GREEN MOUNTAIN AGENT A PUBLICATION OF VERMONT INSURANCE AGENTS ASSOCIATION
Jan-
MARCH 2017
Seasons May Change, But Our Commitment to the Independent Agent Channel Remains the Same...
V
ermont Mutual is proud to have served Vermont and the New England market through the longstanding partnership with our Independent Agents. It remains our privilege to work with the finest Independent Agencies in the industry … the only place you can buy a Vermont Mutual policy.
89 State Street, P.O. Box 188, Montpelier, VT 05601 | 800.451.5000 | VermontMutual.com
Vermont Mutual is proud to sponsor the Vermont Insurance Agents Association’s new Education Center in Williston, Vermont.
Green Mountain Agent is a publication of
In This Issue: 600 Blair Park Road Suite 100 Williston, VT 05495 Phone: 802-229-5884 Fax: 802-876-7912 www.viaa.org VIAA Officers President Peter Richards Vice President Erin Odell Secretary/Treasurer Paul Plunkett IIABA & PIA State National Director Ron Bixby
Directors Chip Ams Daniel Rodcliff Alan Kinney
Staff Executive Director Mary Eversole meversole@viaa.org
GMA Publication Design LONDONmiddlebury londonmiddlebury.com
March 2017 4 Message from the President 7 On the Hill 8 Under the Dome 11 YAC News Brief 13 Help Wanted
Features 19 Designated Premises, Operations and Project Endorsements 25 Sales Succes: Outside In 28 E&O Corner
News 30 Co-Operative Insurance Companies 31 Concord Group Insurance Companies
Message from the President Good Ideas Our Executive Director has a new jar in her office that has a label that reads “good idea”. She created this because every year members, partners, vendors, solicitors, etc. present her with many good ideas. The topics vary from new member benefits, education, events, convention, and the list goes on. When the good ideas come in they go into the jar. Some of you may want to know what happens to these ideas. Most of the time, I either get a call or an email about these new ideas. Some are amusing and some are viable and merit further consideration with the Board of Directors. Last month, I wrote about our industry talent crisis and asked for your good ideas about how to attract new talent. The Young Agents discussed this topic at their last meeting as well. They came up with some pretty good ideas. They will implement one of them this month by having representatives from agencies, companies and vendors attend a career fair. That is a novel approach. At our next board meeting we will deliberate about an exceptionally good idea—workforce development. The greater question is what role should VIAA play? That is a big question and this good idea is sure to become a BHAG (big hairy audacious goal). 4
Pete Richards, VIAA President
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On the Hill:
HHS Proposes Rule to Stabilize Health Insurance Marketplace By Wyatt Stewart
This week, the Department of Health and Human Services issued a proposed rule intended to stabilize the individual and small group health insurance markets.
• Reaffirming the traditional role of states to serve their populations. In the review of qualified health plans, the Centers for Medicare/Medicaid (CMS) proposes to defer to state reviews in states with the authority and means to assess issuer network adequacy. States are best positioned to ensure their residents have access to high-quality care networks.
The proposed rule would change special enrollment periods, the annual open enrollment period, guaranteed availability, network adequacy rules, essential community providers and actuarial value requirements. It also announces upcoming changes to the qualified health plan certification timeline.
• Releasing a revised proposed timeline for qualified health plan certification and rate review process for plan year 2018. The revised timeline would give issuers additional time to implement proposed changes that are finalized prior to the 2018 coverage year. This would give issuers flexibility to incorporate benefit changes and maximize the number of coverage options available to patients.
The rule proposes the following key provisions that may impact independent insurance agents and brokers: • Expanding pre-enrollment verification of eligibility to individuals who newly enroll through special enrollment periods in marketplaces using the HealthCare. gov platform. This proposed change would help ensure that special enrollment periods are available to all who are eligible, but would require individuals to submit supporting documentation—a common practice in the employer health insurance market. This would help place downward pressure on premiums, curb abuses and encourage year-round enrollment.
• Shortening the upcoming annual open enrollment period for the individual market. For the 2018 coverage year, CMS proposes an open enrollment period of Nov. 1, 2017 to Dec. 15, 2017—which would align the Marketplaces with the employer-sponsored insurance market and Medicare, and help lower prices for Americans by reducing adverse selection. Wyatt Stewart is Big “I” senior director of federal government affairs.
• Addressing potential abuses by allowing an issuer to collect premiums for prior unpaid coverage before enrolling a patient in the next year’s plan with the same issuer. This would incentivize patients to avoid coverage lapses. • Making adjustments to the de minimis range used to determine the level of coverage by offering issuers greater flexibility to provide patients with more coverage options. 7
Under the Dome:
Crossover Deadline Focuses Legislators’ Minds Legislative Update By John Hollar
There are less than two legislative weeks – and only a handful of working days – remaining before the legislature’s Crossover deadline. That is the date by which a bill must be passed out of committee to be considered by the other body. A bill that doesn’t make that deadline is likely toast for this year. With the deadline looming, lawmakers are understandably feeling anxious about their ability to deliver on campaign promises made last fall. Any bill that hasn’t yet made it onto a committee’s priority list now faces long odds. The scope of what is in play and what is not has become relatively clear, and the “in play” bills make a fairly short list. At the top of that list is the annual budget bill. Lawmakers can’t go home without passing a budget, but it is posing a much bigger challenge than in recent years. The Governor’s budget is based on an ambitious education funding proposal that was a rejected out of the box by the legislature. That has left a $50 million budget gap in a year in which there is little political desire to raise taxes. At the same time, Democratic lawmakers have no appetite for cutting spending either. That puts them squarely between a rock and a hard place. The budget process is already behind schedule, 8
and it is likely to slip further as the unpalatable choices become more apparent and the political fights move into public view. In the House Commerce and Economic Development Committee, the challenging issue of independent contractors sits near the top of the priority list. The Vermont Insurance Agents Association has led the business community in the effort to clarify the confusing and unworkable definition that exists in the workers’ compensation law. Last year, the Commerce Committee unanimously passed a reform bill that would have created clear guidelines for determining who qualifies as an independent contractor. The bill foundered afterwards on the House floor in the face of strong opposition of organized labor. This year, the Commerce Committee will be considering a variety of different approaches over the next two weeks as it tries to craft a bill that both business and labor groups can support. The VIAA is exploring alternative proposals, including the adoption of the federal definition, as a way to break the logjam. With the legislative session nearing the mid-way point, lawmakers have a short list of accomplishments to bring home to constituents. That may create an incentive for them to solve the independent contractor issue once and for all.
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The Vermont Young Agents Committee met last month to discuss the upcoming year. Topics of discussion included brand identify, Big I Legislative Conference, and the importance of InsurPac.
Young Agents will head up to Johnson State College this month for their first outreach event of 2017. They will then attend the Keene State Safety Fair later in the spring.
During a brain storming session the Young Agents provided valuable input on addressing the industry talent crisis. Out of that discussion it was decided that companies and vendors would join Young Agents at outreach events, such as college career fairs, to showcase all sides of the industry.
Quarterly Meeting When: May 25, 2017 Where: VIAA, 600 Blair Park Road, #100, Williston, VT Time: 12:00pm – 2:00pm, lunch included Check your in-box for a meeting invite! Questions? Brady Hecht brady.hecht@fmins.com 11
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PERSONAL LINES SERVICE Customer Service is the top priority of this position. Efficient servicing will be required in this position in order to maintain excellent customer relations. This position will coordinate the processing of personal lines new and renewal business.
• Maintain control on renewal expirations and binders.
Essential Duties & Responsibilities:
• Manage adding coverages to existing accounts.
• Manage & prepare quotations. • Complete and upload new business applications. • Manage new accounts in Agency Automation System • Respond to company memos or e-mail in timely manner. • Maintain positive relationships and keep direct communication with company underwriters and staff. • Keep informed and up to date on industry and company issues. • Improve/refine sales techniques through continuing education. • Maintain account files in accordance with established procedures. • Complete performance objectives as directed by the Manager. • Perform other specific duties as requested by the Manager. • Some processing on assigned accounts, including: daily mail, ordering of renewal or new coverage’s, invoicing, binders, company and/or client correspondence, suspense and follow-up, computer information input and client and/or policy information update.
• Check policies, endorsements, and other policy documents for accuracy.
• Market, quoting, and placing new and renewal risks. Set up complete policy applications and/or specifications as required for new or renewal business in conjunction with clients’ needs and in conjunction with producer instructions. • Maintain Pipeline weekly with sold business. • Coordinate with accounting department in collecting premiums promptly or taking action in accordance with agency credit program. • Individual will also process any task as needed to relieve the loads of others in the department. Education/Experience/ Licenses/Certifications • High School diploma required; college degree preferred. • Three to five years in company or agency underwriting. • Agency experience preferred • Property/Casualty License required Submit Cover Letter and Resume to: Robin Bilodeau robin.bilodeau@nfp.com 13
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Hull Insurance Agency in Enosburg Falls is a fast-paced, family-owned agency. We are seeking a licensed individual to join our team. You will be expected to show superior customer service in all aspects of the business, building solid relationships with clients and carriers. Candidates must present a positive attitude and have strong communication and problem solving skills. Competitve compensation and benefits plan offered. Please send resume with compensation requirements and three references to Shawna Lovelette via email shawna@hullinsure.com or mail to Hull Insurance Agency, P.O. Box 467, Enosburg Falls, VT 05450.
Agency seeking Producers: competitive salary, company car, expense account, commission bonus and benefits. Prefer Agent in Boston area or near Vermont/ New Hampshire border to specialize in churches and related ministries. Email LKiser@americanchurchgroup.com and include background and contact information.
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Designated Premises, Operations and Project Endorsements By Bill Wilson
ISO has filed a change for its BOP, CGL, and umbrella and excess programs that, according to IRMI, “…marks a significant and historically unprecedented narrowing of coverage that has traditionally been available to general liability insureds with respect to designated premises.” This change is effective in most jurisdictions in April 2017 and applies to ISO forms BP 04 12, CG 21 44, CU 21 11, and CX 21 10. Your carriers may use these form numbers or their own. The ISO forms’ titles are “Limitation Of Coverage To Designated Premises, Project Or Operation.” These “designated premises/projects” endorsements have been problematic for years because of the language that says that coverages apply only if arising out of “The ownership, maintenance or use of the premises shown in the Schedule and operations necessary or incidental to those premises….” The question has always been, to what extent are operations away from a designated premises covered? How far away can you be and what constitutes “necessary or incidental to”? In their filing, ISO cites two recent court cases where coverage was found for BI and PD that occurred, in one case, at an unscheduled premises (largely because the “negligent decision” from which the BI/PD arose took place on the scheduled location) and, in another case, 500 miles from the designated premises. As a result, ISO has revised the
language on all of the aforementioned forms so that coverage applies only if loss: • Occurs on the premises shown in the Schedule or the grounds and structures appurtenant to those premises; or • Arises out of the project or operation shown in the Schedule;
For designated premises, there is no longer any automatic coverage for “operations necessary or incidental to those premises.” This is true premises-only liability in that there is no coverage that takes place off premises (or appurtenant grounds/structures) UNLESS such off-premises operations are specifically scheduled. The question is, how do you know what operations might be necessary or incidental to the designated premises so that you can list ALL of them.
Photo by paulswansen
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Aside from that, what are the implications if Hired and Nonowned Auto coverage has been added. Many carriers have H/NO endorsements for their CGL policies. ISO does not. They removed this endorsement from the GL line over 30 years ago and coverage in the ISO program must be added via Symbol 1 or Symbols 8 & 9 under their BAP program. But ISO still provides the BP 04 -04 – Hired Auto And Non-Owned Auto Liability endorsement in their BOP program.
CGL policies, the same action might be taken on the CG, CU, and CX Limitation endorsements. The better solution is to have the BP 04 12 REMOVED from the policy if at all possible in order to avoid these issues. Consider sending a link to this article to your underwriters and ask them what they suggest you do.
So, for H/NO coverage, what is the potential implication for this designated premises change? A literal interpretation would be that, if only a premises is scheduled without any mention of a project or operation, then the H/NO coverage under the BP 04 04 only applies to accidents that occur on that premises. Needless to say, this makes the coverage under the BP 04 04 virtually illusory and certainly can’t be the intention of the BP 04 04. However, that’s exactly what a literal reading of these forms would indicate. As a result, when an ISO BOP policy includes H/NO coverage under the BP 04 04 AND the designated premises limitation BP 04 12 endorsement, in addition to the schedule premises, a notation should probably be made in the “Project Or Operation” schedule that coverage applies to the operation of autos covered by the BP 04 04 (along with a list of any other operations necessary or incidental to the scheduled premises). If your carriers also provide H/ NO coverage via proprietary endorsements on their
Are you trying to reach Vermont’s Independent agents? Do you have a great ad that represents your company and have nowhere to place it? Are you looking to hire? Place your ad in VIAA’s monthly publication and have the opportunity to advertise and market to Vermont’s Independent Agents.
Questions on how to place an ad? Contact Mary Eversole at meversole@viaa.org for placement options and advertising rates. Vermont Insurance Agents Association ATTN: Advertising/ 600 Blair Park Road/Suite 100/Williston, VT 05495
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THE MEETING SPACE YOU’VE BEEN LOOKING FOR
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Helen Collins hcollins@viaa.org
Calendar: viaa.org/Education/Pages Webinars: iiavt.aben.tv/
Sale Success: Outside In
By Phil Schuman
We spend much of our waking lives thinking about ourselves. According to recent figures people spend up to 40% of the time thinking and talking about themselves. As salespeople we’re often no different.
“your”. In our sales trainings we practice a networking role play where you’re not even allowed to say the words “me’, “myself” or “I”! It’s as tough as it sounds because we’re so used to doing it and it’s a great exercise to help get into the serving mentality.
Prospects will only be interested in giving us their time if they feel we genuinely have their best interest in mind. Often we approach the customer from our perspective thinking about what WE need rather than approaching them to discover what it is that THEY need and how we can help improve their lives. This simple yet fundamental shift in focus can make a dramatic difference in sales results. It’s what I call an “Outside In” mentality rather than “Inside Out.”
Selling is about helping the customer solve their challenges. To achieve this effectively we must empathize with the prospect’s situation, ask questions from their perspective and consider at all times how what we are saying is being perceived by the customer. It’s about putting ourselves in their shoes. They will pick up on this and we’ll be seen far more readily as what sales guru Brian Tracy calls a “guide, friend, coach and counselor” rather than a pushy salesperson. Building rapport, gaining trust, communicating value and getting to the point where the customer buys will all be made far easier when we are thinking not from our perspective and best interests but rather from the “outside in.” Not only will the customer feel more valued but our job in sales becomes more fun and rewarding when we are coming from a place of wanting to help and serve others. We are then compensated for those efforts in serving more as a byproduct rather than sales goals and commissions being the primary motivator. This mindset is a great way to help sustain a happy and satisfying career in sales.
As an example, think about the emails we send to prospective customers. The email itself often begins “I wanted to…” The prospect doesn’t care what you want so it’s not a great way to start the communication and relationship! The words “I” and “my” should appear far less (in email, phone and in person!) than the golden words “you’ and
When a group photograph is taken of us who is the first person we look for in the picture? If your answer is anything other than yourself you may not be completely telling the truth! We are hardwired for self-preservation to think and talk about ourselves – it gives us a feeling of pleasure which comes from the chemical dopamine, released in
We think about our sales goals, the weekly quotas we have to hit, the appointments we need to set and the commission we need to make to pay our mortgages. These are all important things to be considering. But often what we fail to do is have the focus be on the very person we are in business to serve: our customer.
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our brain when we talk about ourselves. It is our job as salespeople to let the focus of interaction be on the customer and not ourselves – let them enjoy the rewards of the dopamine! The more our prospects are talking about themselves the more information they will be willing to share. And the more we learn about them the easier it becomes to match effectively the appropriate benefits of our products and services to their needs. Adopting an “outside in” mentality into your daily sales efforts is an incredibly simple concept and hugely effective – yet many salespeople don’t do it. When you do put this into action on a consistent basis it changes everything and I promise if you adopt it into a daily routine or consciously focus on it even more than you already do, your prospects and customers will notice the difference and your sales will increase.
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As sales legend Zig Ziglar says: “You can have everything in life you want if you will just help enough other people get what they want.” Happy Selling! The Schuman Group empowers and inspires sales teams with proven strategies and real world tools through sales training, coaching and consulting services. www.schuman-group.com
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The Importance of Documenting Offers of Flood Insurance Coverage to Customers By Jim Keidel, Keidel, Weldon & Cunningham, LLP We are all aware of the phrase caveat emptor. In common parlance, this Latin phrase translates into its most basic and popularly understood form, “Buyer Beware!” Simply put, it means the onus is on the purchaser to be informed of the details of his or her own transaction and is ultimately responsible if certain facts are undisclosed that were knowable. As we have written in the past, the natural evolution of that idea in relation to errors and omissions claims against insurance agents and brokers is the application of the Duty to Read. It holds that an insured is bound by the terms, conditions and limitations contained in the insurance policies they receive. Unfortunately, the courts sometimes need more than just the Duty to Read to hold insureds accountable for the insurance they ultimately decide to purchase or reject after it was offered. One might naturally think an insurance agent or broker has no E&O exposure for coverages offered that the customer chooses not to purchase. It makes sense, given the law. But, not so fast as it is not as clear-cut as common sense or the law might suggest. In this case, it is not just Non-Buyer Beware but Agent & Broker Beware even when coverage is offered then rejected. In such a situation, a best practice for an insurance agent or broker to follow is to make certain there is documentation providing evidence the customer rejected coverage that had been offered. This is especially important when it comes to flood insurance. 28
We are all aware of a considerable uptick in flood claims in recent years, particularly in areas not usually subject to those kinds of claims. However, they’re being filed with greater regularity and severity than in the past. You see them as typical flood claims related to property damage. We see them as possible E&O claims and lawsuits coming from customers not located in higher risk zones and who either do not have FEMA flood insurance coverage or are only insured by limited non-FEMA coverage. We know the current National Flood Insurance Program expires in 2017, and various rumblings in Washington D.C. and articles in trade journals suggest the property and casualty Industry might be interested in writing private flood coverage outside of FEMA and the WYO or Write Your Own programs. Flood insurance is a hot topic. Since Hurricane Irene in 2011 and Superstorm Sandy in 2012 hit the East Coast, our clients have told us more of their insureds have inquired about flood coverage. However, we also understand from you flood coverage is often rejected by customers for a variety of reasons. Insurance agents and brokers often tell us they regularly offer customers the option of purchasing flood insurance coverage as a corollary to explaining the possibility of property damaged by wind-driven rain, broken pipes or sprinkler heads, sewer line backups, clogged drains or flood waters. When flood insurance is offered and then rejected, agents and brokers typically document the rejection in their agency management systems. Although documenting the rejection of flood insurance in an agency management system is a good practice, use of the ACORD 60 flood rejection form is a practice and procedure every agency and brokerage should consider adopting as a regular part of conducting business. The ACORD 60 is a simple, one-page form titled “Flood Insurance Notice/Rejection.” This
form, which should be signed by the insured and dated, contains the following declaration: I understand that flood insurance coverage is available for the property located at the address below, but I hereby elect not to purchase such coverage. I also understand that my rejection of this coverage will apply to all future renewals, continuations and changes unless I notify you otherwise in writing. The ACORD 60 form is a great help in addressing potential E&O claims and lawsuits based on the lack of flood insurance covering a claim. After Hurricane Irene and Superstorm Sandy, we saw numerous flood based E&O claims and lawsuits against insurance agents and brokers dismissed because ACORD 60 forms signed by customers were in the agency or brokerage’s files. All you need to do is to have this form signed once, and then place it in your files. It will be your “get out of jail free” card in the event a claim or lawsuit is filed alleging a failure to procure
flood insurance. Note: the ACORD 60 flood rejection form applies to both commercial and personal lines insurance coverage. A best practice for insurance agents and brokers to follow when discussing coverage options with customers is always offer flood insurance. If, however, the customer or potential customer rejects the option of purchasing flood insurance coverage, the prudent insurance agent or broker should be certain to have their customers complete and sign an ACORD 60 form, indicating they reject the coverage offered Keidel, Weldon & Cunningham, LLP concentrates its practice in the defense of insurance agents and broker’s errors and omissions claims and litigation, errors and omissions loss control counsel and education, insurance coverage analysis and litigation and insurance regulatory matters. Please direct any comments or questions to James C. Keidel, Esq. by mail to the main office of Keidel, Weldon & Cunningham, LLP, at 925 Westchester Avenue, Suite 400, White Plains, NY 10604, telephone at (914) 948-7000 or e-mail at jkeidel@kwcllp.com. The law firm also maintains offices in Syracuse, New York; New York City, New York; Wilton, Connecticut; Fair Lawn, New Jersey; Warwick, Rhode Island, Philadelphia, Pennsylvania, Williston, Vermont and Naples, Florida.
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Company News
Middlebury’s Co-operave Insurance Companies has been named one of the 2017 Best Places to Work in Vermont. Co-op was one of two dozen small businesses named in the overall roster of 45. This was its first appearance on the list, which is the result of a statewide survey conducted by Vermont Business Magazine, the Vermont Chamber of Commerce, the state’s Department of Labor, the Vermont council of the Society for Human Resource Management, and Best Companies Group. The selecon process includes review of company pracces and policies, but depends largely on feedback from company employees. “Over the years we’ve received lots of anecdotal feedback from employees about our professional yet relaxed culture, opportunies for and commitment to employee development, and the management style of our leadership team," said Gina Larrow, VP Human Resources. "It’s nice to have this type of feedback validated by an externally conducted review and survey of all employees." “We recognize that our employees are our greatest asset. Our benefits package, compeve pay, commitment to work -life balance, and opportunies to give back to our communies are all factors in recruing and retaining the strong team we have," said Marie Jewe, the company's president and CEO. "Keeping our employees posively engaged helps with our focus on consistently delivering an exceponal customer experience." The compeon, which is in its eleventh year, is open to business, non-profits, or government enes that have been operang a year or more and that have a facility and at least 15 employees in Vermont . While all 45 winners have been named, the final rankings will be announced at an awards presentaon this spring. Co-operave Insurance Companies has been meeng property and casualty insurance needs since 1915, offering farm, home, auto, business, and other insurance to people in Vermont and New Hampshire. It is owned by its members and commied to protecng them with fast and fair claims service, farm safety experse, and local operaons. The company has headquarters in Middlebury, Vermont, with regional claims offices and more than 100 agency locaons across Vermont and New Hampshire.
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Company News DANIEL L. MCCABE JOINS CONCORD GROUP INSURANCE COMPANIES Concord, NH – The Concord Group Insurance Companies announces that Daniel L. McCabe has joined the senior leadership team as a Vice President of the Concord, NH based company. Most recently, Mr. McCabe was the Vice President of Business Development at MAPFRE Insurance (formerly Commerce Insurance). Mr. McCabe brings a wealth of experience from his over twenty year career in the Insurance Industry, with Officer and Management level positions in Underwriting, Product Development and Marketing at Lexington Insurance, Chubb, The Hanover and Travelers. Mr. McCabe is a native of the New Hampshire Lakes Region and graduated from Holy Cross College in Worcester, MA with his Bachelor of Arts degree before entering into the Insurance Industry. According to Linda Day, Chairman, President and CEO of the Concord Group, “Dan will play an important role on our management team as we transition through the pending affiliation with Auto-Owners Insurance, and continue our focus on expansion into Massachusetts and deeper development of our products and agency relationships throughout Northern New England and Massachusetts. Dan has a strong history of delivering results through Independent Agents, and he is a great addition to our organization.”
Mr. McCabe added, “I am excited to be joining the Concord Group at such a pivotal time and look forward to helping the company realize the many opportunities that lie ahead of it. Concord’s deep culture of service and support for local agents joined with the capability and scale of a top U.S. P&C Carrier is a tremendous combination that I believe will have significant impact in the New England marketplace.” Concord General Mutual, an A- (Excellent) A.M. Best rated carrier, began in 1928, and operates in the New England area, including Vermont, Maine, New Hampshire and Massachusetts. Concord Group has been recognized as a leading insurance provider through the Independent Agency System in these states.
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