February, 2015

WC: Market Spotlight on Fuel Oil Dealers

Feeling like this New England weather won’t quit? We are! First we were hit with an Elsa-like deep freeze, only to spend the entire New Year under a mountain of snow. The plow trucks are busy, yes, but so are the area fuel oil delivery companies.  

Should you need a market….AmTrust is now writing Fuel Oil Dealers. Here are a few of the requirements:

  • Oil only. No kerosene or propane.
  • 3 years prior WC.
  • Filling from the ground/ No Bulk Storage Ops.
  • Info on delivery radius.
  • MVRs required.

What else are we writing lately? Here are some of the other popular WC policies we’ve recently written.
Nannies.  Printers.  Consultants.  Dentists. Labor Unions.

If you have questions about what to expect from our WC carriers, just ask! Send them to our WC Team! Colleen Lahna is available to discuss current policies or contact Barbara Lobdell with new business inquiries and applications.

RLI: Home Business Insurance

Online payments now accepted for renewal premiums. Renewal invoices (which are mailed directly to insureds) will include a web link address that provide the insured an opportunity to pay the current outstanding premium due on their policy.

View a sample invoice (scroll to page 2) or view the EasyPay Site.

For assistance with your Home Business Insurance policies pleae contact Linda Hafner at 800.742.6363.

Liquor Liability: Hospitality Mutual Includes Employer’s Liability on Excess Policy

Hospitality Mutual Insurance (HMIC) is now offering Employer's Liability coverage in their Excess Liability policy. From the recent HMIC announcement:

Our Excess policy can now sit over the Liquor Liability, General Liability and the Employer's Liability. In order for our Excess policy to sit over an insured's Employer's Liability coverage, the following criteria must be met:

  • Minimum required Employer's Liability limits must be 500/500/500
  • Workers Comp. carrier must have an A.M. Best rating of A- or better

What information is needed?

  • Three (3) years hard copy Workers Comp. loss runs
  • Copy of the current Workers Comp./Employer's Liability policy

Number One Insurance Agency, Inc. is happy to be your connection to Hospitality Mutual Insurance Company (HMIC). We will provide you access to the full suite of products offered by HMIC including Liquor Liability with A&B, CGL, and Optional Property Damage and Temporary Event Policies.

For more information about the coverage with Hospitality, contact Colleen Lahna at 800.742.6363 or email clahna@massagent.com.

Lawyers' Professional Liability: Rising Production from Competitive Pricing

Our Lawyers Professional Liability New Business production with Swiss Re Corporate Solutions doubled in 2014. Not only that, but retention is on the rise and claims are down. We want to thank the agents who have given us a try in the past year and hope to see increased submission rates through 2015.

We understand that not everyone is writing this product on a daily basis. To get us off to a productive start in the New Year, we asked Program Manager, Michelle St. Angelo to talk about the Top 5 Tips for Writing Lawyers Professional Liability:

1. Start with a quick quote/premium indication. While the application is key for the absolute most accurate rate, you can get the process started by submitting a competitor’s renewal application. Include any claims info, a list of attorneys with retro dates, and all areas of practice.

2.  Allow enough time to have the account underwritten.  In the world of insta-everything it’s difficult to wait for…well… anything. BUT, the LPL application takes the time and attention of a real human to underwrite. It’s best to start this process well in advance of renewal date.

3. Be aware of area of practice(s). Yes, they all fall into the same WC Class code, but an attorney’s level of professional risk is different when you consider their area of practice. A class action lawyer is quite different from a public defender, which is quite different from a tax attorney.

Another common misperception about attorneys is that every day transactional practices (like Real Estate) are very low risk because they are commonplace. While these practices may not see huge severity in their claims, they can see high volume. In the example of the Real Estate attorney, he/she handles the largest financial transaction most people ever take on. If something goes wrong, who might that client blame first?

4. Understand the Retro Date. Our Lawyers' Professional Liability Product is Claims Made and Reported with Claims Expenses inside the limit of Liability (unless otherwise endorsed). Most LPL policies include a retro date for the firm AND also include an individual retro date for each attorney. Swiss Re Corporate Solutions has a detailed explanation of how the Retro-Date works in relation to this product.

5. Be aware of Step-Rating. In very simple terms, the length and time an attorney has been in practice plays into the rate that is charged. The first year an attorney is in practice means there are no prior acts to cover. (The same can be said for an experienced attorney who begins a policy with a current retro date.) However, each year the number of clients increases along with the risk for error. Eventually that risk flattens around the 5th or 6th year as they gain experience and statutes of limitations come into play. This means that rates typically start low and gradually rise over the first few years to cover what is statistically the most risky time in an attorney’s career. Mistakes happen more frequently when you are new, either to the profession in general or to running your own business.

Need more explanation or have a piece of business to submit? You can contact Michelle St. Angelo, LPL Program Manager at 800.742.6363 ext 364. She’s available to walk you through questions about the application, the retro date, the step-rating factor or AOP questions.

E&O: Stay on Top of Your Game

Each month MAIA includes a risk management article in the Massachusetts Agent (MAIA's twice-monthly newsletter). We encourage agents to utilze this resource as a benefit of your MAIA membership, but also as a way to stay up todate on the current E&O issues and trends. Read Curt Pearsall's latest E&O Update here.

Utica Insureds - Utica P&C insureds should expect a new application in their yearly renewal packet. While Utica still mails the renewal packet via regular mail, Number One has also made available a writeable PDF for agents to use. It is ready to download now.

When E&O questions arise at your office, whether it's your policy, or the marketplace in general, we encourage you to contact Ellen Stoppel or Michelle St. Angelo in our E&O Department at 800.742.6363.

Flood: Count Down to Spring

The residential real estate market traditionally picks up in the spring. This alone triggers more conversation about flood policies. And unfortunately severe weather doesn't stop when the snow does. Significant rainfall coupled with snow melt can make for ideal flooding conditions.

As a member of MAIA we encourage you to stay ahead of the curve and get with The Program! Our program with The Hartford makes things as easy for agents as possible ... with online quoting and new Live Chat feature. Make sure your agency is signed up under our program to take advantage of all these features and commission rates. For more information, contact Ann Tobin at 800.742.6363 or email atobin@massagent.com.

Please update our office when there are changes to your email address (or with your agency staff). Also, please remember to include an email contact when sending any new business submissions.

Keeping us informed helps us service you faster.

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