2010 CONVENTION: SURVIVE & REVIVE
The convention committee is finalizing plans for the 110th Annual Convention, October 7-8, at the Crowne Plaza, Warwick.
EXCEPTIONAL VALUE THIS YEAR
IIARI members typically pay up to $175 for a full-day continuing education seminar that will earn the participant up to 6 hours of CE. This years pricing will be comparable BUT in addition to the CE credits, you will have access to the Exhibit Show, an evening reception and entertainment and dinner! All for about the same price as a regular CE class.
Principals - with your paid full-day registration (Friday's fee is discounted for principals) non-principal employees get a 10% discount on their registrations!
Dave Sanborn, with extensive education instruction experience, is planning on presenting 12 hours of CE (subject to approval) over the two days of the convention. Thursday will provide an opportunity to golf at the Warwick Country Club. The golf reception will occur back at the Crowne Plaza where golf prizes and other prizes will be distributed during the Luau Reception under the tent. Agency Principals have an opportunity to hear from the Director of Insurance on Friday, as well as, two skilled attorneys whose practice is principally limited to agents defense work. You won’t want to miss this session.
More details will be forthcoming in the coming weeks. Be sure to mark your calendar now!
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BEACON MUTUAL JOINS TRUSTED CHOICE
The Beacon Mutual Insurance Company has accepted an invitation to join the Trusted Choice consumer branding program for independent insurance agents and brokers. Beacon, a mutual insurance company chartered by the State of Rhode Island, is the largest writer of workers' compensation insurance in the state. Beacon joins 54 other leading insurance companies nationwide as a Trusted Choice company partner. "We are pleased to have been asked to join Trusted Choice as it is consistent with our desire to work with independent insurance agents to meet the evolving needs of our clients", says James Rosati, Beacon Mutual president and CEO. "We look forward to promoting the resources that Trusted Choice offers to independent insurance agents – along with our commitment to loss control and safety programs to help them help their customers manage their workers compensation costs." "Like Trusted Choice agents, Beacon Mutual is dedicated to its policyholders and to treating them with respect and courtesy as persons and business partners, not just as policies, and to conducting company business in an ethical manner at all times", continues Rosati. The Beacon Mission is, "To be a substantial instrument in the stabilization, fiscal health and proper functioning of Rhode Island's workers' compensation system by providing the most innovative programs, competitive products and outstanding service to businesses and their employees." "Beacon Mutual is well-respected and well known by independent insurance agents and their customers in Rhode Island", says Dave Evans, Trusted Choice executive director. "By joining the Trusted Choice brand, they are making an investment in their future and the independent insurance agency system while building on their reputation for providing responsive customer service."
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YOUNG AGENTS HAPPENINGS The Young Agents Committee continues to schedule events and opportunities for young IIARI members to network and build camaraderie among peers as future Association leaders. The latest event scheduled is an upcoming "Mini-Golf Tournament" at Mulligan's Island in Cranston on Wednesday, August 18. The event begins at 5:00 p.m. and is FREE to Young Agents - guests can participate for a nominal fee of $15. Click here to register today!
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SILENT AUCTION DONATIONS SOUGHT Last year's Young Agents Silent Auction held in conjunction with the annual convention was a tremendous success raising over $9,000 for the Tomorrow Fund. This year the Young Agents will try to surpass last years achievement when the 110th Annual Convention - "Survive & Revive" - is held at the Crowne Plaza in Warwick. The Silent Auction will be held during the opening night "Hawaiian Luau" on the evening of Thursday, October 7. If you or your company would like to make a donation for the Silent Auction, please contact IIARI at 732-2400 to be sure your gift is included.
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DBR ACTIVITY The Rhode Island Department of Business Regulation, Insurance Division, has been active this summer with a number of Bulletins and status of proposed Regulation changes. Below is a listing of published documents and links to specific details. Bulletins Insurance Bulletin Number 2010-6 – 2010 Legislative Changes This Bulletin provides on overview of legislative changes from this years’ session at the State House. Insurance Regulations Insurance Regulation 11 – Surplus Lines Brokers This Regulation adds the definition of Tax Administrator, clarifies that non-resident surplus lines brokers do not have to hold a P&C producer license, and other changes. Insurance Regulation 89 – Actuarial Opinion and Memorandum These are the final adopted amendments and effective August 26. Insurance Regulation 93 – Valuation of Life Insurance Policies These are the final adopted amendments and effective August 26.
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IIABA ANNOUNCES COUNTER POSITION TO WILLIS ON CONTINGENCIES Most of the insurance trades have published an article written by Robert Rusbuldt, IIABA President & CEO, which sets forth a counter position than that of the Willis Group Holdings CEO Joe Plummeri. At the core of the issue is the Willis position that they will not resume collecting contingencies citing a conflict of interest in the compensation policies. To read the IIABA position, click here.
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ACT: AVAILABLE WEBINARS
The following webinars are available for members to take advantage of as offered through ACT and participating companies. Registration links are provided after the webinar description.
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Commercial Lines Download Implementation (webinar hosted by AUGIE)
Benefits & tips for successful implementation of this much improved, time saving workflow, presented by agents, carriers & vendors.
When: August 25, 1:00--2:00 PM For more info and to register: https://www1.gotomeeting.com/register/427738728
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Real Time Solutions for Applied Users (Hosted by ASCnet and open to all Applied users)
Presented by a panel of fellow Applied users and will cover the benefits, how Real Time workflows will work in your agency, how agents can get more carriers to implement Real Time, and who to talk with to get personalized help. (Non-ASCnet members will have to sign up to get a password in order to register, but there is no fee for these webinars.)
When: August 25 or 26 (Pick one), 11:00 AM-12:00 PM
For more information & to register for one of the sessions: http://www.ascnet.org/AM/Template.cfm?Section=RT_Solutions
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Save Time & Increase Profits with Real Time (Hosted by Real Time/Dowload Campaign for agents on any system)
Demos, benefits & tips for successful implementation, including how to take advantage of the Real Time 21 Day Challenge Website, presented by panel of agents demonstrating Real Time workflows on various agency management systems and comparative raters. For new implementers and those who want to increase Real Time usage within their agencies.
When: September 8, 2:00--3:00 p.m. For more info and to register: https://www1.gotomeeting.com/register/122606232
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VIRTUAL UNIVERSITY VUpoint NEWSLETTER The latest issue of the IIABA Virtual University VUpoint newsletter is available for your perusal. Links are provided after a brief descriptive of the article.
PERSONAL LINES ARTICLE: PAP Coverage for Detached Auto Equipment, by Bill Wilson
http://www.iiaba.net/VU/Lib/Ins/PL/Auto/WilsonDetached.htm
The insured owns a jeep with a removable top. During a period of warm, dry weather, he took the top off and stored it in a shop building. The building burned down, destroying the top. The adjuster and the claims supervisor said there is no coverage on the top because the intent of the personal auto policy is to only cover equipment while it is on the jeep. Do you agree?
COMMERCIAL LINES ARTICLE: CGL Fire Damage Legal Liability...Is It Obsolete?, by The VU Faculty
http://www.iiaba.net/VU/Lib/Ins/CL/CGL/FacultyFDLL01.htm
Many years ago, leases typically made the tenant responsible for negligence that resulted in fire damage to the occupied premises. Today, leases more commonly make the tenant responsible for a much broader spectrum of losses and often without regard to fault. This article examines two recent examples of claims not covered by FDLL or by contractual liability under the lease.
AGENCY MANAGEMENT ARTICLE: Valuing Insurance Agencies, by Al Diamond
http://www.iiaba.net/VU/Lib/Bus/AM/Valuation/DiamondValuing.htm
One Time – One and One-Half Times - Two Times – Multiple of Commissions – Multiple of Revenues – Multiple of Earnings. Do any of these so-called benchmarks and thumbnail measures have any bearing to the value of your or any other independent or captive, retail or wholesale, P&C or L&H insurance agency? The answer is both yes and absolutely not.
SALES & MARKETING ARTICLE: Sales Saboteurs, by Bob Ayrer
http://www.iiaba.net/VU/Lib/Bus/BS/SalesManagement/AyrerSaboteurs.htm
The year was 1943, World War was raging. Spies and saboteurs had infiltrated our country, establishing themselves as normal citizens and were busily (and invisibly) at work trying to destroy our ability to make war. This internal threat became known as The Fifth Column (a term from the 1938 Spanish Civil War and memorialized by Hemmingway's book of the same name). Is there a Fifth Column in your agency?
CUSTOMER SERVICE ARTICLE: Childhood Customer Service Lessons, by Shep Hyken
http://www.iiaba.net/VU/Lib/Bus/BS/CustomerService/HykenChildhood.htm
As a child, from the time I could write, whenever I received a nice gift, Mom would say, Write a thank you note. That simple request was really more than simply writing a note. It was my parents philosophy about doing what was right. Here are six things my parents taught me about customer service....
TECHNOLOGY ARTICLE: Agency Automation in the 21st Century, by Al Diamond
http://www.iiaba.net/VU/Lib/Tec/AS/Miscellaneous/Diamond21stCentury02.htm
While we are still some years away from client access to their companies and policies through the agency portal, the remote capabilities of the agency management system vendors and even the carrier Service Centers are steps in the right direction.
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CERTIFICATES OF INSURANCE NEWS from Virtual University
New Certificates of Insurance Webinar Coming October 27, 2010
No other industry topic comes close to certificates of insurance and related issues in the number of questions received by the Virtual University. We get inquiries pretty much daily on this subject. Last week, they received 7 emails in one day about certificate issues. When we combine the continuing interest and confusion on certificates with the fact that ACORD's licensing agreement will compel agents to discontinue use of pre-September 2009 editions of the ACORD 24/25 by the end of September 2010, it's time for another countrywide webinar. SO, MARK YOUR CALENDARS FOR OCTOBER 27, 2010 FROM 1:30 P.M. - 3:30 P.M. EASTERN TIME. During this webinar, we will be focusing on the most critical issues involving certificates, as well as updating you on "pushback" developments. If you get resistance from certificate holders, please share your experiences -- good and bad -- by emailing bill.wilson@iiaba.net. In this webinar, we will allow plenty of time for Q&A that can be submitted before and during the session. You can begin sending questions you want answers to right now and, when you sign up for the webinar, you'll have an opportunity to do the same. This webinar will involve a roundtable discussion by some of the top certificate experts in the country and will be presented in a lively, informal format. We promise a lot of substance with a little bit of entertainment thrown in. So look to the VU newsletter for an official announcement in the near future, along with a registration link. If you know of anyone who might be interested in this program, please forward this newsletter to them and encourage them to subscribe in order to get updates on this program.
ACORD 25 Pushback
Beginning by the end of September 2010, in order to comply with ACORD's licensing agreement, agents will no longer be able to issue ACORD 24 or 25 certificates with edition dates earlier than September 2009. Many agents have been using the September 2009 edition for some time and reports of pushback from certificate holders have been trickling in to the VU. One tool that Big "I" members may find very helpful in responding to pushback, is our "one-pager" that outlines why agents cannot provide earlier certificate editions and why the cancellation notice was removed from the certificate. For an article on this with a link to the "Why We Are Using the Latest ACORD 25 Certificate of Insurance" one-pager, go to: http://www.iiaba.net/VU/NonMember/WilsonCancellationNotice.htm We are hearing about risk managers who are accepting the September 2009 ACORD certificates, including one government entity that apparently no longer even asks for cancellation notice from the agent or insurer. Here is a document that outlines research conducted by the City of Atlanta and their rationale for discontinuing cancellation notice by insurers: http://www.aci-na.org/static/entransit/Caput--Legal Aspects of Airport Insurance.pdf In addition, we just got word that one of the largest construction companies in the world is accepting the September 2009 ACORD 25 and relying on the provision of a copy of an additional insured or other endorsement that provides cancellation notice. According to one of their regional risk managers, "I have enough battles to fight, so, fight the ones I can win, not the ones I can't win. They shouldn't ask an agent to put their E&O on the line just so they can check a box on a checklist."
New May 2010 ACORD 25 Now Available
In its July 2010 Forms Notification Bulletin, ACORD included the new May 2010 ACORD 25. The changes to the ACORD 25 were largely editorial and formatting revisions. You can review the changes in detail here: http://www.acord.org/standards/forms/Notifications/20100802_FormsNotification.pdf You can subscribe to ACORD's monthly Forms Notification Service for free by sending an email to memberservices@acord.org and include your name and company in the body of the message. Here is an earlier ACORD press release that announced a universal updating of all of their certificate forms: http://www.acord.org/about/NewsCenter/news/Pages/20100104_CertificatesChanges.aspx
Agent Loses License Over Inaccurate Certificate
A Maryland agent had her license revoked after admitting to falsifying a certificate of insurance. Here is the DOI order: http://www.mdinsurance.state.md.us/sa/documents/MIA-2010-05-023-Teves.pdf While we don't know the details of this situation, we do know that agents are often asked to put information on a certificate that does not accurately reflect insurance policy coverages or terms. This is a good example of why such requests should be resisted even under threat that an insured will not get a job or get paid for a job. In some states, the penalties could be far harsher than just a loss of license.
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