In Praise of Midwest Regionals
The headline in Sarasota’s Herald-Tribune on Sunday read, “Weak Insurers Put Millions of Floridians at Risk.” The issue is a concern to anyone in the insurance business; it has particular impact to those of us who own Florida property. After the four hurricanes of ’04, major carriers – State Farm, Allstate, Nationwide, USAA, Hartford, and Travelers fled the state. In their place, rose start-up companies that only do business in Florida, taking an all-or-nothing gamble on the state’s weather. Now a new study reveals many of these companies are barely capable of paying for house fires and are destined to go down when the next hurricane hits the state. And the state regulators appear to be simply crossing their fingers and saying a silent prayer as they push these companies to insure more and more homes without requiring an increase in their reserves. The secretary of the Independent Insurance Agents of South Florida calls it the Florida Ponzi Scheme.
Let us take a few minutes from our busy work day to give thanks for the strong regional insurance carriers that are the foundation of a sound Midwest insurance marketplace. Let us all take pride in the options we can present to prospects and clients, seldom asking them to choose the lesser of two evils. Let us remember that we are able to provide both affordability and security to the people we insure; it is something that should not be taken for granted.
Adjusting Today Turned into CE
For over a decade, Commercial agents have relied on the Adjusting Today newsletters to explain coverage nuances and provide practical examples of how coverage should apply at the time of claim. These free newsletters, written by the property experts at Adjusters International, have become a valuable resource for agents throughout the country.
The Van Wyhe Group is now partnering with Adjusters International to turn those newsletters into continuing education credit. Three courses are currently available with each course based on a few of those newsletters. The format is a simple Adobe document that can be downloaded at our website. The Adobe file contains copies of those newsletters included in the course as well as instructions, the exam, and the affidavit required to complete the CE requirements. We have attached one course, Specialty Coverages so you can take a look. Choose one of the following versions: Wisconsin agents, Ohio agents , or Michigan agents . Then, go to www.insurancece.com and find the Adjusting Today button on the home page to review the other courses that are currently available. We are also in the process of turning all of our self-study CE into Adobe format so that it can be immediately available to agents who need credits by the end of the month.
New Coverage From Frankenmuth
Frankenmuth has announced an additional coverage that is being built into their personal auto product. Entitled Rental Automobile Gap Coverage, it provides coverage when a renter damages a rental car and the rental company sells the vehicle in its damaged condition, charging the renter for much more than what it would cost to repair the vehicle. It also covers when the company repairs the auto but charges the renter for diminished value in addition to the cost of repairing the vehicle. The company is not charging for this broadening of coverage. Check with Frankenmuth for details on the coverage and to see if it is available in your state. Hats off to Frankenmuth for responding to their insured’s changing needs and thanks to the Michigan agent who clued me in.
Quote of the Month:
“In times of change, learners inherit the Earth, while the learned find themselves beautifully equipped to deal with a world that no longer exists.” Eric Hoffe Newsletter CE Winners
Winners will be announced each month in this newsletter and should contact Angela at angela@insurancece.com to redeem their winnings. To win, you must be signed up for this newsletter. Spread the word.
This month’s winners are:
Gary Jorgenson in Atlantic Mine , MI
Mathew Plishka of St. Farm in Prairie Du Sac, WI
Reid Baughman in Duncan Falls, OH
Who We Are:
InsuranceCe is brought to you by The Van Wyhe Group, an education firm coaching agents in ways to add value to the insurance transaction. Agents who master adding value attract business rather than chase it. | March's 50% CourseInsuring the Rental Car
2 credits only $10
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