2023 Brings Enhanced Staff Changes to InsurCorp.
We are pleased to announce staff changes that we feel will continue to enhance our value to our Members and our Strategic Company Partners.
We are pleased to announce that Cheryl Mitchell will move to the newly established position of Agency Growth Coach (AGC). In her new role, Cheryl will be responsible for Strategic Partner Company (SPC) organic growth. She will be a sales champion focused on the growth of our members' agency income. She will facilitate onboarding for all new member agencies and focus on Strategic Partner sales production for our newer members and our long-term members.
Danielle Negherbon, AAI, GBA, CISR will step into the role of Access Plus Coordinator. Danielle has been with our agency for 6 years and has experience with both Personal and Commercial lines and has multiple accreditations and designations. She has the skills, talent, and knowledge to help our members place business with our SPCs so they can work towards direct appointments.
Anthony Schlitt will assume Territory Manager Recruiter responsibilities over the entire InsurCorp territory.
Finally, unfortunately, we announce Tiffany Degnan will be leaving the insurance business, and her last day with us will be 1/6/23. We appreciate all she has done for us and wish her well in her future endeavors.
We are excited about the opportunity these changes bring and look forward to a fantastic 2023. Thank you for your business!
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Cheryl Mitchell
772-567-8462 ext. 101
Cheryl@InsurCorpAlliance.com
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Danielle Negherbon, AAI, GBA , CISR
772-567-8462 ext. 115
Danielle@InsurCorpAlliance.com
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Anthony Schlitt
772-567-8462 ext. 117
Anthony@InsurCorpAlliance.com
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Save the Date - The Annual ICAA Network Meeting is May 11th, 2023
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Bold Property Reforms Pass...but there's still more to do.
Finally, Florida lawmakers took bold steps to address the state's troubled property market—a market with premiums three times higher than the national average, rising reinsurance rates, record carrier insolvencies, fraudulent claims, frivolous litigation, and a government pool (Citizens) with the lowest rates in the state. Lawmakers wrapped up their property insurance reform package SB-2A.
Litigation is the problem, but SB-2A deals with non-litigation cost savers and Citizens as well, although this article focuses on the litigation portion of the bill.
The Litigation Provisions of SB-2A
- It ends one-way attorney fees in residential and commercial property insurance policy lawsuits.
- It reinstates the civil offer of Judgment Statute (also known as Proposals for Settlement) and makes attorney fees available for the prevailing party, while also allowing for joint offers of judgment.
- It prohibits Assignment of Benefits (AOB) contracts for residential and commercial property insurance policies issued on or after January 1, 2023.
- It prohibits filing a bad faith lawsuit until a final judgment is issued against the insurance company in the original claim dispute.
- It allows carriers to include mandatory binding arbitration in their policies.
- It shortens deadlines for policyholders to report a claim from 2 years to 1 year for a new or reopened claim, and from 3 years to 18 months for a supplemental claim.
The litigation portion of this problem may seem resolved, but if the above reforms survive legal challenges, trial lawyers will search for other litigation schemes. While sad, it is a reliable sign of success.
So, what is missing at this point? Well, lawmakers did not address the issue of Actual Cash Value for roofs. Nor did they do anything to stop the door-to-door antics of roofers, mostly from out of state. Or public adjusters, many of whom are also from out of state (and unnecessary) and licensed to descend on the state's stricken areas. Nor did they address the nefarious activities of some water mitigation firms that are unlicensed, unregulated, and working with attorneys.
Fixing those problems will be part of the next step in shoring up the property market which we will hopefully see during the 2023 Regular Session.
We hope that the SB-2A reform will be effective and that we can start to see carriers stabilizing over the next 12 to 18 months in addition to an increased capacity, broader underwriting appetite, and an overall healthier and more competitive property market return to Florida.
Jeff Schlitt, CPCU, CFP
President
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Strategic Partners Update |
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Target Appetite - Florida
March 2022
Chubb looks for ways to do more for our agents and insureds. We strive to make it easier to quote small businesses through our award-winning platform, Chubb Marketplace. Below is a quick guide to help you identify classes of business with the high straight-through processing for quotes and the ability to bind directly through the Chubb Marketplace.
Did you know?
•There are over 500 target classes offered
•Average premium for a Chubb BOP with property and general liability is $2,468*
•Our minimum Chubb BOP premium is $485 and $500 per million for umbrella
*Varies by class and exposure
Want to learn more?
Please contact your Chubb Small Business Sales Leader,
Jennifer Ndong Smith - 678-733-2289 / Jndong@Chubb.com. Chubb
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Target Classes:
•Business Services •Professional Services
•Healthcare •Retail
•Pet Care Services •Life Sciences
•Technology •Clubs/Associations
•Financial Services •Wholesalers
•Manufacturers
Total Account Solution Capabilities:
Available coverages for businesses with up to $30M in revenue include:
•Chubb BOP
•Umbrella, Optional $10M limits
•Workers’ Compensation
•Commercial Auto
•Cyber Enterprise Risk Management (ERM)•DigiTech® ERM
•Professional Liability (Pro ERM)
•Employment Practices Liability•Directors & Officers
•Fiduciary
•Crime
•Accident & Health
•Foreign Package
•Business Owner’s Accident
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Congratulations to the following winners in our InsurCorp Gift Card Incentive with Liberty Mutual Insurance!
1st Place: All Service Insurance - $700 Gift Card
2nd Place: Reliance Insurance - $400 Gift Card
Thank you for participating and choosing Liberty Mutual for your business line needs. Questions? Reach out to your Territory Manager anytime!
Quarter Four Update
Did you know bid and performance bond requirements are not limited to construction projects? There are multiple businesses that may be required to purchase what is known as “service and supply” bonds, which guarantee businesses will meet their contractual completion or payment obligations. Unlike standard construction performance and payment bonds, service and supply bonds can be for multi-year terms and are renewed on an annual basis.
Common industries served by service and supply bonds include, but are not limited to:
- Landscape maintenance
- Food service
- Security
- Waste management
With Liberty Mutual Surety’s credit-based program, you can easily submit a one-page application and get approved for a bond up to $500,000 that same day. To access the application, visit the Liberty Mutual Surety Agents’ Portal, hover over eBonding in the top menu, and select ‘Issue or apply for a new bond.’ In the filter menu at the top of the page select ‘Other forms’ and then ‘Application.’ From here, you can scroll to the bottom to find the ‘Supply and Service Application,’ or enter the word ‘supply’ into the search bar and the application will pop up.
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Phishing Attacks Are Increasing; Don’t Let Customers Get Reeled In
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Businesses lose billions of dollars annually to wire transfer phishing. Also known as “wire transfer fraud” or “fraudulent wire transfer,” these ploys trick the victim into
transferring money to the attacker.
But wire fraud is easy to see if you know what to look for. Use new marketing flyers to help customers:
Take this opportunity to help customers stop wire transfer scams before they start.
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Referral Program
$5,000
If you refer someone to us and they join Insurcorp we will pay you a total of $5,000!
$3,000 upon signing
$1,000 next 2 anniversary dates
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