See the results of the 2014 PIA Company Performance Survey now

The results of the PIA Company Performance Survey have been calculated. During the survey professional, independent insurance agents were asked to rate the companies with which they do business on 20 performance items. This year, agents said their companies perform best in categories that reflect their claims and underwriting practices. More … PIA members can read about this year’s survey in the October issue of PIA magazine, or additional results—including information on previous years’ surveys—can be viewed here.  

Two-minute survey: Are carriers making it more expensive to run an agency?

PIANH’s two-minute survey for October asks agents questions about their cost of doing business. This month’s six-question survey includes the following: Do you believe that carriers' actions are making it more expensive to run an independent insurance agency? Yes | No | I don't know  

PIANH honors Companies of Excellence, examines industry trends at Symposium14

Your association held Symposium14 on Oct. 2-3, at the 100 Club and Hilton Garden Inn, Portsmouth. The unique two-day networking event brought together professional, independent insurance agents from around the state for continuing education, company awards and more. Congratulations to the following winners of 2014 Company Excellence awards: Main Street America, Acadia Insurance, Mt. Washington and Vermont Mutual. The Award for Overall Excellence went to MMG Insurance. Bernd G. Heinze, Esq., CLU, addressed the crowd Oct. 3, examining emerging risks for the insurance industry in a time of mergers, consolidations and acquisitions; increasing regulations; the globalization of risk; the demand for data and new talent; and the impact of online applications. More … PHOTO: PIANH Vice President Jeffrey Foy, AAI, mingles with Symposium14 participants during the global wine-tasting event.  

PIANH board meets to discuss homeowners issues

The PIANH board met Oct. 2 in Portsmouth and discussed the recent meeting that PIANH had with the New Hampshire Insurance Department, which touched on issues of the newly passed raffle rebating law, the availability of homeowners coverage throughout the state, deficiencies with industry mapping software and issues involving claim resolution. The board also had preliminary discussions regarding some of PIANH’s legislative goals for the 2015 legislative session. The board also reviewed the member retention report for the year, with retention numbers remaining excellent. The board will next meet on Dec. 2, 2014, in Concord. PHOTO: PIANH Executive Director Kelly Norris, CAE, presents PIANH immediate past President Scott Johnston with an award to commemorate the completion of his two-year term serving as your association’s president.  

NHID to hold public hearing on premium rates

The NHID will host its annual public hearing on health-care costs and insurance Friday, Oct. 31, 2014, from 8:30 a.m.-1 p.m., at the University of New Hampshire School of Law, Concord. The hearing is open to the public, and live streaming of the event is planned. The hearing will provide information from experts on health-care costs and payment systems. Advanced registration is required. Email danielle.barrick@ins.nh.gov for more information or to register for the hearing. More …  

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ISO/PCI issue press release on p/c insurers’ results

The Insurance Services Office Inc. and the Property Casualty Insurers Association of America issued a joint press release that highlights the private U.S. property/casualty insurers’ first-half 2014 financial results. Net income after taxes rose $1.6 billion to $26 billion from $24.4 billion in first-half 2013. Reflecting insurers’ net income after taxes, policyholders’ surplus grew to $671.6 billion at June 30, 2014, from $653.4 billion at year-end 2013. Net gains on underwriting fell to $0.3 billion in first-half 2014 from $2.2 billion in first-half 2013 and the combined ratio deteriorated to 98.9 percent for first-half 2014 from 98 percent for first-half 2013. Insurers’ net investment income dropped $0.3 billion to $23 billion in first-half 2014 from $23.3 billion in first-half 2013.  

FEMA releases April 2015 Program Changes

The Federal Emergency Management Agency has released the April 2015 Program Changes. This bulletin implements more of the required changes to the rate structure and some of the business practices with the National Flood Insurance Program as a result of the Homeowner Flood Insurance Affordability Act and Biggert-Waters 12. Among other changes, it implements the first annual rate change that sets rates using rate increase limitations set by HFIAA, which include: limiting premium increases for individual premiums to 18 percent premium; limiting increases for average rate classes to 15 percent; and mandatory increases for certain subsidized policyholders under Biggert-Waters and HFIAA.  

FEMA releases Specific Rating Guidelines update

The Specific Rating Guidelines October 2014 manual provides the rules and rates for Submit-for-Rate risks. These are properties at high flood risk that, because of peculiarities in their exposure to flooding, do not lend themselves to pre-programmed rates noted in the NFIP Insurance Manual. These risks require an in-depth underwriting analysis before a risk premium rate can be applied. Use of these guidelines is restricted to: 1.) the NFIP servicing contractor and 2.) those Write-Your-Own companies approved by FEMA as having established a designated specific rating unit within their underwriting departments.  

NCCI publishes its Experience Rating Update Report

The National Council on Compensation Insurance’s Experience Rating Update Report, which includes information about: the efficiency of experience rating; preliminary vs. final mod; when a mod factor will be revised; the new Riskworkstation^TM and manuals library; and enhancement of workers’ compensation knowledge has been published online.  

Who is holding you harmless?

As your agency renews the various contracts it has executed with insurers, vendors, excess and surplus brokers and other parties, you probably notice that these agreements contain "hold harmless" provisions. These provisions typically provide that the signing party agrees to be responsible for any damages they cause the other party, and indemnify for losses, attorney fees and other costs the other party suffers because of their acts. These clauses are a common and typical part of an agency contract. Your association recommends that such contracts contain two-way hold harmless agreements, in which the agency and the other contracting party agree to hold each other harmless. Finally, make sure to read the hold harmless clauses to be sure that you are not agreeing to hold the other party harmless for damages they have caused themselves—a side effect of carelessly worded agreements, and contrary to the intent of the wording. For more information on this subject, access QS90014—PIA research series: Agency agreements in the PIA’s QuickSource library.  

Ask PIA: Charging for accident of unlicensed user

Q. An unlicensed child drove a parent's car and had an accident. Now the company states it can add the child (age 18) to the policy and charge points. I thought you had to be licensed to be on a policy. If a client loses his or her license, say for DWI, we are allowed to delete the person from the policy. What would be the difference? A. Since the claim was covered and the loss paid, the insurer would charge points, as the policy responded. It would be the same if a client loses his or her license for DWI. While you may attempt to negotiate with the insurer since the child was not a licensed driver, it has the right to surcharge. However, it will not be able to add the driver to the policy and rate for the child since he or she is unlicensed. The company may add the child, for informational purposes, so upon each renewal it can check to see if he or she has his or her license and rate for him or her at that time. As a side note, the New Hampshire Automobile Insurance Plan would charge points. For a more comprehensive answer to this question, click here. To access our entire Ask PIA library of frequently asked questions and expert answers by PIA’s technical staff, click here.  

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Winter personal-lines newsletters are available for your clients

Now is the time to order your winter issue of Insights and Updates to send to your clients. This newsletter is perfect for your personal-lines clients and features the following topics: the risks of ride sharing; how to prevent ice dams; heating your home with a fireplace vs. traditional gas; the liability of sledding on private property; and travel during the busy holiday traffic. This newsletter, in which you also can include your agency’s privacy notice, can be personalized and sent through PIA Creative Services. For more information, contact dcramer@pia.org or call (800) 424-4244.  

PIA’s partnership with Agency Revolution

PIA’s partnership with Agency Revolution offers substantial discounts to members with vital assistance increasing their Internet presence and marketing efforts. The exclusive agreement provides PIANH members with access to the expertise of industry marketing veteran Michael Jans, founder of Agency Revolution, and his firm’s expansive industry research to implement marketing systems that include mechanisms from personalized emails to custom-built websites specifically designed for professional, independent insurance agencies and their clients. More …  

Upcoming PIANH Webinars

PIANH will offer the following Webinars in the next few months: E&O Hotspots … 2014 and Beyond^{^FF^UM} (Thursday, Oct. 16, from 10 a.m.-1 p.m., NHCEU: 3 GEN PRO); Top Ten Personal Lines Endorsements (Tuesday, Oct. 21, from 10-11 a.m., NHCEU: 1 GEN PRO); Ethics—Something Worth Pursuing (Tuesday, Dec. 2, from 10 a.m.-1 p.m., NHCEU: 3 ETHICS PRO); and Top Ten Commercial Lines Endorsements (Wednesday, Dec. 10, from 10-11 a.m., NHCEU: 1 GEN PRO). ^{^FF^UM}—This course has been approved for E&O loss-prevention credit by Fireman’s Fund and Utica Mutual. Call the PIA E&O Department for details at (800) 424-4244. For more information or to register, click here.  

Multistate workers’ compensation insurance plan coverage

The NCCI can accommodate an employer with operations in multiple states within its jurisdiction when an application is made to the Workers’ Compensation Insurance Plan. To learn more about how to handle these risks and how to complete the application properly, access QS28053 in PIA’s QuickSource library.  

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