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Agents Confidential #22-LXVI


   

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AUGUST 31, 2017 | VOLUME LXVI, ISSUE 22 
NFIP reform another likely victim of Hurricane Harvey
Even before Hurricane Harvey dumped more than 50 inches on Houston, the odds of congress reaching a broad consensus on NFIP reform were not good. Now, with the September 30 deadline approaching, reauthorization is further complicated by previously unimaginable losses and concerns about the viability of private flood insurance. Read FAIA CEO Jeff Grady’s take on the post-Harvey flood insurance landscape.
Two Florida companies under OIR consent order 

The Florida Office of Insurance Regulation has placed workers’ compensation carrier Guarantee Insurance (and its affiliates, including Patriot National) and property carrier Sawgrass Mutual under a Consent Order for Administrative Supervision. Follow Dave Newell’s blog for the details on the corrective actions and for the latest developments.

If corrective measures fall short, what’s next? FAIA General Counsel Laura Pearce reminds agents of their responsibilities in the event of an insurer insolvency in her latest Legal Brief of the Week.

What should you tell policyholders?
Visit the Education Library for tools agents can use to communicate carrier changes—from downgrades to insolvencies—to policyholders.
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Help from agents, for agents

Several members have inquired about how they can help fellow agents affected by Hurricane Harvey. Tax-deductible donations can be made to the Trusted Choice Disaster Relief Fund or the Independent Insurance Agents of Texas Trusted Choice Foundation.

Both are 501(c)(3) organizations established to assist agents and their staff in the event of unrecoverable losses caused by a hurricane or other natural disaster. Assistance is provided through cash grants made directly to victims to pay for immediate ongoing financial needs when other sources of funding (such as insurance or grants) are not available. The funds are designed to fill the gap until other funding sources can be accessed.

The two groups are working together to coordinate assistance to agents and their families.

 
 
ADVOCACY
NCCI proposes 9.3 percent rate decrease for 2018
The National Council on Compensation Insurance delivered its 2018 rate filing to the OIR this week, and surprised many in the insurance industry by proposing a rate decrease. While the explanation may sound relatively simple to people who work in the industry, it is unlikely to sound that way to policymakers.

While the decrease may sound like good news for Florida employers, writes FAIA Senior VP of Public Affairs Kyle Ulrich, it doesn’t tell the whole story.

EDUCATION
AM Best report shows the cyber line continues to be fluid
Cyber coverage presents considerable opportunities for both carriers and agents, but the risk also comes with a high degree of uncertainty. That’s the essence of a recent AM Best Report that projects continued growth in the cyber line. FAIA Commercial Lines Expert Keith Jones shares his personal experience and the latest trends.
How to overcome cross-selling challenges
Most agents know it’s less costly to grow an account than to acquire a new one, yet cross-selling can be an awkward challenge for many producers. FAIA Consultant Susan Toussaint offers three tips to help producers round out their accounts.
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NEW AGENCY MEMBERS

Bouchard Insurance, Inc.: Tampa

Breeze Insurance Group, LLC: Clearwater

Golden Agents Corp.: Weston

M&A Property and Casualty, LLC: Doral

Mangrove Property and Casualty Group, Inc.: St. Petersburg

Sherzer & Associates: Cape Coral

Stoner Insurance Service, Inc.: Homestead

Tysinger Insurance & Risk Management Services: Ft. Myers

United Group Elite Agency Investment, LLC: Royal Palm Beach

We Insure: Boca Raton, Davie, Greenacres, Juno Beach, Lutz*, Lynn Haven, Orlando*, Port St. Lucie

* two locations

NEW ASSOCIATES

XS Brokers: Lake Mary

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MEMBER AGENCY NEWS

McGriff-Williams Insurance, Gainesville: awarded $2,000 to donate to Plenty of Pit Bulls, as a participant in the Safeco Insurance® Change Agents campaign.

Kevin Vaughn, Rogers, Gunter, Vaughn Insurance, Inc.: installed as vice chair for the Tallahassee Community College District Board of Trustees.

Rushing Insurance, LLC dba Beck Partners Insurance, Pensacola: named one of Florida Trend’s “Best Companies to Work For.”

Robert W. Schlitt, Jr., CFP, Schlitt Insurance Services, Inc.: received the Book of Golden Deeds award from the Exchange Club of the Treasure Coast for his volunteer work in Indian River County.

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INDUSTRY NEWS

Hagerty Insurance: launched Driveshare, an Airbnb-type program for classic cars.

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LOCAL BOARD EVENTS
Many local boards hold monthly or quarterly meetings. Visit our website for a schedule.
INDUSTRY EVENTS
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