GMA September 2018 by VIAA

GREEN MOUNTAIN AGENT VERMONT INSURANCE AGENTS ASSOCIATION | SEPTEMBER 2018

Vermont Insurance Agents Association is a statewide trade association representing nearly 100 independent insurance agencies in Vermont, with more than 900 employees. VIAA member independent insurance agents represent more than one insurance company, and as a result, can offer clients a wider choice of auto, home, business, life and employee benefits.

Seasons May Change, But Our Commitment to the Independent Agent Channel Remains the Same...

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 02

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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

CONTENT SEPTEMBER 2018

Letter from the President

600 Blair Park Road Suite 100 Williston, VT 05495 Phone: 802-229-5884 Fax: 802-876-7912 www.viaa.org VIAA Officers President Erin Odell Vice President Paul Plunkett Secretary/Treasurer Alan Kinney National Director Ron Bixby

Directors Chip Ams Daniel Rodliff Michael Barrett

Staff Executive Director Mary Eversole mary@viaa.org

Newsflash

On the Hill

12 InsurTech

Feature: Opinion

Young Agents News Brief

E&O Corner

Feature: Sales & Marketing

Insurance Commentary

Company & Agency News

GMA Publication Design LONDONmiddlebury londonmiddlebury.com

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LETTER FROM THE PRESIDENT SEPTEMBER 2018

I am deeply honored to be sworn in as the President of Vermont Insurance Agents Association next week. I want to thank Erin Odell for her leadership in the last year. It was a busy year with the sale of our building and stabilizing our operating reserves. There are many questions on the minds of agency principals. We’ve heard from many about the talent gap, perpetuation, technology, and more. Last month, your Board of Directors met to strategize on how to meet the needs of our members in the ever-changing insurance environment. Like many agencies we are changing with the times. We will strive to become a thought leader and provide solutions to help members stay competitive. As agencies perpetuate, so does the association. That led us to create a strong partnership with Big “I” Rhode Island and establish new partnerships to serve our members. As we look forward, it’s clear that partnerships will sustain our ever-evolving operating model.

Paul E. Plunkett, CIC

VIAA Incoming President

“Our core mission remains to advocate, educate and connect our members.”

We continue to invest in The Young Agents Committee and develop the next generation of insurance industry leaders. This impressive group exhibits their dedication and commitment to the industry daily. They give back to the community, have an incredible peer network, experience oneof-a-kind learning opportunities and strive to attract new talent to the industry. They encourage participation from all VIAA member agencies, company partners and other supporters. The YACS are responsible for increasing participation in VIAA sponsored events and awareness of our member resources. I look forward to seeing many of our members, company partners and vendors at the Annual Meeting and Convention this month.

My best, Paul E. Plunkett, CIC Hickok & Boardman Insurance Group VIAA Incoming President

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Get to Know AmTrust. Visit d19.amtrustinsurance.com or call 877.215.7577 AmTrust is AmTrust Financial Services, Inc., located at 59 Maiden Lane, New York, NYNY 10038. Coverages areare provided by by its its property and AmTrust is AmTrust Financial Services, Inc., located at 59 Maiden Lane, New York, 10038. Coverages provided property and casualty insurance company affiliates. Consult thethe applicable policy forfor specific terms, conditions, limits and exclusions to coverage. casualty insurance company affiliates. Consult applicable policy specific terms, conditions, limits and exclusions to coverage.

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FSC “XV,” Stable Outlook FSC “XV,” Stable Outlook

NEWSFLASH: NFIP EXTENDED THROUGH NOV. 30 By Jennifer Webb

On Tuesday, the U.S. Senate voted to extend the NFIP through Nov. 30 by a vote of 86-12. The U.S. House of Representatives voted overwhelmingly to pass the same measure last week. President Trump signed the measure on July 31, meaning the NFIP did not have a lapse in authority during the height of the Atlantic hurricane season. In the weeks leading up to the July 31 NFIP reauthorization deadline, the Big “I,” its state associations and members across the country engaged in an extensive advocacy and grassroots campaign. The Big “I” thanks every insurance professional who contacted their members of Congress to make their voice heard and avoid a lapse in the NFIP. Congress reauthorized the program through Nov. 30, but has yet to agree on a consensus measure to keep the program operating

into 2019. Ahead of the new deadline, contentious debate is already brewing regarding possible reforms to be included in any NFIP extension legislation. Disagreement over how to best reform the program, as well as politics surrounding the outcome of the upcoming midterm election, could potentially lead to a lapse in November. The Big “I” supports a long-term reauthorization of a modernized NFIP that would increase take-up rates for flood insurance in both the NFIP and the private market. But in the meantime, it is critical that the NFIP remain available for over 5 million policyholders who rely on it. Jennifer Webb is Big “I” federal government affairs counsel.

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ON THE HILL: NEW TAX REGULATION IS A BIG WIN FOR BIG ‘I’ MEMBERS By Jennifer Webb Yesterday, the Internal Revenue Service issued a draft regulation on a key provision of the 2017 tax law (26 U.S.C. §199A) that allows for a 20% deduction on “qualified business income” for owners and shareholders of pass-through businesses. Under the draft regulation, owners and shareholders of insurance agencies and brokerages can take the 20% tax deduction on qualified business income, no matter their taxable income levels, because the IRS does not consider insurance agents and brokers to be a “specified service trade or business.” Owners and shareholders of specified service trades and businesses cannot take advantage of the deduction if their taxable income is over a certain level. The relevant part of the draft regulation reads as follows: “Proposed §1.199A-5(b)(2)(x) uses the ordinary meaning of “brokerage services” and provides that the field of brokerage services includes services in which a person arranges transactions between a buyer and a seller with respect to securities (as defined in section 475(c)(2)) for a commission or fee. This includes services provided by stock brokers and other similar professionals, but does not include services provided by real estate agents and brokers, or insurance agents and brokers.” Section 199A provides the 20% tax deduction to an owner or shareholder of a pass-through entity where the owner or shareholder’s annual taxable income does not exceed $315,000 for joint filers and $157,500 for single filers in 2018. In other words, all owners or shareholders that are organized as pass-throughs under the above income thresholds can utilize the full 20% deduction, and any regulations or guidance released by the Treasury Department, including the draft released yesterday, will not impact this.

However, an owner or shareholder of a specified service trade or business with an annual taxable income between $315,000 and $415,000 (joint) and $157,500 and $207,500 (single) will see the deduction phased out. Those with an annual taxable income above $415,000 (joint) and $207,500 (single) will be prohibited from utilizing the new deduction. While the regulation is only in draft form, it was previously unclear whether insurance agencies and brokerages would be considered specified service trades or businesses. Because insurance agencies and brokerages are not a specified service trade or business, it means that those with annual taxable income above the $315,000 (joint) and $157,500 (single) thresholds can take advantage of the deduction. But, the total amount of the deduction for those at these upper income levels cannot exceed 50% of employee W-2 wages, or 25% of W-2 wages plus 2.5% of capital assets (e.g. tangible property purchased for the business), whichever is greater. Alongside the draft rule the IRS released a proposed procedure for calculating W-2 wages. The Big “I” has been aggressively advocating before Congress and the Treasury Department that insurance agencies and brokerages should not be considered a specified service trade or business.

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In April, the Big “I” sent a letter to key Treasury Department officials and had a meeting with the department. As a follow-up to the meeting, the Big “I” sent another letter to the Treasury Department, specifically addressing questions about the term “brokerage.” The Big “I” has also had a number of meetings with key congressional offices on this issue. Beyond the “specified service trade or business” definition, the draft regulation covers several issues related to the Section 199A deduction which may impact agents and brokers depending on individual circumstances. For example, financial advice and retirement planning services would qualify as specified service trades or businesses, and consulting is considered a specified service trade or business to the extent that a fee is charged for such services. However, “consulting that is embedded in, or ancillary to, the sale of goods, if there is no separate payment for consulting services” is not considered a specified service trade or business. Also of note, a trade or business is not a

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specified service trade or business if it has “gross receipts of $25 million or less (in a taxable year) and less than 10 percent of the gross receipts…[are] attributable to the performance of an SSTB.” If gross receipts are above $25 million, the relevant percentage is 5%. This means an insurance agency that has predominantly a property-casualty book of business, but also has a small retirement planning, consulting or financials services component, would not be considered a specified service trade or business under the draft regulation. The Big “I” is currently reviewing the draft regulation, which is open for a 45-day public comment period. A public hearing on the regulation is tentatively scheduled for Oct. 16. Because the regulation is in draft form and open for public comment, changes may occur before the rule becomes final. The Big “I” will provide comments to the IRS and additional guidance to members over the next few months. Final regulations are expected before the end of the year. Jennifer Webb is Big “I” federal government affairs counsel.

Mark your calendar and make plans now to attend VIAA's 112th Annual Convention & Golf Tournament, “Limitless Possibilities,” September 20-21, 2018 at the Hilton Burlington Hotel in Burlington, VT. At VIAA's Annual Convention, approximately 300+ member agents, Young Agents, and company representatives join together to network and learn. This event is an invaluable opportunity for insurance professionals of all ages, rank, and experience levels and is a must-attend for all independent agents. We hope you can join us! EVENT HIGHLIGHTS: • VIAA is very pleased to announce Sam Glenn as the keynote luncheon speaker! Sam is regarded as The Authority on ATTITUDE, and as often featured guest on TV talk shows and radio programs. • Two half-day continuing education classes. • Golf tournament at the Country Club of Vermont. • Industry tradeshow. • Young Agents Event following the President’s Reception. • A discounted room block is available at the Hilton Burlington. Reserve online at http:// bit.ly/2kmOYJa or call 800.445.8667. FOR GENERAL CONFERENCE INQUIRIES & QUESTIONS: 802.865.5202 or info@delaneymeetingevent.com

FOR VIAA’S LARGEST AND MOST ANTICIPATED EVENT OF THE YEAR! www.viaa.org

INSURTECH: ARTIFICIAL INTELLIGENCE: HOW WILL IT REALLY IMPACT YOUR AGENCY? By Samir Gulati Historically, the insurance sector has focused on winning business and outsmarting competitors with an analogue approach. But the real battleground for the competitive advantage lies in improving the customer experience. While there are many ways to approach this, one thing is clear: The insurance industry isn’t free from the pressures to digitize processes and communications with clients. The 21st century customer expects instant communication and results, predominantly across digital channels. To meet these 24/7 customer service demands, technologies that have disrupted entire sectors—the Internet of Things (IoT), artificial intelligence (AI) and the cloud—will

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become increasingly useful for independent agents by enabling them to give their customers a seamless brand experience every step of the way: from agent to insurer to claims management. As agents consider the best technologies to reach their customer base, AI will have a significant impact over the next year. Consider the claims process: It’s now common to use mobile devices to report a claim, whether through an agency-specific app or just to document images with timestamps. Customers use phones or tablets to take pictures, book appointments and fill out claims forms. What’s missing from most insurance

platforms is self-learning technology that simplifies the process for both the agent and the customer. AI will drive these processes to deliver the customer service clients expect. It may sound complicated, but here are two ways AI solutions can aid agents in adjusting to the new normal and meeting demands for best-in-class customer service: 1) Simplifying scheduling and resource coordination. AI can simplify everything from scheduling to streamlining communications between an agent, client and repair company. With a smart customer service portal or app, clients can self-schedule claims appointments or even coordinate a new client orientation with an agent. In addition, some integrated technology enables customer and agent to schedule repair services with skilled, accredited technicians.

By implementing new digital technologies, independent agents can reduce their financial outlay. After achieving that, they have the flexibility to give control to the customer for the service they require when they need it. At the same time, agents arm themselves with a tool that enables them to work more efficiently and effectively. It’s a win-win for all.

Samir Gulati is chief marketing officer at ServicePower and previously served as vice president of marketing at Appian.

This process can provide agents with valuable insights, saving them time and money. For instance, when an entire claims process is tracked within one platform, agents instantly gain access to claims and repair statuses— even if the claim is being handled by another agent. Rather than calling the other driver’s agent and repair shop for updates, all work orders, repair schedules and parts details could be located in one place. AI does all the hard work by arranging the resources around the customer to make sure that they receive the best service in the most efficient manner possible. 2) Improving customer retention and share of wallet. Businesses that offer a satisfying customer experience have the potential to boost revenue by up to 15%, while lowering the cost of serving customers by as much as 20%, according to McKinsey & Company. To ensure a positive customer experience, agents can take a two-step approach. First, provide customers with a digital consumer portal for scheduling and twoway communications. Second, deliver 24/7 support. Integrated engagement portals can enable customers to communicate with their insurance agencies when and where it’s most convenient. The IoT provides the means to offer proactive support for a smoother claims process. W W W.V I A A .O R G

OPINION

SEE SAM GLENN LIVE AT THE VIAA CONVENTION!

Hey Everyone! Recently, I had someone email me about how bad their workplace was There are many joy zappers - it can be a boss, co-worker, long commute- a million things and reasons to complain. The key to finding joy in a joyless workplace is tuning into YOUR FOCUS. When you focus on all the junk, you are feeding your mind and attitude junk. Start small and look for ONE little thing that gives you a little joy and see what that does. It won’t stop the junk from happening outside of you, but it will halt the junk from taking root inside you. Years ago, before I started speaking professionally, I did odd jobs to get by. I didn’t get paid much and just about ever boss I had was a complete cotton-headed ninnymuggins. (what movie?) I realized if I let all those things get to me, I would be miserable. So I started to focus on little things that would give me joy - like a cup of coffee, or a few minutes to read from a good book, or laughing with my co-workers. Soon, I was trying to find joy everywhere and it worked. It kept my attitude in a good place and helped to have things to look forward too - which gives us hope, peace and purpose. Joy gives us life, strength, happiness and positivity. You can find it in good and bad times. Hope this helps and encourages you! Sam Glenn The Attitude Guy

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YOUNG AGENTS

NEWS BRIEF

YAC SPOTLIGHT: MATT WASHBURN, WASHBURN AND WILSON make a living.” A decade later, Washburn and Wilson is ready to take the next big leap. “We’re growing. We’ve built a referral-based business that continues to build on itself. We’re looking to add to our staff” Matt has resided in South Burlington for the past 5 years. When he’s not running the agency alongside his father, he enjoys adventure; bringing his friends boating, water skiing, downhill skiing, snowboarding, hiking, and kayaking. Matt is an original young agent committee member. “Mary reached out to me and I liked the opportunity to network with my peers as I continued to grow my own business. It has been great to bounce things off one another and also create relationships along the way.” Matt hopes to hold a leadership role in the coming years with the Young Agents. Born and raised in Bethel, VT, Matt Washburn and his fathered opened the Washburn and Wilson Insurance Agency, LLC 10 years ago, planting his roots even deeper into the Bethel community. After receiving his bachelors from Johnson State, Matt and his father decided to open and insurance agency. His father’s experience in the insurance industry and outgoing personality paired perfectly with Matt’s logistic thinking and determination. It was the perfect beginning to their journey in their new venture. “We put a sign up and started from scratch. It was hard to get companies in the beginning because we didn’t have any clients. Our goal was just to

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YOUNG AGENTS

NEWS BRIEF

THANK YOU SAFELITE AUTOGLASS FOR SPONSORING YACâ€™S NIGHT OUT AT THE VERMONT COMEDY CLUB!

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O &

ER N R O C

ACCOUNTABILITY: A MISSING PIECE IN MANY AGENCIES by Curt Pearsall, CPCU, AIAF, CPIA

President – Pearsall Associates, Inc. and Consultant to the Utica National E&O Program Accountability is a key element that needs to be in place for agencies to achieve a solid errors and omissions (E&O) culture. It is also necessary for agencies, or any business, to become a great organization. In the words of author Henry Evans, “a culture of accountability makes a good organization great and a great organization unstoppable.” Can your team look each other in the eyes and convince one another the job was handled in the manner the firm wants and that you achieved the desired results? Can you look yourself in the eye and convince yourself of the same thing?

expected results. For an insurance agency, there are many expected results. They include various issues involving the pre-sale, sale, and post-sale processes. The issues could involve the completion of an exposure analysis checklist, quality and timely documentation of client discussions, the completion of the application, timely followup, confirmation of client purchasing decisions, management of one’s workload, policy review, policy delivery, etc.

What is the level of accountability in your firm?

For many agencies, the issue that is holding them back from achieving the “great organization” status is their level of accountability. Accountability in an organization does not just happen. In fact, it is more than each employee looking at themselves in the mirror and convincing themselves they did the job. Many business experts feel that organizational health will surpass all other disciplines in business as the greatest opportunity for improvement and competitive advantage. Peer-to-peer accountability is considered the primary and most effective source of accountability on the leadership team of a healthy organization.

You might want to ask the staff.

They probably know the answer.

One of the key issues to begin the process of achieving accountability is defining the

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Staff should not have to guess or assume they know the expected results. The expectations should be documented and periodically communicated to all staff, including producers. This will help to ensure there are no misunderstandings. Nothing will frustrate an employee more than a belief that not all employees are held to the same level of accountability. In some cases, there may be the belief that some employees are not held accountable at all. The frustration level may get to the point where a firm will lose some of their better employees.

Many staff probably feel they can walk out at the end of the day and say, “I did my job.” Accountability is more than each person feeling they did their job. The objective is for the firm’s goals to be achieved, whatever those goals happen to be. Achieving a greater level of accountability and becoming a GREAT organization requires teams with a level of joint accountability. This level of joint accountability is essentially the responsibility and the product of management as they are, at the end of the day, ultimately

NFP, a leading insurance broker and consultant that provides employee benefits, property & casualty (P&C), retirement, and individual insurance and wealth management Please send your resume to: responsible for results. A culture of joint accountability is necessary for the firm’s results to be solutions is currently seeking an experienced Dan achieved. Management should not look for employees to justRodliff do their jobs. They should look for them Personal Lines Producer to advance his or Vice President, NFP P&C to achieve the expected results. An employee’s job is to achieve results and to go above and beyond. her career as a Commercial Lines Producer Motivating and inspiring the staff to do that should be a key goal of a firm’s leadership. PO Box 2243 in its South Burlington office. This position South Burlington, VT 05407 How can an agency measure their degree of accountability? is responsible for generating new sales for Or all Commercial Lines policies requires whether Since a significant part of the goal isand to determine staff are meeting the firm’s expectations, the ability work closelyanwith clients, one way to doto this is through internal auditing process. Whendan.rodliff a firm strides@nfp.com to enhance their Email: culture of accountability, audit results will definitely shed some light on whether progress is being customer service representatives, producers, made or not. If anand individual or division is notThe passing their audits, there is a good chance they will not management, insurance carriers. be achieving the results they are striving for. When the audit results are not at the expected level, the work environment is professional and very an action plan to improve the audit scores moving individual (or team) should be required to develop supportive. The ideal should have the desired level of accountability. forward. This initiative is acandidate positive step in achieving excellent interpersonal skills, {2+} years of What is the leveland of accountability in your firm? experience, ability to adapt to emerging technology. be supported withknow the answer. You might want They to ask will the staff. They probably commercial lines training and mentoring for Theprospect/planning, material contained in this sales article iscalls, for informational purposes proposals and only and is not for purposes of providing legal advice.You should contact your attorney to obtain advice with respect to any particular education. A property and casualty license is issue or problem. required. NFP offers a highly competitive compensation and benefits package.

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Designations of Distinction In Vermont & New England

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The Certified Insurance Service Representative (CISR) designation program is a nationally recognized education program directed at a very particular job description in the agencyâ€”the customer service representative. CISR COURSES MAY BE TAKEN FOR CE CREDITS FOR THOSE NOT SEEKING THE DESIGNATION.

CISR Elite status now offers an even higher distinction for those eager to gain greater skills and knowledge of insurance service and sales.

The CIC Program is for agency and company personnel -- owners, producers, agents, account managers, brokers, underwriters, and marketing or claims personnel. Participants should be licensed agents, brokers, adjusters, or solicitors; or have at least two years of full-time experience in the insurance industry or as a risk management professional; or have served for at least two years as a full-time insurance faculty member at an accredited college or university. CIC COURSES MAY BE TAKEN FOR CE CREDITS FOR THOSE NOT SEEKING THE DESIGNATION. ATTENDANCE REQUIRED FOR ALL DAYS TO RECEIVE CREDIT FOR INDIVIDUAL CLASSES.

James K. Ruble Graduate Seminars are designed specifically for CIC Designees and feature a variety of topics along with real-life applications in a seminar that is designed to satisfy the CIC annual update requirement. YOU MUST BE A CIC OR CRM AND A DUES-PAYING MEMBER OF THE SOCIETY TO ATTEND A RUBLE SEMINAR.

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SALES & MARKETING

8 QUESTIONS THAT KEEP PROSPECTS TALKING by John Graham

John Graham of GrahamComm is a marketing and sales strategy consultant and business writer. When asked why salespeople don’t close more sales, a company president answered instantly, “They don’t ask enough questions.” Often, we’re in such a hurry to get across what we want to say to our prospects that we ignore what they want from us. But today’s prospects won’t tolerate such insensitive behavior. So where does this leave salespeople? What are we to do if we can’t advance our agenda? How do we close sales? To put it bluntly, a salesperson’s agenda is irrelevant. It’s what the prospect cares about that should demand attention. The purpose of meeting with prospects is to recognize and understand what’s going on with them, which requires getting them talking about what they know best: themselves. They don’t get many chances to do this because others are too busy with their own lives to listen. This gives salespeople the unique opportunity to stop talking, start asking questions—and listen. Don’t fall into the trap of wanting to get your message across—the urge to tell your story kills sales. Your job is to create the conditions in which your prospects feel comfortable telling you their story. Since salespeople learn when we’re listening, here are eight questions that get prospects talking: 1) Why did you agree to meet with me today? Everyone in sales knows that just because they ask for a meeting doesn’t mean the prospect will say yes. But when the prospect agrees, inquisitive salespeople

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don’t stop there. They wonder why. They want to know what’s going on and why prospects are interested. The more you know from the start, the better. 2) What would you like to have happen as a result of this meeting? The purpose of asking questions is gathering information. This will help you keep an open mind so you can avoid making mistakes. By filling in the picture, you will stay on track as you plan your next moves. 3) What specific issues do you want to address? One mistake salespeople make is glossing over or even avoiding significant issues because they don’t want to turn off prospects. But what they don’t realize is that digging down lets a prospect know they’re serious. Follow-up questions take it a step further: “How satisfied are you with your analysis?” “How would you feel if someone challenged it?”

to a prospect, which is something that’s not always as obvious as it may seem. It’s a serious mistake to assume you’re getting the message correctly. Far too frequently, words don’t have the same meaning to everyone. This question serves as a check to be sure you and your prospect are on the same page. 6) How satisfied are you at this point in your decision-making process? Asking how close prospects are to making a decision often puts them on the defensive. By contrast, this question is designed to help expand the conversation—to let them know you’re interested, but not nosey. If they’re just getting started, you can follow up by asking about their expectations. If they’re further along, you can ask about possible concerns. 7) Those in your position are costconscious—what’s your thinking around what the right solution should cost? This question avoids the old and tired “What’s your budget?” question, which usually results in a useless and vague answer. A follow-up question might sound like, “Can you tell me how you arrived at that figure?”

4) As you see it, what hurdles must be overcome? It’s always a good idea to come at issues from various angles. It’s a good way to find out the lay of the land. In other words, the answer to this question can give you a more complete picture of what’s involved. 5) If my company offered exactly what you’re looking for, how would you describe it? This is a pivotal question because it offers insight into what’s important

8) How do you feel about our meeting today? You want to know if the meeting was helpful. Did it meet the person’s expectations? To follow up, ask, “Can we talk about what should happen next?” This is the action step that establishes the agenda for the next meeting. Unless salespeople drive the conversation with strategic questions, meeting with prospects often results in too much talking and not enough listening. The result: prospects who are less than satisfied— and salespeople who are unable to move forward with confidence.

Unless salespeople drive the conversation with strategic questions, meeting with prospects often results in too much talking and not enough listening. W W W.V I A A .O R G

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WEASEL WORDS

William C. Wilson, Jr., CPCU, ARM, AIM, AAM is the founder of InsuranceCommentary.com. He retired from the Independent Insurance Agents & Brokers of America in December 2016 where he served as Assoc. VP of Education and Research and was the founder and director of the Big “I” Virtual University for over 17 years.

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You’ve convinced a customer they need cyber insurance. You have several markets. The question is, which one is best for this customer? Let’s say you’ve narrowed it down to two carriers and their respective forms: Form X clearly appears to define potentially ambiguous terms and words and the nature of the coverages provided, but the result is limited coverage. Form Y has what appear to be very ambiguous terms and definitions that are open to interpretation for or against coverage. Beyond researching case law specific to that coverage in that state, and beyond the carrier providing clarification in writing, is there any precedence you can reliably count on to suggest to the insured the ambiguities will work in their favor resulting in broader coverage? Or can the precedence work the opposite way? Is there a resource you can use specific to the cyber exposure? According to one consultant, this is a huge issue in cyber because some firms appear to be purposely writing cyber coverages so ambiguously that it could be interpreted any way. The following is one of the discussions about “ambiguity” from my book “When Words Collide: Resolving Insurance Coverage and Claims Disputes” (pp. 102-126). One of the examples below is a cyber policy that excluded any loss that arose from a failure to follow “industry standards.” “Weasel” Words According to Wikipedia, a “weasel word” is an informal term for word or phrase “aimed at creating an impression that a specific or meaningful statement has been made, when instead only a vague or ambiguous claim has been communicated.” For our purposes, I use the term “weasel word” to represent a special class of lexical (semantical) words or phrases that are almost inarguably ambiguous. Examples from actual claims I’ve consulted on include: • A homeowners policy was endorsed to exclude “farm-like” A two-story storage building burned and the claim was denied on the basis that it was a “barn” though it was not used in any way to store farm products or equipment or house farm animals. It seems highly unlikely that a court would ever find such a vague term to be unambiguous. • A homeowners policy limited coverage for personal property to property “usual to the occupancy as a dwelling” but according to an adjuster with five months experience, that did not include a washer, dryer, or freezer. The adjuster’s supervisor overrode the denial, but how many other denials went uncontested? • The current ISO CGL policy, in the definition of “coverage territory,” includes “the activities of a person whose home is in the territory described in Paragraph a. above, but is away for a short time on your business….” What constitutes a “short time”? Case law is mixed. While some courts (other than the Arizona Supreme Court in the aforementioned Federal Ins. Co. v. P.A.T. Homes, Inc. case) say that variations among interpretations by courts is not evidence that a term is ambiguous, under the same factual circumstances I continue to wonder why that is. • A cyber policy excluded coverage for hacking if the insured’s technology systems were not up to “industry standards,” a term not defined or even hinted at in the policy. While a court [citation omitted] upheld this language under the specific facts of the case (probably because the insured had absolutely no virus protection, something that is probably a minimum requirement of any industry standard on security), it’s not hard to see how this phrase could be considered ambiguous under a different loss scenario. What constitutes a “farm-like” structure? Is there more than one reasonable interpretation of that? Almost certainly. What type of property is “usual to a dwelling”? How soon do you have

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to return from a trip for it to have been one for a “short time”? In a cyber policy, what would be an “industry standard” practice required as a condition of coverage? I can’t imagine any of these terms holding up to judicial scrutiny in all claims as an unambiguous term, yet “weasel words” like this sometimes occur in standardized forms and often occur in nonstandard forms. Why would an insurer use “weasel words”? Some would say the use is intentional so that the insurer can use vague terms to deny coverage, a form of intentional ambiguity known as “tergiversation.” I’d like to think that more often words like this are used because the author lacks skill or experience in policy drafting. In the next chapter, we’ll explore another variety of “weasel” words. Going to court is a crap-shoot for both sides, particularly for forms like these. Nobody wants to spend potentially several years having a court decide whether there’s coverage or not while, in the meantime, the insured goes bankrupt. This is illustrated by a recent cyber decision. Even when policy language appears clear, I’m not sure it really is or how it might be twisted within the context of specific facts. For coverage like this, it might be better to go with programs from reputable providers with a track record of reasonableness. The International Risk Management Institutes (IRMI) has an excellent white paper on cyber issues. A great source of cyber market information is the Betterley Report, also available from IRMI…her is a free summary report on Rick Betterley’s full cyber report. And here is a market report from Betterley (this is the free summary): IRMI has a terrific and voluminous comparison of most commercial umbrellas in the marketplace. I believe they have something similar for D&O. It would be nice if they coupled the Betterley report with a more coverage-focused comparison of cyber products (hint, hint). In my book, I detail that the best way to avoid claim disputes (and court) is to properly insure identified exposures at the outset.

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However, this process is complicated when you’re dealing with insurance products replete with “weasel words.” From this perspective, a more limited known product might be preferable to an unknown potentially broad OR restrictive product. The latter choice is where the reputation of the provider comes in, along with written coverage clarification and proactive.

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COMPANY & AGENCY NEWS

Vermont Insurance Agents Association Wins National Diamond Education Award

Williston, Vermont, Aug. 28, 2018—Vermont Insurance Agents Association was recently recognized by the Independent Insurance Agents & Brokers of America (IIABA or the Big “I”) with the Excellence in Insurance Education (EIE) Award Diamond Level at the Big “I” Education Convocation in Massachusetts. “We are thrilled to be recognized for our outstanding education program,” said Mary Eversole, executive director, VIAA. “Our goal is to provide the best insurance education in Vermont with traditional in-person classes and using technology. This is a core service we provide to our members across the state.” The EIE awards celebrate and recognize state associations and staff who have made significant contributions to education for their members and the industry in the key area of class offerings, continuing education (CE), professionalism, designation offerings, industry collaboration, planning goals, marketing, resources and more. Vermont Insurance Agents Association is a statewide trade association representing 150 independent insurance agencies in Vermont, with nearly 900 employees. VIAA member independent insurance agents represent more than one insurance company, and as a result, can offer clients a wider choice of auto, home, business, life and employee benefits. Founded in 1906, VIAA’s mission is to be an advocate for independent insurance agents and to satisfy the professional needs of its members. VIAA is affiliated with the Independent Insurance Agents and Brokers of America. VIAA is here to help our members succeed in today’s competitive insurance industry. www.viaa.org

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Acuity Insurance Named to Forbes List of The Best Employers for Women 2018

Acuity Insurance is named to the Forbes list of The Best Employers for Women 2018, identified from an independent survey of more than 40,000 U.S. employees working for companies employing at least 1,000 people. In collaboration with analytics firm Statista, Forbes asked employees in companies across all industry sectors to rate their employer on atmosphere and development, image, working conditions, salary and wages, workplace, and diversity. The survey also considered topics relevant to women, including parental leave, family support, flexibility, representation and career, and pay equity. The 300 highest-ranking companies were named to The Best Employers for Women 2018. Employees who took part in the survey were not contacted through their employers but, rather, did so on their own through several online access channels. “Earlier this year, we were pleased to be named to the Forbes list of America’s Best Midsize Employers, and we are now honored to be named to The Best Employers for Women,” said Ben Salzmann, Acuity President and CEO. “In both cases, the recognition is particularly rewarding because these are not awards Acuity could decide to apply for. These awards come from people feeling so strongly about Acuity that they took the time to share their feelings on their own.” “We strive to create a great workplace for everyone,” said Joan Ravanelli Miller, Acuity’s General Counsel/Vice President - Human Resources. “Creating a positive work environment isn’t just an issue that impacts women; it’s something that is important to all employees.” Acuity’s workplace offers unique benefits designed for women, such as mothers’ rooms, as well as facilities and features enjoyed by all employees, such as an on-site fitness center, family nights and other bonding events for employees, and numerous programs that recognize, reward, and encourage staff. Acuity Insurance, headquartered in Sheboygan, Wisconsin, insures over 100,000 businesses, including 300,000 commercial vehicles, and nearly a half million homes and private passenger autos across 26 states. Rated A+ by A.M. Best and S&P, Acuity employs over 1,300 people.

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Helen Collins hcollins@viaa.org

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Acuity Named a Top Performer Among Insurers by Ward Group for Incredible 19th Year

Acuity has been named to the 2018 Ward’s 50 list of top-performing property-casualty companies, putting the company in the top 2 percent of insurers nationwide. Acuity has earned a spot on the Ward’s 50 every year since 2000, making the company one of only three insurers to be named to the list for 19 consecutive years. “In selecting the Ward’s 50, we identified companies that pass financial stability requirements and measure their ability to grow while maintaining strong capital positions and underwriting results,” said Jeff Rieder, partner and head of Ward Group. “Independent agents and Acuity have created a winning team that delivers a combination of consistency, strength, and stability that is virtually unheard of in the industry,” said Ben Salzmann, Acuity President and CEO. “To be at the top of our game for 19 years is an incredible achievement that we are very proud of.” Ward Group is the leading provider of benchmarking and best practices studies for insurance companies. To develop its annual list of the 50 top-performing insurers, Ward Group analyzes the financial performance of nearly 3,000 property-casualty insurance companies domiciled in the United States based on objective data and quality measures. Top performers have passed all safety and consistency tests and achieved superior performance over a five-year period. Acuity continues to outperform the industry. Over the past 18 years, the insurer’s rate of sales and surplus growth have both been more than double industry averages. Acuity’s combined ratio, nearly 14 points better than the industry average in 2017, has been under 100 for seven consecutive years. The company is on track to continue its record of financial and operational success in 2018. Acuity Insurance, headquartered in Sheboygan, Wisconsin, insures over 100,000 businesses, including 300,000 commercial vehicles, and nearly a half million homes and private passenger autos across 26 states. Rated A+ by A.M. Best and S&P, Acuity employs over 1,300 people.

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Leasing: A Seamless Customer Experience

But don’t take it from us. Listen to your peers. Agents Express Leasing is an effective solution to manage your clients needs with today’s best equipment technology. Jay Byrnes of Byrnes Agency experienced how easy our leasing solution is for his agency: “As a longtime member of the “Big I”, I always knew of InsurBanc and their commitment to the independent insurance agent. Recently we wanted to update the agency with a new computer network and desktops, so I turned to InsurBanc for leasing options.

Please visit our web site at www.insurbanc.com or contact one of our leasing professionals at 800.957.0858.

From start to finish I experienced firsthand how seamless it was to conduct business with them. We have a 35 person agency so to update everyone’s computers was a decent size upgrade. InsurBanc made the process very easy and offered attractive terms and competitive rates which helped to manage the agency’s cash flow”. – Jay Byrnes ~ Byrnes Agency How it works: • Lease terms are 24, 36, 48 or 60 months with a minimum transaction of $5,000 • You are looking for 100% equipment financing, including certain soft costs such as software, shipping, installation and maintenance* • No down payments or advance payments are required • Monthly payments can be customized to meet your special business needs • You are looking for potential tax benefits associated with equipment financing**

We invite you to see for yourself. Contact us today for help preserving your cash flow with an equipment lease solution. These materials are for informational purposes only. The availability of any financing described herein is subject to approval of applicant’s credit, the equipment supplier and the equipment. *Soft costs are limited to 20% of the total amount financed. **Nothing herein constitutes tax advice and customers are advised to consult with their own tax advisors prior to electing specific rates or options. Agents’ Express leasing is a program of De Lage Landen Financial Services, Inc., a third party not affiliated with InsurBanc, a Division of Connecticut Community Bank, N.A.

W W W.V I A A .O R G Member FDIC

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Steadfastly committed to the Independent Agency System At Ohio Mutual, we recognize our independent agents as business partners. Weâ€™re looking for a select group of agencies to contribute to our growth in competitive niche markets in both commercial and personal lines in Vermont. We are open to appoint new agents in Vermont! If you feel your agency shares the values and the vision of Ohio Mutual, please contact Senior Field Sales Manager Philip Archambault at 866-785-9533 or email parchambault@omig.com.

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Union Mutual Named to Prestigious Ward’s Top 50

MONTPELIER – Union Mutual is proud to announce it was recently named a Ward’s Top 50 property-casualty insurance carrier for 2018. The 28th annual list of the Ward’s 50 recognizes insurance carriers with outstanding financial results in the areas of safety, consistency and performance over a five-year period. Carriers must possess a level of financial stability necessary to have the potential to grow while maintaining strong financial and underwriting results and are scored on the following five categories: fiveyear average return on equity, average assets and total revenue; five-year growth in revenue and surplus; and five-year average combined ratio. “Union Mutual is proud to be recognized as one of the best performing insurance companies in the country. It takes tremendous teamwork between our dedicated employees and independent agency partners to produce our outstanding results which in turn provides superior financial security for our policyholders. We could not be more pleased with their efforts,” said Union Mutual President & CEO Michael Nobles. Ward’s 50 is an industry-leading benchmarking and best practices service provider, which analyzes all aspects of the insurance business and measures against peer results. Union Mutual, founded in 1874, is a property casualty insurance group consisting of Union Mutual Fire Insurance and New England Guaranty Insurance Company Inc., both based in Montpelier, Vermont; Eastern Mutual Insurance Company, based in Greenville, New York; and Community Mutual Insurance Company, based in Troy, New York. The four companies write a total of $175 million in direct premium annually through independent agents throughout New England and New York, and are all rated A-(Excellent) by A.M. Best. For more information on the Ward’s 50 program, visit www.ward.aon.com.

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Vermont Mutual Recognized by Ward Group as a Top 50 Insurer for a Tenth Consecutive Year

MONTPELIER, Vermont (July 24, 2018)— Vermont Mutual Insurance Group, protecting people and businesses throughout the Northeast for 190 years, has again been recognized by Ward Group as one of the Top 50 insurance companies in the United States. This represents the 10th consecutive year that Vermont Mutual has been recognized by Ward Group for their consistency, safety and superior financial performance. Vermont Mutual’s President & CEO, Dan Bridge, stated “We are committed to providing comprehensive insurance solutions to our policyholders, as well as a high level of consistent partnership to our independent insurance agents and a rewarding work environment where our employees can develop and grow. We are honored that Ward Group has recognized our success and consistently named Vermont Mutual as one of the best in the insurance business over the last decade. This recognition complements our other recent achievements, including our A+ (Superior) Financial Stability Rating from A.M. Best, our Best Places to Work awards and being named Vermont’s Most Outstanding Business in 2018.” Bridge continued “All of these achievements are due in large part to our loyal policyholders, our committed independent agency partners and our dedicated employees, and we appreciate their role in Vermont Mutual’s success.” Mark McDonnell, Executive Vice President and COO of Vermont Mutual, noted “While ours has always been a competitive industry, technology is accelerating the rate of change like never before. This creates both opportunities and challenges. To produce the exceptional results we have for well over a decade is in part the result of the strong partnerships we have with the independent agents that represent us and we thank them, and the entire Vermont Mutual team, for their contribution to the success we’ve enjoyed.” Each year Ward Group identifies the industry’s top insurance companies through a comprehensive financial analysis of approximately 3,000 U.S. property and casualty insurers. The companies recognized by Ward Group have all passed safety and consistency screens and achieved superior performance over a five year period. This is the 28th year Ward Group has conducted the analysis. _______________________________ Vermont Mutual Insurance Group® is a trade name of Vermont Mutual Insurance Company, Northern Security Insurance Company, Inc. and Granite Mutual Insurance Company. Chartered in 1828, Vermont Mutual is one of the ten oldest mutual property/casualty insurers in the United States and provides coverage throughout New England and upstate New York. Through more than 400 independent agencies, the Group insures over 300,000 policyholders with a direct written premium of more than $475,000,000.

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Everything you insure is on your shoulders

Who do you trust to have your back? VIAS offers the most prestigious Errors & Omissions carrier(s) in the country: Westport Insurance Company & Utica National Insurance Group

For a quote or for more information contact Helen Collins at hcollins@viaa.org or 1-844-609-1481

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VIAS is a subsidiary of Vermont Insurance Agents Association viaa.org W W W.V I A A .O R G

DID YOU KNOW AGENCY E&O UMBRELLA IS NOW AVAILABLE THROUGH BIG “I” PROFESSIONAL LIABILITY A commercial umbrella underwritten by Swiss Re (rated A+ by A.M. Best) is now available exclusively to Big “I” members. Designed in collaboration with the IIABA to

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Tammy Pollard of The Richards Group receives Award of Excellence Manchester (August 2017) It is with much enthusiasm that we announce that Tammy Pollard of The Richards Group, Manchester has been awarded the 2017 SafeCo Award of Excellence for the Northeast Region. A total of 279 agents across the United States have been awarded this honor. This elite group of agents possesses superior underwriting skills and meets strict criteria, including membership in Safeco’s Premier Partner program, appointment tenure and are recognized for their experience in the industry and exceptional customer relations skills. The Award of Excellence is designed to honor strong, long-term agency partnerships and recognize those who have demonstrated a consistent effort in identifying the right business. Recipients of Safeco’s Award of Excellence have displayed a track record of actively partnering with Safeco to provide an exceptional customer experience. Safeco deeply values this relationship and their commitment. “The Award of Excellence agents were nominated because they epitomize the definition of partnership,” said Patricia Hoffman, a personal lines senior underwriter for Safeco. “It is a relationship of mutual respect and professional expertise”. The Richards Group, provides local Insurance, Employee Benefits and Retirement Plan solutions to clients throughout Vermont, New Hampshire and Massachusetts. The firm was named one of the 2017 “Best Places to Work in Vermont” by Vermont Business Magazine and the Vermont Chamber of Commerce. For more information about the firm and its capabilities, please visit www.therichardsgrp. com.

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#1 preferred business Insurer,* we take the time to work with you to understand them better — then build tailored coverage that’s as unique as they are. For more information, contact your territory manager or visit LibertyMutualGroup.com/Business. Liberty Mutual Insurance is proud to support the Vermont Insurance Agents Association Annual Convention and Golf Tournament.

*Based on 2018 survey of business insurance buyers on preference of national carriers sold via independent agents. © 2018 Liberty Mutual Insurance. Insurance underwritten by Liberty Mutual Insurance Co., Boston, MA, or its affiliates or subsidiaries.

In Memoriam: Benedict Q. Underhill, 1959 - 2018

BRATTLEBORO, VT - Benedict Q. Underhill, (59) of Brattleboro passed on Sunday night, August 12, 2018 to the Land of Hope and Dreams from a long battle with Multiple Myeloma and a more recent bout with sarcoma. He was born on May 20, 1959 in St. Petersburg, Florida the son of Jacob B. Underhill III (deceased) and Cynthia L. Robinson (deceased). Mr. Underhill moved to Long Island, NY shortly after his birth and graduated from Westhampton Beach High School in 1977. In 1981 he graduated from Colgate University with a double major in Political Science and History. He was invited to be a member of Konosioni, Colgate’s Senior Honor Society devoted to preserving Colgate’s many traditions and bettering the Hamilton community through service. While at Colgate he was involved with the campus radio station serving as program director his senior year, helped run the college record store and was a member of the Phi Gamma Delta Fraternity. Mr. Underhill worked radio in Norwich, NY, in Brattleboro as a he joined the Putnam in Brattleboro and the agency in 1992. In his purchase of the friend and mentor Andy

for WCHN/WKXZ then WKVT radio salesperson. In 1988 Insurance Agency became President of 2002 he completed agency from his close Chalifour.

While in high school Ben lettered in both wrestling and golf. He also began coaching youth baseball, a love that continued throughout his life. He was a longtime coach in the Brattleboro Small Fry Baseball Association and served on their Board of Directors for over 30 years. In 2012 he was honored with the dedication of the first base dugout in his name. He played for over 20 years in the Brattleboro Softball League with the Reformer and Newton Business teams. For many years he played in the Morning Basketball Association at Brattleboro Union High School. In 1986 Ben started the Green Mountain Rotisserie League and is their CFL and seven-time winner. He was also active in the Vermont National Bank Fantasy Football League since 2006 and was a three-time winner of that league. One of Ben’s biggest joys was the Boston Red Sox. A lifelong fan of the team, he shared season tickets and went to many games, his first in 1969, the 1999 All-Star Game at Fenway Park with his son Jeff, and Opening Day of 2005, when they raised the Championship Banner. In 2007 he attended his first World Series Game and in 2013 attended two World Series Games, including the Game 6 clincher at Fenway. He always rooted against the Evil Empire. He was a passionate Patriots fan and season ticket holder, going to many of their games over the years including Super Bowl XX. He loved rock & roll; almost every year he would attend concerts, and was a

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In Memoriam: Benedict Q. Underhill (cont.)

huge Bruce Springsteen and The E Street Band fan. Reading was another passion, along with movies. Ben loved his children and was proud to have been able to coach and watch them in their various sports and endeavors in life. Mr. Underhill was a board member of Youth Services of Windham County for 30 years beginning in 1987, serving as both President of the Board of Directors and of Big Brothers/Big Sisters. In 2010 he was honored as a recipient of their first Hall of Fame award. He was a long time Brattleboro Town Meeting Representative and served on other area boards including the Chamber of Commerce, the Parks & Recreation Board, Play Inc. and the West River Park Board and Fund Raising Committee. He served as a Justice of the Peace, first being elected in 2008 and enjoyed working election nights. In 2011, the Brattleboro Rotary Club honored him by naming him a Paul Harris Fellow. In 2012 and 2013 he testified in front of the Vermont Legislature in support of the Patient’s Choice Bill and attended the signing of the bill by Governor Peter Shumlin in May 2013. In 2003 Ben was diagnosed with Multiple Myeloma. He survived the cancer for fifteen years, primarily thanks to the help and dedication of his children, friends and family. This changed his life, ending his participation as a coach and as a player. Ben is survived by his stepchildren, Meghan John of Winchester, NH; Christopher John (and Jamie Cansler) of Brattleboro, and Jeffrey John of Boston; his brother and sister-in-law, David and Linda Underhill of Portsmouth, NH, a sister and brother-in-law, Kate and Jim Kerwin of Naples Florida and his nieces and nephews; Graeme & Heather Underhill, Sean Kerwin and his fiance Jennifer Montgomery, and Meaghan Kerwin & Brian Zimmer; Step-Mothers, Lois Underhill of La Jolla, CA and Betsy Ashton of NYC and his ex-wife Debra Ketchum. He also shared his life with many dogs and cats over the years. Mr. Underhill was pre-deceased by his mother, father and his step-father, William R. Robinson, who raised him. There will be a gathering to celebrate Ben’s life on Sunday, August 19th, 2018 at 5:30pm at the Kiwanis Shelter at Living Memorial Park in Brattleboro VT. We will have ball park food and a baseball themed party, so wear your Red Sox, Patriots or local team apparel and, if able, please bring your own lawn chair. The family would like to say thank-you to Jim, Agnes, Mary, Barbara, Barbara Ann, Diane and Maureen from the Brattleboro Memorial Hospital Oncology Unit, Dr. John Glick of BMH, Dr. Tom Heydinger and his staff, Dr. Ken Anderson of Dana-Farber Cancer Center in Boston and Kathy Guisti, Founder of the Multiple Myeloma Research Foundation. Another thank you is extended to the therapists at BMH physical therapy. In lieu of flowers, donations may be made to Multiple Myeloma Research Foundation (MMRF), 383 Main Ave, 5th Floor, Norwalk, CT 06851; Youth Services of Windham County, Walnut Street, Brattleboro VT, 05301; PLAY Inc, c/o the Gibson-Aiken Center, Main Street, Brattleboro, VT 05301 or the Oncology Unit at Brattleboro Memorial Hospital, Belmont Ave, Brattleboro, VT 05301.

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