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Official publication of Independent Insurance Agents & Brokers of Washington 11911 NE 1st St., Suite B103, Bellevue, WA 98005 Ph. (425) 649-0102 Fax: (425) 649-8573 Web: www.wainsurance.org Officers of IIABW President: Lori Reed, Mitchell Reed & Schmitten Insurance, Inc., Wenatchee President-elect:Rob Tripple, Tripple Tripple & Tripple, Edmonds Secretary: Dave Merrill, Merrill & Merrill, Seattle Treasurer: Melissa Power, ACSR, CIC, Homestreet Insurance, Spokane IIABA Director: Sue Knobeloch, CIC, CPIW, Association of Risk Managers NW, Tacoma Executive VP: Daniel Holst, IIABW, Bellevue Board of Directors Rob Bush, (King), Valley Insurance, Kirkland Craig Field (Chelan/Douglas), Mitchell Reed & Schmitten Insurance, Inc., Wenatchee Matt Henderson (At Large) PayneWest, Richland Duane Henson, LUTCF (Skagit/Island), WAFD Insurance Group, Mt. Vernon Kim Krogh, ARM, (Past President) Hub International Northwest, Spokane Mary Lemon (Spokane), Hub International Northwest, Spokane Amberlyn McQuary Buratto, CIC (At Large), Stonebraker McQuary, Spokane Dave Merrill (At Large), Merrill & Merrill Insurance, Seattle Melissa Power, ACSR, CIC (At Large), Homestreet Insurance, Spokane Nick Stay (Pierce) American Underwriters Insurance, Tacoma Dave Street (Grant), Martin-Morris Agency, Wenatchee Rob Tripple (Snohomish), Tripple Tripple & Tripple, Edmonds Carissa Veltri (Benton-Franklin), Conover, Tri Cities Dan Wareham (At-Large), Blasingame Insurance, Spokane Staff Daniel Holst, Executive V.P. - dholst@wainsurance.org Kimberly Ostling, Director of Member Programs - kostling@wainsurance.org Suzanne Arnett, Director of Member Services - sarnett@wainsurance.org Kathy Gardner, Administrative Assistant - kgardner@wainsurance.org Bill Stauffacher, Stauffacher Communications, Contract Lobbyist - gocougs@billstauffacher.com Big I Washington is the official magazine of the Independent Insurance Agents & Brokers of Washington and is published quarterly. News items from IIABW members are requested. IIABW does not necessarily endorse any of the companies advertising in this publication or the views of its writers. IIABW reserves the right in its sole discretion to reject advertising that does not meet IIABW qualiﬁcations or which may detract from its business, professional or ethical standards.

Advertising For more information on advertising, contact Jim Aitkins Blue Water Publishers, LLC 22727 - 161st Avenue SE, Monroe, Washington 98272 360-805-6474, fax: 360-805-6475 jima@bluewaterpublishers.com

The publisher cannot assume responsibility for claims made by advertisers, content provided by the editor, or for the opinions expressed by contributing authors.

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B C E Consulting

Burns & Wilcox

Contractor Connection

Grange Insurance Association

Griffin Underwriting

ISU Agency Network

Imperial PFS

Liberty Mutual

Mutual of Enumclaw

Preferred Property/JGS

R-T Specialty, Inc.

Ron Rothert Insurance Services

Vertafore

Western National Insurance Group

Table of Contents 6 A Message from Lori Reed, IIABW President 8 2016 - 2017 IIABW Board of Directors 10 Examinations By the Insurance Commissioner’ Office What to Expect 15 Big “I” Scores Victory: Delay of Overtime Rule 16 Young Agents Reception & Food Drive - A Success! 18 Big “I” Markets Expands Small Commercial Offerings 20 New Agency Universe Study Results 4

21 23 26 27 28 29 30

New Insurance Regulations for Agents Post-Flood Homeowners Questions IIABW Supports Make A Wish 2016 Big I Pac Contributors Big I Pac Contribution Form IIABW’s 2017 Conferences IIABW’s New Webinars Make It Easy

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submissions@gogus.com Serving over 2,300 agents throughout Washington and Oregon, and a proud supporter of IIABW. 5

IIABW President

Lori Reed

GIVE YOURSELF THE GIFT OF A CAREER IN INSURANCE –

SUPPORT BIG I PAC!

e live in uncertain times, and the business and insurance climate is changing dramatically. A new session of the Washington State Legislature has convened in January with many new faces, and it’s more important than ever for the Big I to educate these lawmakers. Their decisions will affect us and our customers.

This is where the Big I Pac comes into play: It protects your business and your livelihood against the many interests competing for attention in Olympia. Our state political action committee is your “career insurance” which will help us ensure that you have an industry you can thrive and prosper in for years to come. A turbulent political climate makes it easy to be troubled by the underlying premise of political action committees. I can tell you first hand that these political contributions are an integral part of our association’s government affairs strategy. It enables our volunteer agents and lobbyist, Bill Stauffacher, to stay in front of legislators by developing closer relationships with them. Our state PAC pools personal and corporate dollars together to support elected officials who advance IIABW’s core principles. In addition, contributions get IIABW’s leaders access to legislators during the busy days of the legislative session so we can make our case on regulations and tax policy. I’d like to thank the over 110 agencies who have contributed $27,000+ to the Big I PAC this past year. (Our 2016 contributors are listed on page 27.) Support from our membership has helped the Big I be effective advancing important issues in Olympia, including low B & O tax rates and no capital gains taxes, reasonable anti rebating/inducement laws, fair regulations, etc. If you didn’t contribute last year, I strongly encourage you to fill out the form on page 28 and return it to the association office ASAP. We will be reaching out to our members with a request for contributions so we can continue to be effective on your behalf in Olympia. Lori Reed IIABW President Mitchell Reed & Schmitten Wenatchee

WN-2013FallAd-(IIABWA-(WA)).pdf 1 10/25/2013 8:17:24 AM

CMY

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2016/17 IIABW Board of Directors

PRESIDENT Lori Reed Mitchell Reed & Schmitten Wenatchee (509) 665-0500

NATIONAL DIRECTOR Sue Knobeloch, CIC Association of Risk Managers Tacoma (253) 301-3988

PRESIDENT-ELECT & SNOHOMISH CO. Rob Tripple Tripple, Tripple & Tripple Edmonds (206) 324-5100

AT LARGE Amberlyn Burrato, CIC Stonebraker McQuary Agy Spokane (509) 755-4500

SECRETARY Dave Merrill Merrill & Merrill Insurance Seattle (206) 906-9590

CHELAN DOUGLAS CO. Craig Field Mitchell, Reed & Associates Wenatchee (509) 782-2751

TREASURER & AT LARGE Melissa Power, ACSR,CIC Homestreet Insurance Spokane (509) 323-2392

AT LARGE Matt Henderson Payne West Richland (509) 946-2643

PAST-PRESIDENT Kim Krogh, ARM Hub International Northwest Spokane (509) 462-7842

SKAGIT-ISLAND CO. Duane Henson, LUTCF WAFD Insurance Group Mount Vernon (360) 424-4559

A&M Assoc Ad WA PRINT.pdf

10/20/15

12:36 PM

SPOKANE CO. Mary Lemon Hub International Northwest Spokane (509) 747-3121

PIERCE CO. Nick Stay American Underwriters Ins Agency, Tacoma (253) 473-1415

GRANT CO. Dave Street Martin-Morris Agency Wenatchee (509) 663-1331

B C E Consulting, LLC Our mission is to help you grow your business and improve your bottom line.

BENTON-FRANKLIN CO. Carissa Veltri Conover Insurance Pasco (509) 543-6404

AT LARGE Dan Wareham Blasingame Insurance Spokane (509) 891-1000

Our team of professional and experienced consultants has assisted insurance companies and agencies in achieving their goals and objectives for many years. We focus on the following areas of business development. • • • • •

Strategic, succession and contingency planning Business growth and development Market feasibility studies Education, sales training and professional development Operational efficiency and process improvement For further information or details please see our website: www.bceconsulting.co or contact:

Jeff Bronaugh, CPCU, CLU, ChFC, CIC jeff@bceconsulting.co 404 3rd Ave S, Edmonds, WA 98020 (520) 343-4394 9

EXAMINATIONS BY THE INSURANCE COMMISSIONERS’ OFFICE –

What to Expect

By Mary Tunis, CPA, CFE, Lead Financial Examiner Washington State Office of the Insurance Commissioner

ashington State has more than 34,000 licensed resident insurance producers and brokers, many affiliated with the 3,800 insurance agencies operating throughout our state. That’s quite an impressive number! Our state has consistently been on the forefront of insurance regulation and is one of the few states with a financial examination program to verify licensees are “playing by the rules” and following regulatory requirements for engaging in the business of insurance. RCW 48.03.020 grants us the authority to examine your records and we do. Here, we will demystify the process and let you know what to expect when you are selected for a standard financial exam. HOW YOU ARE SELECTED FOR EXAMINATION Licensees are generally selected for examination in accordance with the annual examination plan objectives. There are many criteria taken into consideration, including agency location, size, and time since the last examination. A randomizing factor may also be applied. There are other factors may that increase your chance of being selected for a financial exam: • • • • •

If the agency has been in operation for several years and has never been examined. Substantial changes in ownership structure, business operations, or significant web or media advertising. Regulatory change or interest in a business practice or particular aspect of the marketplace. Consumer complaints to our office. Cancellation of an appointment by an insurer for cause.

That said, being selected for a financial exam does not necessarily mean we’ve identified a problem. 10

WHAT TO EXPECT DURING AN EXAM Most examination assignments follow a five-phase process. 1. Notification. We will send you a letter stating that your agency has been selected for an exam. We include the examiner’s name and contact information, a fact sheet and a target date for the examiner to arrive. If the target date is not convenient, please let us know. We’ve been told that people have canceled vacations or missed important events in order to accommodate our target date. That is absolutely not necessary! Examiners may be working several assignments simultaneously, so we can be flexible on the timing. 2. Pre-exam research. The examiner will send an advance copy of our interview questionnaire and arrange a phone conference one to two weeks before the on-site work begins. The questionnaire helps us to become familiar with your agency’s business operation so we can better plan for the on-site work. The phone conference may take up to one hour. Some agencies find it helpful to include a member of the production team and the accounting manager or bookkeeper on the call to help answer some of the questions and discuss the records you can have compiled and prepared for the examiner. After the phone conference, we may contact some of your business partners to obtain documents pertinent to our review, such as: • • •

Brokers for account current billing statements. Insurers for sweep reports and production reports. Premium finance companies for funding and payment transaction activity.

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3. On-site fieldwork. Most examinations are targeted to areas of greatest concern and require two to three days onsite. Although the examiner reviews production records, bank statements, and other records, our process is limited to sampling some of the insurance transactions and performing some analytical review of the accounts. We understand these are very challenging economic times; many agencies are lean-staffed and face competing demands for your time. The examiner will work as rapidly and efficiently as possible to complete the assignment. If the records are organized and complete, the assignment often requires less time. If instances of noncompliance or concern are identified, we will: •

•

Prepare an accounting review form for you to sign that itemizes the problems found and what you need to do to correct the problem. Provide educational instruction to help you come into compliance.

The examiner can provide a 1-hour continuing education presentation covering premium handling practices to anyone in your office. We encourage you to take advantage of this opportunity and consider including your support staff, so that everyone has a chance to ask questions and seek additional clarification. 4. Report preparation. Any open issues requiring more research or contact with other entities to acquire information are completed. The examiner prepares a draft report summarizing the work performed, documenting any noncompliance findings, and specifying any required action you need to implement. There should be no surprises in the report, because the accounting review form should have been provided to you before the report is issued. The summary section at the end of the report states whether the examination is considered to be an “acceptable” or “unacceptable” exam. 5. Exam completion and report issuance. All examination reports are reviewed by the Insurance Commissioner’s management prior to issuance. Our goal is to issue the final report within two weeks of completing the assignment in order to provide timely feedback. If there are no serious findings, the examination process is terminated and the report is issued as an “Acceptable” exam. Most examinations do not result in serious findings. If there are serious findings, the exam report will be classified as “Unacceptable” and clearly state that a re-examination will be conducted in approximately 90 days. If you correct the noncompliance issues prior to the re-examination, then your agency will receive an “Acceptable” re-exam. If not, you may be referred for consideration of administrative action. Therefore, it is always in your best interest to promptly address the issues we identify during the first examination.

RECORDS WE MAY NEED RCW 48.17.470 and RCW 48.17.480 require you to maintain records of the insurance contracts procured and the monies received and paid, including return premiums, for a period of five years. The following are examples of records the examiner may ask to look at: • • • • • • • • • • • • •

Commission statements Account current billing statements Check registers and cleared checks Bank statements and bank reconciliations Cash receipts and detailed (itemized) bank deposits Accounts receivable and accounts payable (insurer) records General ledgers Financial reports, such as balance sheets and income statements Policy files Fee disclosure forms Loan agreements and premium finance agreements Carrier agreements Any other relevant information to verify that the consumer’s interests are protected.

ARE YOU “IN TRUST” AND HOW THAT IS DETERMINED There are several methods that we can use to test the account based upon your business operation and the records available. We test the separate premium account to determine compliance with regulatory requirements and verify monies actually received and due to be paid out were conserved (fully intact) and are available to pay the carrier to secure insurance for the consumer. Licensees we’ve examined run the gamut of true captive agencies with no separate premium account to large independent agencies writing primarily surplus line business. Some agencies may apply virtually all of the consumer funds received into the carriers’ account without the money passing through the agency’s bank account (easy breezy, and less stress accounting). The examiner will generally apply one of two calculation methods to test the account. • Financial statement calculation: Balance sheet accounts directly related to insurance transactions are used to compare assets to the liabilities. The assets should equal or exceed the liabilities. A bank deposit account must meet the requirements of WAC 284-12-080(3) to be included as a “trust” asset. •

“Cutoff” money flow test: Premium funds received are traced from point of receipt to deposit into the premium bank account and matched to payments from the account. Premium received and not yet paid is now identifiable as “outstanding” or “fiduciary funds owed to others.” The account balance on the bank statement is compared to the outstanding amounts owed. This comparison helps identify reserves maintained in the account or shortages.

Your Agency may want to consider performing a test calculation on the account as part of the monthly reconciliation process. It is possible to have an unidentified shortage in the separate premium account that has occurred over a long period of time, even though there is a sizeable amount of money in the bank account, and the account has never experience an overdraft. GENERAL ISSUES OF CONCERN TO THE INSURANCE COMMISSIONER In 2012, the Insurance Commissioner’s Office met with insurance industry representatives and further clarified separate premium account requirements through a rule change process to address premium handling concerns. As a financial examiner, the one that causes me the most concern is failure to maintain proper segregation of funds “comingling,” because that leads to misuse of client funds, shortages in accounts, and inability to pay insurers entitled to the premium. Examples of comingling include: • Premium money deposited directly into the operating account. Or depositing cancellation return premium funds received from brokers or insurers into the operating account. • Depositing direct bill commissions in the separate premium account. • Significant bank fees coming out of the premium account and not being replenished from operating funds. Bank fees are an operating expense and the consumer’s money cannot be used to pay them. RCW 48.17.600(3) and WAC284-12-080(2)(a) permit you to maintain additional funds in the account to pay bank charges and cover other “contingencies.” • Using a credit card as a general use vehicle to remit premium funds to insurers and to pay general agency expenses. Your agency may only use a credit card to remit premium funds when the dedicated purpose of the credit card is solely to remit premium funds. The balance owed to the credit card provider should be paid off each month out of the separate premium account. And, the examiner’s test of the premium account will not consider the premium paid to insurers as a discharge of your fiduciary obligation until the credit card charge has been paid to the financial institution. (Remember, the client premium funds you received must have been deposited into the separate premium account and retained in the account fully intact. So, it is important to ensure that any associated credit card fees incurred are paid from operating funds. You can either maintain additional funds in the account to cover the fees or replenish the account as the fees are incurred.) • Poor recordkeeping practices that result in transferring more producer fee and agency-bill commission income from the separate premium account than the agency is entitled to. When the Agency transfers funds to the operating account, it must have supporting documentation, itemized down to the policy level, that the Agency is transferring only money to which it is entitled. 14

Another common cause of shortages in your separate premium account can occur from agency-bill cancellations. Although WAC 284-12-080(4)(d) permits transferring agency bill commissions to the operating account, if the policy cancels, the unearned commission must be returned to the premium account per WAC 284-12-080(5)(b). So, it is always a good practice to retain a ready reserve in the account to cover unearned commissions. Some agencies choose to retain the full agency bill commission in the premium account until the policy term lapses to ensure there are always sufficient available funds to cover a cancellation. Less common, but devastating, are large shortages in the accounts that occur through skimming. Skimming occurs when not all of the funds received are deposited into the separate premium account. The risk of this happening increases when the agency collects substantial premiums in the form of currency and coin. Look for insurer sweeps or other payments coming out of the bank account without a corresponding receipt of premium money. Monitoring policy cancellations for unusual trends and investigating any uptick in client complaints may also help to spot this. Maintaining sufficiently detailed accounting records for client premium funds is another concern. The agency should be issuing receipts to establish a permanent record of taking custody of client premium, and these receipts are an important part of establishing the audit trail. [When you are accepting a lot of premium in currency, it can be virtually impossible at the end of the day to reconstruct who paid how much without receipts that were properly prepared at the time the funds were actually received.] A receipt should be provided for all client premiums you process, even if the transaction is to apply the client’s credit card payment directly into the insurer’s account. If the consumer is not in the office at the time a payment is received, you can scan and email them a receipt. The accounting records should be appropriate for the complexity of your business operations and sufficiently detailed that it is possible to trace the funds received through the system from point of receipt to deposit into the premium account and through to payment to the various parties entitled to the funds. The record retention requirement is 5 years per RCW 48.17.470. Another aspect of accounting for premium includes reconciling the accounts in a timely manner each month and following up on any unusual items or uncollected accounts. Some reference tools are on the Insurance Commissioner’s website, to help you comply with separate premium account requirements. We hope you will find these helpful to useful. Go to the “For Producers” tab and select the “Compliance” section and you will find an entire section with guidance under “Separate premium accounts.” Your financial examination can require less time and be a stressfree experience when you maintain the proper records. If you have questions, please email AskMike@oic.wa.gov or Mary Tunis at MaryT@oic.wa.gov or call Mary at (360) 725-7109. Consumer inquiries can be referred to either AskMike@oic.wa.gov or to the Office of Insurance Commissioner’s consumer hotline at (800) 5626900. 14

Big “I” Scores Victory:

DELAY OF OVERTIME RULE

n a striking legal victory for independent insurance agencies and small businesses, a federal judge in Texas has delayed implementation of the Department of Labor (DOL) overtime rule pending the outcome of ongoing litigation. Consequently, the new rule did not take effect on December 1. After hearing arguments from attorneys representing the Big “I” and other business groups, a U.S. District Court Judge determined that “the public interest is best served by an injunction.” This means the overtime rule will be on hold while the court considers whether or not the DOL had the authority to issue the rule and, if so, whether the rule complies with federal law.

The injunction is the result of litigation filed by the Big “I,” the U.S. Chamber of Commerce and more than 55 other business groups. The Big “I” lawsuit has been consolidated with a similar lawsuit filed by 21 state governments. Both lawsuits claim that the DOL exceeded its statutory authority when it issued a May 2016 rule that requires employers to pay overtime to many employees who were not previously legally entitled to it. The lawsuits, including any appeal, are unlikely to be finalized before the new Administration takes office. The election of Donald Trump as the next President will mean a fresh look at many regulations, including the overtime rule, and could impact the legal approach the new Administration takes to defending the lawsuits. As the lawsuits move forward, the Big I will continue to keep members informed of any developments that could impact if or when the overtime rule ultimately takes effect. We set up a webpage of compliance resources to help members implement the rule, should it take effect.

SUCCESS Young Agents

ver 100 industry professionals attended IIABW’s Young Agents annual holiday reception in Kirkland in late November. Our industry’s young professionals collected over 2,200 pounds of food for Northwest Harvest which will provide 1700 meals for the needy in our community. A special thanks to PIU, Superior Underwriters and Conover for contributing the most food. The group also collected $800 in contributions for InsurPac, our federal political action committee. Mark your calendar for upcoming Young Agent events and remember that our events are open to anyone in the industry and of all ages! • March 10th Young Agents Night at a Thunderbirds Hockey game in Kent • June 8-9 Young Agents Annual Conference in Leavenworth

Reception & Food Drive

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By Katie Butler

new

Agency Universe study results

Every two years, IIABA’s Future One Coalition conducts a study of the independent agency system to provide insight into the overall health and prosperity of the channel. They address business conditions, agency perpetuation, marketing and social media use, as well as what agencies consider the biggest challenges to their business. The 2016 Agency Universe Study (AUS).segments the agency population by size and provides a glance at agency technology, market access provider use and staff diversity.

HERE ARE THE TOP FINDINGS: In 2016, the estimated total number of independent property-casualty agents and brokers in the U.S. stands at 38,000. This represents a small decrease relative to 2014 that presumably reflects the current M&A environment, as well as the relatively stable rates of exclusive agency conversions and new agency formation. Since 2004, the estimate has fluctuated between 37,500 and 39,000. Note: All estimates are rounded to the nearest 500. Small agencies make up 21% of the population and jumbo agencies almost 2%. After a major decrease in the proportion of small agencies last wave—to 15% in 2014 from 28% in 2012—this year marks a reversal of that pattern, with small agency representation approaching that seen in 2012. The increase in jumbo agencies mainly reflects M&A activity. Small agencies in particular are also gravitating towards large metro areas and away from small rural towns: 57% of small agencies are concentrated in large metro areas this year, compared to 50% in 2014. Business conditions remain favorable, as they have for the past several AUS waves. The 74% of agencies that saw revenue increases between 2014 and 2015 report higher percentage increases than in 2014, averaging a 23% increase, compared to just 19% in 2014. Seventy-two percent of agencies continue to use market access providers, although usage has declined this wave, from 80% in 2014. The slightly lower use of market access providers may be due to a higher number of direct appointments with carriers reported in the 2016 survey. Agencies also seem to be spreading commercial lines business across a larger number of carriers, as evidenced by a decrease in percent of commercial lines premium placed with their top three carriers. [Continued on page 22]

NEW INSURANCE REGULATIONS FOR AGENTS NEW PRIVACY STATEMENT RULE NEW UNDERINSURED MOTORIST RULE The Office of the Insurance Commissioner has adopted a rule that went into effect December 11 expanding a regulation relating to underinsured motorist coverage. The rule adds a new section to WAC 284-20-300 to require that the following statement be included in the form an insured signs when rejecting underinsured motorist coverage, “In order to provide for an informed decision of the potential consequences of rejecting underinsured motorist coverage; the undersigned acknowledges that by rejecting underinsured motorist coverage there is exposure to the risk of not being sufficiently insured for injury and/or damages when involved in an accident with a driver of an underinsured vehicle.”

The Gramm-Leach-Bliley Act has required for over 15 years that insurance agents provide a privacy policy to its clients explaining how they share nonpublic information to nonaffiliated third parties. A new rule that IIABW worked closely with the OIC on will loosen this annual requirement. Agents continue to need to share a privacy policy with its customer (WAC 28404-400, 284-04-405, or 284-04-410) but they are not required to shared it after the first year unless their policy/practices with regard to disclosing nonpublic information changes.

DOL FIDUCIARY RULE The U.S. Department of Labor recently released more information about the federal regulations that tighten conflict of interest rules under the Employee Retirement Income Security Act, which takes place on April 1, 2017. The regulations require insurance agents and brokers who give guidance about certain retirement investments to adhere to a fiduciary standard of care.

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We’ve had a restaurant, bar and tavern program for ten years and right now – today – it is Since 2000, have written program restaurants, barsaccounts, & tavernswe in Alaska, Oregon, morewe competitive thananit exclusive has ever been. Onon “target” (preferred) have been Washington and, more recently, in Colorado. We’ve written over 10,000 policies and over $50 consistently able to beat expiring pricing by 20% and more and our bind-to-quote ratio million is morein premiumthan in this class of business. 70%. We’re stable. We’ve been with the same carrier for over 10 years and our loss and loss expense ratio is the–six priorfor to submitting this advertisement, we have only lost two renewals and right at In 40% so weeks we’re here the long haul. our written premium versus the same period in 2009 has more than doubled. Our application We have great rates. Because we have been so profitable, we haven’t been forced to take the big rate flow is up more than five-fold. Most accounts are quoted within 4 to 48 hours. increases that have plagued our competition. We haveOur a strong form. Wenon-admitted are usually silent on policy Assaultform & Battery on the we offer several carrierpolicy is rated A- IX, and our is strong. ThisCGL is a and package policy other coverage advantages over our competition. that includes Property, General Liability and Liquor Liability. We have a Property broadening dohave not exclude Medical Payments. Battery is of usually included We are endorsement. growing rapidly.WeWe a very high “hit ratio” and, inAssault the first&six months the year, our written without limitation or sublimit on target accounts. We offer Food Borne Illness coverage with premium is up almost 40% over last year. We do rushes. sublimit. Our commission level is generally much higher than our competition’s. Regrettably, we are unable to consider nightclubs, adult entertainment or accounts with liquor serving issues. For No details substandard business program please. and target account eligibility criteria, and an about or thedistressed program, including application, please visit: http://www.surpluslines.com/products/restaurant-bar-tavern.asp

We compete favorably with all the major programs! Anchor Bay Insurance Managers, Anchor Bay Insurance Managers, Inc.Inc. Post Box Office // Silverdale, 98383 Post Office # Box 2510# 2510 // Silverdale, WAWA 98383 Contact Bill at (360) 649-8969 Phone: (800) 929-9560 // Tanner Fax: (800) 929-9794 www.SurplusLines.com Web: Web: www.SurplusLines.com Email: Info@ SurplusLines.com Email: Info@ SurplusLines.com

Aging of the independent agency universe may be slowing. At the same time, more than three-fourths of agencies have no plans for a significant change in agency ownership within the next three years. 2016 represents the first AUS wave since 2010 in which the average age of agency principals has not increased. This year, the average age of principals with 20% or more ownership is 55, with 17% age 66 and older. In 2014, 18% were 66+ with an average age of 56. In both 2014 and 2016, however, few agencies anticipate an imminent change in agency ownership. Although perceived challenges associated with retention of experienced producers and staff members has declined relative to 2014, agents consider lack of available talent for succession a key impediment to future ownership plans. In most size categories, nearly two in 10 agencies are concerned they do not have the necessary talent pool for future ownership. For smaller agencies, questions about agency net worth are also a key impediment to agency ownership plans—in most cases, a reliable net worth figure is essential for succession planning. Roughly two in 10 agencies would like more information and support regarding perpetuation tools associated with buying out principals’ interest or having family take over.

Use of social media is on the rise, with lower reliance on print marketing strategies. Fifty-six percent of agencies included social media and digital marketing in their 2015 marketing activities, up from 48% in 2013. Facebook and LinkedIn are by far the social media channels used most frequently, although 9% of agencies use Google+ and 6% use Twitter “often,” respectively. Digital strategies appear to be particularly prominent among newer agencies, and include social media outreach, paperless communication and texting with clients. At the same time, agencies continue to face challenges in marketing themselves effectively on the internet. Fiftyseven percent of agencies report that marketing their agency effectively online is among their top three technological challenges—a significant increase over the 46% of agencies that cited the same challenge in 2014. Sixty-three percent of small agencies feel particularly challenged, perhaps because they have fewer resources and receive less carrier support than larger agencies. The Management Summary of the 2016 AUS is now available for purchase.

Agencies, particularly smaller ones, are more immediately Katie Butler is IA Magazine editor in chief and this article was concerned about the impact of emerging purchase channels reprinted with permission. than the impact of technological advancements or the sharing economy. One-third of agencies believe direct purchase through carriers will significantly impact their agency. Concern YOUR CLIENTS’ NEEDS ARE WORLDS APART FROM A ONE-SIZE-FITS-ALL CONCEPT. is highest among small agencies at 43%, Their complex risks require creative, innovative solutions. The industry veterans at RT Specialty are but two in 10 jumbo agencies are also precisely the ones to help you navigate the wholesale specialty and MGA marketplace. RT Specialty concerned. One-fourth of small agencies leads the way in providing specialty insurance services, proven leadership, extensive industry experience and quality services to retail agents. also believe non-insurance websites and retail stores will significantly impact their agency within the next two years. By contrast, less than two in 10 agencies— regardless of size—feel the sharing economy, driverless cars or drones will impact them in the next two years. Non-white agency principals continue to be underrepresented in the independent agency universe. Agencies with one or more minority principals are younger—but not necessarily smaller— than agencies with only non-Hispanic white principals. Notably, minority-led agencies indicate lower membership in insurance and financial organizations and lower awareness of Big “I” programs, suggesting additional outreach and programming may be necessary. 22

Agents and brokers, for more information please contact: Sue Brennan - President P.O. Box 2011 Edmonds, WA 98020 (425) 954-2322 Ed Bukovinsky - President 1200 Fifth Ave., Suite 1910 Seattle, WA 98101 (206) 708-2000

PROPERTY | CASUALTY | EXECUTIVE & PROFESSIONAL LIABILITY | AGRIBUSINESS | WORKERS’ COMP | HEALTHCARE | AVIATION LIFE SCIENCES | CONSTRUCTION | TRANSPORTATION | CLAIMS SERVICES | BINDING AUTHORITY | PERSONAL LINES R-T Specialty, LLC (RT), a subsidiary of Ryan Specialty Group, LLC, provides wholesale brokerage and other services to agents and brokers. RT is a Delaware limited liability company based in Illinois. As a wholesale broker, RT does not solicit insurance from the public. Some products may only be available in certain states, and some products may only be available from surplus lines insurers. In California: R-T Specialty Insurance Services, LLC License #0G97516. ©2016 Ryan Specialty Group, LLC

POST-FLOOD

POST-FLOOD Homeowners Questions By Mike Edwards

“We have been getting some questions from our insureds about coverage under a Homeowners Policy for exposures that developed after the recent floods. I want to put together an FAQ sheet for our Personal Lines staff, so we will all be on the same page when talking to our insureds. I am attaching some issues and questions we’ve come up with so far. We would appreciate your comments on these technical coverage issues, as well as any additional ideas you have.”

I think your plan to develop an FAQ sheet is a very good idea. Here are my thoughts and suggestions. For the discussion below, assume that your insureds are Jack and Jill Smith, whose home was damaged by the recent floods. The coverage form excerpts and commentary below are based on ISO (Insurance Services Organization) forms and endorsements. Proprietary forms may be different. SITUATION #1: WATER & SEWER BACKUP Excerpt: HO 00 03 05 11 Section I – Exclusions A. We do not insure for loss caused directly or indirectly by any of the following. Such loss is excluded regardless of any

other cause or event contributing concurrently or in any sequence to the loss. These exclusions apply whether or not the loss event results in widespread damage or affects a substantial area. 3. Water b. Water which: (1) Backs up through sewers or drains; or (2) Overflows or is otherwise discharged from a sump, sump pump or related equipment; However, direct loss by fire, explosion or theft resulting from any of the above, in A.3.a. through A.3.d., is covered. Comments: (1) Water which backs up through sewers or drains is excluded under A.3.b. (2) The ISO Homeowners Policy does not provide an exception or buyback for backup of sewers and drains caused by flooding. (3) Note, however, that there is coverage for fire, explosion or theft that is a consequence of any of the various types of water 23

events listed in the Water Exclusion. [See last paragraph of the Water exclusion above.] (4) The NFIP flood policy provides coverage for the backup of sewers and drains, in an exception to an exclusion: Excerpt: NFIP Dwelling Form (Standard Flood Insurance Policy) V. Exclusions D. We do not insure for direct physical loss caused directly or indirectly by any of the following: 5. Water or water-borne material that: a. Backs up through sewers or drains; b. Discharges or overflows from a sump, sump pump or related equipment; or c. Seeps or leaks on or through the covered property; unless there is a flood in the area and the flood is the proximate cause of the sewer or drain backup, sump pump discharge or overflow,or the seepage of water; Comments: (1) Backup of sewers or drains caused by flooding is covered under the NFIP policy. (2) However, in the growing market for proprietary flood insurance, coverage may be different than the NFIP policy. (3) Reference articles: “The Homeowners Policy and Sewer Backup” and “Accidental Discharge vs Sewer Backup” SITUATION #2: WATER BACKUP OR OVERFLOW ENDORSEMENT RE: CP 04 95 01 14 Limited Water Back-Up and Sump Discharge of Overflow Coverage Comments: (1) Coverage applies to property covered under Section I caused by water, or waterborne material, which: 1. Originates from within the dwelling where you reside and backs up through sewers or drains; or 2. Overflows or is discharged from a sump, sump pump, or related equipment. (2) The Water Damage Exclusion in the endorsement includes the following:

C. Section I - Exclusions 1. Water This means water which backs up through sewers or drains, or overflows or is discharged from a sump, sump pump or related equipment, as a direct or indirect result of: a. Flood, surface water, waves, including tidal wave and tsunami, tides, tidal water, overflow of any body of water, or spray from any of these, all whether or not driven by wind, including storm surge; Comments: (1) Coverage only applies for backups of sewers and drains, or sump pumps, which originate at the residence premises. (2) The Water Exclusion excludes backups and overflows caused by flood. ISSUE #3: NFIP LOSS SETTLEMENT: REPLACEMENT COST (RC) VS ACV Replacement Cost (1) Available only for a single-family dwelling that is the principal residence. (2) Amount of insurance must be either 80% of the RC, or is the maximum available under NFIP. Actual Cash Value (ACV) (1) Applies to dwellings that: (a) are not the principal residence; or (b) do not meet the required insurance for RC (see above). (2) If the dwelling is a principal residence that does not qualify for RC due to inadequate limits of insurance carried, then the payment is a proportion of the required insurance (“did over should”) applied to cost to repair or replace, or ACV – whichever is greater. (3) All other types of property (certain building items and all personal property) are covered on an ACV basis only. (4) NFIP Resource: “What Is Covered and Not Covered Under My NFIP Policy” ISSUE #4: PROPERTY MOVED AWAY FROM THE RESIDENCE DUE TO THE FLOOD, AND SUBSEQUENTLY DAMAGED BY A COVERED PERIL Excerpt: C. Coverage C – Personal Property 1. Covered Property We cover personal property owned or used by an “insured”

while it is anywhere in the world. After a loss and at your request, we will cover personal property owned by: a. Others while the property is on the part of the “residence premises” occupied by an “insured”; or b. A guest or a “residence employee”, while the property is in any residence occupied by an “insured”. 2. Limit For Property At Other Locations a. Other Residences Our limit of liability for personal property usually located at an “insured’s” residence, other than the “residence premises”, is 10% of the limit of liability for Coverage C, or $1,000, whichever is greater. However, this limitation does not apply to personal property: (1) Moved from the “residence premises” because it is: (a) Being repaired, renovated or rebuilt; and (b) Not fit to live in or store property in; or (2) In a newly acquired principal residence for 30 days from the time you begin to move the property there. b. Self-storage Facilities Our limit of liability for personal property owned or used by an “insured” and located in a self-storage facility is 10% of the limit of liability for Coverage C, or $1,000, whichever is greater. However, this limitation does not apply to personal property: (1) Moved from the “residence premises” because it is: (a) Being repaired, renovated or rebuilt; and (b) Not fit to live in or store property in; or (2) Usually located in an “insured’s” residence, other than the “residence premises”.

cility” (mini-warehouse, etc.), the 10% sublimit would not apply under any ISO HO form except the 2011 edition, which is when ISO added a sublimit for property at a self-storage facility. [C.2.b.] However, note that there is an exception to the 10% limit, if the property is moved because their residence is “Being repaired, renovated or rebuilt; and not fit to live in or store property in.”

Comments:

Both the Homeowners Policy and Personal Auto Policy provide liability coverage for trailers.

(1) Coverage C applies to personal property worldwide. [See C.1.] Therefore, Jack and Jill’s property is covered under their Homeowners Policy, no matter where it is located, so long as the property is damaged by a Covered Peril. [Flood is excluded.] (2) However, there are sublimits to property at certain locations. Under C.2.a., for personal property that is “usually located” at their secondary residence, the Coverage C limit from their primary Homeowners Policy is 10% of the Coverage C limit, or at least $1,000. Note that this 10% limit would not likely apply to property they temporarily moved from their primary residence to their secondary residence, due to the flood. (3) If they moved personal property to Jill’s parents’ house, or to a friend’s house, the 10% limit would not apply, because neither of these is a residence of theirs. [C.2.a.] (4) If Jack and Jill move personal property to a “self-storage fa-

(5) If Jack and Jill had an HO 00 05 05 11 (Comprehensive Form) vs HO 00 03 05 11 (Special Form), they would have flood coverage for personal property under an exception to the Water Exclusion: HO 00 05 05 11 Comprehensive Form Section I – Exclusions 3. Water This exclusion does not apply to property described in Coverage C that is away from a premises or location owned, rented, occupied or controlled by an “insured”. Referring to item (3) above, where Jack and Jill moved personal property to Jill’s parents’ house, if that house later also flooded, Jack and Jill’s HO 00 05 05 11 would provide coverage for flood damage to the personal property they had taken there. (6) Most inland marine policies (“personal articles floaters”, etc.) do not have a flood exclusion. ISSUE #5: CAMPER AT RESIDENCE PREMISES DURING REPAIR OR RECONSTRUCTION

Homeowners Policy: Section II – Liability & Medical Payments exclude “motor vehicles,” which are defined as follows: “Motor vehicle” means: a. A self-propelled land or amphibious vehicle; or b. Any trailer or semitrailer which is being carried on, towed by or hitched for towing by a vehicle described in a. above. Comments: (1) Jack and Jill’s Homeowners Policy provides liability and medical payments coverage for detached trailers, owned, rented, or borrowed, on or off the residence premises. Personal Auto Policy: Part A – Liability provides coverage for trailers as follows: B. “Insured” as used in this Part means:

1. You or any “family member” for the ownership, maintenance or use of any auto or “trailer”. Comments: (1) The PAP provides liability coverage for any trailer, whether attached or detached from an auto, and whether owned, rented, or borrowed. A trailer has to be declared (added to the policy) only if physical damage coverage is desired.

IIABW Supports

Make-a-Wish

ISSUE #6: AUTOMOBILE ISSUES Comments: (1) Part D – Physical Damage coverage in the Personal Auto Policy only applies to the auto and its equipment. The PAP would not cover household items, clothing, portable electronics, etc., that were in the auto, if damaged by flood or any other cause, such as theft. (2) Some autos being driven on flooded streets will stall out. In many cases, this can lead to major engine damage. Here is an article that discusses this coverage issue. (3) Autos that have been substantially submerged in a flood often end up being resold to unsuspecting buyers later. Louisiana passed a statute after Katrina to address the problem: 32:789. Sale of used water-damaged vehicles A. No used motor vehicle dealer, nor any person or entity, shall sell, transfer, or convey any used motor vehicle to any person without notifying the buyer or receiver of the vehicle in writing of the extent of any water damage from flooding which occurred to the vehicle prior to the transaction. B. If a sale, transfer, or conveyance of a used motor vehicle occurs in violation of Subsection A of this Section, the person receiving ownership and title to the vehicle who is not otherwise aware of the damage at the time of the transaction may bring an action to set aside the transaction within one year from the date of the transaction and receive all monies or other property given as consideration for the vehicle less a reasonable assessment for miles driven. Acts 2006, No. 440, §1; Acts 2009, No. 403, §1, eff. July 7, 2009. 26

IABW and Trusted Choice, our consumer brand, sponsored the Make-a-Wish Brunch with Santa in December. Members Sue Knobeloch, Reid Ekberg and Mike Arnold and their children/grandchildren attended this event to show support for this wonderful cause. Make-A-Wish’s vision is to grant a wish of every child diagnosed with a life-threatening medical condition. Across the country, a wish is granted on average every 35 minutes that changes the life of the child and their family.

2016 Big I Pac Contributors Weâ&#x20AC;&#x2122;d like to thank the following agencies for contributing over $30,000 this year to your state Big I Pac. Your contributions are used to support candidates who advance IIABW core principles on agent-specific, insurance industry and general business issues.Â Personal AND corporate contributions can be made to the Big I Pac by using the form on page 28. Thank you to the following agencies who have contributed to BIG I PAC. $2000> The Advantage Group $1000 - $1099 Propel Insurance Stonebraker McQuary Agency Group $601 - $999 AAA Washington Advantage Group Conover Insurance, Inc. HUB International NW McDonald Zaring Ins. Parker,Smith & Feek, Inc. PLC Insurance, LLC VIP Agency, Inc. $401 - $600 Association of Risk Managers NW Leavitt Group Northwest Martin-Morris Agency McClain Insurance Services WAFD Insurance Group Inc $201 - $400 American Underwriters Ins. Agencies Blasingame Insurance Buck & Affiliates Castell Insurance, Inc. Central WA Ins. Agency, Inc. Degginger McIntosh & Assoc. Farmin-Rothrock-Parrott, Inc. Gellor Insurance, Inc. Griffith/Rush Drake Ins Group Guide Insurance Services, Inc InsureQ Kelley Insurance Agency, Inc. Mitchell, Reed & Schmitten Ins Monteith Insurance Inc Oltman Insurance Agency Inc Pickett Agency Robert M. Trask Agency, Inc. Shinstrom & Norman, Inc.

Snapp & Son Insurance, Inc. Tradewinds Insurance Inc. Western Insurance Associates Wheat & Associates Insurance Woodland Ins. Agcy., Inc. Wycoff Insurance $101 - $200 A & M Insurance, Inc. Alliance West Insurance Inc Brookey Insurance Services Callis & Associates Century Ins Services LLC Christopher Togawa Ins Agency D.W. Ferguson & Assoc. Dan Marek Ins. Ed Poe Agency Elliott Ins. Svc., Inc. First Rate Insurance Plus, Inc. Fortiphi Insurance LLC Gus Paine Insurance Homer Smith Insurance, Inc. HomeStreet Insurance Insurance by the Woods Insurance Solutions of WA Insurance Svcs Network, Inc. Interstate Insurance Agency ISU Insurance Solutions Group Johnson Insurance Agency Lee Insurance Svcs., Inc. Longview Ins. Inc. Lower Valley Brokers M.M. Fryer & Sons McDonald McGarry Insurance Mechelsen, Inc Melbourn Insurance Agency, Inc. Miranda Insurance Agency LLC Montgomery Ins. Agency Mosaic Insurance Alliance, LLC Mumma Associates, Inc Otter Insurance Phillips Insurance, Inc. Plaza Ins. Agency

ProStar Insurance Schmidt Insurance Svcs. Inc Simcoe Insurance Thornburgh Ins. Agency Valley Ins. Agency WCLA Insurance Agency, Inc. Woodward-Scott Agency <$50 - $100 Adams Insurance Align Insurance, Inc American Business & Personal Ins. Association of Risk Managers NW Becker Tax Advisory Group Cactus Capital Insurance Davidson & Assoc. Ins. Agency Donna Haynes Duane Weber Ins. Inc. Embree Ins. Agency, Inc. Embree Ins. Agency, Inc. Harbor Insurance Services Hartley & Hartley Ins Inc ISG Barker & Associates Island Ins. Assoc. Jenny Tan Insurance Laurus Insurance Services, LLC Mike Casey Insurance, Inc MJC Insurance NW Financial & Insurance Services Obenland & Low Agency Inc. Premier Group Insurance Pruett Insurance Inc. Rena Gama Ron Michael Insurance Rudolf Birkenkopf Sunset Insurance Agency LLC The Benefits Academy Totem Agencies, Inc. Tripple, Tripple & Tripple LLC Western Pacific Insurance Group

IIABW’s 2017 Conferences ALL INDUSTRY DAY AT THE CAPITOL March 22, 2017 Washington State Capitol YOUNG AGENTS CONFERENCE June 8-9, 2017 Icicle Village Resort, Leavenworth

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