to business
opportunities. But unlike Chamber meetings, these social
networks offer even more relevant and targeted interactions with
the sorts of businesses or people a producer may want to target.
Technologies such as LinkedIn show the relationship and instill
at least a small degree of trust between someone who sends an
invitation to join the network and others within the network.
Social networks, too, are fostering more collaboration within
I’ve found a several groups focused on the insurance industry
that share common interests. The groups I have joined include
ACORD, Insurance Technology Executives Network, Insurance
Marketing Professionals, Insurance Network and Global
Insurance Professionals.
Groupsites are a new class of Web sites that basically allow
any group the ability to create their own unique social network
and collaboration site. Groupsites combine the features of
traditional Web sites, blogs, collaboration software and social
networks. Groupsites can be either public or private and provide
a meeting place that typically provides members with a shared
groupsite community using CollectiveX. For many, social
networks and groupsites are replacing company intranets.
Conclusion
our industry, the capabilities also pose challenges to traditional
agency structure. Because people are accustomed to using the
Web 2.0 tools at home, the line between personal and professional
employees with an open environment that fosters participation
and collaboration, you will want to ensure that the technology
is being used appropriately and professionally. These issues are
particularly salient when managing young professionals who
have grown up in a world where Facebook and MySpace are their
primary way to share information.
The technologies of Web 2.0 continue to evolve and change
at an ever-increasing pace but the social and cultural changes they
enable have permanently transformed the way our world works.
Ignoring the Web 2.0 Culture is not an option. Social media
and other Web 2.0 capabilities are creating new opportunities by
facilitating communication inside your agency and extending
collaboration beyond agency walls. Having a strategy and setting
goals are keys to insuring success with any new endeavor—this
is especially true with something as transformational as Web 2.0.
The rewards are great: When chosen and applied judiciously,
role within your agency.
Let us hear from you if you have started to take advantage
of Web 2.0 Social Media to build your brand or further the reach
of your business.
He has four decades of experience in innovative technology,
marketing, and publishing in the independent insurance agency
system. He chairs the Web 2.0 Social Media Subgroup established
by the ACT Strategic Future Issues Work Group and produced this
article for ACT (www.independentagent.com/act). This article
and should not be construed as an
JACKSON SUMNER & ASSOCIATESExcess & Specialty Lines Broker
Property & Casualty Professional Transportation Personal Lines
OUR INITIALS ARE MORE THAN JUST JSA
Experience the JSA
pride ourselves on the strong
Gary Anderson, CPCUCrystal Edmisten, CISRHaley Everett, CIC*Stewart Farris, CICMary Hopkins, CICCheryl Jones, CIC, AICCindy Kale, CISR
Tronda Knodle, CICBrian Lambeth, ARM, ASLI*Connie Miller, CISRTammy Thacker, CIC*Danielle Wade, CPCU, CICLeslie Wilson, CISRTodd Wood, CPCU, CIC, ASLI*
and teach
r insurance
d is: “How
needed for
Coverage A in a residential condominium?” The answer I
always give no one likes: “You shouldn’t!”
I think one of the biggest mistakes we can make as an agent
is to tell the insured how much coverage to buy, regardless of
the policy we are talking about. It is the insured’s responsibility
to choose the coverage limit. However, with condominiums
this brings up an interesting dilemma. In virtually every other
real property coverage we have tools that can assist us in this
endeavor. In Homeowners Insurance we have the “home cost
estimators,” in commercial lines we have the assistance of
estimators as well as appraisals in many situations, but with
condominiums there is no such tool to help. The reason for
this is no company is crazy enough to develop an estimator
program, because what we may be responsible for insuring
changes from condominium to condominium. We have state
statutes as well as condominium agreements that dictate what
the unit owner is responsible for insuring. Unfortunately,
the condominium agreements are not all alike and the
coverage needs can be drastically different from association
to association. Now that I have totally ruined your day, let’s
talk about some things which may help you in advising your
clients.
Educators have generally taught there are two types of
association agreements:
1) Bare Walls and
2) Broad Form Single Entity.
The “Bare Walls” approach would require the unit owner
to include in Coverage A everything in the unit from the
unfinished walls in, from the unfinished surface of the floors
up and from the unfinished ceiling down. Just imagine a unit
under construction right after the sheetrock or drywall has
been hung. Everything added after that process would be the
responsibility of the unit owner.
The second approach known as the “Broad Form
Single Entity” would require the association to insure the
condominium and everything in it as of the date of the sale.
The unit owner would only insure what they bring with them
(Coverage C) and any alterations they would make at a latter
date (Coverage A).
Now that I have explained these two approaches, let
me assure you that they rarely exist. Most of the unit owner
agreements I see today are a “hybrid” of the two agreements.
We must advise our clients to read the unit owner agreement
and determine first what the association is requiring them to
insure. Once that determination is made a valuation of that
property will determine the Coverage A limit.
Now for the controversial issue: Should the agent read the
association agreement and assist the insured in determining
what items the association is requiring the unit owner to
insure? There are two schools of thought here. I will explain
both, give you my opinion and how I came to it, but the choice
is up to you.
ms -Of
By Terry Tadlock, CIC, CPCU
SC CIC Education Consultant
A
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First, many think that if the agent assumes the responsibility
of reading the association agreement and then informs the insured
of what property should be included in the Coverage A limit and
a mistake is subsequently made in choosing the Coverage A
limit, then the insurance agent may be held responsible. I agree
totally!
The other approach is to tell the insured that they are
responsible for identifying and valuing the items that need to be
included in the Coverage A limit. They must read the association
agreement and the statute and make their decision. We as the
agent simply insure the amount they give us. Many feel this
reduces our potential liability as agents.
Now I am going to shock you. I would personally prefer the
first approach. Before you have me committed, let me explain.
Clearly there is more liability on behalf of the agent with the first
approach, but my thoughts are that if we write a condominium
policy and there is insufficient Coverage A limit at the time of
the loss we are going to be blamed regardless of which approach
we take. I think there is a reduced chance of having a claim if
someone in our office is familiar with condominium documents
and assists the insured in determining what they are required to
insure (types of property, not limit). Please make no mistake, I
think it is the insured’s decision as to what limit they purchase, I
just think we, as insurance professionals, can be of assistance in
determining what property needs to be included in the Coverage
A limit.
In conclusion, we have looked at two resources that may help
you in advising your client as to the Coverage A limit they should
buy. Always include a review of the South Carolina Horizontal
Property Act (Condominium Statute) as well as reviewing the
condominium association documents for additional items the
insured may be required to insure. I realize this is a very difficult
task, but I hope this article provides some insight as to how we
may better serve our clients as well as protect ourselves.
Terry Tadlock is a frequent instructor and speaker at IIABSC
education events and state conventions. He spent most of his
career as the principal of an independent insurance agency in
Florida. He also supervised the creation of all state insurance
exams with the Florida Department of Insurance and served on
the national committee that sets standards for agent licensing
exams before his work with the National Alliance for Insurance
Education and Research as a CIC Education Consultant and
National faculty member.
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nts assume many responsibilities
when placing surplus lines insurance in addition to the usual
responsibilities of placing coverage in the admitted markets.
Surplus lines insurance is insurance that is not offered in the
admitted markets of a given state. The state’s commissioner of
insurance has very limited power to regulate the nonadmitted
carriers, and policyholders are generally not protected by the
state guarantee fund. Accordingly, surplus lines insurance is
considered to be inferior and agents should only use it when
coverage is not available in the admitted markets.
Since insurance commissioners have limited control over
surplus lines carriers or their products, they exercise control
over the agents who place such coverage. If there is a problem
with a loss on a surplus lines policy, attention turns to the agent
who placed the coverage. Mistakes made in the placement of
the coverage can force the agent to step into the shoes of the
surplus lines carrier and pay the otherwise uncovered loss. Thus,
it is important to know the requirements of placing surplus lines
insurance in every state in which you do business.
While each state has its own laws governing surplus lines
coverage, certain basic requirements are almost always included.
As already mentioned, surplus lines insurance should not be
placed if an admitted product is available. While most new
policies are placed with surplus lines as a last resort, agents must
remember to shop the coverage on each renewal. The insurance
industry is always changing, causing new markets to emerge.
Surplus lines coverage should be moved to an admitted carrier
when it becomes possible.
condition and authorized to do business in the state (a different
requirement than being “admitted”). Also, note that your E&O
coverage may only cover claims where the underlying coverage
By Jim Redeker, Swiss Re
[Editor’s Note: Those wanting to sell surplus lines in South
Carolina must have a broker’s license. Starting Jan. 1, 2009
those agents wishing to get their broker’s license must pass
an exam, whereas in the past they attended an approved
12-hour course. To mark the occasion, we thought we
would take a closer look at surplus lines through an Errors
& Omissions standpoint.]
Don’t Overlook Technicalities
Courts hold agents to every technical requirement in
placing surplus lines coverage. For example, surplus lines
insurance can only be placed through a properly licensed
surplus lines broker. That broker is responsible to collect
the applicable surplus lines tax as well as any stamping
fee.
Failure to follow the technical regulations can have
dire consequences for agents. If the surplus lines tax is not
paid properly the agent can be made to step into the shoes
of an insolvent carrier, even though whether the tax was
paid has no bearing on a surplus lines carrier’s ability to
pay a loss.
broker, whose license had lapsed at the time of the
placement, is responsible for an insolvent surplus lines
carrier’s liability.
—J.R.
Pitfalls of Placing Surplus Lines
I
E
S E C U R I T Y
Westport policy marketed by Swiss Re requires a carrier to
have a rating of B+ or higher at the time the coverage is placed,
pay might be excluded.
Probably the most common error leading to E&O claims
arising out of a surplus lines carrier’s inability to pay is the
failure to have the policy properly stamped. Each state has its
own requirement on the size, color, placement and wording
of the stamp, but generally the stamp states that the policy is
from a nonadmitted carrier, the policy is not subject to review
or approval of the insurance commissioner and that the policy
is not covered by the state guaranty fund. This stamp is usually
placed either on the declarations page of the policy or added to
the policy by endorsement. In cases where there is no stamp or
the stamp does not conform to the state’s requirement or even
where the wrong state’s surplus lines stamp is used, the failure
of the agent to meet the stamp requirement will usually result in
liability on the agent.
Finally, once you receive a copy of the surplus lines policy
you should carefully review it. Surplus lines carriers don’t have
to use the same policy forms nor offer the same coverages as
admitted carriers. Thus, you must take the time to review these
policies to see what coverage is being afforded and make sure it
meets your customer’s needs.
Obtain the requirements for placing surplus lines coverage
in each state in which your agency does business. Make sure
you know which state’s (or states’) requirements to follow when
placing coverage for an entity with multiple locations. Be sure
to learn these requirements and remember the pitfalls of placing
surplus lines insurance each time you place or renew such
coverage.
Jim Redeker is an assistant vice president, claims and liability
management, for Swiss Re in Overland Park, Kan.
Who in your agency needs a broker’s license?
The SC DOI interprets current law to say that if a person (principal, producer, CSR or other agency staff) is performing
any of the following acts, a broker’s license is required. Please note – there have been no recent changes to the SC law
regarding brokers licenses, and this is not a new or different interpretation of the broker law.
If a person:
sells, solicits, or negotiates insurance on behalf of an insured;
takes or transmits other than for himself an application for insurance or a policy of insurance to or from an insured;
advertises or otherwise gives notice that he will receive or transmit insurance applications;
receives or delivers a policy of insurance of an insured;
receives, collects, or transmits any premium of insurance; or
performs any other act in the making of a surplus lines contract
then a broker’s license is required.
The Department of Insurance has been very clear to IIABSC that ANYONE in an agency that has direct contact with an
insured (or prospective insured) AND discusses with or advises them on coverages that are placed or to be placed in a non-
admitted (surplus lines) market, must have a Broker’s license. In most cases, this will mean any producer or any CSR whoR
handles surplus lines business because both usually discuss and explain coverage to insureds. Purely clerical functions like
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Are you walking the E&O tightrope by not offering personal umbrella protection to your clients?
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Designed in collaboration with the IIABA to meet the needs of independent insurance agents
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Limits available up to $10 million over underlying primary E&O policy
Will be available in 50 states and the District of Columbia
May to be written over a variety of E&O carriers
Contact Charlene Bernotas at the IIABSC office to learn more or to receive a quote today.
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AprilCISR Personal Auto, Myrtle Beach, 7 hrs P&C
CISR Commercial Casualty, Charleston, 7 hrs P&C
Ethical & Legal Consideration for Agents, Greenville, 3 hrs Ethics
CIC Ruble Graduate seminars, Myrtle Beach, 20 hrs CE
E&O Risk Management, Columbia, 8 hrs P&C or L&H
Big “I” National Legislative Conference & Convention, Washington D.C.
CISR Personal Residential Property, Greenville, 7 hrs P&C
MayPersonal Lines, Perils & Pitfalls, 6 hrs P&C
Commercial Lines Nuts & Bolts, Columbia, 18 hrs P&C
CISR Personal Residential Property, Columbia, 7 hrs P&C
Surplus Lines Markets & Practices in SC, Greenville, 6 hrs P&C
JuneE&O Risk Management, Greenville, 8 hrs P&C or L&H
CISR Commercial Casualty, Greenville, 7 hrs P&C
CISR Agency Operations, Columbia, 6 hrs P&C or L&H, 1 hr Ethics
CISR Commercial Property, Charleston, 7 hrs P&C
CIC Commercial Property, Charleston, 20 hrs CE
JulyCISR Commercial Property, Florence, 7 hrs P&C
CISR Personal Auto, Rock Hill, 7 hrs P&C
CISR Personal Residential Property, Bluffton/ HHI, 7 hrs P&C
Surplus Lines Markets & Practices in SC, Bluffton/ HHI, 6 hrs P&C
Ethical & Legal Consideration for Agents, Columbia, 3 hrs Ethics
AAI 83A, Columbia, 7 hrs P&C or L&H
Patrick Deem Roadshow, Columbia
Patrick Deem Roadshow, Charleston
Patrick Deem Roadshow, TBD
Young Agents Conference (Day 1&2), Myrtle Beach
AugustYoung Agents Conference (Day 3), Myrtle Beach
CISR Dynamics of Service, Charleston, 8 hrs P&C or L&H
CISR Agency Operations, Greenville, 6 hrs P&C or L&H, 1 hr Ethics
CISR Personal Auto, Columbia, 7 hrs P&C
E&O Risk Management, Myrtle Beach, 8 hrs P&C or L&H
CIC Personal Lines, Columbia, 20 hrs P&C
JanuaryAAI 82A, Columbia, 7 hrs P&C
CISR Personal Residential, Myrtle Beach, 7 hrs P&C
Surplus Lines Markets & Practices in SC, Columbia, 6 hrs P&C
E&O Risk Management, Rock Hill, 8 hrs P&C or L&H
CISR Commercial Casualty, Columbia, 7 hrs P&C
CISR Dynamics of Service, Greenville, 8 hrs P&C or L&H
Ethical & Legal Consideration for Agents, Charleston, 3 hrs Ethics
FebruaryCISR Personal Auto, Charleston, 7 hrs P&C
CIC Commercial Casualty, Columbia, 20 hrs P&C
CISR William T. Hold seminar, Bluffton/HHI, 8 hrs P&C
AAI 82B, Columbia, 5 hrs P&C and 2 hrs L&H
E&O Risk Management, Florence, 8 hrs P&C or L&H
Terry Tadlock Commercial Property, Charleston, 6 hrs P&C
Terry Tadlock Workers Comp, Myrtle Beach, 6 hrs P&C
Terry Tadlock Commercial Property, Columbia, 6 hrs P&C
Terry Tadlock Workers Comp, Greenville, 6 hrs P&C
Long Term Care, Charleston, 8 hrs L&H
Long Term Care, Columbia, 8 hrs L&H
Long Term Care, Greenville, 8 hrs L&H
CISR Dynamics of Service, Columbia, 8 hrs P&C or L&H
MarchCIC Agency Management, Greenville, 16 hrs P&C or L&H, 4 hrs Ethics
CISR Commercial Property, Greenville, 7 hrs P&C
E&O Risk Management, Charleston, 8 hrs P&C or L&H
CISR Commercial Property, Columbia, 7 hrs P&C
CISR Agency Operations, Florence, 6 hrs P&C or L&H, 1 hr Ethics
CISR Commercial Casualty, Rock Hill, 7 hrs P&C
Spring Conference & Day at the Capitol, Columbia
AAI 82C, Columbia, 7 hrs P&C
Double Vision: Insuring Multiples, Bluffton/ HHI, 6 hrs P&C
Double Vision: Insuring Multiples, Columbia, 6 hrs P&C
Double Vision: Insuring Multiples, Rock Hill, 6 hrs P&C
Surplus Lines Markets & Practices in SC, Charleston, 6 hrs P&C
271622-242929-3030
56-82728
1011171824-26
14141516222328293030-31
156121326-28
7141521222728
44-61010111718192024252626
4-6101011111718-192024252631
For details, see our Education & Event calendars at www.iiabsc.com
SeptemberCISR Dynamics of Service, Myrtle Beach, 8 hrs P&C or L&H
AAI 83B, Columbia, 7 hrs P&C or L&H
CISR William T. Hold seminar, Columbia, 8 hrs P&C
E&O Risk Management, Bluffton/ HHI, 8 hrs P&C or L&H
Surplus Lines Markets & Practices in SC, Myrtle Beach, 6 hrs P&C
CISR Commercial Property, Rock Hill, 7 hrs P&C
Ethical & Legal Consideration for Agents, Rock Hill, 3 hrs Ethics
Ethical & Legal Consideration for Agents, Myrtle Beach, 3 hrs Ethics
Ethical & Legal Consideration for Agents, Bluffton/ HHI, 3 hrs Ethics
CIC Commercial Casualty (Day 1), Myrtle Beach
OctoberCIC Commercial Casualty (Days 2&3), Myrtle Beach, 20 hrs CE
CISR Commercial Casualty, Columbia, 7 hrs P&C
IIABSC Annual Convention, Asheville, NC
CISR Agency Operations, Bluffton/ HHI, 6 hrs P&C or L&H, 1 hr Ethics
AAI 83C, Columbia, 7 hrs P&C or L&H
CISR Personal Residential Property, Charleston, 7 hrs P&C
E&O Risk Management, Columbia, 8 hrs P&C or L&H
Jerry Hargrove Roadshow, Charleston
Jerry Hargrove Roadshow, Myrtle Beach
Jerry Hargrove Roadshow, Columbia
Jerry Hargrove Roadshow, Greenville
NovemberEthical & Legal Consideration for Agents, Columbia, 3 hrs Ethics
Surplus Lines Markets & Practices in SC, Columbia, 6 hrs P&C
CISR Commercial Casualty, Myrtle Beach, 7 hrs P&C
CISR Commercial Property, Columbia, 7 hrs P&C
CIC Life & Health, Hilton Head, 20 hrs L&H
CISR Personal Auto, Greenville, 7 hrs P&C
DecemberTerry Tadlock Road Show, Bluffton, 6 hrs P&C
Terry Tadlock Road Show, Charleston, 6 hrs P&C
Terry Tadlock Road Show, Columbia, 6 hrs P&C
Terry Tadlock Road Show, Greenville, 6 hrs P&C
CISR Agency Operations, Charleston, 6 hrs P&C or L&H, 1 hr Ethics
CISR Personal Residential Property, Columbia, 7 hrs P&C
Register online at www.iiabsc.com
231516172223232330
1-214-6715152127282930
4551111-1317
8910111516
Faye R. Bradham, LUTCF (Faye)
Bradham Insurance Agency
Conway, SC
W. Paul Eaddy, Jr (Paul)
Adams Eaddy & Associates
Columbia, SC
Kenneth A. Finch, CPCU CIC CRM AAI (Ken)
Countybanc Insurance Inc
Greenwood, SC
Larry G. Joyner, CIC, AAI
CWS Insurance Agency
Spartanburg, SC
Charles Paul Midgley, Jr. (Charles Paul)
Midgley Agency, Inc.
Bennettsville, SC
R. Scott Moseley (Scott)
Irmo Insurance Agency
Irmo, SC
Jasper D. Puckett, CPCU CRM CIC ARM AAI (Jack)
Capstone Insurance Services LLC
Greenville, SC
James G. Taylor, Jr., CIC (Jay)
Kinghorn Insurance Agency of Beaufort
Beaufort, SC
Christopher T. Tidwell, CPCU, CIC (Chris)
Tidwell Agency, Inc.
Lexington, SC
Chairman
Julius J Anderson, Jr, AAI (Jules)
Anderson Ins Assocs LLC
Charleston, SC
Chairman Elect/Treasurer
Kathy D McKay, CIC CPIW (Kathy)
McKay, Stelling & Assocs
Mt Pleasant, SC
Secretary
W. Ashley Brady, CIC (Ashley)
First Charter Co., Inc.
Marion, SC
National Director
John R Braddy, CIC, AAI (John)
Braddy Insurance, Inc.
Dillon, SC
Immediate Past Chairman
Jon A Jensen, AAI AIP (Jon)
Correll Ins Group
Spartanburg, SC
Directors
Executive Committee
2009 Board of Directors
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