Delaware Primary Agent - September 2017 by Insurance Agents & Brokers Service Group Inc

3 CA R E R R AS I E ON RS S U TO Pa RVE R E L ge Y Y 22 R E ON SU LT S

SEPTEMBER 2017 | DELAWARE

BUILDING B R I D G ES T H E AG E N CY- CA R R I E R R E L AT I O N S H I P

AGENCY AGREEMENTS LEMONADE ‘TASTE TEST’

Property Damage Liability FOR MULTI-FAMILY APARTMENT OWNERS/MANAGERS

OwnersPROTECT

A dynamic risk-transfer platform Zero cost to owner Significantly improves NOI

OwnersPROTECT is for property owners/managers with a total of 50 or more rental units. It transfers the financial costs and liability for resident-generated losses by five perils – fire, water overflow, smoke, explosion and residentinduced sewer backup – and fulfills residents’ legal obligations regarding indemnification within their lease agreement. The coverage provides $100,000 of property damage liability protection from residents, as well as their guests and visiting family members. The owner/manager is the named insured and the premium is simply added to the monthly rent. Software provides delivery, monitoring and automated reporting process. The platform manages the entire process – either synchronizing data from existing property management software system or through the OwnersPROTECT online administration process.

For more information about Riverside or OwnersPROTECT, contact Mike Ebert at 717-480-7119 or mebert@RiversideBrokerage.com

OwnersPROTECT is brought to you by Riverside Brokerage Services & Powered by Renters Legal Liability® (RLL®). Riverside is a wholly-owned subsidiary of Millers Mutual Group, a regional property and casualty insurer serving independent insurance agents with commercial policyholders in Pennsylvania, Delaware, Maryland, Virginia, Washington, DC and Ohio.

IN THIS

WHEN AGENCY AGREEMENTS FALL IN LINE An agency agreement should be just that – an agreement between an agent and his or her carrier, a mutual understanding of responsibilities and rights.

THE LEMONADE ‘TASTE TEST’ Lemonade is undoubtedly making a splash. But will customers’ sweet perception of the insurance company sour over time?

AGENT/CARRIER AGREEMENTS: KNOW YOUR CONTRACTUAL RESPONSIBILITY Agency-carrier contracts can put the burden of privacy compliance and data security on agencies. Learn what to look for in your carrier contracts and where you may be vulnerable.

IN EVERY ISSUE 2 3 4 6 8 11 28 28 28

Chairman of the Board’s Message Ask Our Experts Preventing Errors & Omissions Coverage Corner State News IA&B Partners Advertiser’s Index My Events Classified Ads

Periodical postage paid at Mechanicsburg, Pa. and at additional mailing offices. Postmaster: Send address changes to Insurance Agents & Brokers, 5050 Ritter Road, Mechanicsburg, PA 17055. Primary Agent (ISSN 1543-3110), Permit # 638-620, Issue # 2017-9, is published monthly by IA&B Service Group Inc., a subsidiary of IA&B.

Copyright 2017. All rights reserved. No material may be reproduced in whole or in part without written consent of the publisher. The information in this publication is general in nature and not intended to serve as legal, accounting, financial, insurance, investment advisory or other professional advice as to any reader’s particular situation. Users are encouraged to consult with competent legal, financial, insurance, investment advisory and/or other professional advisors concerning specific matters before making any decisions. We disclaim any responsibility for any decisions or actions by readers. Statements of fact and opinion in Primary Agent are the responsibility of the authors alone and do not imply an opinion on the part of the officers or the members of IA&B. Participation in IA&B events, activities and/or publications is available on a non-discriminatory basis and does not reflect IA&B endorsement of the products and/or services.

CHAIRMAN OF THE BOARD’S MESSAGE

CHANGE WITH THE TIMES

INSURANCE AGENTS & BROKERS 5050 Ritter Road | Mechanicsburg, PA 17055 800-998-9644 | IABforME.com

OFFICERS

Chair of the Board

reetings from Northeast Pennsylvania – where autumn always arrives quickly! As I sit down to write this, my first message as chairman, it’s a hazy, hot summer day. But by the time this magazine reaches your mailbox (or inbox, as it may be), the Pocono Mountains will be on the cusp of change. Evenings will fall earlier and cooler, leaves will lose their summer luster and (fingers crossed!) the golf courses will be in their prime. It’s the season for change at IA&B as well. Every September, a handful of new directors join our ranks, and leadership transitions. It’s an annual rotation that keeps our boards of directors agile and our ideas fresh. Along those lines, I’m honored to share that two young agents are among our new crop of directors. This is a testament to their strengths as businesspeople and leaders and to the organization’s expanding focus on perpetuation and inclusivity. I encourage you to stay engaged with your agents’ association in the months ahead. It’s an exciting time, and there are other developments – new benefits and fresh opportunities – in the works. Of course none of these would be possible without the leadership of Mike McGroarty and Bob Klinger and the many other volunteers who pointed IA&B on this trajectory. (I tip my hat to you!) Yes, times are changing, but that change need not bring worry. It’s a great time to be an independent agent and a member of IA&B. Come along for the ride! n

John B. Hollister

Vice Chair of the Board

Craig S. Mader

Immediate Past Chair of the Board

Michael F. McGroarty Sr.

MEMBERS Emory Stephen Burnett, CIC, ARM Wilmington, Del.

Richard F. Corroon, CPCU Wilmington, Del.

Michael P. Ertel Sr.+ Columbia, Md.

Ashley M. Fitzsimmons, CISR Forest City, Pa.

G. Greg Gunn, CIC* Lemoyne, Pa.

Bryan C. Hanes, JD Hagerstown, Md.

David C. King Lancaster, Pa.

Lisa A. Leach Goth, CIC New Bethlehem, Pa.

Elizabeth H. Martin, CIC Millersville, Pa.

Mark J. Monroe

West Chester, Pa.

Joseph R. Pastor, CPCU, AAI Oil City, Pa.

Richard M. Rankin, CIC

All the best,

Lancaster, Pa.

April E. Ressler, CIC Altoona, Pa.

D. Bradley Rosenkilde Jr. Hunt Valley, Md.

John Hollister Chairman of the Board

Tara S. Silfies, CPCU Bethlehem, Pa.

Glenn R. Strachan

Ft. Washington, Md.

Bryan S. Willey Dover, Del.

Lawrence A. Wilson, CIC, CPIA, CPCU, ARM** Newark, Del.

J. Marshall Wolff, CIC, CPCU Easton, Pa.

* Pa. IIABA National Director ** Del. IIABA National Director + Md. PIA National Director

SEPTEMBER 2017

Ask Our Experts IA&B Advocacy Senior Director Claire Pantaloni, CIC, provided this month’s answer.

Question: A local realtor wants to refer business to my agency, and is asking for a referral fee in return: What can I pay him?

Answer:

he most likely answer is nothing. Interestingly, this is not driven by a state statute but by a federal one, the Real Estate Settlement Procedures Act (R.E.S.P.A.). This law contains prohibitions against kickbacks and unearned fees, and makes it a violation both for the person receiving the payment (in this case, the realtor) and for the person making it (you). What does the law say? Under 12 U.S.C. § 2607: “no person shall give and no person shall accept any fee, kickback, or thing of value pursuant to any agreement or understanding, oral or otherwise, that business incident to or a part of a real estate settlement service involving a federally related mortgage loan shall be referred to any person.” The definition of “settlement services” provided in the Housing and Urban Development (HUD) regulation expressly includes “provisions of services involving hazard, flood, or other casualty insurance or homeowner’s warranties.”

As a result, fees should not be granted for the referral of a home purchase to an insurance producer for hazard or flood insurance, including homeowners’ insurance policies. Even the writing of life or disability policies in the context of a settlement is restricted. What can you tell the realtor? While this may look self-serving to your realtor friend, you may take referrals and provide insurance to the individual customers; what you may not do is pay for those referrals. While he (or she) will surely cringe at the response, he will cringe less than he would at a HUD or Federal Trade Commission investigation. In short, reminding him of the R.E.S.P.A. restrictions is doing him a favor. Are there any exceptions? There are some limited exceptions for certain “affiliated business arrangements.” However, any agency wanting to avail itself of such exceptions should tread carefully and have an attorney who is familiar with R.E.S.P.A. examine the circumstances and determine whether it is a viable option. Know that

any affiliated business arrangement will include: • The existence of an affiliate relationship through common ownership or control; and • A written disclosure form meeting a specific format, including the referral fee paid, for each referral. While in many states, the ability to pay referral or finder’s fees has relaxed somewhat after enactment of revised Producer Licensing Laws, restrictions continue to exist for realtors, mortgage brokers, lenders, or any other professionals involved in the settlement of a real estate purchase. n

Have a question? Ask our experts! Rely on our experts to answer your most perplexing questions. Visit the Ask Our Experts section of IABforME.com (find the link in the website footer) to submit your question and review answers to other frequently asked questions. Or email your question to us at IAB@IABforME.com. We look forward to hearing from you.

PREVENTING ERRORS & OMISSIONS

HOW WELL ARE YOU COMMUNICATING WITH YOUR CLIENTS AT RENEWAL TIME? By Curt Pearsall, CPCU, AIAF, CPIA

enewals generate far more errorsand-omissions (E&O) claims than their new-business counterpart. This makes perfect sense as most agencies are diligent in assessing a client’s exposures at the onset of coverage. However, many agencies run the risk of taking renewals for granted and simply let policies, especially those for smaller accounts, renew “as is.” The potential for exposure changes to the agency’s Personal Lines and Commercial Lines accounts from year to year is significant. When factoring in that the

overwhelming majority of E&O claims involve a client’s uninsured exposure, it is clear that a procedure is needed to address this. RULES OF THUMB The suggested approach is for an agency to reach out to its clients via a review or checklist to ask about changes in exposures. A form or questionnaire should be developed and emailed or mailed to the client with a cover letter explaining the purpose. The agency should also include a list of coverage options for the client to consider. SEPTEMBER 2017

This is vital, especially with Personal Lines clients and small Commercial Lines clients, because most agencies do not have the luxury of time to meet with every client. Efficiency is critical, and most agency management systems can handle this task. It is common to send this questionnaire to the client 90 days in advance of the renewal date of a key coverage, such as the package policy in Commercial Lines and the Homeowners’ or Auto in Personal Lines. Hopefully, the agency will receive a good response. However, it

is not necessary to follow up with those clients who did not respond. The questionnaire should be mailed every year, and contain language stating that if the form is not returned, “the coverage will be renewed based on information previously provided.” In addition, the agency file should reflect that this mailing was done, and staff should act promptly upon those questionnaires that are returned.

A WIN-WIN If your agency could be one of those that tends to take renewals for granted, implement an annual exposure review into your process. By taking this approach, the agency’s defense would be strengthened if a client alleged that they were not properly insured. Ironically, as this process gets implemented, the agency may experience the added benefit of writing more insurance. Without a doubt, this is a win-win proposition. n

For agencies that use service centers, it is suggested to not send this questionnaire to those clients as the mailing could impact the hold-harmless provision in the service center contract.

Curt Pearsall, CPCU, AIAF, CPIA provided this content on behalf of Utica National Insurance Group. IA&B’s My Agency is the exclusive agent for the Utica E&O program in Delaware, Maryland and Pennsylvania. For questions regarding this article or your E&O coverage, contact IA&B at 800-998-9644 or IAB@IABforME.com. The material contained in this article is for informational purposes only and is not for purposes of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem.

UNCOVERING EXPOSURES UNDERSTANDING THE exposures of varying businesses is a challenge. That’s where the Virtual Risk Consultant comes into play. The unique online sales and service resource is designed to help your agency better serve your customers by improving your staff’s knowledge of customers’ and prospects’ operations. Note: Our member agencies receive discount pricing for the Virtual Risk Consultant. IABforME.com/Discount_Services/VRC

MEETING THE CHALLENGE OF CHANGE THE EVER-CHANGING world of insurance includes new and evolving E&O exposures, as well as emerging new ways to protect your agency. Our six-hour seminar “E&O Risk Management: Meeting the Challenge of Change” shares hot topics, including privacy and data breaches. The course is approved for 6 GEN CE credits and for loss-control credit for Westport and Utica policyholders. Pittsburgh – Thursday, Oct. 19 Allentown, Pa. – Wednesday, Nov. 29

Mechanicsburg, Pa. – Wednesday, Oct. 25 Philadelphia – Thursday, Nov. 9 Newark, Del. – Thursday, Nov. 30

IABforME.com/MyTraining

COVERAGE CORNER

WORKPLACE VIOLENCE By Jerry M. Milton, CIC

very year nearly two million American workers report having been victims of workplace violence, according to the U.S. Department of Labor. These incidents can be minor attacks, physical assaults that result in serious injuries to the worker or, in some cases, homicide. While roadway incidents are the number one cause of death of workers overall, workplace violence is the third leading cause for some occupations. Taxi drivers are more than 20 times more likely to be murdered on the job than other workers,

according to the Occupational Safety and Health Administration (OSHA). Workplace violence can occur anywhere at any time, whether you employ five people or have a workforce of 5,000. OSHA defines workplace violence as: Any act or threat of physical violence, harassment, intimidation, or other threatening disruptive behavior that occurs at the work site. According to OSHA, workplace violence falls into four categories â&#x20AC;&#x201C; criminal intent,

SEPTEMBER 2017

attacks by customers/clients, workeron-worker and personal relationships. The personal relationship attacks overwhelmingly target women. Major contributors to these incidents are often alcohol or drugs. Other contributing factors are loss of job, demotion, divorce, working late at night and working in areas with high crime rates. Some people commit violence because of revenge, robbery, ideology or, as is too often the case, mental illness.

Injury Facts 2016 lists data for workplace violence-related deaths and injuries resulting in days off work. Some of their statistics for 2013 are as follows:

policies typically cover those costs and expenses incurred because of a workplace violence incident and the loss of income resulting from the incident.

Injuries resulting Occupation in days off work Deaths Government 37,110 128 Education and Health 22,500 35 Professional and Business 4,460 65 Retail 2,680 127 Leisure and Hospitality 2,380 107 Financial 1,100 37 Transportation 840 71 Construction 680 36 Manufacturing 570 36

Make no mistake. Workplace violence can occur anywhere at any time to anybody. This may be an issue you should discuss with your insureds.

What can be the financial consequences for a company that has an employee who is the victim of a workplace violence incident? These costs and expenses can be significant. For example:

Y’all take care! n

Jerry M. Milton, CIC, teaches and consults on industry issues. The legal profession recognizes him as an expert on insurance coverages. He also serves as our education consultant, working with our CISR, CIC and continuing education programs. Catch him at one of our upcoming seminars: IABforME.com/MyTraining.

• Costs of an independent crisis management consultant • Costs of an independent public relations consultant • Costs of an independent mental health specialist • Costs of independent security guard services • Salary of the employee who has been a victim of a workplace violence incident

SPECIAL TOPIC SEMINARS STAY ON top of the latest exposures and coverages. Our special topic seminars continue through the fall.

• Medical, mental health, dental and cosmetic expenses for the employee who has been a victim of a workplace violence incident

Insuring Contractors Thanks to court rulings and updated ISO policy forms, contractors’ coverage needs are in flux. Learn the latest on CGL and Commercial Property coverages from Jerry Milton, CIC.

• Rehabilitation expenses for the employee who has been a victim of a workplace violence incident

Philadelphia – Wednesday, Oct. 11

• Salary of an employee hired to replace the injured employee who has been a victim of a workplace violence incident • Rewards paid by the company for information leading to the arrest of the person(s) responsible for the workplace violence • Loss of income resulting from suspension of business following the workplace violence incident • Loss of income resulting from an order by a civil authority prohibiting access to the premises Several insurers have developed Workplace Violence Expense policies to cover the types of expenses outlined above. These

Pa. Auto Coverages – Avoiding E&O Potholes The Pennsylvania Motor Vehicle law is laden with E&O tripping hazards. This course helps you avoid them by discussing case law, statutory requirements and carrier expectations. Pittsburgh – Tuesday, Oct. 17 Flood Insurance Reviewed and Updated Stay afloat in a sea of changes. Flood expert Rita Hollada, CIC, CPCU, CPIA, will help you understand the latest reforms and their impacts. Pittsburgh – Wednesday, Oct. 25 IABforME.com/MyTraining

STATE NEWS

FOUR WAYS TO LEVERAGE NATIONAL PRESS COVERAGE The revered Consumer Reports just gave a shout-out to independent agents. So take a bow, and then tout your credibility by spreading the word to your customers and prospects. Published in the August 2017 issue of Consumer Reports, the article “What you don’t know about homeowners insurance could cost you” outlines 10 considerations for homeowners (and renters). The first offers:

DEPARTMENT RE-ISSUES BULLETIN ON MINIMUM LIMITS The forthcoming increase in minimum auto liability limits is prompting inquiries to the Delaware Department of Insurance (DOI). In response, the DOI this summer revised Auto Bulletin No. 25 to clarify that the change only impacts liability limits. In particular, the revised bulletin includes: • An explanation of how Sections 2118 and 2902 of Title 21 of the Delaware Code are related • A summary of coverage limits following the effective date of House Bill 114 (Dec. 13, 2017) ABOUT THE LEGISLATION As a refresher, HB 114 – our legislative priority this session – increases the current minimum limits of 15/30/5 to 25/50/10. Although most auto policies in Delaware currently provide $10,000 in property damage coverage as the minimum, we learned while drafting the bill that the current law only requires $5,000. This legislation corrects that inconsistency in the law and raises Delaware's limits to the level of several other states, including Kansas, Kentucky, Missouri, New Mexico, New York, Vermont, Washington and Wisconsin. The new law takes effect Dec. 13 and applies to all renewals and new policies.

We recommend working with an independent agent who can compare premiums and isn’t beholden to just one company. Direct-to-consumer sellers, such as Geico and USAA, and captive-agent companies, such as Allstate, Farmers, and State Farm, offer only their own brand. You can find an independent agent at TrustedChoice, a website run by the Independent Insurance Agents and Brokers of America, a trade association. The article goes on to provide advice and education on flood insurance, floaters for valuables, underwriting and more. LEVERAGE THE ARTICLE Consumer Reports offers an independent, credible perspective – and boasts 7 million subscribers. Take advantage of their plug for Trusted Choice independent agents. • Share the news via your agency’s Facebook page • Add a blogpost on the subject • Tweet, or retweet, a link to the article • Include a mention of the coverage in your agency newsletter TrustedChoice.com

SEPTEMBER 2017

CAN YOU REFUSE TO SELL MINIMUM LIMITS? Despite your most persuasive efforts, a customer or prospect may still request minimum auto liability limits. Fundamentally, this question depends on what the state law requires or allows. (And by the way, that would be the state law where the insured, not the agency, is located.) In Delaware, based on our research and contacts with the Department of Insurance, while the statute doesn’t seem to expressly require insurers to offer the minimum limits, that expectation can be inferred from other statutory provisions. In addition, under certain circumstances, the refusal to write might also be viewed as a discriminatory practice. Bottom line, insurers must offer minimum limits, and by extension so must their agents. What you can do to protect your own E&O exposure? Obviously, you can explain what purchasing minimum liability means, what can happen if the insured is involved in a loss that exceeds those limits, and give a cost comparison of a policy with higher limits. If your explanation is not sufficient to sway the customer, you can: • Implement sign-off forms, where the insured is acknowledging his choice of lower limits, or • Send a letter (a template is at IABforME.com/eo_prevention) confirming the selections the customer made, reiterating your recommendation for higher limits, and suggesting he contact you if he changes his mind. • Use one of our consumer flyers (available at IABforME.com/ marketing) explaining auto limits in order to make your point.

Sending a confirmation letter will establish a record of your discussions with the policyholder, and hopefully prevent any claim that you did not warn your customer of the risks associated with low limits. When a claim occurs, everything is fair game, and the customer likely will blame you for the low limits selected, and won’t remember any conversations on the topic.

IA&B MEMBER AGENT APPOINTED TO DOI AGENT ADVISORY BOARD

DELAWARE ANNUITY TRANSACTIONS TRIGGER TRAINING

Although the Agent Advisory Board is not new – former Insurance Commissioner Karen Weldin Stewart had her own – Commissioner Navarro agreed to re-establish his own board with a focus on appointing a diverse group of agents representing all areas of the industry. While it’s unknown what role the Agent Advisory Board will take, we’re encouraged to have member representation.

The Delaware Department of Insurance recently revised its regulation of annuity transactions. As a result, all Life and Annuity producers (resident and nonresident alike) must comply with a new training requirement. Effective in July, Delaware regulation 1214, section 5.0 requires completion of a one-time, four-hour approved training course by Nov. 29, 2017 in order to sell, solicit or negotiate life and annuity products.

First-term Insurance Commissioner Trinidad Navarro recently appointed IA&B member agent Seth Costello, of Williams Insurance Agency in Rehoboth Beach, to his new 10-member Agent Advisory Board. Costello is the sole property/casualty independent agent serving on the board.

Non-resident producers may comply by providing a certificate of completion from a course that has been approved in Delaware or in a state that adopted the 2010 National Association of Insurance Commissioners Suitability in Annuity Transactions Model Regulation. The regulation requires insurers to supervise their appointed producers’ compliance with the training. As such, we encourage producers to contact their carriers with questions about approved courses. Note that the regulation also revamps insurer and insurance producer duties when selling annuities, including suitability standards.

PLATINUM PROFILE

Insurance Agents & Brokers proudly recognizes the Plymouth Rock Assurance as one of its Platinum Partners. IA&B Platinum Partners dedicate the highest level of sponsorship to our organization.

DISCOVER THE PLYMOUTH ROCK ADVANTAGE

ur mission is to provide agents and customers with superior service, innovative products, unique benefits and competitive rates.

• Get Home Safe® accident prevention provides auto insurance customers with taxi fare reimbursement for a safe ride home.

For more than 30 years, Plymouth Rock Assurance has been a pioneer in redefining the way insurance companies do business.

• Door to Door Valet Claim Service® takes the stress out of auto repairs. We handle the process from start to finish.

Now we’re bringing a better way to do insurance to Pennsylvania. This includes a completely new, easier-thanever approach to home insurance — Plymouth Rock @Home. We’re using data to simplify the home insurance buying process. That means no more long phone calls or questionnaires. In fact, you can now quote and bind home insurance in under 5 minutes. That saves you and your customers time — enabling you to focus on what’s important for your business. Our commitment to service doesn’t stop there. Our home and auto products come with exclusive features and benefits that put customers first: • Crashbusters® mobile claim service brings the settlement process right to customers. In many cases, they’ll get a check on the spot. • Home insurance that offers Guaranteed Replacement Cost, Utility Service Line coverage, a Home-Sharing endorsement and more!

You will find that Plymouth Rock offers unrivaled support to help grow your business. We provide a comprehensive suite of marketing programs, including: • The Sales Development Program, offering online and on-site sales training boot camps to develop expert sales skills for principals, producers and CSRs. • Website and social media reviews to enhance your agency’s online presence and meet the demands of the 24/7 digital consumer. But don’t take our word for it — discover the Plymouth Rock difference for yourself. To learn more about appointment opportunities in Pennsylvania, contact David Gant, Field Marketing Director, at DGant@plymouthrock.com. n

SEPTEMBER 2017

COMMITTED TO YOU AND YOUR BUSINESS. FEATURED PARTNER Plymouth Rock Assurance HEADQUARTERS Boston, Massachusetts 2016 TOTAL ANNUAL REVENUES $1.2 billion OPERATING TERRITORY Regional experts doing business New Jersey, Massachusetts, Connecticut, New Hampshire and Pennsylvania. MORE THAN JUST INSURANCE We’re committed to providing the highest level of service and care to agents and customers. LEARN MORE plymouthrock.com Plymouth Rock Assurance is a marketing name used by a group of separate companies that write and manage property and casualty insurance in multiple states. Insurance in Pennsylvania is offered by Plymouth Rock Management Company of New Jersey and is underwritten by Palisades Insurance Company, Palisades Property and Casualty Insurance Company and High Point Preferred Insurance Company. Each company is financially responsible only for its own insurance products. Actual coverage is subject to the language of the policies as issued by each company. Certain restrictions and limitations apply. For a full description of the programs, features and coverages, please visit plymouthrock.com.

PARTNERS PROGRAM

Listed below are those companies that strongly support the independent agency system and Insurance Agents & Brokers. Thank you for your continued sponsorship.

WHAT IS IA&B PARTNERS? The IA&B Partners program gives company and allied businesses the opportunity to demonstrate their commitment of support to independent agents and receive maximum market exposure. As an IA&B Partner, you will also realize the benefits of IA&B membership to help you succeed in the insurance industry.

DO YOU SEE YOUR NAME? To become an IA&B Partner, choose the sponsorship package that matches your commitment of support. Contact the Member Sales Center at 800-998-9644, 717-795-9100 or visit us online at IABforME.com to get started.

PLATINUM LEVEL

BRONZE LEVEL

ACUITY

Aegis Security Insurance Company

Agency Network Exchange LLC

Agency Insurance Company

Amerisafe Berkley Mid-Atlantic Group Brethren Mutual Insurance Company

Auto-Owners Insurance Company

Donegal Insurance Group

Berkshire Hathaway GUARD Insurance Companies

Erie Insurance Group Insurance Agents & Brokers Service Group Inc Liberty Mutual Insurance

Briar Creek Mutual Insurance Company Conemaugh Valley Mutual Insurance Co

MAPFRE Insurance

Countryway Insurance Company

MMG Insurance Company

Encompass Insurance

Millers Mutual Group Mutual Benefit Group Nationwide Insurance Company

Goodville Mutual Casualty Company Grinnell Mutual Reins Company

Penn National Insurance

Insurance Alliance of Central PA Inc

Plymouth Rock Assurance

Insurance Placement Facility of PA

Swiss Re The Main Street America Group United Fire Group Utica National Insurance Group GOLD LEVEL Progressive Universal Property & Casualty Insurance Company Westfield Insurance SILVER LEVEL CM Regent Insurance Company

Watch for a revamped IA&B Partners program in 2018. In the months ahead, weâ&#x20AC;&#x2122;ll unveil greater benefits for our company partners and member agents alike.

AmWINS Program Underwriters Inc

Cumberland Insurance Group Farmers Mutual Insurance Company of Western Pennsylvania Juniata Mutual Insurance Company Keystone Insurers Group Inc

Johnson & Johnson Kite Technology Group Lackawanna Insurance Group Lebanon Valley Insurance Company Merchants Insurance Group Millville Mutual Insurance Company PennPRIME Municipal Insurance Reamstown Mutual Insurance Company Rockwood Casualty Insurance State Auto Mutual Insurance Company Strategic Comp TAPCO Underwriters Inc Travelers

Selective

Tuscarora Wayne Group of Companies

The Hanover Insurance Group

Zenith Insurance

WHEN AGENCY

FA L L I N

Y AGREEMENTS

N LINE

An agency agreement should be just that – an agreement between an agent and his or her carrier, a mutual understanding of responsibilities and rights. On the following pages, we share how IA&B’s carrier advocacy efforts facilitate that, through educating agents on a contract’s critical provisions and enlightening carriers on agents’ perspectives.

y necessity, most agency principals are jacks of all trades. They’re often IT troubleshooters and HR administrators, property managers and (of course) insurance agents … all in one day, mind you. And as they juggle their varied roles and relationships, it’s no wonder that some tasks – by nature, often the daunting ones – are pushed to the wayside, trumped by urgencies. Take reviewing an agency agreement. Perhaps the agency is newly appointed, so the principal is uncomfortable rocking the boat. Or maybe the agency has been with the carrier for decades, and the agreement is simply a new version of a long-held contract. Or it could be that reviewing the agreement is simply at the end of a very long to-do list. All of these reasons for delay are plausible and even understandable. But none are excusable for signing an unread contract. And while your agents’ association cannot make decisions about an agency agreement on your behalf, we can make the process more seamless – for agency principals and their carrier partners alike.

WHO EARNED THE SEAL OF APPROVAL? SINCE WE launched the revised agency agreement review process in early 2016, a handful of carriers approached us about proactively assessing their contracts. A up-to-date list of companies with agreements that earned the Seal of Approval is available on our website. IABforME.com/agency_agreements

SEPTEMBER 2017

CARRIER ADVOCACY In recent years we refined our agency agreement review process. We met with agency principals to gauge their understanding of contract provisions. We engaged our legal team to research applicable laws and regulations. And we conferred with carriers to find an approach that benefited them while respecting agents’ rights. Then in early 2016, we launched the IA&B Seal of Approval process – an improved method for reviewing contracts. While we previously reviewed agency agreements after they hit the streets, now we offer to review them before their rollout. Carriers are encouraged to contact us before introducing a new agreement to the market or updating their current agreement. Then we assess the contract from a general industry perspective, as well as that of an agent, and provide the carrier with a detailed overview and analysis. From there, we engage in a collaborative approach: exploring the carrier’s intent with ambiguous or potentially troublesome provisions, discussing why certain language my lead to negative reactions by agents, and sharing how company concerns could be addressed with less controversy. “The process of working with IA&B to get the seal of approval for our agency agreement was collaborative and quite seamless,” said Marianne Morosko, vice president of field operations and personal lines for Mutual Benefit Group. In the end, for reviews that ultimately lead to an agreement that meets agents’ and the carrier’s expectations, we award a Seal of Approval. The seal designates that the carrier worked with IA&B and that we reviewed the contract. “I’m confident that our agents know that the Mutual Benefit Group Agency Agreement is a fair and balanced contract based on obtaining the seal of approval,” said Morosko. AGENT EDUCATION For agents, the IA&B Seal of Approval provides some peace of mind in knowing that an experienced and objective set of eyes has reviewed the contract. It also streamlines the rollout of an agreement – for the agents’ and the carrier’s benefit alike – by reducing the chance of wholesale changes after it hit the streets. Yet in the end, the Seal of Approval is just one piece of an agent’s due diligence and does not remove the need for him or her to read and understand the agency agreement they sign. After all, agency agreements outline and define a myriad of important contractual issues. Among the critical provisions in an agency agreement are the extent of the agency’s authority (think: binding, certificates,

A CARRIER’S PERSPECTIVE “REAMSTOWN MUTUAL has been a long time partner/supporter of IA&B, so when the Seal of Approval was announced, we were excited to be one of the first companies to go through the process with our agency contract. We worked with IA&B’s team to ensure that our proposed agency agreement was clear and fair to our independent agency partners. The dialog during the process allowed us to make minor updates to the agreement before it ‘hit the streets.’ The ability to present an updated contract to our agency partners that earned IA&B’s Seal of Approval helped put our agents’ mind at ease, knowing that that their interests were being looked after in the process. IA&B continues to demonstrate their commitment to improving agent/carrier relationships, another reason we find this partnership invaluable.” -E velyn Schronce, CPCU, CIC, API, AIC, AFIS, vice president of marketing & operations, Reamstown Mutual Insurance Company

premium payments, etc.), how much E&O the agency is required to carry, and to what extent the agency agrees to indemnify the carrier. An agency agreement also describes essential rights, such as book ownership, which unwittingly could be contractually relinquished if the agreement doesn’t adequately and properly protect the agency’s interests. In the face of such weighty issues (and potentially drastic repercussions), knowledge is power. Which is why we developed an agency agreement review template for member agents. Designed as an educational overview of the core provisions producers should expect to find in an agency agreement, the document explains the purposes of such provisions and sample language for each. Take for example the category on agent’s authority, specifically the ability to represent other carriers – a tenet of the independent agency system. The template explains where and why an agent can expect to find such language in an agreement and what to consider if the contract is silent on the issue. Finally, the template shares sample language for what an agent may expect

PARTNERS PROGRAM TO EXPAND BENEFITS ANOTHER COMPONENT of our carrier relations efforts is the IA&B Partners Program – an initiative that engages companies in IA&B to the benefit of member agents. Beginning in 2018, we’re revamping the Partners Program to bring even more value to our member agents and our supporting companies. Watch for IA&B Partners to enable additional special event opportunities, offset more professional development programming, and spur the creation of Business Link, a soon-to-launch database that matches agents with appointing carriers. IABforME.com/Partners

2017 FUTURES

CONFERENCE TOPICS

Networking & Prospecting Behavioral Selling Sales Tech Producer Agreements Perpetuation Planning

to read: This agreement does not alter Agent’s right and ability to represent other companies and does not apply to Agent’s exclusive control of his time. The agency agreement review template is available on the IA&B website (IABforME.com/agency_agreements). CONCLUSION While agency agreements are central to the agency-carrier relationship, they’re often misunderstood (or glossed over) by agents and pushed through by carriers. Of course these behaviors can trigger countless headaches for agents and carriers alike down the road. That’s where the IA&B Seal of Approval, our agency agreement review template, and our carrier-advocacy efforts come into play. Our goals are to educate and to provide perspective, to encourage understanding and to show respect, and – in the end – to strengthen the relationship between agents and their carrier partners. n

Chubb Conference Center PHILADELPHIA I OCTOBER 2&3 IABforME.com/FuturesConference or 800.998.9644

Growing

Growing INTO YOUR INTO YOUR Agency Agency

Exclusively for Agents Age 40 and Under

SEPTEMBER 2017

It’s the kind of insurance company you would build.

Introducing Plymouth Rock Assurance, the faster, easier way to do home and auto. We take the pain out of quoting, binding, processing, servicing, claims—and are changing the way you sell insurance. Every agent deserves a great carrier who helps them succeed.

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David Gant, Marketing Director, at dgant@plymouthrock.com. Plymouth Rock Assurance is a marketing name used by a group of separate companies that write and manage property and casualty insurance in multiple states. Insurance in Pennsylvania is underwritten by Palisades Insurance Company, Palisades Property and Casualty Insurance Company and High Point Preferred Insurance Company

THE

LEMONADE

‘ TAST E T E ST ’ #INSURETECH OR #TECHINSURE? By Lisa Smith

Advertising that consumers should “forget everything you know about insurance,” Lemonade is undoubtedly making a splash. But will customers’ sweet perception of the company sour over time? On the following pages, we (taste) test Lemonade’s selling points.

the operating ratio and, when combined with the loss ratio, becomes the combined ratio. Typically, carriers work to keep a combined ratio at less than 100 percent, which means an underwriting profit.

GIVEBACK AND COMMUNITY Lemonade pitches this as unique however, traditional insurers give back in three different models:

emonade’s position is that they are a tech company offering a new approach to insurance. Their approach to media and marketing has garnered a lot of attention. Their first 48 hours’ results show an entire world watching the start-up in New York State. So why hasn’t the insurance industry thought of this before? Umm, they have. So why haven’t they done this? In variations, they have; however, regulations bind their behavior and options. Lemonade is managing their brand and trying to make an old industry sexy again. Are they as unique as they say? Let’s test it out. The Lemonade taste test: A TRANSPARENT FEE TO RUN EVERYTHING Insurers have this too although it is more fluid than the fixed 20 percent fee Lemonade is committing to. It is known as

Yet, it’s worth noting that after the operating expenses, Lemonade must meet certain financial standards: • Claims reserves • Claims incurred but not reported reserves

1. Stock company insurers pay dividends to investors. 2. Mutual company members (policyholders) have the right to excess premiums via a dividend or reduction in premiums to members. 3. Corporate citizenship is taken very seriously by stock and mutual insurers. Many of these companies play very active roles in their communities: • Volunteering hours • Sponsoring local charities • Employing and investing in local communities SUPER-FAST CLAIMS PAYMENT While there are stories of how quickly insurers respond to claims and catastrophes, there are probably an equal number of stories to the contrary.

THE LEMONADE MARKET

Claims that involve the auto and home may now be subject to individual deductibles. When policies are not with the same carrier, both carriers will charge deductibles, and the total claim may no longer be viable, leaving the policyholder to suffer the financial loss they thought they were insured against.

ACCORDING TO co-founder Daniel Schreiber, 87 percent of Lemonade’s customers are first-time insurance buyers.

Lemonade may be okay with their simple answers but without advisors, time will tell if their clients are content with this level of service.

- Forbes, July 12, 2017

ERRORS AND OMISSIONS Once these claims, questions and coverage gaps start to appear, Lemonade will be subjected to E&O claims. Some will be defendable, but others will need to be played out in courts.

WHERE LEMONADE STANDS LEMONADE HAS expansion in mind. As this issue went to print, Lemonade held licenses to operate in California, Illinois and New York yet had filed in 44 additional states. Lemonade.com/lemonade_goes_nationwide

Insurers have learned that not all claims can be settled quickly due to fraud and litigation and legal red tape. Often, new insurers get a claims-reality check within a few years of being on the market. Lemonade’s ability to commit to this long term will be watched closely by clients, investors and competitors. “INSURANCE, EXPLAINED” & “CAN I SWITCH?” Lemonade simplifies some key concepts with their FAQ which will be fantastic for new entrants to the industry, for instance: tenants who have never purchased property coverage before. They hit the main questions with straightforward answers. They also offer to advise your existing insurer that you are cancelling the old policy and that if you have questions, you go to the app as they have no call center/agents. Positive approaches to earning business make it easy for your customers. However, this is where concerns may start to rise sooner than the claims and where disruption comes at a price. Lemonade simply says if you are entitled to a refund, they will help you get it. But when a legal contract is cancelled mid-term, penalties often wipe out most refunds. By separating home and auto packages, clients may now see increases in their auto premiums due to discount bundling.

Insurance in most established markets is sold by licensed and regulated professionals who can explain the risks and exposures to their clients and ensure that clients have appropriate coverage. Lemonade’s app is replacing most of this role and is a key tradeoff in the “keeping it simple” model. VERDICT Lemonade is an insurance company which will collect premiums, pay claims and answer to their investors and is bound by the same legislation, restrictions and protocols as traditional insurers. Lemonade is a winner in leveraging technology for ease-of-doing business and creative marketing, and traditional insurers should take some notes. Traditional insurers and legislators must monitor Lemonade’s success. If the market determines the taste test as sweet, there is much that can be done with the existing packages and processes that have added weight to the traditional insurer’s processes. However, if the market finds the product a bit too tart, we might need to continue to disrupt to find the new equilibrium rather than settling on the old ways as there is little doubt Lemonade is disrupting the perception of the insurance market. n

Lisa Smith, a senior consultant with Pathway Partners, Ltd., has experience underwriting & brokering in a wide range of markets and extended her knowledge with technical experience across North America implementing and managing agency/brokerage management solutions (AMS/BMS), agency interface solutions and portals, Policy Administration Systems (PAS) and system integrations.

SEPTEMBER 2017

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PLAN FOR TOMORROW. ENJOY THE SUCCESSES OF TODAY. At Grinnell Mutual, we’re always looking forward to tomorrow. So even if the plans you have for your business aren’t the same as what the future holds, you’ll be ready. Because we’re ready. Trust in that. Trust in Tomorrow.™ Contact an agent today.

AUTO | HOME | FARM | BUSINESS

“Trust in Tomorrow.” and “Grinnell Mutual” are property of Grinnell Mutual Reinsurance Company. © Grinnell Mutual Reinsurance Company, 2017.

REASONS TO RELY ON CARRIER SURVEY RESULTS

n June we surveyed our members, inquiring about their personal lines carriers’ technology usage and standards. Now, as we release the results, it’s worth noting how member agents can use them. COMPARISON Is your experience with a carrier unique to you? Analyze your relationship with a carrier by benchmarking your experiences against those of other appointed agents. RESEARCH What should you know before accepting a new appointment? Review the experiences of already appointed agents to identify fodder for the interview process. DISCUSSION How can a carrier best support you? Rely on the results when discussing goals, obstacles and opportunities with your marketing rep. What’s more, our company partners can access the results to gain insight into what’s working – and perhaps what isn’t – from their agents’ perspective. And they can compare their standards against those of other companies.

ABOUT THE NORTHEAST ALLIANCE CARRIER SURVEY The project is a collaborative effort among 10 state agents’ associations (including our own) which aims to uncover companies’ best practices in agency support. The regional approach to the survey allows for a broader pool of respondents, making for more reliable results. Plus, the collaboration adds credibility during subsequent carrier advocacy efforts. The June survey on personal lines carriers’ technology was the first in a series, collectively referred to as the Northeast Alliance Carrier Survey.

Finally, IA&B uses the data in our advocacy efforts, as we meet with carriers and champion our members’ interests. IABforME.com/NACS n

SEPTEMBER 2017

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TECHNOLOGY UPDATE

AGENT/CARRIER AGREEMENTS:

KNOW YOUR

CONTRACTUAL RESPONSIBILITY By the ACT News Team

SEPTEMBER 2017

Agency-carrier contracts can put the burden of privacy compliance and data security on agencies. Learn what to look for in your carrier contracts and where you may be vulnerable.

old-harmless wording in agency-carrier contracts tends to place all burden for costs associated with agents’ acts, errors and omissions, and negligence on the agency. The list of federal acts and state laws that are addressed in agency-carrier agreements has expanded greatly over the past 15 to 20 years, leaving agencies that are behind on technology more vulnerable than ever to violations of federal law. It’s time to do a review of your carrier contracts as a technology risk-management effort. You may find specific vulnerabilities that help you create a priority list of tech adaptations you need to make. A 2016 white paper prepared by Judi Newman, of Phaze II Consulting, and Bill Larson, of Profit Protection Management Consulting, runs through many of the laws and agreements agencies face and spotlights particular exposures that could leave agencies holding the bag for all sorts of breaches that could be prevented with technology upgrades. These agreements span all independent agent segments and include addenda that are frequently sent via email after an agency-carrier contract is already in force. It is crucial that these addenda be included in your agency’s thorough review of liability exposures generated by the relationship with the carrier. SOME PRIMARY EXPOSURES Privacy of personal data is probably the primary issue agencies worry about. You hold all sorts of non-public private information on your insureds. If privacy or control of that data is mishandled by an agent or an agency system or is violated by a cyber-criminal, the costs to the agency can be exorbitant. Agency-carrier contracts often state that the agency “will comply will all applicable privacy laws” regarding the confidentiality of non-public personal information. The authors of the white paper note that failures in this duty put the agency in a position of breach of the carrier contract, which could affect the agency’s own insurance protection should the insurer be harmed by the privacy breach.

AN ASSIST WITH PRIVACY COMPLIANCE PRIVACY OF personal data is a primary exposure for agencies. The days of simply shredding MVRs are long gone. Today you need programs in place and policies under constant review to comply with the ever-expanding web of standards and rules, mandates and regulations. Missteps (even by ignorance) can trigger penalties. IA&B recognizes that what you don’t know can hurt you. That’s why we developed a privacy compliance resource that covers state and federal obligations and walks you, step by step, through the necessary provisions. IABforME.com/privacy Or, for those agencies that would prefer not to delve into the world of privacy compliance on their own, Independent Agency Solutions (a subsidiary of IA&B) offers compliance counseling services, including privacy compliance. IABforME.com/IAS

A quick review of the white paper shows that the GrammLeach-Bliley Act requires agencies to provide consumers with privacy-protection and information-sharing practices. This notice must give a clear depiction of your agency’s privacy protection practices. Though the language may be boilerplate, the risk management behind it should be reviewed regularly to ensure your systems and protocols are keeping up with the threat. Many agencies don’t even implement the most rudimentary cyber security practices, so to state that you are protecting customer data could be a misrepresentation. A cyber security review is a priority to make sure you are in compliance with data privacy laws and your own customer privacy notices. Continued on page 26

TECHNOLOGY UPDATE

Continued from page 25 Security of communications is another area where agencies may be behind on the technology end. Email is now the preferred communication method of many clients, but it is also an avenue hackers use to invade agency—and then carrier—systems. Using email securely isn’t difficult, but you will have to integrate that into your business practices in order to protect private information as it flows between you and your insureds. Erroneous transfer of documents does happen. In most cases, the unintended recipient will just delete the document or throw it away, but if they use it in any way, the agency could be in hot water. Even if they don’t use it, you still have a privacy violation that must be disclosed. Using a secure portal on your agency website where customers can review documents after receiving an email notification that they are available for viewing can eliminate this exposure. RISK MANAGEMENT TECHNIQUES The white paper highlights four areas of risk management that focus on the agency-carrier agreement: a review of your exposures; the establishment of a security program; a data breach response plan; and a business continuity plan. These four elements together represent a major part of your business strategy, and they can’t be swept away with the brush of your hand using the excuse that the technology is too expensive or too difficult to understand. Your agency-carrier agreements hold your firm to a high standard, but it’s one that is achievable. n The Agents Council for Technology News Team prepared this article.

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SEPTEMBER 2017

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My Events

CLASSIFIED A DV E R TI S E M E N TS SOUTHEAST PA PRODUCERS & AGENCIES

DATE TOPIC

LOCATION

SEPTEMBER 2017 6

William T. Hold: Commercial Lines

Pittsburgh, Pa.

CISR Commercial Property

Pittsburgh, Pa.

Webinar: Money in Retirement Accounts

1 – 4 p.m.

Webinar: Workers’ Compensation Issues

1 – 4 p.m.

CISR Elements of Risk Management

Reading, Pa.

Webinar: CGL—Drafts, Gaps, Forms & Fixes

1 – 4 p.m.

10 Ways to Get Sued (E&O)

Baltimore, Md.

Webinar: Financial Planning—Salary to Social Security

9 a.m. – Noon

Webinar: Home Business vs. Home Insurance

1 – 4 p.m.

13-16

CIC Commercial Casualty Institute

Harrisburg, Pa.

CISR Commercial Property

Philadelphia, Pa.

18-20

Property & Casualty Licensing Study Course

Pittsburgh, Pa.

CISR Personal Residential

Frederick, Md.

Webinar: Commercial Property Claim Problems

1 – 4 p.m.

William T. Hold: Protect Your Client & Yourself

Mechanicsburg, Pa.

Webinar: Top 12 Coverage Countdown

1 – 4 p.m.

William T. Hold: Protect Your Client & Yourself

Allentown, Pa.

Webinar: Cyber Exposures & Insurance Solutions

1 – 4 p.m.

William T. Hold: Commercial Lines

Dover, Del.

*Insurance Success Seminar: Position for Success

Philadelphia, Pa.

Webinar: Executive and Management Liability

1 – 4 p.m.

26-28

Property & Casualty Licensing Study Course

Mechanicsburg, Pa.

*Insurance Success Seminar: Implement for Success

Philadelphia, Pa.

Webinar: Commercial Liability Endorsements

1 – 4 p.m.

CISR Commercial Property

Blairsville, Pa.

*Insurance Success Seminar: Sustain Success

Philadelphia, Pa.

* Attend all three seminars to earn the CPIA designation.

Professional agency since 1926 located in Feasterville, Bucks County, Pa. Call for confidential information and a review of our services. Contact Ray Reinard at 215-357-8600, Ext. 119.

If you would like to place a classified advertisement, please contact Laura Gaenzle at Laura.gaenzle@theygsgroup.com or (717) 430-2351.

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