Agents Confidential #4, 10/13/16

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OCTOBER 13, 2016 | VOLUME LXVI, ISSUE 4
PAST ISSUES
HURRICANE ROUNDUP
Florida dodged another bullet
Homeowner and property insurance companies are both breathing a sigh of relief following Hurricane Matthew. Agents are reporting a moderate level of wind-related claims, with only a few involving structural damage. The storm caused historic flooding in the St. Augustine area, and predictably, many of those affected by it have no flood coverage. Read Jeff Grady’s blog for an overview.
Always report all losses (always)
After a hurricane, coverage questions start rolling in: “Am I covered if a boat hits my house, if my dock washes away, if a neighbor’s tree falls on my house?” How should you answer? Before you say anything, read these words of wisdom from David Thompson.
Hurricane deductibles 101
Most Florida residential insurance policies have a separate deductible that applies to losses occurring during a hurricane. Visit our Education Library for an article that will help you better understand and explain to customers how deductibles apply after a storm.
When does business income coverage respond?
In a nutshell, it depends on if the policyholder’s building was damaged by the storm, or if there was damage within a mile of the property and access was prohibited by civil authority. Learn more.
Remind customers to call their agent or company first
Visit FAIA’s Assignment of Benefits (AOB) Toolkit for information you can use to educate policyholders about the dangers of AOB. You’ll find videos you can share on social media, a FAQ with information about how agents can help curtail fraud, and more.
Matthew can help agents make the case for flood insurance
Many coastal property owners are kicking themselves for not purchasing a flood insurance policy. Now is a great time to remind your insureds that most homeowners insurance does not cover floods, and there typically is a 30-day wait before a policy goes into effect. If they still decline coverage, make sure you get a signed letter of declination. Find tools to help you communicate flood risk.
Three commercial coverage options to protect ‘perishable stock’
If your agency writes restaurant business, there are several form options to protect perishable stock from damage due to lack of power for refrigeration. Read more.
Swiss Re/Westport is ready with dedicated claims unit
E&O claims are sure to accompany the extraordinary claims volume associated with Hurricane Matthew. FAIA reminds Swiss Re/Westport policyholders of the deductible reduction feature for well documented E&O defense, and built in Catastrophe Extra Expense Coverage ($25,000/$50,000) intended to assist agents incurring unforeseen costs due to processing consumer claims. Learn more about FMS E&O coverage.
Funds available for agents affected by Hurricane Matthew
The Trusted Choice® Disaster Relief Fund is available to assist members and their staff in the event of unrecoverable losses caused by a hurricane or other natural disaster. Agents affected by the storm can find the guidelines and an application for assistance online. Want to help? Make a donation.
Other information of interest
MEMBER AGENCY NEWS

Brightway Insurance, Inc., Jacksonville: recognized as a top franchise by Franchise Times.

Gulfshore Insurance, Inc., Naples: recognized by Opportunity Naples’ Excellence in Industry Awards with the Pillar Award.

Key Agency, Inc., Englewood: was recently featured in the Gulf Coast Business Observer.

Vero Insurance, Inc., Vero Beach: has been acquired by Marsh & McLennan Agency, LLC.

INDUSTRY NEWS

Mercury Insurance: named one of “America’s 50 Most Trustworthy Financial Companies” by Forbes magazine.

SLB Insurance Group: hired Jeffrey Cunningham to lead is Environmental Insurance division.

RLI Corp.: has joined TrustedChoice.com. It will focus on the personal umbrella market.

NEW AGENCY MEMBERS

Advanced Insurance Underwriters, LLC: Miami

Zabella Insurance Agency: Hollywood

Zabella Insurance Agency: Plantation

NEW ASSOCIATE MEMBERS

Southwest Risk, LP dba ClearView Risk - Florida: Tallahassee

CALENDAR OF EVENTS
FAIA EVENTS

LOCAL BOARD EVENTS

Many local boards hold monthly or quarterly meetings. Visit our website for a schedule.

  • Insurance Agents of Tampa Bay, Dinner Meeting: Oct. 13, 2016; Brio Tuscan Grille, Tampa.
  • Manatee County IIA, Big I Day: Oct. 13, 2016; River Wilderness Golf and Country Club, Parrish.
  • IIA of Palm Beach County, Luncheon Meeting: Oct. 20, 2016; Hilton Palm Beach Airport Hotel, West Palm Beach.
  • Panhandle Big I Day; Oct. 20, 2016; Tiger Point Golf Course, Gulf Breeze, and Pensacola Beach Hilton, Pensacola.
  • IIA of Broward County, Halloween Bowling Tournament and Costume Contest: Oct. 27, 2016; Sawgrass Lanes, Tamarac.
  • IIA of Broward County, CE Class: Nov. 3, 2016; PuroClean, Margate.
  • IIA of Central Florida, E-Day: Nov. 3, 2016; Winter Park Community Center, Winter Park.
  • Insurance Agents of Tampa Bay, Citizens and Legislative Update Luncheon: Nov. 10, 2016; Besito Mexican, Tampa.
  • IIA of Palm Beach County, Thanksgiving Member Appreciation; Nov. 18, 2016; TBD.

YAC EVENTS

INDUSTRY EVENTS

AGENTS CONFIDENTIAL: A PUBLICATION OF THE FLORIDA ASSOCIATION OF INSURANCE AGENTS
PO BOX 12129 | TALLAHASSEE, FL 32317-2129
TELEPHONE: 850-893-4155 | FAX: 850-668-2852
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.