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AgentsofAmerica.ORG is pleased to announce that we established a strategic partnership with the Professional Liability Committee of the Defense Research Institute (DRI), based in Chicago. We expect there will be tremendous opportunities for us to work together and help each other, particularly with regard to future webcasts, exchanging of information and ideas and in the near future - developing stand alone professional liability seminars.
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Bringing The Best Together
Brit Weimer, Esq.
"Avoiding E&O" How to Meet and Document the Reasonable Expectations of the Insured
By Matthew S. Marrone, Esq.
Errors and omissions claims against insurance agents can take many different forms. In this column I have previously written about E&O claims resulting from an insurance broker's alleged failure to advise an insured, or her failure to recommend different types of coverage. I have also written about an insurance agent's liability for coverage placed with an insolvent carrier. This month I will address the E&O claim for misrepresentation of coverage.
E&O Loss Prevention Tip
By Brown & Brown
A Customer Service Representative of the agency met with a client interested in coverage for two mobile homes, one owner occupied, the other to be rented to a tenant. During the conversation, the client mentioned to the CSR that she also owned a mobile home park that did not have coverage. The CSR discussed insuring the mobile home park, but the client indicated that she didn't want coverage, as it would likely be too expensive.
Click here for Free Property & Casualty Sales Ideas
New Insurance Agent and Broker Rules Regarding Disclosure of Contigent Commissions Which Take Effect in New York January 1, 2011
By Colleen Murphy
New insurance agent and broker disclosure rules regarding contingent commissions are scheduled to take effect in New York on January 1, 2011: "NYCRR 30 (Regulation 194 Producer Compensation Transparency). This regulation has spurred much debate in the insurance industry. Terry Fleming, President of Risk and Insurance Management Society, stated in an opinion column in the September 6, 2010 edition of The National Underwriter that contingent commissions for insurance brokers cause "an inherent conflict of interest" and he defended the New York law mandating greater disclosure. The Independent Insurance Agents and Brokers of New York (IIABNY) through its President and CEO Richard A. Poppa, disagreed in a letter to the editor noting in part that "profit sharing aligns the interests of the clients with the interests of the insurer and producer by providing an incentive for well-underwritten business to put in place, and timely claims adjudication to be undertaken. Profit sharing agreements are ethical, legal, and help transaction in a better position." See IIABNY, Big I say RIMS' Contingent Commission Stance Is Wrong. http://ifawebnews.com/2010/09/20/iiabny-big-i-say-rims-contingent-commission-stance-is-wrong/
Afraid to Report a Claim?
By Michael Mercer
Pre-employment tests should do better at predicting irresponsible behavior than credit checks. So, take pre-employment test scores into account when you want to evaluate if a job applicant potentially could be a responsible person for your organization.
CREDIT CHECKS - PROS & CONS
Credit checks in employment applications are under a lot of scrutiny. The argument for doing credit checks is if an applicant has a lousy credit history, that applicant may (a) steal from their employer to 'raise funds' or (b) be an irresponsible employee. In fact, some localities require credit checks of applicants for jobs requiring 'public trust,' e.g., healthcare professionals, day care workers, teachers, sports coaches, police officers, and firefighters.
By Charles T. Wilson, CMC, CRM, RPLU
Many clients ask me if and when to report a claim -- and the un-spoken questions are - "Will my rates go up?" "Will I be cancelled?"
Lots of people have heard the horror stories surrounding homeowners and personal auto. For many reasons, commercial insurance is different.
Insurers are paranoid about a series of similar claims -- that's why they get nervous over the two fender benders from your teenage son. Their motto is "frequency leads to severity," and statistically they're often right.
Sell Like A Robber Baron - Visualize
By Ed Lamont, CIC, CRM
Standard Oil co-founder Henry M. Flagler is called the Father of Modern Florida. His vision, energy, and money turned Florida from America's final eastern frontier into an economic powerhouse for tourism, agri-business, and growth. How did he do it? From 1888 to 1913, Flagler built or enlarged eight gigantic luxury hotel resorts and then created transportation systems of railroads, steamship lines, and canals to enable easy access. His railroads connected Jacksonville to Key West. Flagler's steamships carried travelers and products to Palm Beach, Miami, Key West, Tampa, and overseas to Nassau and Havana. The canals he built served burgeoning farm interests inland from the ocean. His investment in Florida attracted visitors, capital, and development. The economic impact Flagler delivered to Florida hasn't been duplicated by anybody in any American state since.
Common Misconceptions in an Interview
By Ed Rosa
Don't Show Weakness:
Actually, it's okay to have a flaw or two. If you tell a potential employer that you are perfect, they know you're lying. Everyone has flaws. When asked about flaws, some people are told to say something like, "My only flaw is that I'm too committed to my work". That's a terrible answer because it shows that you didn't prepare for that question. Sure, you don't have to prepare to answer every question, but something like, "So tell me, what are some of your weakness?" is so elementary, everyone knows most employers are going to ask it so prepare to answer it.
The Science of Selling
By Marvin Zalevsky
Wallace Wattles was born in 1860 and died in 1911, and although most have never heard of him, he wrote a groundbreaking book in 1910 called "The Science of Getting Rich". In this book, Wattles detailed the methodology that one must follow to secure riches in life, in the form of monetary reward. His ideas, however, lend themselves to the pursuit of any goal, including selling. In this article, I will review the fundamental principles behind the science and apply those principles to selling.
Unselling What You Just Sold
By Mark Hunter, "The Sales Hunter"
I'll never forget the first time it happened to me. The presentation with the customer was going well. I had prepared extensively. In fact, I had not just spent more time than normal, I had stayed up nearly all night to make sure I had every element covered perfectly in my presentation. For me, this sales call was going to be a huge success. My boss had told me this was going to be a difficult quarter, and that's all I needed to hear to motivate me to close this particular sale.
Why "Let's Wait and See What Happens" May Not Be the Answer to Our Dreams
By Ed Martinez
Everyone has dreams and aspirations for their lives. Believing in those dreams is what fuels many people to take action towards making them come true. Unfortunately, some people go through their entire lifetime as "victims of the circumstance" while they wait to see what happens. According to Answers.com, this phrase refers to someone whose bad luck was not of his own making; born at the wrong place at the wrong time; got out of bed on the wrong side; or crossed the road at the wrong moment. This mentality consequently impedes some people from achieving success and prosperity or realizing any of their dreams.
The Quest for Happiness Begins Within
By Robert Stuberg
Without a doubt, the cornerstone of any well-conceived destiny is happiness. It's the one thing that everyone wants, and it's available in countless forms, and yet, relatively few people would actually claim to be happy most of the time. Why is this, when anyone can have happiness in a moment, just by choosing it?
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