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T H U R S D A Y , M A Y 8 , 2 0 0 8
Industry News
TRUSTED CHOICE®
Adirondack Insurance and New Jersey Skylands Insurance Join Trusted Choice®
Adirondack Insurance Exchange (Adirondack Insurance) and New Jersey Skylands Insurance Association (New Jersey Skylands Insurance), both policyholder-owned reciprocal exchanges managed by subsidiaries of OneBeacon Insurance Group, are the newest independent agency system insurance companies to join the Trusted Choice® brand movement.
“Trusted Choice® is a brand that identifies independent insurance agents who provide quality service and demonstrate a commitment to their clients,” says Thom McDaniel, President of Adirondack AIF LLC and regional president of New Jersey Skylands Management LLC. “These are exactly the types of partners Adirondack Insurance and New Jersey Skylands Insurance seek, which is why the companies are proud to support and promote Trusted Choice®.”
Founded in 2006, Adirondack Insurance is a full-service personal insurance company focused exclusively on New York. New Jersey Skylands Insurance, founded in 2002, offers a complete line of personal insurance products solely to New Jersey consumers. Both organizations offer their products exclusively through independent insurance agents. Adirondack Insurance Exchange and New Jersey Skylands Insurance Association are rated A (Exceptional) by Demotech, Inc. (For more information, visit www.aie-ny.com and www.njsi.com.)
“Trusted Choice’s Pledge of Performance mirrors Adirondack’s and New Jersey Skylands’ commitment to policyholders, which bodes well for a long partnership,” says John Tiene, regional vice president, corporate relations for Adirondack AIF LLC and New Jersey Skylands Management LLC.
“We are pleased to have Adirondack Insurance and New Jersey Skylands Insurance join Trusted Choice®,” says Robert Rusbuldt, president & CEO of the Independent Insurance Agents and Brokers of America, Inc. “Their philosophy of providing excellent service to agents and consumers is a great fit with the Trusted Choice® consumer brand.”
“Adirondack Insurance and New Jersey Skylands Insurance are respected markets in New York and New Jersey for independent insurance agents and their customers,” says Dave Evans, executive director of Trusted Choice®. “Their support of independent agents and the needs of their customers is consistent with the Trusted Choice® value proposition of choice, customization and advocacy during the claim process.”
Trusted Choice® was launched in 2001 by the Independent Insurance Agents & Brokers of America (the Big “I”) and several independent agency companies to highlight the benefits independent agencies and brokerage firms offer consumers—choice of companies, customization of policies and advocacy support.
Trusted Choice® educates consumers about the benefits of using independent agents and brokers for their insurance needs: choice of companies, customized policies and advocacy support. Trusted Choice® is the consumer marketing identity for more than 10,000 independent insurance agencies, brokerage firms, their branch locations and 52 leading insurance companies, including Adirondack Insurance and New Jersey Skylands Insurance.
BEST PRACTICES
Five Reasons to Build Your Disaster Recovery Plan Now
What would your agency or clients do in the event of a berserk employee, boycott, flood, I/T failure, negative media exposure, storm or terrorism? Do you have a plan in place? Here are five reasons why it’s important to develop a disaster recovery plan:
1. Under pressure, emotional decisions can be costly. Decisions based on a prepared plan have been shown to be more effective, timely and lower overall cost.
2. A plan can reduce recovery time and the impact on customers.
3. A plan will install confidence in employees and customers that the organization is there for the long-term.
4. Insurance settlements require “due diligence and dispatch” in recovering from interruption. A plan helps prove that the organization has acted accordingly.
5. Inappropriate costs are avoided.
The Best Practices of Crisis Management CD can help you prepare for these occurrences and misfortunes and minimize the impact to normal business. Obtain a CD and customize a manual that will outline initial steps to determine when the plan needs to be executed, provide an external communication guide, assign and describe duties to each member of the resumption team and more. Click here to download the order form. For more information, email BestPractices@iiaba.net.
InVEST
Space is Limited, Register Now for the InVEST State Champions Workshop
Registration is now open for the next InVEST State Champions Workshop. To register for this three-day, comprehensive workshop, click here. The workshop will take place June 30 to July 2 at the Westfield Companies. Join other insurance industry leaders in learning about InVEST and how this program can promote workforce development for the insurance industry by attracting and training the next generation of insurance professionals. The workshop will explore all the tools, resources and programs that comprise InVEST at the high school and community college levels.
In July 2007, InVEST held the three-day conference at the Westfield Companies in Westfield Center, Ohio. The event was attended by approximately 100 insurance company representatives, agents, educators and state and national trade association staff from 22 states who participated in a comprehensive program exploring all the facets of InVEST.
Those who attended this conference last year, please come back! The program has been designed for both first time attendees and those who want to build on what they learned last year. For more information about the InVEST State Champions Event contact Bill Pierson, InVEST executive director, at 800-221-7917; bill.pierson@iiaba.net.
A 501(c)3 educational trust, InVEST introduces high school and community college students to insurance and the more than 350 diverse careers available within the industry giving students a new outlook on the future. The program offers insurance agencies, brokers and carriers a diverse and talented group of entry-level recruits.
YOUNG AGENTS
2008 Young Agents Leadership Institute
Lights! Luck! Leadership! Join fellow Young Agents at the 2008 Young Agents Leadership Institute being at Caesars Palace in Las Vegas, Sept. 12 and 13. The agenda for this exciting event includes:
Sept. 12
- Staff liaison and state committee chairs roundtable discussion
- Young Agents opening session/technology forum
- Young Agents welcome reception
- Young Agents awards reception with Big “I” leadership
- Young Agents evening event
Sept. 13
- Young Agents breakfast and motivational keynote speaker address
- Unprepared for a Critical Moment: Small Business and the Risks of Personal Data Breach
- Big “I” installation of officers lunch
- “The Magnificent Seven”
- Young Agents at Margaritaville
The feature segment of this event is the “Magnificent Seven,” an interactive panel of the 2008 YAC award winners. Attendees will learn from Young Agents who will offer insight into how they achieved award-winning results.
Don’t let this opportunity pass you by – visit www.independentagent.com and click on Young Agents under the Member Resources drop-down menu for updates on the event and for online registration. For more information, contact Katie Cosgrove at 800-221-7917; katie.cosgrove@iiaba.net.
BIG “I” MARKETSSM
New Habitational Market Available
Since we began surveying members to determine their product needs, habitational has been in the top five most-requested markets. This continued to be the case with the most recent survey conducted in January of 2008 and this week the Big “I” will be announcing a habitational market.
The Market
The market is MiddleOak Specialty, which is the group trade name for Holyoke Mutual Insurance Company, founded in 1843 and Middlesex Mutual Assurance Company, which was established in 1836. Holyoke and Middlesex participate in a reinsurance pooling arrangement with Country Insurance and Financial Services, which is one of the 50 largest insurers in the U.S. Country has an AM Best rating of A+ and has $3 billion in written premium and provides capital and surplus of $1.6 billion. Both firms are A+ rated, each one has had a combined ratio of less than 100 for each of the past four years, with Middlesex ending 2006 with a combined of 93.6 and Holyoke at 98.1.
MiddleOak Specialty management stresses rigorous risk management as a primary tool to protect itself from adverse losses. All properties are inspected and a variety of property/risk management services are made available to help property owners/managers mitigate potentially adverse loss exposures. Its philosophy is to underwrite to a combined of less than 100 every year.
The Products
MiddleOak Specialty’s strategy has been to position itself as a niche provider within the habitational niche. It focuses on what it calls the “undeservedly underserved” segments of the habitational market. It offers an admitted market and its core programs and their respective features are as follows:
MiddleOak Specialty program:
* BOP policy with no limitation on size of risk.
* Actual loss sustained business income ---18 months.
* Guaranteed unlimited functional replacement cost.
* General liability limits-aggregate per location.
* High-rise apartment building capabilities (up to $30,000,000) with no story height restriction.
* Mixed apartment/office.
* Five unit minimum (33 in Illinois).
* All in coverage on condos.
* Umbrella capacity to $100,000,000 with very competitive rates.
* No year-built requirement.
* Target special niches within the habitational marketplace include: student housing, public, low-income housing and senior housing.
MiddleOak Specialty has three products to offer on BIM, including:
1. WorldsApart is a property and liability program for underserved apartment classes which includes mixed/apartment/mercantile lessors, risk occupancies, urban multi-family dwelling and high-rise dwellings buildings. Highlights include:
* No maximum number of units or building/property size.
* For each building a choice of standard, basic or fire-only perils.
* Special perils includes equipment breakdown.
* Option of guaranteed, unlimited functional replacement cost, functional replacement cost, or actual cash value.
* Loss of income sustained for 18 months.
* Comprehensive liability including personal injury, employee dishonesty, law and ordinance, earthquake, water back-up, sump overflow and flood.
Target niche markets within the WorldsApart program include:
Student housing
* Unlimited guaranteed replacement cost
* Privately-held, off campus
* Older, converted dwellings
* High rise
Public housing
* Unlimited guaranteed replacement cost
* Section 8, tax credit, affordable housing
* Housing authorities
* Tenant emergency assistance
Senior housing
* Unlimited guaranteed replacement cost
* High rise
* Up to $100 million umbrella
2. CAPstone is a program for condominium, homeowner, and cooperative associations.
* All in coverage for unit owners’ fixtures, improvements, alterations, and major appliances.
*Optional guaranteed replacement cost on buildings.
* Comprehensive liability; D&O available
* Same basic and optional coverages are available for the underserved community associations such as secondary and seasonal associations, non-owner occupied/investor associations, resort associations, high-value associations and timeshares.
3. Vacation Income Properties (VIP) is a program for vacation properties that are in rental pools.
* Secondary or seasonal use of one and two-family homes and condominiums.
* Solely for rental or combined rental & personal use.
* Property must be professionally maintained and managed via contract with local firm.
* Owners can choose building and contents coverage, fine arts floater, loss of rents and detached structure coverage.
* Available in Delaware, Massachusetts, Maine, Maryland, Michigan, New Hampshire, Pennsylvania, Tennessee, Virginia, Wisconsin and Vermont. Plans for expansion include Connecticut and New York in 2008 and ultimately available in 45 states.
State Availability as of May 2008
Currently the WorldsApart and CAPstone programs are available in Connecticut, Delaware, Iowa, Illinois, Indiana, Massachusetts, Maryland, Maine, Michigan, New Hampshire, New Jersey, Ohio, Pennsylvania, Rhode Island, Tennessee, Virginia, Vermont and Wisconsin. MiddleOak Specialty has aggressive expansion plans, and within 90 days will have a presence in 27 states. Their strategic plan has them in 42 states within two years. While it would be preferable to have a market that is already in 40+ states, the Big “I” feels the uniqueness of this market combined with MiddleOak Specialty’s strong desire to work with us make this a relationship we want to grow with.
It should be noted that while MiddleOak writes in the greater New York City area, it is on an E&S basis only. New York agents submitting quote requests within New York City will be asked if they have their E&S licenses and can pay taxes and fees. If the answer is no, the quote will be declined as we do not want to get into the E&S process with the product at this time.
States targeted to be added within 60 days include: Arizona, Colorado, Kentucky, North Carolina, South Carolina, Washington and West Virginia.
Marketing support
Click here to see the marketing plan. An ad slick and e-blast are also available for use on the State Marketing Activity Center (SMAC) at www.independentagent.com/SMAC. Articles supporting each product will be added shortly. Anyone who would like their members to receive a direct mailing announcing this product should contact Gary Heiligman at 703-706-5393; gary.heiligman@iiaba.net.
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