Take the time to review this article. ACV vs. Replacement Cost issues are nothing new, and knowing how to professionally handle questions is what separates the independent agent from an 800#.
Tuesday, May 15, 2012
Actual Cash Value vs. Replacement Cost
A recent article by PropertyCasualty360.com looked at the confusion that can be caused by the standard replacement-cost provisions on Commercial Property forms. The article explores how the Commercial Property forms can offer the insured the option to accept settlement on an ACV basis, but the insured can later decide to receive the replacement cost amount.
Take the time to review this article. ACV vs. Replacement Cost issues are nothing new, and knowing how to professionally handle questions is what separates the independent agent from an 800#.
Take the time to review this article. ACV vs. Replacement Cost issues are nothing new, and knowing how to professionally handle questions is what separates the independent agent from an 800#.
Monday, May 7, 2012
Happy Anniversary Jimcor!
Happy Anniversary Jimcor Agencies!
May 3, 2012 marks Jimcor's 26th anniversary. In honor of the Mastowski's first putting the sign on the door 26 years ago, let's take a look at headlines from that May weekend in 1986!
· Frank and Ellen Mastowski opened the doors to Jimcor Agencies on Sullivan St., Westwood, NJ
· American Top 40 with Casey Kasem released a compilation of songs whose track list included “Kiss” by Prince and the Revolution, “Addicted to Love” by Robert Palmer and Janet Jackson’s hit “What Have You Done for me Lately!”
· Senate proposes first budget over $1 trillion
· Crude oil is at $14.73 per barrel
· Mike Tyson goes for 20-0 record at the age of 19
· According to results of the Gallup Poll in 1985, fishing is the second most popular leisure activity in America
· Dow Jones indicator closes Friday at 1,774.68
· Britain’s Prince Charles and Princess Diana travel to Vancouver to open Expo ’86 in hopes for an economic and spiritual renewal for British Columbia
Tuesday, April 24, 2012
Did you ever wonder how it all began?
Did you ever take a minute to think about how it all got started?
Not the 'Big Bang Theory' or the Chicken or the Egg.
We mean us, this thing, the American insurance industry?
Swiss Re conducted a study and found:
- Insurance employs about 2.23 million people in America
- Gross insurance premiums totaled $1.16 trillion
- More than 4,000 companies underwrite insurance in America
But that doesn't tell us how it all began?
Well, according to PropertyCasualty360, in the mid-18th century Ben Franklin and other firefighters founded the first, lasting insurance company.
Tuesday, April 17, 2012
The Impact of 2011 Record Year of Cat Losses on Rates
It should not be news to anyone that 2011 was a record year for catastrophe losses.
Lisa Parry Becker with Wm B Parry & Son Ltd out of Bucks County, PA discusses the impact these losses are having / will have on rates in her blog. In a conversation with Becker she explained that she "decided to do some research since there were obvious questions coming from clients about rate increases."
Who knows what we will see in terms of cat losses for 2012, so for now let's take a look back on 2011 and see what impact those losses are having on us today.
2011 Natural Disasters: Rate Increases on the HorizonBy: Lisa Parry Becker February 11, 2012
Lisa Parry Becker with Wm B Parry & Son Ltd out of Bucks County, PA discusses the impact these losses are having / will have on rates in her blog. In a conversation with Becker she explained that she "decided to do some research since there were obvious questions coming from clients about rate increases."
Who knows what we will see in terms of cat losses for 2012, so for now let's take a look back on 2011 and see what impact those losses are having on us today.
2011 Natural Disasters: Rate Increases on the HorizonBy: Lisa Parry Becker February 11, 2012
Wednesday, April 11, 2012
Fire Safety
Wildfires have been all over the news. From Pennsylvania to Long Island, New Jersey to Upstate NY the dry conditions have brought about warnings by the National Weather Service with several fires breaking out in the past few days.
Here are some links from your friends at Jimcor Agencies that can prove helpful for the insurance community and their clients:
NFPA – National Fire Protection Association
http://www.nfpa.org/categoryList.asp?categoryID=244&URL=Safety%20Information/Safety%20tips%20&%20fact%20sheets
Wednesday, March 21, 2012
NRRA Implementation Process Reviewed by NAPSLO as seen in AA&B Magazine
NAPSLO's actions on implementation of the Nonadmitted and Reinsurance Reform Act (NRRA) are highlighted in the March issue of the American Agent & Broker magazine in an article by Executive Director Brady Kelley.
The article, Implementing NRRA, can be viewed online at the magazine's web site. The article reviews recent actions by states to modify their laws on taxing premiums, the status of the Nonadmitted Insurance Multi-State Agreement (NIMA) and Surplus Lines Insurance Multistate Compliance Compact (SLIMPACT), the prospects for tax sharing by the states, and the cost/benefits of tax sharing.
Jimcor Agencies is a proud member of NAPSLO. Questions? Contact Jimcor Agencies for more information.
Friday, January 20, 2012
The New "SEXY" Insurance
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.
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!
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.
Special thanks to Business Insurance for the great cartoon!
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