E&O Weekly Prevention
Strategies for the Professional Agent
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July 26, 2012

 

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Letter from the Editor
This Week's Edition of AOA E&O Prevention 

 
Table of Contents     

  

More than Meets the Eye - Claim Valuations and Settlements

By Kim Piersol FCAS, MAAA

  

Third Circuit finds that Bankruptcy Code Permits Assignment of "Unassignable" Insurance Policy

By John Collen, Esq. and Mark D. Conzelmann, Esq.

 

Court Correctly Applied Subjective Test to Determine Whether Coverage Was Barred as Nonaccidental

By Anne D. O'Niell Esq. 

 

Florida Courts to Require Service of Pleading and Documents by Email 

By Anthony Strasius, Esq., Sean McDonough, Esq. & Rodney Janis, Esq

 

Also this week we have Andrew Barile recent interview on World Risk and Insurance News (WRIN.tv) explaining Mitt Romney's™s tax issue. 

  

We also would like to extend an invitation for you to join AOA's LinkedIn group at AGENTS OF AMERICA. Also our affiliated Insurance Open Network, a LinkedIn open networking group for all insurance professionals.
 
AgentsofAmerica.ORG has partnered with WebCE, a leading nationwide provider of Continuing Education for insurance professionals, to provide you with state-approved self-study CE courses to satisfy your CE requirements online! Check out your CE State Requirements.
 
Also available is our most recent edition of "AOA Tips, Views, News & More," including our new feature "Insurance Resources."  Remember to tell your friends and business associates that membership in AgentsofAmerica.ORG is FREE! Also if you have any thoughts, comments or suggestions, please email me at info@agentsofamerica.org.  
  

 

"Bringing the Best Together"

Brit Weimer 


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AOA News, Views, Tips and More

 

Insurance Coverage Tip 

By Kristin Toto of Martin & Company

ktoto@martincompanyus.com

 

A "Progressive" Way of Rewarding Safe Drivers

 

In such a saturated market, how do personal automobile insurers differentiate themselves? Historically, insurers have set themselves apart through the use of various discounts and bundling deals. Progressive Insurance took a novel approach to traditional discounts and recently launched their Snapshot, usage-based insurance program.

 

How does the Snapshot Discount Program work? After eligible insureds enroll in Snapshot, they will receive a Snapshot device that must be plugged into their car within 7-10 days of receiving it. Insureds then drive as they normally would. The driving snapshot calculates the number of trips the insured takes, the number of miles driven, time of day the insured drives and number of hard braking events. Any discount earned will be applied after 30 days of using the Snapshot. The great advantage to this usage-based program is that the Snapshot will never increase your insurance rate. As an added bonus, Insureds are able to track their projected Snapshot Discount online and have the option of opting out of the Snapshot Program at any time.

 

To view more "hot trends" in the Property & Casualty Insurance Marketplace, visit:

Martin & Company's Market Trends & Updates

 

 

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Marketing Tip - Landing Pages vs Home Pages for Generating Sales

By Philip W. Eide of BenefitPlace.biz / BPTradeShow.com

 

Use "Landing Pages" rather than traditional "Home Pages" on your Website to capture and "Convert" Visitors into Clients! When your potential clients utilizes the Internet and Search Engines to find information about Plans, Programs and/or Services and arrive at your website, they should first see a "Landing Page - not the traditional "Home Page"! Your "Home Page" is not what they are looking for! Many Agents and Brokers have a well designed "Home" page that include Graphics, Columns of Links, Lists of Services, Videos or Avatars, Mission Statements, News and even Stock Market Quotes. Your visitor is looking for your capacity to deliver a "Specific" Plan, Program, or Service - not General Info!

 

Self-Qualifying Prospects begin their search by typing in "Key Words", ie. HSAs, E&O Insurance, Disability Coverage, Retirment Plans, etc. The Search Engine, ie. Google, Bing, etc., provide a list of potential sites to begin their search for what they need. Depending on how well you Optimized, Titled and Linked your Web pages, they arrive at your Website looking for information about a specific Plan, Program or Service! The traditional "Home Page" is not specific. Your "Landing Page" should be!

 

What to do? You need to develop a series of "Landing Pages" (also called Lead Capture Pages) to provide the visitor an opportunity to become your client. According to HubSpot, "Landing pages are the heart and soul of an inbound marketer's lead generation effort". The Design Features should be simple, uncluttered and include: Headlines Specific to the Link: Keywords to Attract Search Engines; Forms for Capturing the Visitors Contact Information; Share Buttons; and Specific Calls To Action (CTAs). Landing Pages should be your springboard to Sales!

 

Contact Phil Eide at BenefitPlace.biz and BPTradeShow.com our primary focus is in educating Buyers of Plans, Programs, and Services while partnering with industry producers to deliver "Inbound" qualified leads. To find out more about us Email or Call - max@benefitplace.biz - 216.577.5579

 

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Does the passing of Obamacare hurts Consumers, Insurance Agencies and should it be repealed?

 

Yes, repeal it completely         87%                     

No, don't repeal it at all             4%

No, repeal just parts of it           9%

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What is your agency doing to improve its loss prevention?

 

Nothing 

Conducting an internal review of procedures
Attending a loss prevention/E&O seminar
Contracting with an outside risk analysis/management consultant

 
Articles 

article1More than Meets the Eye - Claim Valuations and Settlements           
By Kim Piersol FCAS, MAAA

 

Companies that self insure their workers' compensation exposures, whether under a self insured retention, large deductible or an alternative funding program, must estimate the ULTIMATE future cost for both known and unknown losses. This valuation process must consider medical pension cases, including individual claim demographics and the effect of Medicare's interest in workers' compensation cases. A valuable tool in accomplishing this accrual analysis is an individual claim analysis that projects ultimate values after consideration of the many claim demographics which can affect this ultimate valuation. 

 

Read More...

  

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articletwoThird Circuit finds that Bankruptcy Code Permits Assignment of "Unassignable" Insurance Policy      

By John Collen, Esq. and Mark D. Conzelmann, Esq.

 

On May 1, 2012, the Third Circuit held that when setting up asbestos trusts, anti-assignment provisions in insurance policies are trumped by the U.S. Bankruptcy Code. In re: Federal-Mogul Global Inc., Nos. 09-2230 and 09-2231, 2012 U.S. App. LEXIS 8814 (3d Cir. May 1, 2012).

 

Automobile parts manufacturer Federal-Mogul faced hundreds of thousands of asbestos personal injury lawsuits. In 2001 it filed a voluntary Chapter 11 reorganization case under the Federal Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. During the reorganization process, Federal-Mogul sought an injunction under Section 524(g) of the Bankruptcy Code to channel all present and future asbestos claims solely against assets placed in a post-confirmation trust.

 
Read More...

  

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Firebrand Social Media   

  

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art3Court Correctly Applied Subjective Test to Determine Whether Coverage Was Barred as Nonaccidental

By Anne D. O'Niell, Esq.   
 

Brief Summary

California's Second District Court of Appeal recently considered whether defendant, a wife who co-owned rental property with her co-defendant husband, was entitled to indemnity coverage for a judgment awarded to the couple's tenants based on her argument that she was an "innocent co-insured." The wife argued that, unlike her husband, who had been sued in a criminal action related to the maintenance of their jointly owned apartments, she was not aware of the actual conditions at the apartments and could not have expected that the tenants would be injured by the conditions. She asserted that as she did not expect that the tenants would be injured by the conditions at the apartments, their injuries should be construed as "accidents," entitling her to coverage as an "innocent" insured, notwithstanding her husband's knowledge of the conditions at the apartments.  

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articlefourFlorida Courts to Require Service of Pleading and Documents by Email   
By Anthony Strasius, Esq., Sean McDonough, Esq. & Rodney Janis, Esq., of Wilson Elser Moskowitz Edelman & Dicker LLP
 

On June 21, 2012, the Supreme Court of Florida issued a corrected opinion adopting the new Florida Rule of Judicial Administration 2.516 (Service of Pleadings and Documents) and amending all corresponding rules of Judicial Administration, Civil Procedure, Criminal Procedure, Probate, Traffic Court, Small Claims, Juvenile Procedure, Appellate Procedure and Family Law to reflect this new rule. The new rule provides mandatory email service of all pleadings and documents, and will apply to all Florida cases.

 

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This newsletter is produced in conjunction with Agents of America, www.agentsofamerica.org. The contents of which may not be reproduced without the express written permission of Agents of America. Copyright 2012