2023 November PIA Vermont by PIA Northeast

November 2023 • Vermont

PAGE 18

Develop a niche

IN THIS ISSUE 4

Passion = niche

Parametric disaster insurance

Thinking of nurturing a niche?

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DEPARTMENTS November 2023 • Vermont

In brief

Tech

Sales

E&O

Ask PIA

Readers’ service and advertising index

COVER STORY 18 Boost your agency growth Develop a niche

FEATURE 25 Thinking of nurturing a niche? PIA Northeast members share their unique experiences

Statements of fact and opinion in PIA Magazine are the responsibility of the authors alone and do not imply an opinion on the part of the officers or the members of the Professional Insurance Agents. Participation in PIA events, activities, and/or publications is available on a nondiscriminatory basis and does not reflect PIA endorsement of the products and/or services. President and CEO Jeff Parmenter, CPCU, ARM; Executive Director Kelly K. Norris, CAE; Communications Director Katherine Morra; Editor-In-Chief Jaye Czupryna; Advertising Sales Representative Kordelia Hutans; Senior Magazine Designer Sue Jacobsen; Communications Department contributors: Athena Cancio, David Cayole, Jeana Coleman, Patricia Corlett, Darel Cramer and Matthew McDonough. Postmaster: Send address changes to: Professional Insurance Agents Magazine, 25 Chamberlain St., Glenmont, NY 12077-0997. “Professional Insurance Agents” (USPS 913-400) is published monthly by PIA Management Services Inc., except for a combined July/August issue. Professional Insurance Agents, 25 Chamberlain St., P.O. Box 997, Glenmont, NY 12077-0997; (518) 434-3111 or toll-free (800) 424-4244; email pia@pia. org; World Wide Web address: pia.org. Periodical postage paid at Glenmont, N.Y., and additional mailing offices. ©2023 Professional Insurance Agents. All rights reserved. No material within this publication may be reproduced—in whole or in part—without the express written consent of the publisher.

COVER DESIGN David Cayole

IN BRIEF

into a niche Bad idea: Building a niche just to build a niche Good idea: Building a niche out of a passion Turning from a general insurance producer into a specialist insurance professional is a great way to build your agency. But, before you invest your time, make sure you invest your mind.

Poll your employees

Your research may suggest that in your area there is a need for a specific type of insurance, but if you don’t find that market engaging you will be less likely to pursue it with the energy you need to be successful at it.

□ Does someone in your agency have

Find your interest

□ What types of things do people

During the research phase, check your Google history:

□ Which topics interest you the most? □ Did you write a one-off policy in your agency that you found interesting?

Not everyone starts off in the insurance industry. Your employees may have varied work experiences. experience working in restaurants?

□ Was someone a small-business owner? Or a freelancer?

□ Does someone on your

staff restore classic cars? like to do on the weekends?

The answers can help you identify an untapped market in need of insurance. They also can give you valuable insight into the inner workings of these industries— you may have an industry expert on staff.

□ Is there an insurance market for your interests?

□ Are there businesses that are

associated with your interests?

□ Are there local groups that host events that have to do with your interests?

Answering these questions will help you discover the industries that complement with your passions.

4 4

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Is the market needed? Jump back on the internet, and answer these questions:

□ How many potential clients can I find in this niche?

□ What is the best way to reach potential clients?

□ What are my geographic boundaries? □ What’s the average premium going to be?

□ Who would my competitors be?

What would be my market share?

The answers to these questions will help you determine the size of opportunity for your agency.

Do your homework Finally, all this work won’t amount to much if the insurance industry doesn’t have products to insure this market. Make sure there are enough insurance products from stable insurance companies that can help you find the insurance coverage your clients need to protect their businesses. And, don’t forget about the excess-and-surplus marketplace.

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FYI

Utica Mutual receives the 2023 PIA Company Award of Excellence PIA National has named Utica Mutual Insurance Co., the lead company of the Utica National Insurance Group, as the recipient of its prestigious 2023 Company Award of Excellence. The presentation was made on Sept. 20, 2023, during the annual fall meeting of the PIA National board of directors held in Naples, Fla. Utica National Insurance Group is a nationally recognized group of insurance companies, providing personal and commercial insurance products and services. Its errors-and-omissions program was established in 1966 and it is the second-largest E&O business in the United States. Utica Mutual Insurance Company was founded in 1914. “It is especially fitting that PIA honors Utica with this, our association’s highest annual carrier honor,” said PIA National outgoing President Gerald F. Hemphill, who announced the award. You can see Utica Mutual Insurance Co.’s acceptance video here: tinyurl.com/jhdbjyfp. “Utica Mutual writes E&O for independent insurance agencies through many PIA affiliates,” said PIA Northeast President & CEO Jeff Parmenter, CPCU, ARM. “We believe their longevity and consistency in this space as well as their value proposition align very well with PIA. This gives us the confidence that we have a true partner that we can rely on.” “We appreciate our relationship with the PIA and are grateful for this tremendous honor, which we accept on behalf of all of our team members who help to keep our company running and successful,” said Richard Creedon, chairman of the board and CEO of the Utica National companies. For nearly six decades, PIA Northeast has partnered with Utica National to offer its members access to E&O coverage for their agencies. Are you interested in speaking with someone about your E&O options? Call (800) 424-4244, or for a free, no-obligation quote, log on to: www.pia.org/quote/errorsandomissions.php.

Hard market and adverse actions When the insurance market hardens, insurance carriers can attempt to reduce their expenses and exposures in a variety of ways. Sometimes, those ways are overt like nonrenewing policies or filing for rate increases. Other times, the cost-cutting moves can be more covert and

directly impact insurance producers. This can take the form of a commission cut or an agency termination. Agents who are faced with adverse carrier actions like these may feel helpless, but they have some defenses. Both the provisions of an agency contract, as well as state law can combine to give an agency several protections from sudden commission cuts or terminations. Virtually every agency agreement includes provisions on the proper way to terminate the agreement. Typically, a carrier will be unable to terminate an agency agreement without first giving advance notice—30 to 60 days is typical in most agreements. Vermont requires at least 30 days’ notice; while New Hampshire requires 90 days’ advance notice by law. Some states also restrict a carrier’s ability to terminate an agency agreement. There are more variables when it comes to commissions. Some agency agreements prevent carriers from decreasing commissions without first giving advance notice, but others allow changes to happen almost instantaneously. Resources to help Here are some resources, which offer strategies that PIA Northeast members can use during these turbulent market conditions. These documents can be found in the PIA QuickSource library (www.pia.org): • Hard markets and commission cuts: what can producers do? (QS90742) • Three effective strategies to fuel growth during these turbulent market conditions (QS90923) • The hard market: Its impact upon insurance agents’ and brokers’ E&O liability (QS90876) PIA Northeast News & Media also has articles on this topic. They can be found by logging on to the news site (blog.pia.org), and by selecting “Hard market” under the “Tags” section. Articles include: • Best practices to selling in a hardening market • Premiums on the rise: What to do about it PIA offers members access to its PIA Market Transition Tool Kit (www.pia.org/IRC/markettransition), which offers agents information to help them adapt to the hardmarket cycle. Still have questions? PIA members can contact the PIA Industry Resource Center at (800) 424-4244 or resourcecenter@pia.org.

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Parametric disaster insurance In today’s rapidly changing world, traditional insurance products may fall short when it comes to effectively managing and mitigating risk. However, to fill those voids a new type of insurance product has emerged—parametric insurance. Parametric insurance covers the probability of a predefined event occurring instead of indemnifying the actual loss or damage incurred. The practical effect of this means that upon the occurrence of a triggering event—such as wind speed, rainfall, or earthquake—an insurer will pay a policyholder a set amount of money based on the magnitude of the triggering event, not the magnitude of the losses or damages. As climate change-related natural disasters continue to occur more frequently and unpredictably, the damages and losses that these storms inflict will become more expensive to insure as well. According to the National Oceanic

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TECH

THEOPHILUS ALEXANDER Government & industry affairs specialist, PIA Northeast

and Atmospheric Administration, since 1980, the United States has sustained 357 weather and climate disasters where the overall costs exceeded $2.565 trillion.1 If history is a good indicator of the future, that dollar figure is only expected to grow as our planet continues to warm and extreme weather persists. By way of example, let’s examine the development of parametric insurance in Puerto Rico following the aftermath of Hurri-

canes Irma and Maria, as well as explore the benefits that this innovative insurance product has to offer.

Puerto Rico Hurricane Irma and Hurricane Maria had devastating effects on Puerto Rico. In September 2017, Hurricane Irma, a powerful Category 5 storm, pummeled the island, causing widespread power outages, damage to infrastructure, and limited access to food, water and medicine. Just two weeks later, Hurricane Maria made landfall. Maria, a Category 5 hurricane, unleashed catastrophic winds, torrential downpours, and severe flooding across Puerto Rico. The

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impacts were staggering, leading to a humanitarian crisis and longterm economic consequences for the island, including recovery and rebuilding efforts, which were a challenging process, requiring extensive assistance from the United States, its businesses and international organizations. The effects of Hurricane Irma and Hurricane Maria served as a stark reminder of the destructive power of hurricanes and the need for preparedness, resilience, and timely assistance in the wake of these catastrophic storms. In July 2020, Puerto Rico heeded that warning and adopted Rule 103,2 a regulation to establish a regulatory framework for parametric microinsurance products with low-cost premiums intended for low-income families. This made Puerto Rico the first U.S. state or territory to authorize parametric insurance products. The objective of the regulation was three-fold. First, it aimed to reduce Puerto Rico’s reliance on the Federal Emergency Management Agency by offering diversified insurance coverage in the form of parametric insurance against predefined events. Second, the regulation aimed to offer affordable microinsurance products to businesses and families on the island.

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Lastly, Rule 103 sought to improve Puerto Rico’s resiliency in the wake of Irma and Maria. Three years later—in July 2023—AON, a global professional services firm, announced the establishment of a parametric insurance program built for the government of Puerto Rico,3 to provide the island with swift access to liquid capital during the aftermath of a triggering event, like an earthquake or hurricane.

With hurricane season set to end at the end of this month, and the recent establishment of the aforementioned parametric insurance program in Puerto Rico, it is certain that the insurance industry will monitor the island closely to assess the performance and effectiveness of the parametric insurance market. To assess, we will navigate the benefits parametric insurance can offer its customers prospectively.

Expedited and predictable compensation Parametric insurance is an innovative insurance product that provides faster and more predictable compensation to policyholders. Unlike traditional insurance policies that rely on complex claims processes and extensive investigations, parametric insurance does not require proof-of-loss or damages to initiate compensation, instead compensation is triggered automatically when a natural disaster exceeds a predefined threshold, allowing for money to get into the hands of the customers who need it. Further, because the triggering events are predefined, the compensation amount is more predictable than in traditional insurance policies in which the payout amount can be affected by factors like the cost of repairs and the value of the property. This makes parametric insurance an attractive option for individuals and businesses looking for fast and reliable compensation in the event of unforeseen events.

coverage amount, parametric insurance policies offer policyholders the ability to personalize their coverage according to their specific needs and risks. This customization not only offers increased flexibility but makes parametric insurance an appealing option as policyholders only pay for the specific coverage they need—making it a more valuable and cost-effective choice compared to traditional insurance policies.

Greater transparency Parametric insurance provides enhanced transparency to the insurance industry by utilizing objective, predefined parameters to determine compensation, instead of subjective assessments of damages. The increased transparency of parametric insurance benefits both insurers and policyholders by reducing uncertainty about compensation and promoting a more efficient insurance marketplace.

Gulf states Parametric insurance has been trialed in the United States in Alabama, Louisiana, and Miami-Dade County in Florida. Reinsurer Swiss Re spearheaded parametric insurance programs in all three locations. The first program began in 2010, covering Alabama State Insurance Fund’s hurricane risk for three years.4 In 2019, both Louisiana and Miami-Dade County entered similar deals valued at $1.25 million for winds of 80 mph for at least a minute, and $10 million for wind speeds over 87.5 mph, respectively.5 As the growing threat of catastrophic disasters persists, will state and local governments seek to invest in this unique insurance product? Only time will tell whether parametric insurance can be the next solution to manage and mitigate the ever-increasing dangers of life on coastline communities effectively. Alexander is PIA Northeast’s government & industry affairs specialist. 1

NOAA, 2023 (tinyurl.com/nhz29jmp)

Government of Puerto Rico, 2020 (tinyurl.com/ywkvc9xu)

Insurtech Insights (tinyurl.com/3e79kzd4)

PreventionWeb, 2010 (tinyurl.com/3f872nsv)

Ibid.

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Motivate the sales team When hiring salespeople, you want to hire people who are self-motivated. Just as you can’t teach honesty, integrity, and other key character traits, you can’t teach motivation, and you can’t motivate anyone. That said, here are a few ideas to nudge them in the right direction—and maybe even encourage them a little. While top salespeople tend to be self-motivated, money is a big motivator for 90-95% of salespeople. Because of this, it’s vital to structure your pay plan so that the behaviors you want are rewarded with money, and the behaviors you don’t want are not rewarded with money. What gets rewarded gets done—if you want them chasing new business, pay them handsomely for new business.

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Base salaries While you may need to pay new sales representatives a small base salary until they get going, you want most of a salesperson’s income to come from commissions made on sales. The problem with high base salaries is that if the salesperson can live a decent existence off the base salary, he or she is not going to be motivated to make lots of sales calls. For

SALES

JOHN CHAPIN President, Complete Selling

example, I was working with an insurance agent who was new to sales. He had sold one policy in his first six months, and it was to his dad. He would come in a few minutes late and leave at 5 p.m. The owner couldn’t figure out why he never seemed motivated to work, and why he wasn’t making any sales. It turned out the agency was paying him a $700 per week salary, plus commission. He lived with his parents who also bought him his car and were paying for his food and other essentials. In addition to the $700 a week, the agency was paying for his cell phone, gas and other business expenses—including health insurance. So, basically, he had $700 a week to spend on his social life.

Residuals Another situation can arise when salespeople get paid on residuals. Once they get to a certain residual income level—these days it’s around $120,000 to $150,000—they can go completely into service mode. They stop all newbusiness activities. Why? They’re comfortable, they’re able to pay the bills and they have some additional money. In this case, they need to get paid much less for residual business, and more for new business. Once this happens, it’s funny how quickly a salesperson can flip to seeking out new business.

Motivation The average person won’t work harder than necessary. Ultimately, there are four ways you can attempt to motivate people: external-negative, externalpositive, intrinsic, and peer. External-negative motivation. My first manager used to use externalnegative motivation, or to be more specific he used to say, “If I put a gun to your head, you’d do business.” This is a negative consequence or penalty for not doing something. When motivating underperforming salespeople, a sales manager usually starts with a probation period, followed by loss of one’s job for failing to do the necessary work or make quota. External-positive motivation. This is a reward for work done or a goal achieved. Think of the movie: Glengarry-Glen Ross in which the first and second place in the sales contest was a brand-new Cadillac, and a set of steak knives, respectively. In your agency, the motivation could be $100 for the person who makes the most calls in the next hour, or a limo lunch for whoever closes the most business this week. Generally, this is not as powerful as the first motivator because many of us respond more to pain, but it is still a way to get leverage on others. By the way, the third-place prize in the Glengarry-Glen Ross contest was external-negative: “You’re fired!” Intrinsic motivation. Intrinsic is the most powerful motivation among high achievers. This form has the most potential power and—if strong enough— can be used all by itself. This is the personal why. In other words, what are the personal reasons the salesperson needs to be successful? This can be kids and family, it also can be nice cars and houses, or other things money can buy— or it can be darker, like somebody told them they’d never be successful. You can ask salespeople what their long-term goals are. If they aren’t sure, maybe make some suggestions: living a dream lifestyle; taking care of kids and future generations, or parents; leaving a legacy; or a combination all of these. Where do they want to be in their career five, 10, or 20 years from now? Ask them: If 16

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they had no limits on time or money, what would they have and do with their lives? What is their endgame? Do they want to retire and to where? Peer motivation. This is who the salesperson spends time with personally and professionally. People usually rise to—but rarely above— their peer group. Birds of a feather do flock together. This also relates to your environment. If you have an office of negative people in which no one is held accountable, any success will be fleeting or nonexistent. To motivate others, provide a work environment that is successful, positive and professional, and one in which people are held accountable. Have them look at the people with whom they spend time.

Final thoughts When it comes to motivation, it’s best to hire self-motivated, hardworking salespeople. However, when this fails, the next best thing is to help them find their intrinsic motivation while offering peer motivation by providing a successful, positive, hard-working environment. That said, it’s a good idea to throw in some external-positive motivation from time-to-time (e.g., prizes and rewards). As a last resort, you may have to rely on some externalnegative motivation before you show someone the door. Chapin is a motivational sales speaker, coach, and trainer. For his free eBook: 30 Ideas to Double Sales and monthly article, or to have him speak at your next event, go to www.completeselling. com. He has over 36 years of sales experience as a No. 1 sales rep, and he is the author of the 2010 sales book of the year: Sales Encyclopedia (Axiom Book Awards). Reach him at johnchapin@ completeselling.com.

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JAMES KEANE Vice president of national sales, SIAA

Develop a niche hard market has a funny way of turning an agency’s business model on its head. And with loss costs rising and rates skyrocketing, many agency leaders are discovering the old methods of growing their businesses no longer apply.

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To achieve profitable growth today, some independent agents must revamp their business strategy completely. Agencies that once differentiated themselves solely on cost must now find fresh ways to offer their clients long-term value. And agencies that once benchmarked their success on premium growth alone must now double down on achieving policy growth. Given these stark realities, many agency owners are looking toward new niches in small commercial lines as a prime expansion opportunity. Such an approach can reap great rewards. However, if not done properly, it also can bring plenty of potential headaches. These best practices can help independent agents identify the right new niche, grow their expertise within that niche, and balance new business with existing clients for optimal success. Take a close, hard look at your current business. Before you run off to pursue a new niche, first review your agency’s value proposition. A solid first step is to perform a SWOT analysis that evaluates your agency’s strengths, weaknesses, opportunities and threats. This will help you determine what your agency does well, what you need to improve upon, and how you can increase the service you give to existing customers and expand into new lines of business. Consider the appetite of your carriers. If there’s a Golden Rule to entering a niche market—consider your carriers’ appetites. After all, if you select a risk class and then find out your current group of carrier partners doesn’t want to write it, you will frustrate potential clients, overwhelm your staff members and erode your business. A better approach is to talk with your carrier partners first, determine their appetites for writing certain niches, and then flesh out those opportunities. Consider your personal appetite. Maybe your research on niches leads you to an incredible potential financial upside to underwriting auto body shops. That is great. But if you really have no interest in cars, you will not be able to relate to your clients. As a result, you may struggle to win new business. You also could grow bored. That is why you should instead choose a niche that reflects a personal or professional passion. For example, if you like sports, then underwriting amateur or Little League teams might be a better niche to explore than those where you have no personal investment or interest. Find the road less traveled. As you start to zoom in on a potential niche, weigh the opportunity carefully. Consider how many other agencies are providing serve to the same niche, and how many potential accounts are within your purview. You may find that a niche with 5,000 potential accounts but no competition could be better for growth than one with 12,000 potential accounts and two other competitors. Think beyond traditional boundaries. Five years ago, insureds mostly sought agents located nearby. But in today’s digitally connected world, clients are willing to go beyond immediate local barriers to find an agency that provides the best coverage and service for their particular risk. This new reality opens the door for your agency to find clients from a broader geographical area, across any state where you are licensed to conduct business. Become an expert. You should do this on two levels. First, brush up on your knowledge about the insurance side of entering a new niche. Talk to your underwriters. Understand what conditions they favor and know their 20

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red flags. Meet the loss-control partners in that niche and learn how you can create a better experience for them. Consider the potential value of joining a network of independent insurance agents. Once you have developed your insurance expertise, start to become an expert in the niche business itself. Seek opportunities to talk with business owners about their industry, and not about insurance. Consider joining an industry trade group, or even consider serving on a board of directors of that group. Visit businesses in your niche and utilize their services. For example, if you are entering the restaurant niche, visit a prospect’s establishment for lunch. Then, schedule time to meet with the restaurant owners during offpeak hours, and engage in conversation about your experience and your business. Round out the market. To create a best-in-class experience for insureds, you will need to not only underwrite a niche’s main risk, but also tackle its ancillary and challenging risks. You can make this happen by understanding what those risks are and by partnering with brokers in excess-and-surplus lines to provide the needed coverage. Round out the account. Never assume you or your insured will know exactly what is needed. Business owners most likely will start the conversation with their agent around general liability. It is your job to look for additional helpful policies, such as workers’ compensation, professional liability, business auto or pollution and environmental. By informing your insureds of their other potential risks and offering options to cover them, you will position yourself as an expert and

develop potential long-term relationships with your insureds. Empower your staff to prioritize. It will take some finesse to balance existing and new clients. Doing so will mean shoring up internal processes so your team members can work more efficiently. Engage those on your staff in your processimprovement efforts and allow them to prioritize their work based on your clients’ individual needs. For example, assume your new niche is insuring contractors. That means your insureds will need certificates of insurance quickly and often. Ask your staff members to develop a process that makes certificate issuances a priority. This will give your team a say in the solution. It also will create the type of positive word-ofmouth with your insureds that will bring far greater results than any marketing campaign could hope to achieve. Seek additional resources. Adding a new niche does not always mean your agency needs to add staff members or hours. It also does not mean you have to cut back on services. Instead, seek value-added approaches. Consider using a service center that can help your insureds complete routine transactions after hours and improve your overall client satisfaction. Weigh whether a virtual assistant can automate repetitive tasks and relieve some of your workforce’s burden. Additionally, rely on technology to help you drive efficiency. For example, setting up online appointment scheduling software will save your team members time and empower your clients and prospects to set meetings with you on their own. Agency management systems and comparative rating solutions may bring your agency benefits too.

Find your next best step All markets evolve, and while it may not seem like it right now, the fact is the current hard market will eventually normalize. By expanding into small commercial lines and choosing the right risks, you can grow your business in the present market and fortify your agency to achieve even greater success in the years to come. Keane is the vice president of national sales for SIAA. He serves as the liaison between SIAA and its Strategic Master Agencies leadership, helping the SMAs maximize recruiting efforts, organic growth programs, agency development and member engagement. Reach him at james.keane@siaa.com. SIAA offers its members access to tools to help them grow their small commercial books of business, including its Business Insurance Advantage Program and its TechFinder.

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Thinking of nurturing a niche?

PIA Northeast members share their unique experiences

A niche can help you set your professional independent insurance agency apart from your competition. PIA Magazine asked two PIA Northeast members to discuss their agencies’ niches and what they did to establish them. PIA New Jersey past President Michael DeStasio Jr., TRIP, senior vice president of AssuredPartners, in Cranford, N.J., and PIA New York past President John C. Parsons II, CIC, CPIA, AAI, executive vice president of Parsons & Associates Inc., in Syracuse, N.Y., discuss their experiences with building a niche in transportation and lawyers professional liability, respectively.

Transportation DeStasio turned a part-time experience in the trucking and warehouse section into a multiple-decade niche writing insurance for transportation clients. He also discusses some of the ins-and-outs of what needs to be considered when writing insurance in this market: I began my insurance career in 1985. For two years, I was a personal-lines customer service representative before I spread my wings into sales for both personal lines and

small commercial lines. I was 27 years old, engaged to be married, and I was looking to purchase a house. I soon realized I needed a specialty focus. During high school and college, I had worked for a trucking and warehouse company part time—so naturally, I gravitated to the transportation sector. I started with a direct-mail campaign targeting smalltruck fleet accounts—I still interacted with several people I knew in the business from my days working in that industry. At the time, there were few markets entertaining the trucking class. I found a managing general agent market that had an “A+” rated liability market, and a small “A” rated company that wrote physical damage coverage. We represented several standard markets that were interested in motor truck cargo coverage. In this limited space, I had moderate success writing fleets of 1-9 units. In 1988, I wrote my first over 10-unit fleet, which I still write today for the second-generation business owner. The next year, I wrote a 35-unit account—which is another account I still write today, although it has grown to over 100 power units.

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While I was establishing this niche, there was a bit of trial-and-error. I learned about the marketplace by coming up against other markets or losing an account to an unfamiliar market. Some of these markets I tried to get into, and some of them I did not (if they did not offer quality coverage or if they were impaired financially). The niche’s evolution. In my career, the market has been a constant evolving place. Markets have come in, left or went insolvent writing this class of business. Several markets have come in-and-out several times. It can be a struggle to work with a market, only to have its rating drop drastically. In the early 2000s (specifically 2001-02), two large major writers of transportation insurance were “A-” rated, only to be ordered into liquidation by the state shortly thereafter. There is nothing worse than having to replace accounts, and to advise your insureds that the carriers they have policies with have been placed in liquidation. This is why it is important to write business with financially sound carriers that understand the business—it is not necessarily the cheapest carrier. And, this is something that needs to be communicated to our insureds, especially during the current hard market in which so many people are focused on the cost of their insurance policies. When I first entered this business segment, underwriting was simple. Loss runs and motor vehicle reports were required to underwrite a risk. If it was a new venture, we needed to document what experience the owner had. When writing fleets, insurance carriers wanted to see IFTA reports—reports that showed the miles in each state the insured travels in—and its financials. Carriers looked for any possible undisclosed cost of hire, and they wanted

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to see if the company was solvent. Financially impaired insureds may mean they are not paying the drivers a decent wage, therefore attracting a poor driver pool, or not putting money into maintaining the fleet. Today, we have entered the technology age. Insurance carriers are looking to see if the insureds have cameras, telematics and collision mitigation. Several insurance companies even want access to the data in real time. Other considerations. Aside from the auto liability, there are other exposures to a transportation company, and several of those coverages have challenges (e.g., physical damage). Several specialty markets want to concentrate on the auto liability. When you need to go to the monoline physical damage market, several of these markets will have dollar limitations on towing and/or catastrophe limits. I have seen rollover claims in which the towing and cleanup exceeded $100,000. Basic towing offered is $5,000 or $10,000 in towing/recovery. Several of these markets will allow you to buy up to $25,000. When writing any niche market, be sure to review all the forms closely. Motor truck cargo coverage forms differ greatly. There always are commodities limitations or exclusions, and peril limitations built into cargo forms. Many carriers will amend the form to accommodate the exclusion if they feel the exposure is limited or the prospect has knowledge in hauling that particular commodity.

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The E&S marketplace. Excess insurance also has been challenging due to social inflation and nuclear verdicts in the transportation industry. When I first entered this class of business, $1 million claims

were few and far between. Today, it seems to be a regular occurrence. I also have seen little fender benders turn into claims over $1 million. The excess marketplace is changing constantly. Carriers are in-and-out of the market, and you can count on rate increases every year. General liability. Despite all these challenges, general liability is a relatively easy line of insurance for the transportation niche. It is mostly dominated by the specialty market, but there is plenty of capacity for this class. However, be mindful that passenger transportation has additional exposures in abuse & molestation, which generally is excluded from the coverage. And, workers’ compensation for these classes seems to be available outside of the assigned risk. Ancillary coverages. When writing transportation business, don’t forget about ancillary lines of coverage— such as employment practices liability, employee dishonesty, directors & officers, miscellaneous professional liability, and cyber—which also should be considered, and their possible exposures contemplated with your customers or prospects. After 38 years in this business, I have learned that transportation insurance is ever changing. I learn something new on a regular basis about markets, claim trends, new exposures, etc., but it’s a good niche that I have enjoyed developing over the years.

Lawyers professional liability Parsons discusses how to turn an already-established relationship (the one between an agent and his or her lawyer) into lawyers professional liability niche. His agency estab-

lished its niche in 1986, so he is able to discuss what you need to be on the lookout for when you are creating this type of niche: The adage that the more policies you write for a client—the longer the retention—is still true. It’s also true that there isn’t an insurance agent who doesn’t know at least one attorney. So, do you write the professional liability for your attorney/law firm? Many agents don’t—and the reason usually is that they don’t understand it, or they don’t think there’s enough premium to warrant the effort. On a standalone basis this may be true—but if you take into account the fact that you insulate your client from competition, it’s not just the lawyers professional premium you stand to gain, but other lines of business you stand to lose. What is it? Lawyers professional liability—like medical malpractice or insurance agent’s errors-and-omissions—protects the professional against lawsuits that allege an error in providing professional services. Many LPL claims arise from an attorney missing a filing deadline, which denies his or her client the right to sue for damages. Different causes of action have timelines in which a claim can be filed—and missing a deadline and losing by default—can be expensive. What should you look for to write LPL? You want to work with a provider that knows the intricacies of the coverage, the policies available in the marketplace, and can support your ability to provide your clients with the coverage they need. The company writing the policies should have a reliable track record writing that coverage. LPL policies can have a high premium for larger firms that specialize in higher-risk areas of practice. These are the firms that represent clients who have been in accidents, had medical diagnoses missed and such. You see their ads every time you turn on the TV. There are two reasons why this risk is higher: 1. Because their clients presume that since they have hired that law firm, they are going to get paid. If they don’t get paid, it must be because the law firm didn’t do its job correctly—so the law firm should pay the client instead; 2. They concentrate on higher-risk areas (e.g., intellectual property or securities law), in which the dollars at risk are so great that if the law firm makes a mistake a larger premium is warranted. Certainly, there are times when the law firm makes an honest mistake that costs its client. And, an LPL policy protects the firm against those mistakes. If it makes mistakes more often than other similar firms, it pays more for its error insurance—just like the insurance agent who has more claims must pay more for his or her E&O insurance; or the driver with a lot of tickets or accidents pays more for his or her auto insurance. These high-premium policies can be attractive to insurance companies. The general thought may be that all they need to do is copy a policy that’s out there, tweak it some, charge less and do a better underwriting job and make a bunch of money. That is until they find out that they didn’t price the product properly, or they didn’t underwrite the applications properly and had a higher loss-ratio than the premiums written could support. How lawyers professional liability works. LPL is written primarily on a claims-made basis, as opposed to the occurrence basis like most personalor commercial-lines policies are written. To be covered the claim needs to be reported during the policy term and after the policy’s retro-date. Claims PIA.ORG

made for something that happened before the agreed-upon retro-date are not covered. As a result, a firm starting with zero years of coverage is at a step rate of 1. Different companies use their own step-rating factors—but usually after six years—the policy is considered mature, and additional step-rate increases stop. Now the rate is based on areas of practice, number of attorneys, insurance company rates, and any other changes that may have taken place—otherwise the premium will stay the same going forward. In comparison, an occurrence policy covers an act that happened while that policy was in force. When a company enters the market—because it is attracted by the premium levels, but it lacks the experience—this is when these mature policies start to have issues. If the problems are bad enough, the company will withdraw from the marketplace. There are several companies with extensive records of longevity in this business—so if you can work with them through your wholesaler—it will make your job easier, and you’ll be doing a better job for the attorney or firm. The nuances of the market. Like most lines of insurance, there are plenty of jargon terms: • retro-date,

Make sure the application is complete. If a question doesn’t apply—mark it N/A—don’t leave it blank. If the main application indicates that a supplemental application is required, make sure it also is completed and included. When in doubt, ask for help. You don’t want to jeopardize your own E&O. Insurance agents find attorneys to be good sources of referrals—protect that resource by writing as many coverages as possible for your lawyer clients. You’ll be glad you did.

• prior acts date, • first-dollar defense, • claims-expense outside limits, • claims-expense inside limits, • extended reporting period, and • retirement tail. Working with a specialist can make it a lot easier to navigate/understand these terms. They should be able to provide you with a comfort level so that you feel comfortable presenting the proposal and policy to your prospective clients. Resources offered by LPL companies. Usually, companies that specialize in LPL provide additional resources to help your LPL prospect or client reduce the chance of having a claim—it may be an online risk-management program that the attorney can do any time of day, evening or weekend. Usually, the program will offer CLE credits (attorney-speak for CE) they can use to satisfy membership in their bar association. It may provide a discount on their premium (like taking a defensive-driver course). The course usually is good for a set period of time. The companies also may provide a toll-free hotline, which allows attorneys to call and discuss a situation to see if it rises to a claim. Some companies even have resources that clients can use to lessen the likelihood of making an error, such as: engagement agreements, nonengagement agreements, conflictof-interest waivers, and closing-matter agreements. Wholesalers specializing in LPL are available in almost every state. Some cover multiple states, while others only write business in one state. Each state has differing regulations on how claims-made policies are treated, so working with a provider that knows your state is important.

Start early and make the process easier. Many law firms are partnerships, or limited liability partnerships or professional corporations. As a result, their fiscal year follows the calendar year. Most of these policies renew on Jan. 1 every year. Get the application to your prospect so they can complete it and return it to you as early as possible.

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It’s your turn Now that you’ve heard from some experienced insurance agents who have developed successful niches, it’s your turn. If you have been thinking about establishing a niche in your agency, consider the types of things that interest you, research the market, the insurance offerings, and the companies that are available to you, and get writing. You don’t need to build an empire overnight. Start small and keep adding to it. Good luck. Czupryna is PIA Northeast’s publications manager and PIA Magazine’s editor-in-chief.

Agency sales producers: Your total E&O commitment Agency sales producers are the key for an agency to have a solid commitment toward preventing possible errors-and-omissions claims. This means having a 100% buy-in from every producer, every day.

Current issues such as drones, cyber, and others require the producer to commit to learning.

Insurance producers are at the heart of most E&O claims—essentially, one out of every two E&O claims alleges an error or omission from the ranks of the insurance producer. Here are some vital issues for producers to be aware of:

Be honest with the carriers you use. Providing the markets with a full and accurate disclosure of the risk is critical when completing applications. The relationship between your carriers and your agency is built on

Take notes. As producers interact with customers, taking notes of the discussions should be a practice. When clients make decisions on the coverages they want and don’t want, producers typically are requested to get the clients’ signature. While putting this information in the file or agency management system is a positive step, it is just as important that these conversations and the decisions made be memorialized back to the customer. For example, if a client calls to advise that he or she is not interested in a proposed coverage, the best approach is to send the client a note recapping the discussion. The goal of this extra step is to ensure there is no misunderstanding between the parties. The extra time spent on documentation may very well determine the direction of the next E&O claim. Document. While producers may possess a very good skill set—including strong technical knowledge and solid sales skills—one thing they seem to struggle with is documentation. The lack of quality documentation is a major issue in E&O claims. Documentation is the one critical piece that may determine the agency’s success in prevailing in an E&O matter. Don’t rely on your memory. Let your documentation tell the story. It is not uncommon for the courts to take the position that, “if it’s not in the file, it didn’t happen.” Sell what you know and know what you sell. Producers must possess strong technical knowledge for interactions with prospects and customers. Keeping up with that level of knowledge is critical due to the evolution of our industry.

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Listen. In many—if not all—states, an insurance producer (agent/broker) has a common-law duty to obtain the coverage the client specifically requests within a reasonable time period. Thus, listening to the words of your client/ prospect is extremely important. Since there may be situations where the producers can’t secure the coverage requested, they also have a further duty to inform the client of the reason why the coverage cannot be secured.

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CURTIS M. PEARSALL, CPCU, CPIA President, Pearsall Associates Inc.

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trust. Being totally honest is an integral part of that relationship. The downside of being less than honest is extremely significant and is not a place you want to be. Watch your words. Due to the tremendous pressure to sell, producers may be inclined to position themselves and their agency in the best favorable light. While various marketing puff may enhance the ability to be successful, producers must be careful and deliberate in the words and phrases used for promotion. Avoid stating you are an expert. Also avoid phrases such as, “we make sure you are properly covered” or “this coverage is definitely better than what you have.” [EDITOR’S NOTE: For more information on marketing do’s and don’ts see “Do you know the special rules of marketing?” in the October 2023 issue of PIA Magazine.] Pearsall is president of Pearsall Associates Inc., and special consultant to the Utica National E&O Program. Utica National Insurance Group and Utica National are trade names for Utica Mutual Insurance Company, its affiliates and subsidiaries. Home Office: New Hartford, NY 13413. This information is provided solely as an insurance risk management tool. Utica Mutual Insurance Company and the other member insurance companies of the Utica National Insurance Group (“Utica National”)

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are not providing legal advice, or any other professional services. Utica National shall have no liability to any person or entity with respect to any loss or damages alleged to have been caused, directly or indirectly, by the use of the information provided. You are encouraged to consult an attorney or other professional for advice on these issues. © 2023 Utica Mutual Insurance Company

OSHA logs, waivers of subrogation and more OSHA log form sources Q. How do we get Occupational Safety and Health Administration log forms? What forms does my agency need? A. For a copy of the OSHA logs, as well as information on your recordkeeping requirements, log on to www.osha.gov/recordkeeping.—Dan Corbin, CPCU, CIC, LUTC

Family Leave Act–who pays? Q. I would like a clarification of the Family and Medical Leave Act of 1993. If the employee takes a leave under this federal act, who pays for the employee’s medical coverage? A. The employer is required to continue to provide health benefits during the leave at the same level as if the worker were continuing to work in his or her regular position. The worker must continue to pay appropriate premiums (to the same extent as if he or she still were working), co-payments, and other out-of-pocket costs required under the health plan. Arrangements of the payment of any premiums for which the employee is responsible should be included in planning the leave. Employees who fail to return to work after their entitled leave has expired may be required to re-pay the health premiums their employer paid to continue their coverage during the leave—unless the failure to return is due to a continuation of the medical condition that prompted the leave or to “other circumstances beyond the [employee’s] control.” For information on the Family Medical Leave Act, which applies to employers with 50 or more employees, see Family Medical Leave Act (QS90400) in the PIA QuickSource library.—Theo Alexander

DOL overtime–outside-sales exemption Q. Will my producers qualify for the outside-sales exemption, even though many of them maintain office space at the agency? A. It depends. To qualify for the outside-sales exemption, an employee’s primary duty must be making sales, obtaining orders or contracts for services, or for the use of facilities for which a consideration will be paid by the client or customer. In addition, the employee must be customarily and regularly engaged away from the employer’s place or places of business.

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Whether a producer is “customarily and regularly engaged away from the employer’s place of business” depends on the extent to which he or she engages in sales or solicitations, or related activities, outside of the agency’s place or places of business. By meeting clients face-toface outside of the agency’s place of business to initiate sales (e.g., at the client’s home or business, at a restaurant or a club), producers would fulfill the outside requirement of the outside-sales exemption.

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It is important to note that producers may qualify for the outside-sales exemption, even though they perform some activities at the agency’s place of business, so long as the inside-sales activity is incidental to, and in conjunction with, qualifying outside-sales activity.—Bradford J. Lachut, Esq.

Exemptions from DOL overtime Q. How do I know if my employees are exempt from overtime? A. Employees will be considered exempt from overtime under the Fair Labor Standards Act if they meet all three of the following tests: 1. The employee is paid on a salary basis not subject to reduction based on quality or quantity of work;

2. The employee’s salary must meet a minimum salary level of at least $47,476 annually; 3. The employee’s primary job duty must involve the kind of work associated with exempt executive, administrative or professional employees. Information on the executive, administrative and professional exemptions can be found at www.dol.gov/whd/overtime/fact_sheets.htm. Note that there is an exemption for employees who are considered outside sales force, which has a different set of tests. More information on the outsidesales-force exemption can be found in DOL overtime—outside-sales exemption (900419), which can be found in the Ask PIA database.—Bradford J. Lachut, Esq.

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Post-loss waiver of subrogation Q. We have a client who is a tenant insured on an ISO commercial general liability policy. The tenant’s lamp started a fire that caused significant damage to the landlord’s building. The two corporations (the tenant and the landlord) are owned by the same people. The landlord’s insurer has paid $170,000 and it is subrogating against the tenant, who has $100,000 fire legal liability coverage. Will the tenant’s insurer pay the excess $70,000 under the property damage liability limit under his policy? A. A better solution is available. Since the two corporations, landlord and tenant, are owned by the same individuals, have the landlord agree to waive rights against the tenant. Under standard ISO policies (CP 00 90), the landlord can do so without violating its duties under the policy. See Conditions I. Transfer of Rights of Recovery Against Others to Us. It states the insured may waive its rights against another party in writing, after a loss, where the other party is the insured’s tenant. If no subrogation occurs, you will not have an issue with the adequacy of the tenant’s limits. To answer your question, the building your client rents or occupies is excluded property. However, an exception to the exclusion restores some limited fire legal liability coverage represented by the Damage to Premises Rented to You Limit. No coverage beyond this limit would be available for this loss under the CGL policy.—Dan Corbin, CPCU, CIC, LUTC

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