|Friday, March 10, 2017
||Volume LXVI, Issue 12
Lots of gyrations in Florida’s domestic property market
In case you missed it, Avatar P&C has agreed to acquire Elements Property Insurance Holdings, LLC (which includes Elements Property Insurance Co.). This news comes on the heels of Demotech’s announcement last month that it will downgrade several Florida domestics in March. The ratings company has now received its rated carriers’ year-end financial reports, which “mark the culmination of a remarkable recommitment to Floridians seeking property insurance.” (See Demotech’s news release for details). The list of downgraded carriers is scheduled for release no later than March 16.
When a bad workers’ compensation bill is worse than no bill at all
Such is the case with draft workers’ compensation committee bill workshopped in the House this week, which failed to address the key driver of increased workers’ compensation costs: attorney fee awards. That’s why FAIA signed on with dozens of other business and employer groups to a letter expressing serious concerns about the bill. Read Laura’s Legal Brief of the Week for details.
What we know about the American Health Care Act
The long awaited plan to repeal and/or replace the Affordable Care Act was released this week. FAIA health and benefits expert Lee Martin offers a summary of the bill as it now stands (which raises more questions than answers from an insurance professional’s perspective), and a list of things to watch in the coming weeks.
State colleges to host RMI open houses
Mark your calendars for two upcoming opportunities to learn more about state college Risk Management/Insurance degree programs and meet prospective future hires:
Ways work-at-home employees can improve your agency’s performance
Uncertainty and change at the top level of the insurance industry puts additional pressure on agencies already struggling to grow and expand while keeping administrative costs in check. Yet there’s an alternative to the traditional employment model that many agencies have yet to embrace: hiring remote workers. Read more.
Lenders requesting proof of flood insurance adequacy
Someone is trying to buy a condominium unit in a condo association for which your agency provides a private flood policy. The individual’s lender says it needs proof of flood insurance, and requests that you sign a Certification of Adequacy of Private Flood Insurance by Agent form, claiming FEMA requires it. What do you do? Read David Thompson’s latest education library article to find out.
Be careful what you say on your agency website
The most comprehensive. The lowest price. 24/7 service. These claims are often included as selling points on agency websites. But emphasizing such competitive advantages can unintentionally increase the agency’s standard of care, weakening its defense in an E&O claim situation. Read these dos and don’ts for creating your agency’s website content.
Failure to compute
Do you frequently select “install later” when prompted to update your computer software? Even if you don’t, you should read Keith Jones’ latest blog about the most common reasons why computers fail.
Increase speed of business in three simple steps
Say goodbye to your fax machine and eliminate some of the more tedious aspects of paperwork by switching to e-signature. FAIA Member Services preferred provider InsureSign makes it easy. And yes, there is an audit trail! Learn more.
Your clients are buying life insurance from someone; why not you?
FAIA preferred provider Asset Wealth Management makes it easy for P&C agents to round out accounts with life insurance. Its “drop ticket” process allows agents to start the conversation with a short questionnaire; the companies handle the long-form app and ask the embarrassing medical questions! Read Lee Martin’s blog to learn more.
Video explains why your customers need a personal umbrella policy
If the way you explain the basics of a personal umbrella policy leaves your customers wanting, let RLI explain it for you. Its new animated video breaks down PUP basics and demonstrates how a PUP can safeguard their personal assets and future earnings. Watch the video, then share on social media or embed on your website.
Class lineup is complete
Convention doesn't officially start until Thursday, but the breakout sessions begin Wednesday afternoon. The learning continues through Saturday, and if you plan your time just right and select a full registration, you can fulfill your CE requirements for the entire year in four days.
InsurPac raises funds, has 95% victory rate
InsurPac, IIABA’s federal political action committee, saw tremendous growth in the 2015/2016 election cycle both in funds raised and in its victory rate of supporting candidates for federal office. For four years running, it has raised over $1 million with young agents raising more than 10 percent. Last year, Florida’s young agents raised an outstanding $16,060 and were named the 2016 Young Agent National Champions (they’ll be calling you next week for their annual InsurPac-A-Thon). Those funds went on to successfully contribute to many of our congressional lawmakers.
George H. Odiorne, Jr.: we offer our condolences to the family and friends of George H. Odiorne, Jr., who died on Feb. 13, 2017. George served his country in the U.S. Army and graduated from Florida Southern College. In 1974, he founded Odiorne Insurance. Read more about is life in the Tampa Bay Times.
New Agency Members
American Insurance & Benefits, LLC: Ocala
Anders and Anders Financial Group: Maitland
Dean-Hamilton Insurance, LLC: Miramar
Karstens Financial: Orlando
Lares Insurance Services, LLC: Jacksonville
Leone Star Insurance Agency: Kenneth City
Titus Insurance Services, LLC: Palm Bay
New Associate Members
ARC Hurricane Insurance Agency: Pleasanton, CA
H20 Protection: Coral Springs
Member Agency News
Phillip B. Baker, AAI, Boyd Insurance & Investment Services, Inc.: elected vice chairman of the Manatee County Chamber of Commerce.
Hub International Florida, Winter Park: selected as the best insurance agency in Winter Park by the Winter Park Chamber of Commerce, Park Avenue Merchants Association, and Winter Park/Maitland Observer through the annual Ovations Awards.
American Integrity Insurance Group: promoted Justin Waters to vice president of Sales.
American International Group: announce President and CEO Peter Hancock has resigned.
CNA: named Douglas Worman as executive vice president and chief underwriting officer.
Florida Office of Insurance Regulation: named Susanne Murphy deputy commissioner for Property and Casualty Insurance, and Eric Johnson deputy for Life and Health Insurance.
Heartland Payroll, Inc.: announced Director of Business Development Randy Pumputis will be relocating to Florida.
Main Street America Group: appointed Anne Bastian as national account executive.
Orchid Underwriters Agency, Inc.: will launch an admitted residential homeowners’ product line in Alabama.
Sunz Holdings: named Theodore “Ted” Bryant executive vice president and chief legal officer.
All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means-electronic, mechanical, photocopying, recording, or otherwise-without the prior written permission of the Florida Association of Insurance Agents. FAIA does not give legal advice. Agents are urged to seek the counsel of a licensed Florida attorney familiar with the Florida Insurance Code.