When going to market for a particular line of business, it is common for an agency to get multiple quotes. Based on feedback from the various agencies I am honored to work with, the premiums on those quotes can often vary drastically. So, with that...
With current market conditions, many E&O Plus agencies indicate during their annual reviews that they are in greater need of the E&S market. A key issue to note when using E&S carriers is their greater flexibility and freedom on rate and policy form. In other...
At this time of year when we truly give and express our thanks, I would like to personally thank E&O Plus for giving me the opportunity to work with so many great insurance professionals and super nice people. To all of the great staff of the E&O Plus...
Curtis M. Pearsall, CPCU, AIAF, CPIA President – Pearsall Associates Inc. When some think of Excess & Surplus Lines business, Lloyd’s of London might come to mind. Lloyd’s has had a foothold in the E&S business since its founding in 1688. It also had a major role...
Curtis M. Pearsall, CPCU, AIAF, CPIA President – Pearsall Associates Inc. With the holidays fast approaching, there is a good chance that many of your agency clients are busy checking off all the boxes on their Christmas lists and buying some nice toys for their kids and...
Most agencies handling Construction accounts will need to provide a Surety Bond at some point. For those agency staff that may not be familiar with Surety Bonds, they are basically an agreement between three parties: Principal, Surety, and Obligee. The Surety provides a financial guarantee to the Obligee (i.e.,...
It is interesting how often this question comes up in my discussions with insurance agents. I am not sure exactly why, although I certainly hope this is not a reason (or an excuse) why some agency personnel would choose not to pursue one of the...
For most agencies, a Broker of Record (BOR) is a common way of attracting new business. This can come from your expertise in identifying some uninsured exposures or because the client outgrew the expertise and capabilities of their current broker. When you successfully secure an...
No doubt these few words can bring about some powerful emotion, and the odds are that emotion will differ from hearing the words “Great Job” or “I love your agency.” Unfortunately, these words threatening legal action have been said more than once or twice. How do...
In the life of an independent agent, there is typically significant quote activity on personal lines, commercial lines, and employee benefits. A solid E&O best practice promoted for many years involves getting the customer/prospect to sign off on those coverages not wanted. This practice is...