Florida’s insurance industry survived last year’s record-breaking hurricane season and is prepared to help homeowners weather what may come this year. That was the message during a recent Web broadcast carried live throughout Florida, produced by the Professional Insurance Agents …
The American Insurance Association strongly disagrees with the Florida Circuit Court ruling confirming the Fourth Circuit Court of Appeals’ 2004 decision in Mierzwa v. Florida Windstorm Underwriting Association, which misinterpreted the valued policy law. In a ruling from the bench, …
If Insurance Journal readers have one consistent request it is for more information about available markets. No matter their agency size, history, politics or niche, readers like knowing about new opportunities for their own businesses, as well as about what …
NAIC Seeks Uniform Approach; N.Y. Agrees to Pull its Separate Form State insurance regulators moved closer to final adoption of model finite reinsurance disclosure language at the summer meeting of the National Association of Insurance Commissioners in Boston in early …
Profit-based Commissions Align Interests, Increase Competition, Researchers Say Contingent commissions based on insurer profitability align the interests of independent agents, brokers and the insurer so correct pricing of policies is achieved, thereby alleviating adverse selection, reports a new study by …
So just how does an industry respond to negative publicity? A number of companies involved in the insurance world have had to answer that question regarding the broker contingent commissions crisis, which has grabbed headlines and put companies on the …
When news of Eliot Spitzer’s allegations against giant insurance broker Marsh & McLennan hit the press in October 2004, local agents and brokers braced themselves for an onslaught of client concerns. They prepared brochures, distributed talking points to agency staff, …
At last month’s ACORD LOMA Insurance Systems Forum in Lake Buena Vista, Fla., Microsoft announced its new “experience Insurance” Initiative, designed to help insurance companies differentiate their brand, increase market share and profitability. More than 35 vendors and Microsoft partners …
Five Practical Coverage-Related Suggestions to Mitigate E&O Claims There is an abundance of material offering insurance agents advice designed to minimize or prevent errors and omissions claims. Most of these materials are generalized, focusing on proper file documentation and stressing …
The personal lines industry may be viewed through multiple competitive prisms. These include the classic independent agent versus direct writer perspective; independent and exclusive agents versus the banks, and independents, exclusives and banks versus the direct marketers. There is also …
