Jimcor Agencies

The New "SEXY" Insurance

2012-01-20T10:29:00.000-05:00

Cyber Liability is the new “sexy insurance” according to the National Underwriter P&C Magazine.
Sexy you say?
Well – those who have had losses I am sure do not find anything sexy about Cyber Liability. They just wish they had it!

Let’s take a look at the case in Minneapolis where a laptop was stolen out of a car. Most medical data includes all (if not some basic form) of an individual’s identity. That can include their social security number!
In the case in Minneapolis, the medical information had been shared with a third party and was presumed to be safe. However the third party did not encrypt the data. Therefore when the laptop was stolen the data was available to anyone and everyone.
So here are the questions – why was this third party able to download data and not have it encrypted? Was it written anywhere that it had to be encrypted? Who monitored the transaction of data?
As more questions from this case arise each day one thing is for certain – patient’s identities were stolen. Who knows how or when or why they will be used – but the information is out there in someone else’s hands.
The first step for the third party company was to contact the patients affected by this horrible situation. Once these parties were contacted some in the firm could begin looking at the how, why and when the event occurred.
“Notification costs usually end up being the biggest hit in these cases” shared Joe Schneider, RPLU and Jimcor’s Professional Liability manager.
“What people and companies don’t realize is that even if nothing went wrong and they took every safeguard – they may still have to notify clients that data has been compromised.”
Schneider continued that some carriers are simply adding on a data breach or cyber liability “rider” as part of the general policy. However clients need to understand that liability limits can be eroded by data privacy losses.
“With notifications making up the majority of the initial costs , usually averaging over $200 per record, it’s no wonder this coverage is being mentioned every time agents talk to their prospects or clients. If an agent is not mentioning this coverage they are not only losing an opportunity, they may be exposing themselves to an E&O claim.”
Schneider also explained that insurance agencies should all have the coverage in place for their own offices. Many go uninsured – and hopefully will see the need before they are hit with a loss.

So… back to this being “sexy insurance”… when you think about it what’s so sexy about losing someone’s identity and then having to pay the costs and fees to help them protect the information and get their lives back on track?

You read the article and decide if this is something you think your agency needs – or your clients’ need. If so call us or email Joe Schneider today.

Star Tribune article

Property Casualty 360 article

Special thanks to Business Insurance for the great cartoon!

Your Responsibility or Not?

2011-08-08T16:07:00.000-04:00

What do you do when one company or MGA is following the rules and another is not? As an agent you want to write the business. Is it really your concern if the MGA is following all the state guidelines and filing the correct forms with the correct agency in a timely fashion? Is it your problem as an agent to know how the company you are writing with runs their operations and if they are abiding by state laws and regulations?
Sure, there are MGA’s and carriers out there that will place business just to get numbers on the books. They will not look for declination letters, or proper licenses, or proper appointments, etc. And some of these carriers and MGA’s have been successful operating this way for many years.
However as an insurance agent, you have a commitment to your insured to present the best insurance program – whether the premium is for $500 or $500,000. You have an obligation to know the laws in the state you are writing and abide by them. If a carrier or MGA is not abiding by the laws and regulations and you still choose to place business with them, where does that leave you (and your E&O) in the event of an uncovered loss?

Associations are working hard to make it easier for agents to write business across state lines. They are looking everyday to better define “home state” and make the instructions for writing in their state easier. But in the end it is your job as an insurance professional to know the laws. Impossible to know the laws in every state you say? Yes, it is. That is why you should be utilizing all of your resources – whether state or national trade association, state departments of insurance / finance, etc.

For example, are you aware of the Non-admitted and Reinsurance Reform Act (NRRA)? Do you know what the requirements are in each state? Here is a link to the Compliance Guide put together by AAMGA (www.aamga.org) detailing what is required and where each state stands with regards to this regulation.

http://www.aamga.org/files/NRRA/NRRAComplianceGuide_72611.pdf

The better informed you are, the more vital your input and knowledge is to your client(s).

Ask questions of your carriers and MGA’s and if they do not know the answer ask them where you should go to find the answer. Ask your trade associations. Be in the know… this is one of the many things that make independent agents more valuable than a click or a phone call.

Who Makes the Best Trade Show Booth Staff?

2011-06-17T10:56:00.000-04:00

Most if not all of us have attended industry trade shows. Recently Jimcor Agencies sent about 15 people to the PIA NJ/NY Joint Convention in Atlantic City, NJ. This particular show is three days long, and draws approximately 2,000 industry professionals from around the Northeast US.
In walking around the convention center and looking at all the booths I did notice something that made the Jimcor booth different.
It wasn't the balloons celebrating our 25th Anniversary. It wasn't the great location right near the entrance.
It was the positive attitude of the Jimcor employees. Yes, we all wish the market was getting harder. But if we walk around portraying a negative attitude, who would want to do business with us?
In a meeting prior to the trade show we discussed attire for the booth and the events, who would be attending which classes, who would man the booth when, etc. We went over every detail.
But actually seeing the smiles on the Jimcor staff's faces, hearing them talk positively to everyone they saw no matter if they were a company, vendor or agent - it was great.
So what can you do in your office to make sure that only the positive attitudes are what people see?
Look at your culture. What is your office like? Do people regularly smile and laugh? Sure, every now and then people have a bad day, but is there one person whose negativity threatens your entire office?
There is always that one person who is a great worker, but their attitude could use some adjusting.
Whatever you decide to do with that employee, DO NOT put them out there in front of your clients. Think of how you would read someone who had that negative puss on their face, as opposed to the person (who may not be as knowledgeable) who is smiling and extending a hand listening to your concerns.
When looking around your office to see who should be attending an event, look for the people that invite opportunity. These will not always be your best producers (and that is something else that you should be looking at). These people will be the ones who even if something is happening in their personal lives, they are able to put it aside and concentrate on the positive of the moment - they put the client first. These are the people that say "Good Morning" with a smile everyday, even when it is raining.
Consider what your staff would look like at the booth of a huge trade show. How would your office be perceived? What would people walk away thinking about your company?
Make sure whomever you have out there marketing for you knows the importance of a smile and eye to eye contact.
For a great article click here to learn more about "Who Makes the Best Trade Show Booth Staff" from AlexisExhibits.com.
To find out where Jimcor will be exhibiting next, email us at info@jimcor.com!

Faulty Workmanship as "Occurrence"

2011-04-19T08:30:00.004-04:00

Jimcor Agencies was fortunate to have Bernie Heinze, Esq., Executive Director of AAMGA (American Assoc. of Managing General Agents) in our offices to teach a class last week. One of the industry issues that was discussed during the class was Bernie's prediction the "faulty workmanship" inclusion into the CGL coverage grant would be a trend on which our industry needs to stay abreast. In following up a few days after the class, Bernie sent around the opinion of the Western District of PA Federal Court and some background... as well as supporting documents and comments thanks to Randy J. Maniloff, White and Williams LLP, Philadelphia, PA.

"It is no secret that, since the Pennsylvania Supreme Court’s 2006 decision in Kvaerner, policyholders in Pennsylvania that have sought coverage for defective workmanship (whether construction defect or otherwise) have not fared well. The Western District of Pennsylvania recently ended the policyholder drought. But, a close look at the decision shows that the worm has hardly turned for policyholders confronting the faulty workmanship/“occurrence” issue.

In National Fire Ins. Co. of Hartford v. Robinson Fans, the court addressed coverage for an insured, Robinson Fans, that designed, manufactured and sold three industrial fans to Archer-Daniel-Midlands Co. ADM filed suit against Robinson Fans alleging that the equipment “failed catastrophically” on account of design defects. Robinson Fans at 1. The insurer undertook Robinson’s defense under a reservation of rights. At issue before the court in the subsequent coverage action was summary judgment on whether the failure of a defective product was an “occurrence.” Id. at 2.

The court readily acknowledged that, under Kvaerner, “the definition of ‘accident’ required to establish an ‘occurrence’ under the policies cannot be satisfied by claims based upon faulty workmanship. Such claims simply do not present the degree of fortuity contemplated by the ordinary definition of ‘accident’ or its common judicial construction in this context. To hold otherwise would be to convert a policy for insurance into a performance bond. We are unwilling to do so, especially since such protections are already readily available for the protection of contractors.” Id. at 5 (quoting Kvaerner). All of this is strikingly similar to the Lexicon case we discussed in AK and the Crossman opinions we discussed during the classes from Arkansas and South Carolina, respectively

The Robinson Fans court also concluded that, based on other decisions it examined, Pennsylvania law does not recognize the applicability of a CGL policy to a breach of contract claim. Id. With that as a backdrop, the court then distinguished Kvaerner, and other cases that have followed Kvaerner, from the defective fans before it. The decision’s money paragraph is as follows:
[T]here is a discernible distinction between a product that actively malfunctions, which could give rise to an “accident,” and flawed product related work done in performance of a contract, which cannot. Cases suggest a material difference between a claim that stems from a “breach[] [of] duty imposed by mutual consensus” -- or an alleged failure to live up to bargained-for standards -- and one that stems from breaches of standards of care imposed by law as a matter of social policy, independent of the parties’ bargain. See CPB Int’l, 2007 U.S. Dist. LEXIS 86506, at *19. The former constitutes uncovered “contractual claims of poor workmanship,” even if couched as negligence; the latter, however, may be a covered “active malfunction.” Cf. Erie Ins. Exchange v. Abbott Furnace Co., 972 A. 2d 1232, 1238 (Pa. Super. Ct. 2009) (emphasis in original). In other words, negligent or defective design, in a case in which the product is designed pursuant to and in accordance with a contract, is necessarily part and parcel of the contract performance. In contrast, if a product was negligently or defectively designed, and then supplied pursuant to a subsequent contract, the design work might be measured against tort standards of care rather than agreed-upon terms.

Id. at 6-7 (emphasis added).

The Robinson Fans court then cited several decisions that it believed supported this distinction The take-away from the court’s rule is this:
If the failure of the insured’s work or product was caused by the insured’s faulty design, and its obligation of proper design was one that the insured undertook in its contract, then the insured breached its contract and any damage was not caused by a occurrence.

On the other hand, if the failure of the insured’s work or product was caused by the insured’s faulty design, and such design predated the contract, i.e., was not an obligation undertaken specifically on account of the contractual relationship, then the insured did not breach its contract, but, rather, breached a duty imposed by social policy. In this case, any damage was caused by a occurrence.

Turning the facts at issue, the Robinson Fans court held as follows:
Here, the underlying complaint states a claim entitled, “negligence in design.” In so doing, it avers that the insured “agreed to provide” equipment that conformed with ADM’s performance specifications; “designed” the equipment, at some unspecified point in the case chronology; and “selected materials for and manufactured the equipment.” Further, the complaint states that the “negligence” and “design defects” caused “catastrophic failure” of the equipment. The complaint lacks any factual allegation that the insured undertook to design the equipment pursuant to mutual consensus or agreement, or instead, for example, supplied a fan designed long before Robinson and ADM contracted. Therefore, there is no basis for decisively concluding either that the complaint alleges failure to exercise care in duties imposed by contract, or those imposed extra-contractually by law. One possibility is equally as likely as the other.
Id. at 10.

While Robinson Fans was a win for the policyholder, it does not turn Pennsylvania law on its head.

First, it was a duty to defend decision. The court made clear that its decision was tied to a broad duty to defend standard and that when it comes to any potential indemnity obligation, the result may be much different. The court stated: “I cannot rule out the possibility that something other than faulty workmanship is blamed for the equipment failure. Therefore, because I must liberally construe the underlying complaint in favor of the insured, I conclude that it possibly pleads a triggering “occurrence,” rather than faulty workmanship.” Id.

Second, even if the failure of the fans constitutes an occurrence, for indemnity purposes, because it is determined that the design work predated the contract, i.e., the contract was not for the design, it seems likely that coverage would still be precluded by the “your product” exclusion (or “your work” exclusion in other contexts).

Third, faulty workmanship cases are more likely to involve construction defects alleged against contractors, which are not as likely to have design components, but, rather, allege failure to perform work as promised, i.e., the breach of contract claim that Robinson Fans held is not an occurrence (although now look out for “artful pleading” to trigger a duty to defend).

Fourth, in reaching its decision, the court relied on two New Jersey decisions and two Pennsylvania decisions that pre-dated Kvaerner.

A curious aspect of the Robinson Fans opinion is footnote 6: “Moreover, while the faulty workmanship alone is not covered, faulty workmanship that causes an accident may lead to coverage. L-J, Inc. v. Bitumous Fire and Marine Insurance Co., 567 S.E. 2d 489, 492-493 (S.C. 2002).” This statement suggests that the Robinson Fans court never received the Gambone memo. Further, South Carolina law has come a long way since L-J, especially after the recent Crossman decision. South Carolina is probably the last state that should be cited these days when attempting to make any pronouncement of coverage for faulty workmanship."
Thank you Bernie for your in depth analysis of this issue during our CE Class. Thank you Randy for your insight and comments.

If you have any questions please contact Jimcor Agencies, Randy J. Maniloff or AAMGA for more information.
http://www.jimcor.com/
http://www.aamga.org/
maniloffr@whiteandwilliams.com

Diversity Discussion with Elmer Rivera (Pt III)

2011-03-29T16:08:00.002-04:00

Welcome back as we finish up our conversation with Elmer Rivera, Branch Manager for Jimcor Agencies' Long Island, NY office and President of LABA (Latin Agents and Brokers Assoc.). Elmer has already answered questions about Diversity with regards to employment in our industry, geographic differences, leadership and more.
Here we will look at what the industry can do to further embrace diversity as well as an inside look at the new trade association, LABA.

Q: What else does the industry need to do to further embrace different cultures in our country?
A: "Bring It To The People" ...We need to educate not only our sales force, but also our office support, customer service reps., claims reps., and accounting reps. The fastest growing consumer group, people from diverse cultures present a great virtually untapped opportunity for insurance companies and agents to sell their products and services. By providing face-to-face communication, with clear product descriptions, and implementing patience & understanding, you can begin to build trust with the culturally diverse consumer.

Q: What is the purpose of your group LABA (Latin Agents and Brokers Assoc) and how are you different from other associations in the area / country?
A: Our purpose is to provide support in the advancement of the Agent and Broker serving the Hispanic American insurance consumer in the North East by assisting in providing the best possible product offerings to this ever growing consumer segment. We are also focusing on promoting education and mentoring to the future young Hispanic American insurance professional.
We differ from other associations in the Northeast by bringing together those already servicing, or interested in targeting Hispanic insurance consumers. We also differ by being the first association that looks to focus on educating not only the agent and broker, but the Hispanic insurance consumer as well. By educating the consumer, we believe we can help the agent & broker facilitate sales and servicing to the Hispanic insurance consumer.

Q: Do you have any additional comments?
A: The bottom line is that today the diverse cultures are what make America truly the land of opportunity, and the insurance industry needs to further prepare itself to take advantage of the opportunities that will come from this fast growing consumer group.

Thank you Elmer for taking the time to answer our questions.

If you would like more information on Jimcor visit our website at http://www.jimcor.com/.
For information on LABA visit http://www.latinagentsandbrokers.com/
You can also email Elmer Rivera at erivera@jimcor.com

In closing, ask yourself how diverse your agency, company or office is. Look around your community and find ways to learn about the different cultures all around you. After all, everyone needs insurance!

Diversity Discussion with Elmer Rivera (Part II)

2011-03-15T16:30:00.002-04:00

We are back talking to Jimcor's Long Island branch manager, Elmer Rivera, President of LABA (Latin Agents and Brokers Assoc).

We asked Elmer Rivera the question, "How has (or hasn't) the insurance industry embraced diversity" and then looked at different areas. Here are his candid answers!

Q: How has (or hasn't) the insurance industry embraced diversity with regards to Employment? A: The insurance industry has done a good job of embracing diversity in the workplace. When I first started my insurance career in the mid 80's there were few minorities entering the industry. Those that did were primarly African American and Asian. By the mid 90's I noticed a change. More Guianese, Hindi, and specifically Hispanics were entering the insurance industry. While much more is needed to show how we are an industry that embraces cultural differences and diversity, we are moving in the right direction. I would attribute this to the efforts of currect trade associations that have brought public awareness to following a career in insurance.

Q: How has (or hasn't) the insurance industry embraced diversity with regards to Leadership within the industry?
A: As public awareness grows, cluturally diverse people look to grow their own careers in the industry. Today people form various cultures are holding more leadership roles than they did 10 years ago. As staffing becomes more culturally diverse need to continue the same trend at the leadership level to stay in sync with the changing workforce as well as the marketplace.

We will complete this conversation with Elmer Rivera next time as we look at what else the industry needs to do to further embrace different cultures, marketing and Elmer will talk about LABA.

If you would like to reach Elmer River please email him at erivera@jimcor.com.

Diversity

2011-02-08T10:00:00.002-05:00

We sat down with Elmer Rivera, Jimcor's Long Island Branch Manager and President of LABA (Latin Agents and Brokers Assoc) and asked him a few questions on Diversity. We will break the discussion up into a series of blogs. Here is the first of that series.

Q: How do you define Diversity?
A: Diversity can have many different meanings. When you speak of a people I would define diversity as "Cultural Diversity". This means understanding that every culture has made a contribution to American history and each culture may have very different sub-cultures. In my view, we as Americans have a duty to show tolerance and understanding of the many cultures that make our country so great. While we are all Americans, keeping our cultural identities alive should be valued and not be ignored or put aside.

Q: Do you think diversity is different geographically? (i.e. in the northeast as opposed to other parts of the country?)
A: Yes. In America there may be one group of people, but many sub-groups within. This is evident in the Asian and Hispanic communities. While this holds true in the Northwest as well, when you discuss the topic of primary Hispanic communities, Mexican is the dominant Hispanic culture by the largest margin. In the Northeast there are many different Hispanic cultures. While Dominicans are the current largest segment, other Hispanic cultures (Puerto Rican, Mexican and various Central and Southern American cultures) are only less by a much smaller margin.

In the next blog we will be asking Elmer Rivera questions about his views on diversity within the insurance industry.

Wanna be in a relationship?

2010-12-30T15:23:00.000-05:00

Relationships are vital to any industry. How important is the 'relationship' today in insurance? With social media tools like Twitter, Facebook and yes, blogging, is the relationship really important? Do we follow companies or people? Or is it a little of both?

At Jimcor we believe it is both. Relationships are first about people. You develop a relationship with the person you feel most comfortable with and that is who you will continue to do business with over time. You want to know that if you call five years from know that person will be there to help you - you want that stability.

However, that same person must also have the tools available to them (the markets for example) to provide you with the service you need to write the account. Without those tools the best relationship cannot succeed no matter how much you like the person.

So to the agent it is about both the person and the company.

At Jimcor we strive to be the best when it comes to customer service. We want to be the first and the last call our agents make and we want them to know they can contact us with questions regarding coverage, markets, etc.

Each year we continue to improve our customer service standards - whether that means quicker quotes or more online programs - either way we give the clients what they want, when they want it and make sure we are there when they need us.

Exceptional customer service can be achieved very simply if your business consistently does the following things:
Be accessible. Answer your phone before the third ring. Have a means for the customer to reach someone immediately without having to leave a voicemail message. People want to talk to a live person.
Listen to complaints or mistakes and fix them. Thank your customer for making you aware of any issues they are having and get them fixed. Chances are there are 24 others with a similar problem.
Provide options. Give your customer choices on how they can do business with you. Make it as easy as possible for them to place their business with you.
Be honest. Don’t make promises you can’t keep. Reliability is the key to a great relationship.
Be helpful and courteous. Go the extra mile, offer more and ask if there is anything else you can do for your customer.

These tips, though simple, might take time. Post them in your office. Talk to your staff. Think of ways to make implementation fun.

USLI, one of our over 50 companies, was kind enough to let us copy these customer service points from their newsletter. Companies, vendors, and associations in our industry have tools available that can help make your agency stronger and improve your service standards. Reach out to your business partners to find out what free tools are available to you ... we did!

Relationships and customer service. Business may be conducted online and people may tweet and blog, but it seems the more things change the more they stay the same... our industry is still all about the people at the end of the day.

At Jimcor we pride ourselves on great people, great companies and great clients.

EPA Compliance & Insurance Coverage

2010-12-29T09:00:00.000-05:00

On April 22, 2010 the EPA (Environmental Protection Agency) rule commonly referred to as the Lead-Safe Program, which requires workers to be trained to use lead-safe work practices and requires renovation firms to be EPA-certified, took effect.

How will this impact your clients?

The title of this blog is also a link to a handbook that can help answer your questions and your clients' questions. Forward this to your clients so that you know you have provided the information they need to operate efficiently and effectively.

You can also click here to access the handbook -
Small Entity Compliance Guide to Renovate Right
EPA's Lead-Based Paint Renovation, Repair, and Painting Program

As stated in the handbook, those that must follow the rule can include but are not limited to:

Residential rental property owners/managers
General contractors
Special trade contractors including but not limited to:
Painters
Plumbers
Carpenters
Electricians
Contractors who perform activities that disturb painted surfaces in homes and child-occupied facilities built before 1978 (including certain repairs and maintenance, and painting preparation activities)

Jimcor is available to assist you with placement of these classes of business and more. We also have specialists on hand to write your hard to place business such as pre-1978 homes and businesses that may be impacted by this new EPA rule. Contact your Jimcor Environmental Specialist today and ask about our Lead Safe Contractors Pollution Liability program!

Jimcor Helps Make Insurance Cool for the Next Generation

2010-12-28T13:00:00.000-05:00

Recently I had the opportunity to go into my son Tommy's 5th grade class to talk about the insurance industry.

The American Agent and Broker article (link below or in the title above) talks about my day in the classroom and the students' reactions.

Yes, insurance can be cool. Yes, young children can understand the differences between independent agents and MGA's and insurance companies and the relationships that exist between the three. They learned about how the industry works with local and state governments and about flood and homeowners insurance. And yes, they loved the Dunkin Donuts that I brought in to entice them to listen and ask questions!

Overall the day was a great success.

How can you get started? It's simple - reach out . Just by contacting my high school Accounting teacher I was able to work with students on projects and talk to them about the different careers in insurance while they learned about the industry. Opportunities are out there if you have the time and know where to find the tools. You can utilize resources from associations like PIA and go to organized events like career days, college fairs, etc.

To read the article click here.

What other ways can we work together to improve the public perception of the industry? How can we get more people interested in careers in insurance if not for today, then as a future career? What are your thoughts? As an industry we need to work on our image with the public. We all know that. Employers allowing staff the time to talk to students, attend events such as a career day make a world of difference. Jimcor giving employees like me the time to give back to the industry and our community only makes our company that much stronger in the end - management realizes and embraces this in our culture. What is your corporate culture?

These kids may have been young, but they learned that insurance is more than a cartoon or lizard. And most importantly, INSURANCE IS COOL!

Running for a Cause

2010-12-28T09:00:00.000-05:00

According to Google community can be defined as:
 a group of people living in a particular local area; "the team is drawn from all parts of the community"
Insurance professionals have always been known for their sense of community, for giving back to the community, and for going above and beyond for their community. Jimcor Agencies has had the opportunity for many years to be involved with the NJ Young Insurance Professionals and their Fun Run which benefits the Special Olympics of NJ. Jimcor’s own sense of community was never so evident as the team (made up of Jimcor executives, staff, spouses and company representatives) ran for a great cause yesterday.
Special Olympics of NJ is an organization that provides sports training and athletic competition to children and adults with intellectual disabilities (http://www.sonj.org/). Since 1984 the Fun Run has raised over $2 million for SONJ and this year over $140,000 was added to that amount!
Held on the Boardwalk in Atlantic City, NJ, outside the Trump Taj Mahal which is where the Annual PIANJ / NY convention was still going on, the run started with warm-ups at 6:30 and concluded with a heart-felt awards breakfast where Jimcor Agencies was honored with a plaque for 1st place Overall Agency Fundraiser bringing in over $10,000.
Jimcor has always felt that our best asset is great people.
Tuesday morning, June 15th, on the boardwalk, as the sun was rising and people were stretching – we saw all the great people. Yes, the great people of Jimcor – not only the ones able to attend the event but all of those back at the office who bought a raffle ticket or contributed throughout the year to the many fundraising events held in our 7 offices – or even those lending a helping hand to the work piling up on desks and via emails. We looked around at the great people in the making up some of the best of our industry who gave up their morning to support the Special Olympics and run a 5k when others were sipping coffee and reading the paper.
That is what community is all about. That is what our industry is all about. And that is why our industry is the best. “The team is drawn from all parts of the community” and the team of insurance professionals we saw yesterday morning was pretty strong.

Thank you for allowing Jimcor Agencies to run along side you for so many years and be your partner – not only in this great event, but in this great industry of ours.

Anybody Home?

2010-12-27T15:00:00.000-05:00

It may sound depressing to some people, but our country’s economic woes can equal insurance opportunities. There, I said it. Shoot me! But you know you have all been thinking it! Vacancies are just one of the many areas where a professional insurance agent can improve their bottom line due to the current economic conditions we all read about every day. Sure, things may be picking up in some areas of the country, but we all know there are still vacancies out there.

In an effort to help you successfully write more Vacancy business, for a limited time (until 1/31/11) Jimcor has reduced our rates online and is offering additional commission!

In 2008 foreclosures increased 81%. Since 2006 foreclosure rates are up 225%!

Commercial and personal property forms do not really provide definitions for the terms vacant or vacancy. They also do not define unoccupied or unoccupancy under “Definitions”. There may be some clarification under the “Loss Condition” of certain forms.

How does Webster’s Dictionary see it?
Vacant/Vacancy: Deprived of contents; not filled; empty – as a vacant room
Unoccupied: Having no occupant; vacant; empty

So what are the major issues when a property becomes vacant?
There is a material change in risk
Water damage (freezing)
Vandalism restrictions

The hazards presented by Vacant Property can go on and on. For more information you can view a recent article from the National Underwriter Magazine Vacant Property Presents Unique Hazards.

Jimcor has made available to agents around the country an online program, AU Gold, to quote Vacant Property. With competitive premiums and coverage options, this program has seen tremendous growth over the past several years. For information on Jimcor’s online program contact your local Jimcor underwriter or click here.

Vacancies are only one class of business that agents can take advantage of during these tumultuous times to round-out their portfolio. What other classes of business have you seen that are picking up while the economy may be faltering? Are there marketing opportunities out there that have been more successful than others? How has your agency turned a negative (the economy) into a positive (staying flat or even growth)?

(NOTE Much of the information from this post was obtained from Frank Marmorato's Vacancy CE Class. Frank is the Product Manager for Jimcor Agencies. For more information on this Vacancy CE Class contact Frank at fmarmorato@jimcor.com.)

NY State Construction Industry Fair Play Act - Are your clients ready?

2010-12-27T09:00:00.000-05:00

Time to take another look at your NY Construction / Contractor policies!

On October 26^th, 2010 NY State Department of Labor made effective the New Construction Industry Fair Play Act which outlines who is and who is not an employee. Contractor clients, including General Contractors, Subcontractors and Artisans should be notified of this change to the law.

The law states that you are an employee UNLESS:

q You are free from direction and control in performing your job AND

q You perform work that is not part of the usual work done by the business that hired you AND

q You have an independently established business

Your employer cannot consider you to be an independent contractor unless all three of these facts apply to your work.

While also stating that it is against the law for an employer to misclassify employees as independent contractors or pay employees as off-the books, the notice goes into detail about employee rights and penalties citing both civil and criminal penalties.

Jimcor Agencies has access to multiple markets for NY Contractors. Knowing the details of Labor Law, coverage and the marketplace are just some of the reasons agents choose Jimcor. Contact one of our NY Underwriters or Brokerage Specialists for more information on how this new law will impact your clients today.

Click here for more information on the Construction Industry Fair Play Act

Click here for additional information on the NY Construction Industry Fair Play Act...

Don't Be a "Card Collector"

2010-12-23T16:33:00.000-05:00

Happy Holidays from all of us to all of you - we hope you are having a great holiday! But the question is, how are you going to close out the year?

Everyone is attending holiday parties - industry association parties, Chamber of Commerce parties, etc. What have your friends from Jimcor learned over the years that can help you not be a "Card Collector" when you attend these functions or any trade show or event for that matter?

Sue Linn, Sr. Commercial Lines Underwriter in Jimcor's Mount Laurel, NJ Office will be attending many industry association events this season. You can see her at the PIANJ Women's Business Forum on December 16th! One thing Sue mentioned is that whenever she is talking to someone at these events you have to give them your undivided attention.

"This is hard because there are so many people to see, and so little time. But you have to make sure the person you are talking to feels like the most important person in the room at that particular moment."

How do you do that? Eye contact. Don't look over their shoulder at the next person you want to talk to even if you really have to get away. "If you do have to leave the conversation," suggests Sue, "take their business card and take out your pen and write a note on the back of it in front of them with a reason to call them in the next day or two. But you have to let them see it! Let them know they are important."

Ken Zaloom, who works with Jimcor's Admitted Markets and has been seeing a lot of Worker's Compensation business as of late, was recently at the Independent Agents' of Rockland County Holiday Party.

"There were key people I wanted to talk to going into the evening," noted Ken. "But as the night went on I noticed I had a pocket full of cards and I still hadn't had the chance to talk to some of the people I really wanted to see. What I decided to do was work with the person from Jimcor who came with me and we sort of split the room to make sure we had a chance to talk to everyone. That allowed me to spend time with the people I wanted to spend time with and let them know that we were interested in their business, but still make contact with everyone in the room."

What do both of these stories have in common? Making the person you are talking to feel important. Don't rush the conversation.

One thing that Sue and Ken both mentioned is the MOST important thing to do after any event or trade show?

FOLLOW-UP!

Call the hot prospects the next day, wait a day or two for everyone else. But the hot prospects - pick up the phone. Don't assume they got your email. How do you remember what was hot about the prospect? While you are talking to them at the event, take out your pen and write something on their business card about them - maybe that they are interested in homeowners insurance - or worker's comp. Let them know you are listening. And on your own business card write something as well to make sure they remember you. It can be your cell number if you want them to have it (makes them feel special that they have a direct access number) or just the word homeowner's insurance or worker's comp insurance, etc. You get the picture...

The worst thing anyone can do at these holiday events is be a Card Collector. We have all seen them. They walk around and see how many cards they can get but at the end of the day they forget who half of the people are because the cards generally look the same and they don't follow-up! Admit it - we have all done this at one time or another.

Remember to enjoy yourself. People want to be around you if you are smiling.
Your friends at Jimcor Agencies wish you, your staff and your family a happy and healthy holiday season!

For more information on Jimcor’s program for Worker's Compensation contact your local Jimcor office or visit us on the web at http://www.jimcor.com/.

Give the gift of EPLI for the holidays!

2010-12-23T13:30:00.000-05:00

How many times do we all hear the phrase, "I don't have to worry about EPLI lawsuits in my office"? Or the classic, "For that price I will take the risk."

From David Letterman to ESPN commentator Steve Phillips, it's everywhere in the media today. Slow economic times breed lawsuits. But we are not telling you anything as an insurance agent you didn't already know.

So what information can we give you to help you help you clients? What can we provide you that will convince your clients that EPLI is needed now more than ever?
For one, try reading the recent article found in National Underwriter magazine called just that - EPLI Needed Now More Than Ever. Next, our friends at National Underwriter have another article in the same online issue about how the 'Recession Creates EPLI Demand'. (If you are not already receiving these online news updates, you should). This suggested reading can provide useful tips.

EPLI Insurance is that "extra" that clients seem to think they don't really need. It is that piece they feel, especially when times are a little difficult and they are trying to cut costs, they can probably do without. As their agent, how do you talk to them about the importance while keeping costs down?

What about all of those Holiday Parties? People that typically don't drink may tend to 'take a sip or two' more than usual around the holidays and let their guard down around other employees and/or employers. Reduced inhibition can lead to situations that create the potential for lawsuit. Comments or jokes made when someone has had a few too many drinks that are misinterpreted by another employee who is sober often lead to trouble.

Defense costs can be costly. Forget about the settlement which obviously can be extremely high in many instances. How will your client defend themselves? How will they protect their reputation?

But, your client doesn't need EPLI, right?

This is the time of year for celebration, jubilation, thanks and good tidings. But it is also the time of year to take a moment and realize that one mistake - or even one person claiming a mistake - can take it all away.

How can they afford NOT to have EPLI?

Jimcor's Professional Liability Specialists are available to assist you and your staff with placing this coverage as well as numerous other professional liability classes.

Call today for more information or click here for a representative near you.

Workers Comp

2009-12-04T11:10:00.004-05:00

We can write many classes of WC in the Northeast area. While we can write the easier classes we look for the difficult ones such as high debit mods placed in State Funds. Almost all State Funds surcharge insureds and many do not give premium discounts. We give a premium discount and don't surcharge the risk.

Try us. "You'll be happy you did".

MGAs get closer to real time technology

2009-10-23T11:18:00.000-04:00

The co-chair of AAMGA's technology committee examines the MGA/wholesaler's perspective on the value of real time technology....