Rough Notes

A HOLE IN YOUR UMBRELLA?

 New Jersey ruling points to a problem with general liability sub-limits  Not long ago, identifying such potential gaps would have been an exhaustive endeavor. Today, artificial intelligence and machine reading should be able to make short work of do...

Posted: May 23, 2024

Can widow collect for emotional distress?

INSURANCE-RELATED COURT CASES Digested from case reports published online COURT DECISIONS Can widow collect for emotional distress? Christine Moody’s husband, Steven Moody, was accidentally shot and killed by a friend during a camping trip. Moody sou...

Posted: May 03, 2024

“Regular use” exclusion debated

INSURANCE-RELATED COURT CASES Digested from case reports published online COURT DECISIONS “Regular use” exclusion debated Matthew Rush was a detective for the city of Easton, Pennsylvania. On November 28, 2015, Rush sustained serious injuries in a mo...

Posted: May 03, 2024

Is aircraft injury covered?

INSURANCE-RELATED COURT CASES Digested from case reports published online COURT DECISIONS Is aircraft injury covered? Around 2011, Matthew Mrzena purchased a 1946 Piper PA-12 airplane. Mrzena stopped using the Piper in 2014 when it failed an annual i...

Posted: May 03, 2024

AGENCY PHILANTHROPIC PROGRAM THAT PAYS DIVIDENDS

Learning from industry leaders Having dedicated philanthropic initiatives as part of your agency business is important for independent agents seeking to secure a future of success. By Kelly Hartweg Most of us know that giving back is good for busines...

Posted: May 03, 2024

REFERRAL SOURCES: YOUR KEY TO OPPORTUNITY

Effort and dedication are key Increasing your referral sources is about building meaningful relationships with those who have the potential to refer you. By Carolyn Smith, APR, TRA In our Trusted Risk Advisor program, participants are asked to reflec...

Posted: May 03, 2024

DEEPENING THEIR EXPERTISE

Senator Brown and Secretary Yellen discuss baffling and terrifying forms of risk “When Wall Street tries to shapeshift to evade the watchdogs we depend on, FSOC [Financial Stability Oversight Council] must be there to take action to protect our econo...

Posted: May 03, 2024

SIX AGENCY TECH TOOLS

Making sure you have what you need in place to satisfy customers and grow your business Don’t fall victim to the shiny object syndrome, which is what many owners do. Be patient, block out the noise, and involve your teammates in making the best decis...

Posted: May 02, 2024

PERSONAL INSURANCE MISUNDERSTANDINGS

Explaining details in coverage forms prevents confusion [W]e as agents need to do a better job of understanding the nuances of company-specific coverage forms and properly conveying those differences to our clients. By Marc McNulty, CIC, CRM Earlier...

Posted: May 02, 2024

SO, YOU WANT TO BUY AN AGENCY PART 1: EVALUATION

Making sure acquisitions result in the expected return Developing a detailed “snapshot” of an agency’s data … gives the seller invaluable insights into its overall culture—and whether it will be a match with the buyer’s approach to doing business. Th...

Posted: May 02, 2024

LETHALITY

When success means questions are more important than answers The characteristics of good questions include being purposeful, relevant to the subjects being discussed, clear, neutral in intent, and specific to the information desired—and, most importa...

Posted: May 02, 2024

FEARLESS, FOCUSED, AND MORE

The 7 eagle qualities that help agency leaders reach new heights [T]urbulence lifts (eagles) higher, ultimately allowing them to conserve energy once they’re above the storm. By Brent Kelly When you think of the eagle—our national symbol of courage,...

Posted: May 02, 2024

HARD MARKET STRATEGIES:

How Retention Software Can Help Your Agency Succeed Addressing the daunting task of renewal management By Vijay Rengarajan, CPCU The hard market continues. Premiums are increasing, insurance companies are more selective about the risks they cover, an...

Posted: May 01, 2024

DETROIT TEENS LEARN RISK MANAGEMENT BASICS

Boys & Girls Clubs of Southeastern Michigan’s Risk Management Industry Club introduces the next gen-eration to the wide scope of insurance careers By Maura C. Ciccarelli Photography courtesy of BGCSM and NAAIA Foundation In May 2023, 15-year-old...

Posted: May 01, 2024

LEAD FROM WHERE YOU ARE

It doesn’t matter our job title; we all can be leaders By Carey Wallace Leadership in its simplest form is the ability of an individual to influence and guide others. That sounds pretty straightforward, but in actuality it is not. There is a reason w...

Posted: May 01, 2024

IT’S GOOD TO BE THE QUEEN

Indiana young pro creates agency division dedicated to the beauty industry By Christopher W. Cook In the insurance industry, certain dedicated young professionals stand out among their peers and are members of an elite squad of individuals. These are...

Posted: May 01, 2024

WHEN THINGS GO WRONG

The importance of crisis communications for insurance agents and brokers By Thomas Mustac In the insurance industry, building and maintaining trust with clients is the foundation of success. A crisis—whether caused by internal missteps or external ev...

Posted: May 01, 2024

BE ALL YOU CAN BE

Two agency principals share U.S. Army experiences and insights on veterans joining the insurance industry By Christopher W. Cook As in previous May issues of Rough Notes, to sync with the Memorial Day holiday, we’re sharing the stories of two veteran...

Posted: May 01, 2024

SELF-FUNDED EMPLOYERS THRIVE ON DATA

Stop loss executives foresee strong growth By Thomas A. McCoy The importance of having relevant data in making decisions rises in proportion to the amount of money at stake. Thus, when their health benefits costs rise to a certain point, employers be...

Posted: May 01, 2024

OPPOSITES ATTRACT

  Two-year-old Kansas agency has an 80-plus-year history By Dennis H. Pillsbury On January 1, 2022, Iron Insurance Partners was formed with its headquarters centrally located  in Salina, Kansas. The new agency was the result of a merger of...

Posted: Apr 30, 2024

FIVE TIPS FROM SONGS TO THRIVE IN AN ACQUISITION

 What to do as your emotions run the gamut [I]f your new organization is competent, someone is working to get you the answers you want and need. Bear in mind, the reality may be that there are no definitive answers  that can be given and your superio...

Posted: Apr 25, 2024

A HOME WITHIN A HOME

 Accessory dwelling units will test agents’ ingenuity As “dwellings within dwellings” or “households within households, ” ADU arrangements produce countless complexities that agents and brokers must be prepared to address … . By Joseph S. Harri...

Posted: Apr 18, 2024

Constructive Accountability Enables Individual, Agency Success

Providing context and feedback is critical [Real-time feedback] facilitates learning and enables one to improve and adjust one’s performance in the moment, rather than having to address problems after the fact. By Kari Glennon Personally and professi...

Posted: Mar 28, 2024

Walking The Tightrope Between Growth and Retention

Is there such a thing as too high a level of growth and retention? It is important to define acceptable levels of growth and retention … . Metrics matter; be sure to define your goals, and how each staff member will contribute. By Cheryl Koch, CPCU,...

Posted: Mar 28, 2024

2024 SOCIAL MEDIA GUIDE for Agents and Brokers

Creating a profile and posting a few times per week is no longer enough By Jacklyn Lavoie Social media is a great way for independent insurance agents and brokers to connect with people and generate new business leads. Perhaps it should come as no su...

Posted: Mar 28, 2024