WC: Pay as You Go

E&O Update:Clarifying Insolvency

RLI:Free Marketing Materials

Flood & Agility: The Importance of a Disaster Plan

Spring Training:Upcoming CIC institutes

The Hartford is now offering a new service to their WC policy holders:  XactPAY Express:  Pay-As-You-Go!

XactPAY Express allows insureds to report their "actual" payroll figures to The Hartford directly each pay period through an online system.  The Hartford then bills insureds based on the "actual" payroll reported and withdraws the funds via an EFT arrangement. Clients can sign up for this product before their New or Renewal policy is issued. 

Benefits of the Pay-As-You-Go! model:

  • No heavy down payments. The insured will be charged the expense constant with the first submission of payroll.

  • Help manage cash flow. Match business fluctuations by spreading payments over each pay period (instead of quarterly). Less premium will be charged when business/payroll is lower and larger premium will be charged with business/payroll is higher.

  • No billing fees.  ABSOLUTELY NO ADDITIONAL FEES FOR THIS SERVICE.

  • No Cancellation/Reinstatement issues. All payments are handled via EFT.  Cancellation for Non-payment of premium will be issued if the insured does not submit their payroll figures as established with the set-up. Reminders are sent before cancellation is issued.

  • No surprise audits!
For more information click on the flyers:
XactPAY Xpress – Agent Flyer
XactPAY Xpress – Insured Flyer

The Hatford will be offering this service to accounts over $1,000. The Number One Insurance Agency will begin to include this information with New Business Quotes that meet this guideline. Feel free to contact Colleen Lahna, WC Program Manager with any questions at clahna@massagent.com or call her at (800) 742-6363, extension 361.

For Renewals:  WE NEED ADVANCE NOTICE.  If you have an insured that would like to RENEW with this new feature, please submit a request to Colleen at least 60 days in advance of the renewal date. She will notify The Hartford to issue the Renewal accordingly.

E&O Update: Clarifying Insolvency

Based on the economic challenges of the past few years, we thought it important to bring the Agents' E&O Policy “Insolvency Exclusions” to your attention. In certain cases, action on your part may ensure that this coverage is afforded for certain carriers.
  
Utica Insureds:  
To understand where insolvency coverage is excluded, we recommend all insureds read Insolvency Exclusion #16. In some cases, excluded insolvency coverage may be endorsed back onto the policy. A detailed explanation of Utica's treatment of Insolvency exclusion buy-back can be found here.

A written request to your underwriter may secure either the ENDORSEMENT 14-E-1088 – AMENDMENT OF INSOLVENCY EXCLUSION – EXCEPTION FOR SPECIFIED “NR” RATED ENTITIES for no charge or the ENDORSEMENT 14-E-0058 - INSOLVENCY COVERAGE FOR SPECIFIED ENTITIES for an additional fee.

Swiss RE/Westport Insureds:
To understand the way that Swiss RE/Westport treats insolvency coverage, we recommend reading the Insolvency and Fraudulent Entity Exclusions.

Please contact the Agency's E&O Department directly with your specific questions or concerns. Ellen and Michelle are happy to speak with you regarding this topic.

Ellen Stoppel or Michelle St. Angelo can be reached by email at estoppel@massagent.com or mstangelo@massagent.com or by phone at 800.742.6363.

RLI: Boost Your Mailings with Free Marketing Materials

Looking for a way to boost your umbrella business? Want to remind the In Home Business owners in your book that they can protect their BPP and liability?

Most of our member agents know that Number One Insurance Agency offers both the RLI Personal Umbrella Policy and the RLI @Home Business Program; both of which provide affordable coverage from an A+ Rated carrier.

To assist you in your marketing efforts, RLI provides printed brochures and stuffers to agents free of charge. Linda Hafner, RLI Program Manager, is happy to ship them to your office for a special mailing, to include in policy renewal kits, or to stock the information center in your office.

Take a look at the available options:

Personal Umbrella Brochure (PUP-MK 502)
Personal Umbrella Stuffer (PUP-MK 504)
Home Business Stuffer (HBP-MK 501)

...and place your order here.

For questions or for assistance with the RLI Programs, contact Linda Hafner, RLI Program Manager, at lhafner@massagent.com or call 800.742.6363, ext. 368.

Flood & Agility: The Importance of a Disaster Plan

A well thought out disaster plan is important for agencies of every size, and this need only grows as the agency does. This is one of the reasons that MAIA endorses Agility Recovery.   

Most of us remember when “ideal conditions” and record rainfalls produced massive flooding in the Northeast in March of 2010. Independent Insurance Agents played a vital role in assisting clients whose homes and businesses were affected. Covered or not, many people called their local insurance agent immediately upon seeing storm damage.

Of course, insurance agencies are not immune to Mother Nature and several Mass. agencies were directly affected by flooding last spring. Those agencies with a disaster plan in place were better able to maintain operations during this critical time. One agency in particular, utilized their multiple locations and new phone system to continue working even as they experienced flooding in one building and road closures that made their main office inaccessible.

Like all businesses, Independent Agencies stand to benefit from creating, reviewing, and regularly updating a written disaster plan. Owners and managers may find it helpful to discuss this with an experienced outside source whose business is to provide the hardware needed if disaster strikes.

Agility Recovery is a leader in the field of disaster recovery. They help agencies create a disaster plan and then work from that plan to respond should a disaster strike. From fire damage to a simple water main break, Agility can deliver satellite communications for phone and Internet, power generators, computers, servers and work space so that the agency can continue to operate and service clients.

Agility now also offers a monthly newsletter with case studies, tools and resources relative to disaster planning and recovery. MAIA members can sign up here to receive their monthly communication.

For further information about Agility Recovery and to take advantage of the discounted monthly rate offered to MAIA members please call 866.364.9696 ext 3.


Still looking for a Flood market? The Number One Agency/ MAIA sponsored Flood Program offers great commissions and excellent service. Signing up is simple - just complete the Flood Enrollment Kit. If you have any additional questions about our Flood program please contact Sheron Gagnon at 800.742.6363 or email her at sgagnon@massagent.com.

SpringTraining: Upcoming CIC Institutes

Personal Lines [Agenda]
April 13-16, 2011
Cranwell Resort, Lenox, MA
This institute prepares you to address the unique and special needs of individuals, families, and family members. You will learn to deal with the complexity of forms associated with policies, risks and coverages. Register Online

Commercial Property [Agenda]
May 18-21, 2011
The Equinox, Manchester Village, VT
This institute examines the fundamentals related to all types of commercial property. As a participant, you will learn to use innovative ways to maximize coverage for commercial accounts.
Register Online
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