the
TEXAS CONNECTION TEXAS PROFESSIONAL INSURANCE AGENTS DIGITAL JOURNAL
DECEMBER 2014
In This Issue
•
What Texting Does to the Spine
•
Faking honesty is not a good E&O tool
•
Liquor Liability
In This Issue Presidents Corner ………………………..……………… Page 3
……………..……………… Page 5 Meet The Member …….……………..………………… Page 6 Faking honesty is not a good E&O tool ………..……… Page 8 Liquor Liability …………........…..……………………. Page 11 Think About It …………………..…..…………………… Page 13 What Tex&ng Does to the Spine ……..………………… Page 13 TDI Enforcement Ac&ons …….……….……………….. Page 15 Our Partners ……..….….……..…..………………….. Page 17 Word Scramble ……..…….………………..……..…….. Page 19 Texas Trading Post ……………………..………….…… Page 20 Classifieds …………...………………..…………….…… Page 24 By The Numbers..…..…………..…..………………….. Page 25 The Last Word …………..………………………....…… Page 28 Na&onal Member Benefits
On The Cover… That ‘Santa’ is our own Tom Sorrels from Tyler. He is the Immediate Past President of the Texas PIA and sits on our Board of Directors. He had the physiological requirements for the job, so several years ago, he began a second career, portraying the ‘jolly old elf’ himself. Right now, he’s somewhere up on the East Coast with kids sitting on his lap… He’s telling them they can’t have a BB Gun, because they’ll shoot their eye out. Keep your lap dry, Tom!
Tony Harper
SMILING IS INFECTIOUS Smiling is infectious, You catch it like the flu, When someone smiled at me today, I started smiling too! I passed around the corner And someone saw my grin; When he smiled, I realized I passed it on to him! I thought about that smile, Then I realized its worth, That a single smile, like mine or yours, Could travel ‘round the earth. So, if you feel a smile begin, Don’t leave it undetected; Let’s start an epidemic quick And get the world infected! On behalf of the Texas PIA, May all of you have a very merry Christmas and a healthy, prosperous and happy New Year! Tony
Texas Connec on publishes ar cles and informa on that should be of interest to members. The informa on, while valuable, is subjec ve and we strongly recommend that you exercise your own due diligence and good judgment when using the informa on. Publica on of informa on does not in any way cons tute a warranty of endorsement by Texas Professional Insurance Agents, Inc. THE TEXAS CONNECTION - TEXAS PROFESSIONAL INSURANCE AGENTS DIGITAL JOURNAL
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Member BeneямБts from Na&onal
THE TEXAS CONNECTION - TEXAS PROFESSIONAL INSURANCE AGENTS DIGITAL JOURNAL
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Meet Shirley Almany, of Almany’s Insurance in Waxahachie, Texas. Shirley was born in Joplin, Missouri and grew up on a farm in Pennsylvania. In June of 1968, she married David Almany and moved to North Carolina, where she studied Business Administra&on at Catawba Valley College in Hickory, North Carolina. She and David were married for 43 years. They were big fans of NASCAR and loved to travel. In 1994, Shirley and David opened Almany’s Insurance in Waxahachie, Texas. It was a true ‘mom & pop’ agency, with the whole family involved in the opera&on. There’s daughter: Cathy LiDles, granddaughter Nicole Saenz, grandson James Saenz, and grandsons Morgan and Corey LiDles. Her daughter Sheri Cas&llo has her own agency in Ennis, Texas. Man... talk about your ‘perpetua&on program.’
THE TEXAS CONNECTION - TEXAS PROFESSIONAL INSURANCE AGENTS DIGITAL JOURNAL
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Almany’s Insurance have been members of Texas PIA for 13 years. David served as a Director of the Texas PIA un&l he passed away in June, 2012. Shirley is currently President-Elect and will begin serving as President of Texas PIA in October, 2015. In addi&on to the agency, Shirley has operated a number of other businesses over the years. There was Almany’s Car Rentals and Sales, a Premium Finance Company, a ceramic store, a music store, a used furniture and import store, and even a Greyhound Bus Sta&on and Western Union office. When someone new was hired at Almany’s, you knew there would be a lot of cross training! If you are ever in Waxahachie, stop by Almany’s Insurance and say hello... whoever you meet is most likely a member of the family!
THE TEXAS CONNECTION - TEXAS PROFESSIONAL INSURANCE AGENTS DIGITAL JOURNAL
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Faking honesty is not a good E&O tool The great comedian Groucho Marx once said, “The secret of life is honesty and fair dealing. If you can fake that, you've got it made.” As interes&ng as it may sound, it is probably fair to say that Groucho was not an insurance producer. If he had been, he may have been involved in an E&O claim or two. In the daily opera&on of an insurance agency, producers and customer service representa&ves will be “tested” on their levels of integrity and honesty. How those tests are handled can lead to significant consequences. Imagine facing the following scenario:
\
As a producer/account execu&ve/customer service representa&ve, you are looking to write a specific account that, in the company's eyes, may not be a “perfect match.” Perhaps the account had a loss or two (or three). Maybe it’s a property account, with a significant amount of the building vacant. Quite possibly, the account was non-renewed by the previous carrier. The list of possibili&es is virtually endless. As you complete the applica&on, you arrive at the ques&ons addressing these exposures. What are you thinking? Possibly, if you “bend the truth,” who will ever know? What could possibly happen if someone did find out? This issue has been the central focus of more than a handful of E&O claims. In prac&cally all of these cases, the odds are stacked heavily against the agency. In most of these E&O cases, somehow the carrier did find out the truth and, when this happened, the agent caught the full brunt of the carrier's consterna&on.
Agency staff interacts with carriers and wholesalers on a variety of applica&on issues. The scenario could involve when the applica&on was ini&ally submiDed or when the carrier underwriter contacted the agency with addi&onal ques&ons. Lying on an applica on to get an account wri&en is wrong, dead wrong. If lying on applica&ons is how you will conduct yourself, it’s advisable to find another occupa&on. There are thousands of honest, truthful producers who present the carrier with an accurate assessment of the risk and stand by the carrier's decision. Doing anything to the contrary gives the noble insurance industry a bad name. The best prac ce is to complete an applica on with the customer’s input. Ask all of the ques&ons and don't presume to know the answer to any of them. Where possible, visit the risk you are trying to insure. This enables you to speak with some degree of credibility on any subsequent conversa&ons. Upon the comple&on of the applica&on, require the customer to review it, and then require his or her signature, thereby aDes&ng to the accuracy of the informa&on. Don't presume that you know the answers when handling follow-up ques ons from carriers. Take down the ques&ons, and then contact the customer to secure the answers. If the customer answers your ques&ons over the phone or in person, document those discussions in the agency file. (con&nued on page 22)
THE TEXAS CONNECTION - TEXAS PROFESSIONAL INSURANCE AGENTS DIGITAL JOURNAL
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Get your company’s message directly to members and independent agents. Current circula on includes more than 2,000 Texas insurance agents. Ad Size
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Ques ons? Contact Joe Tipton at joe@piatx.org or (972) 862-3333. THE TEXAS CONNECTION - TEXAS PROFESSIONAL INSURANCE AGENTS DIGITAL JOURNAL
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Holiday par es, Christmas, New Year’s Eve, Superbowl Sunday… party season is here. Keep the cheer in your holidays by avoiding alcohol-related accidents. Planning a party can be a complex opera&on — finalizing the guest list, the menu and the entertainment can tax even the most accomplished host. In this whirlwind of ac&vity, many party-givers tend to overlook their poten&al liability if a guest drinks too much and is involved in an accident. Such incidents can do a lot more than just spoil a party — they can leave the hosts facing huge bills if they are found liable for contribu&ng to the incident. Hosts should be aware that if they serve any type of alcoholic beverage, they could be named in a lawsuit if a guest is involved in an accident. Although auto accidents immediately come to mind, you can also be liable if an inebriated guest stumbles on your walkway while leaving your house. State laws governing this type of liability differ widely. Currently, many states have statutory “social host laws” or case law precedent that hold hosts responsible for providing alcohol to minors or to people who are intoxicated and later are involved in accidents. These laws apply whether you own your home or rent. The standard homeowners, condominium and renters insurance policies provide some personal liability coverage. Renters are at par&cularly high risk because roughly two-thirds of them don’t carry any renters insurance. For many people, par&cularly those with high net worth or prominent posi&ons, the minimum limits included in their homeowners policy will not provide enough liability coverage, since these people are more likely targets of lawsuits. Evaluate your customers exis&ng liability coverage. Their coverage should not exclude alcohol-related incidents or cases where the policy owner has been negligent — for instance, by serving alcohol to someone who is clearly intoxicated. They might want to consider buying an umbrella policy that supplements their homeowners’ coverage. Say that their homeowners’ liability coverage limit is $300,000. An umbrella liability policy would kick in once that (con&nued on page 18)
THE TEXAS CONNECTION - TEXAS PROFESSIONAL INSURANCE AGENTS DIGITAL JOURNAL
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What Tex ng Does to the Spine A new study suggests that looking down at a cell phone is the equivalent of placing a 60-pound weight on one's neck.
OLGA KHAZAN NOV 18 2014, 11:42 AM ET Sixty pounds is roughly the weight of four adult-sized bowling balls. Or six plas&c grocery bags worth of food. Or an 8-yearold. It is also, according to a new calcula&on published in the journal Surgical Technology Interna&onal, the amount of force exerted on the head of an adult human who is looking down at her phone. Kenneth Hansraj, a New York back surgeon, found this figure using a computer model of a human spine. An average human head weighs about 10 to 12 pounds, and &l&ng it down to check Facebook, send a text, or to Google the weight of an a human head increases the gravita&onal pull on said cranium. "As the head &lts forward the forces seen by the neck surges to 27 pounds at 15 degrees, 40 pounds at 30 degrees, 49 pounds at 45 degrees and 60 pounds at 60 degrees," Hansraj writes in the paper. According to Nielsen, Americans spend about an hour on their smartphones each day. Unless you train yourself to stare straight ahead into your iPhone screen, you could be con&nually stressing your spine. "These stresses," Hansraj writes, "may lead to early wear, tear, degenera&on, and possibly surgeries." Of course, physical therapists have been howling about the scourge of "Text Neck" for years. But it's certainly eyebrowraising to learn that looking at TwiDer in the supermarket checkout line is the equivalent of giving an aardvark a piggyback ride. Time to get Google Glass? Un&l, that is, scien&sts find that the device is crushing the nose-bridges of America.
Texas PIA Offers Members Satisfying E&O Solutions “Fifteen minutes could save you 15%.... Everyone knows that' but did you know that not all E&O policies are the same? E&O is like other types of insurance' you buy it hoping you’ll never need it' but if you do' E&O can be the difference in whether you stay in business or not. How about it? Do you know what your policy covers'. And more importantly, what it doesn’t? Texas PIA offers members, quality E&O markets and coverage. And members say they have saved as much as 40% when they switch to exclusive PIA programs. Call today and get an analysis of your coverage and a competitive quote from multiple markets. Call Texas Insurance Professional Services: Ray Reyes or Bob Dixon (214) 618-2365 (832) 375-0787 ray@piatx.org bdixon@piatx.org
Think about it:
Wrinkled was NOT one of the things I wanted to be when I grew up!
From The Atlan&c… check it out: hDp://www.theatlan&c.com/ THE TEXAS CONNECTION - TEXAS PROFESSIONAL INSURANCE AGENTS DIGITAL JOURNAL
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TDI ACTIONS
Contact Us
LATEST INDICTMENTS AND CASE DISPOSITIONS POSTED Maldonado, Jose Date of Action: 11/7/2014 Location: Dallas Action Taken: Sentenced to 1 year defer r ed adjudication and 80 hours community service Violation: Insur ance Fr aud, Class A misdemeanor Malone, Sherrie R Date of Action: 11/6/2014 Location: Dallas Action Taken: Sentenced to 2 year s defer r ed adjudication, 80 hours community service and fined $1,500.00. Violation: Insur ance Fr aud, Class A misdemeanor
Call for more information about member services and products. Texas PIA and Young Insurance Professionals 3632 Frankford Rd 200B Dallas, Texas 75287 (972) 862.3333 joe@piatx.org www.piatx.org
Welsh, Christine E Date of Action: 11/6/2014 Location: Galveston Action Taken: Sentenced to 2 year s defer r ed adjudication, 120 hours community service and ordered to pay $8,494.00 in restitution. Violation: Insur ance Fr aud, State J ail Felony Franco, Daniel C Date of Action: 11/3/2014 Location: San Antonio Action Taken: Sentenced to 1 year defer r ed adjudication, 80 hours community service and fined $4,000.00. Violation: Insur ance Fr aud, Class A misdemeanor Hayes, Antoinette Date of Action: 10/31/2014 Location: McKinney Action Taken: Sentenced to 6 year s pr obation and 160 hours community service. Violation: Money Launder ing, Fir st Degr ee Felony Nancy Carrizales Date of Action: 10/30/2014 Location: San Antonio Action Taken: Indicted Violation: Insur ance Fr aud, State J ail Felony
“Assuming the customer is always right can lead you straight to E&O exposure and lose you a company....� - The Insurance Sage
: https://wwwapps.tdi.state.tx.us/inter/asproot/commish/da/clips2014.asp
THE TEXAS CONNECTION - TEXAS PROFESSIONAL INSURANCE AGENTS DIGITAL JOURNAL
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WE APPRECIATE OUR PARTNERS 21st Century Managing General Agency
iMGA
Affirmative Insurance
Louis A. Williams & Associates, Inc.
Aggressive Insurance
Lane and Associates Mendota / American Bankers Insurance
Alpha Insurance American Southwest Insurance Managers
Mercury Insurance
Ashley General Agency
Midlands Management
Berwick Insurance Group
National Lloyds
Celestite Group
Nations Safe Drivers
Columbia Lloyds Insurance Company
Personable Insurance General Agency
Direct General
Premium Funding Associates, Inc.
Dovetail Insurance
Progressive
Empower Insurance Group
Ramsgate Managing Insurance
FloodSmart
Safeway Insurance
Frank Crum
Select Insurance Markets Inc.
Great American Insurance
Southeast Surplus
Hallmark Personal Lines
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Hagerty Classic Insurance
US E&O Brokers
Imperial Fire and Casualty
United Auto Insurance Group
Imperial PFS
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Western General Insurance Company
Integra Premium Finance
THE TEXAS CONNECTION - TEXAS PROFESSIONAL INSURANCE AGENTS DIGITAL JOURNAL
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(con&nued from page 12) $300,000 is used up. Umbrella policies typically start at $1 million in coverage for a premium of between $200 and $600 a year. There are other things they can do to limit poten&al liability from hos&ng a party. Most importantly, don’t want to serve alcohol to anyone under 21. Even if your customers have great liability coverage, serving liquor to a minor puts everything in jeopardy. And some policies may not provide coverage if you knowingly serve an individual who already is ac&ng intoxicated. Hiring a professional caterer or bartender can help limit exposure. Verify that they have insurance that covers everyone from the consequences of a mishap. Finally, if an incident does occur, be sure your customers know to no&fy their insurer right away. Some policies will exclude claims if “&mely no&ce” is not provided. If the plan is to hire a professional caterer or bartender, offer to help evaluate their coverage to ensure it insulates them from liquor-related liability.
Tips for a Safe Party •
Limit your guest list to those you know well.
•
Let guests know you’ll provide transporta&on home if their behavior seems ques&onable.
•
Only serve party-goers whom you know are over the legal drinking age of 21.
• •
Stay sober and serve the drinks yourself (if you’re not using a caterer or professional bartender), so you know which guests are reaching their limit. Have plenty of food available, so guests aren’t drinking on an empty stomach.
•
Close the bar at least an hour before people will be leaving.
•
If young people are aDending a party at which alcohol is being consumed, have them turn in their car keys and return them only if you’re confident they have not been drinking.
For an overview of social host liability laws by state, including laws on furnishing alcohol to minors, please see the website of the Alcohol Policy Informa&on System, www.alcoholpolicy.niaaa.nih.gov/. For state-by-state informa&on on DUI/DWI (driving under the influence/driving while intoxicated) laws, please see the website of the Insurance Ins&tute for Highway Safety, www.iihs.org/laws/dui.aspx.
THE TEXAS CONNECTION - TEXAS PROFESSIONAL INSURANCE AGENTS DIGITAL JOURNAL
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Arrange each of the following anagrams to form a single insurance related word. Send us your answers to be entered in a drawing to win a fabulous prize! Feel free to call us if you’re stuck.
972.965.2025 Email to: Joe@piatx.org or fax to 972. 307.7888
JUST READ
A I
TIDY ALIBIS
R
BRAVE RECOIL
R
SOURING BOAT CRAVE EGO
R
MICRO CAMEL
E M
GROUTED LAMP P
CEMENT PEARL E
TREE DROP BE AN ICY FIRE
B
THE TEXAS CONNECTION - TEXAS PROFESSIONAL INSURANCE AGENTS DIGITAL JOURNAL
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FOR SALE: Lalique Crystal “Lions Head” Vase Perfect shape... $500.00 or best offer.
FOR SALE: Gentleman’s Phillip Stein Watch As seen on Oprah… has a built in Tesla Coil that emits vibra ons… proven ‘stress reliever’ Silicon Band Like New Condi on… Leather Case In Box with all Papers $1,200 New $500.00 or best offer.
FOR SALE OR TRADE: Daisy Centennial Red Ryder BB Gun Stock has been repaired, but it’s in pre&y good shape considering its age. $50.00 (careful… you’ll shoot your eye out!)
FOR SALE: Ladies’ Phillip Stein Watch Has a built in Tesla Coil that emits vibra ons… proven ‘stress reliever’ Dual Time Zones Cobra Skin Band with Deployment Clasp Like New Condi on… Leather Case In Box with all Papers $1,400 New $500.00 or best offer.
As seen on Oprah
Looking to sell? Looking to buy or trade? Just want to haggle? More fun than EBay, safer than Craigslist. It’s Free, Give it a try! Email your ad to: TradingPost@piatx.org THE TEXAS CONNECTION - TEXAS PROFESSIONAL INSURANCE AGENTS DIGITAL JOURNAL
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Texas Insurance Professional Services Ray Reyes (214) 618-2365
or
Bob Dixon (832) 375-0787
This new feature of The Texas Connec&on is a column dedicated to Marke&ng Reps. You have the opportunity to pass on compliments and cri&cisms, helpful hints and pet peeves… We know there are things that Agents might do beDer… and this will give you a larger plaZorm to spread your message. The objec&ve is communica&on for beDer company/agency rela&ons. It can be anonymous… or we can publish your contact info… your call… Try it! It will be construc&ve… it might even be fun! THE TEXAS CONNECTION - TEXAS PROFESSIONAL INSURANCE AGENTS DIGITAL JOURNAL
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Send a leDer or e-mail back to the customer that memorializes the discussion and the responses, and include a copy in your file. Customers oTen ask ques ons try to understand insurance and how it works. How the producer chooses to answer those ques&ons is extremely important. Providing the customer with incorrect informa&on is wrong. Suppose a producer thinks, “The only way the customer will know I was wrong is if they have a claim. What are the chances of that?” The producer is wrong. An anonymous quote summed it up best: “I’d rather be honest than impressive.” Should honesty be the basis of your carrier rela onship? Yes! The consequences can otherwise be significant. While losing one’s license is a definite possibility, the carrier/wholesaler could decide to terminate its rela&onship with you. Don’t expect any carrier to be too understanding and accommoda&ng if it finds out there has been a breach of honesty. In the daily opera&on of an insurance agency, producers and customer service representa&ves will be “tested” on their levels of integrity and honesty. How those tests are handled can lead to significant consequences. Imagine facing the following scenario: As a producer/account execu&ve/customer service representa&ve, you are looking to write a specific account that, in the company's eyes, may not be a “perfect match.” Perhaps the account had a loss or two (or three). Maybe it’s a property account, with a significant amount of the building vacant. Quite possibly, the account was non-renewed by the previous carrier. The list of possibili&es is virtually endless. As you complete the applica&on, you arrive at the ques&ons addressing these exposures. What are you thinking? Possibly, if you “bend the truth,” who will ever know? What could possibly happen if someone did find out?
This issue has been the central focus of more than a handful of E&O claims. In prac&cally all of these cases, the odds are stacked heavily against the agency. In most of these E&O cases, somehow the carrier did find out the truth and, when this happened, the agent caught the full brunt of the carrier's consterna&on. Agency staff interacts with carriers and wholesalers on a variety of applica&on issues. The scenario could involve when the applica&on was ini&ally submiDed or when the carrier underwriter contacted the agency with addi&onal ques&ons. Lying on an applica on to get an account wri&en is wrong, dead wrong. If lying on applica&ons is how you will conduct yourself, it’s advisable to find another occupa&on. There are thousands of honest, truthful producers who present the carrier with an accurate assessment of the risk and stand by the carrier's decision. Doing anything to the contrary gives the noble insurance industry a bad name. The best prac ce is to complete an applica on with the customer’s input. Ask all of the ques&ons and don't presume to know the answer to any of them. Where possible, visit the risk you are trying to insure. This enables you to speak with some degree of credibility on any subsequent conversa&ons. Upon the comple&on of the applica&on, require the customer to review it, and then require his or her signature, thereby aDes&ng to the accuracy of the informa&on. Don't presume that you know the answers when handling follow-up ques ons from carriers. Take down the ques&ons, and then contact the customer to secure the answers. If the customer answers your ques&ons over the phone or in person, document those discussions in the agency file. Send a leDer or e-mail back to the customer that memorializes the discussion and the responses, and include a copy in your file.
(con&nued on page 24)
THE TEXAS CONNECTION - TEXAS PROFESSIONAL INSURANCE AGENTS DIGITAL JOURNAL
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WANTED: AGENCY TO BUY Considering selling your agency? A qualified buyer is looking for an agency located in the area of Navasota, Brenham, Bryan/College Sta on , Madisonville… or in that general area.
LOOKING FOR EXPERIENCED CSR North Houston Agency needs personal lines CSR. Flexible hours... pay scale based on experience. Send Resume to:
classifieds@piatx.org
Email: classifieds@piatx.org
COMMERCIAL LINES CSR Temple/Belton area. License required. Excellent salary & benefits. Send Resume to:
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(con&nued from page 22) Customers o[en ask ques&ons try to understand insurance and how it works. How the
producer chooses to answer those ques&ons is extremely important. Providing the customer with incorrect informa&on is wrong. Suppose a producer thinks, “The only way the customer will know I was wrong is if they have a claim. What are the chances of that?” The producer is wrong. An anonymous quote summed it up best: “I’d rather be honest than impressive.” Should honesty be the basis of your carrier rela&onship? Yes! The consequences can otherwise be significant. While losing one’s license is a definite possibility, the carrier/wholesaler could decide to terminate its rela&onship with you. Don’t expect any carrier to be too understanding and accommoda&ng if it finds out there has been a breach of honesty. Agency management should make it a goal to ensure that all sales staff knows honesty is the only way and anything outside of that will not be tolerated. Lying to your carriers has many significant consequences, including the damage done to the rela&onship between the agency and the carrier. In addi&on, if the carrier suffers a loss and believes it was misled into wri&ng the account, it could rescind the policy, essen&ally leaving your agen- by Cur s M. Pearsall, CPCU, AIAF, CPIA President – Pearsall Associates Inc. and cy as the “insurance carrier.” That’s definitely a posi&on Special Consultant to the U ca Na onal E&O you do not want to find yourself in! Program THE TEXAS CONNECTION - TEXAS PROFESSIONAL INSURANCE AGENTS DIGITAL JOURNAL
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Everyone loves fresh cut Christmas trees, especially growers. Christmas trees are big business. They are also beneficial in many other ways. Let’s look at the numbers. •
Approximately 150 Christmas tree farms in Texas produce 200,000 trees annually on 2,500 acres.
•
Texas Christmas tree growers contribute $12 million each year to the Texas economy.
•
Christmas trees have been commercially sold in the United States since about 1850.
•
350 million trees are currently growing on Christmas tree farms.
•
Christmas trees were first commercially grown in Texas in 1977.
•
100,000 people are employed by the Christmas tree industry.
•
33 million real trees are sold each year in the United States.
•
It takes 7 years on average to grow a Christmas tree.
•
1 billion dollars spent are annually on real trees.
Christmas trees can also be dangerous. Let’s look at the numbers. •
Approximately 230 Christmas tree fires annually in the United States.
•
Over 18 million dollars in property damage annually in the United States.
•
80% of Christmas tree fires happen in December and January.
•
An average of 150 fires related to holiday lights annually.
•
40% of Christmas tree fires are caused by an electrical malfunc on.
•
1 in every 22 reported home Christmas tree fires resulted in a death.
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Put your message DIRECTLY in front of 2,000 Texas Agents Adver se in The Texas Connec on
June 3-6, 2015 The Historic Menger Hotel 204 Alamo Plaza San Antonio, TX 78205
the
Last word Are 30/60/25 Limits Enough for your Customer? Financial Responsibility Limits required for Texas drivers are currently at 30/60/25. The ques on is: Are those limits adequate? The answer on the BI limits of 30/60 may be subjec ve… but the $25,000 PD limit is easier to analyze. As professional agents we should offer to our customers, two important considera ons: If you are involved in an accident that ‘totals’ the other car… how likely is it that the car will be worth more than $25,000? Explain what happens if the other car is worth $35,000: The company will write a check for the policy limits ($25,000) and you will be expected to pay the other $10,000. Most customers think that if you double your limits, it doubles the cost. Show them that is not the case. Quote to policy at 50/100/50 limits and note that the increase in premium is oTen less than 10%. Higher limits also yield a bit more commission… but the real reason for offering customers this op on is that you are offering them be&er protec on. Of course, if we are to encourage our customers to consider higher limits, we need markets that offer those limits.
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