A MONTHLY PUBLICATION OF THE INDEPENDENT INSURANCE AGENTS & BROKERS OF LOUISIANA
LOUISIANAAGENT JUNE 2022
Louisiana Legislature Adjourns Sine Die
2022 IIABL Legislative Summary
IIABL at Work in Washington, DC
118th Annual Convention Highlights
Jeff Albright
Ben Albright
June 12-15, 2022
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IIABL STAFF JEFF ALBRIGHT Chief Executive Officer jalbright@iiabl.com (225) 236-1366
BENJAMIN ALBRIGHT Vice-President of Strategic Initiatives balbright@iiabl.com (225) 236-1357
KATHLEEN O'REGAN Director of Communications & Events koregan@iiabl.com (225) 236-1360
KAREN KUYLEN Director of Accounting & Finance kkuylen@iiabl.com (225) 236-1353
RHONDA MARTINEZ Director of Insurance Programs rmartinez@iiabl.com (225) 236-1352
JAMIE NEWCHURCH Director of Insurance Programs jnewchurch@iiabl.com (225) 236-1350
LISA YOUNG-CROOKS Director of Member Relations lyoung@iiabl.com (225) 236-1351
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CONTENTS TABLE OF CONTENTS & FEATURED STORIES
02 IIABL STAFF At your service!
15 ARE YOU PREPARED FOR RISING INTEREST RATES? By Matthew Sprang
18 GREAT RESIGNATION OR GREAT REGRET
How you can attract - and keep - your best people
21 INSURTECH TOOLS For every business category
25 VIDEO EDITING WITH MICROSOFT WINDOWS 10 Catalyit Corner - Tip #7
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2022 IIABL LEGISLATIVE SUMMARY
27 6 STEPS TO CREATING PRODUCER ACCOUNTABILITY
By Zack Pittman, Marsh Berry Vice-President
31 FLOOD TALKING POINTS National Flood Insurance Program
32 IS YOUR AGENCY HEALTHY? Carey Wallace, Agency Focus LLC
35 PREPARING A HOME INVENTORY
BEFORE STORM SEASON EASES THE PATH TO FATER CLAIM SETTLEMENT Nany Germond
38 A SECRET TOOL FOR RESOLVING
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IIABL WORK IN WASHINGTON, DC
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INSURANCE COVERAGE & CLAIMS DISPUTES
CONVENTION HIGHLIGHTS
By Bill Wilson
41 WHY DEFINING ACTUAL CASH VALUE IS AMAZINGLY DIFFICULT By Chris Boggs
18153 E. Petroleum Drive Baton Rouge, LA 70809 Ph: (225) 819-8007
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ADVERTISER INDEX IIABL EDUCATION UPDATE INDUSTRY PARTNERS IIABL BOARD OF DIRECTORS
REGULAR LEGISLATIVE SESSION
2022 IIABL LEGISLATIVE SUMMARY By: Jeff Albright, IIABL CEO
2022 was the most difficult legislative session for the insurance industry in anyone’s memory. The industry was under attack on a daily basis as legislators reflected the frustration and anger of their constituents over the slow and difficult resolution of claims from four hurricanes over the past two years. IIABL set a new legislative session record, lobbying 207 bills in the Louisiana Legislature this year. IIABL deployed a two-part strategy to deal with the onslaught of bad insurance legislation.
JEFF ALBRIGHT
The first strategy was to support reasonable insurance reforms in recognition of the real problems that policyholder faced in the catastrophe claims settlement process.
The second strategy was to educate legislators about the catastrophically difficult insurance markets in Louisiana at this time, and to urge them not to destroy our market with unreasonable legislative penalties on insurance companies. Our strategy worked remarkably well. We are pleased to report that most of the legislation that passed are bills that IIABL supported. Very few bills that IIABL opposed became law.
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LEGISLATIVESUMMARY IIABL Supported HB 317 (Matthew Willard) – Requires a signed disclosure form for wind deductibles. As originally filed, HB 317 and SB 150 made the disclosure part of the policy and was a E&O minefield for agents. Rep Willard accepted all IIABL amendments to protect agents and is now a simple signed disclosure. HB 317 became Act 331. HB 521 (Mike Huval) – Requires insurers to have catastrophe response plans. IIABL asked Chairman Huval to file HB 521 to ensure that insurers have detailed catastrophe claims response plans in place before hurricane season. HB 521 became Act 157. HB 539 (Gabe Firment) – Building contractor reforms. HB 539 limits how contractors engage in the insurance adjustment and claim payment process. HB 539 awaits governor signature.
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Continued from page 5 HB 558 (Matthew Willard) – Requires insurers to provide breakdown of claim payment by type of coverage under the insurance policy. IIABL opposed the bill as originally filed. HB 558 would have required all cat claims be paid within 90days. IIABL worked with Rep Willard to replace the original language with language which requires claim payments to distinguish payment of different coverages, so that policyholders can claim their personal property and ALE payments. HB 558 awaits governor signature. HB 612 (Mike Huval) – Establishes the Fortified Homes Program, which will pay grants to homeowner’s who retrofit their homes to comply with the Fortified Home standards. HB 612 awaits governor signature. HB 682 (Chad Brown) – SB 330 (Jeremy Stine) – Creates a LDI claims adjuster database which allows policyholders to obtain background information about adjusters. HB 682 became Act 389.
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LEGISLATIVUPDATE HB 831 (Gabe Firment) – Requires insurers to pay an advance on ALE coverage of at least 3 months in the event of a total loss. HB 831 awaits governor signature. HB 866 (Larry Frieman) – SB 264 (Joseph Bouie) – Increases insurer minimum capital requirements from $3M to $10M. HB 866 became Act 60. SB 264 became Act 69. HB 870 (Jeremy Lacombe) – SB 117 (Jay Luneau) – Requires coverage for temporary use of vehicles not owned by the insured. These bills overturn the recent Landry v. Progressive Louisiana Supreme Court case which allowed insurers to limit nonowned auto coverage. HB 870 became Act 93. SB 117 became Act 77. HB 1064 (Les Farnum) – Prescribes how mortgage holders must pay insurance claim proceeds to policyholders in an effort to make it easier for policyholders to receive funds. HB 1064 awaits governor signature. SB 163 (Kirk Talbot) – Requires insurers to provide policyholders with a catastrophe claims process disclosure at the time of a claim. SB 163 was introduced at the request of IIABL to provide valuable claim information to policyholders at the time of the claim. SB 163 became Act 80. SB 168 (Mark Abraham) – Amends the commercial lines calendar year deductible statute to apply to both admitted and nonadmitted insurers but exempts policies with a total insured value of greater than twenty million dollars. SB 168 became Act 259. SB 198 (Kirk Talbot) – Requires insurers to provide a claims summary, contact person, and additional information if more than 3 adjusters have been assigned to a claim. This bill will help solve the “adjuster churn” problems experienced by policyholders. SB 198 became Act 263.
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Continued from page 6 SB 209 (Jeremy Stine) – Doubles the maximum fine the Commissioner can levy against insurers from $250,000 to $500,000. Stronger regulatory penalties are much preferred to increase bad faith damages which will generate more litigation against insurers. SB 209 awaits governor signature. SB 212 (Jeremy Stine) – Establishes the Hurricane Mediation Program. SB 212 await governor signature. SB 412 (Kirk Talbot) – Establishes the Insure Louisiana Incentive Program to provide financial incentives for insurers to write more property insurance in Louisiana. It is unclear whether the Legislature will fund this program. SB 412 awaits governor signature.
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LEGISLATIVEUPDATE IIABL is Neutral
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Continued from page 7 IIABL Opposes
HB 83 (Laurie Schlegel) – SB 134 (Kirk Talbot) – SB 214 (Jay Luneau) – Requires Louisiana venue Statutorily expands the trigger for Civil Authority for out-of-state claims adjusters. ALE coverage following a catastrophe on SB 214 became Act 504. residential property insurance policies. This will benefit policyholders, but it is very troubling to see the Legislature statutorily expand contract language, so IIABL remained neutral. HB 83 became Act 434.
IIABL WORK IN WASHINGTON, DC
By Ben Albright IIABL VP of Strategic Initatives
In addition to IIABL’s work with the Louisiana Legislature, the association promotes our members’ interests in Washington DC. The national legislative team works year round to develop relationships with legislators and defend the interests of independent insurance agents in Congress. IIABL members and staff recently joined the national legislative staff on the hill to discuss insurance issues with the Louisiana Congressional delegation and promote member interests. This kind of grass roots support in D.C. is critical for legitimizing and empowering our national team’s lobbying efforts throughout the year, and IIABL’s voice was heard by our delegation. Unsurprisingly, the first national legislative topic for many of our members was the National Flood Insurance Program.
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WASHINGTONDC IIABL discussed the need for a long-term reauthorization of the program, allowing private flood coverage to satisfy the continuous coverage requirements for NFIP, and revisions to Risk Rating 2.0. Risk Rating 2.0 was a particularly hot topic with needs ranging from increased transparency on the rating factors and the economic impact of the changes to proposals for rate relief for policyholders that have seen massive negative effects from the sudden change.
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Continued from page 10 and the farmers and communities that it supports
A few of the newer items on the agenda include data security regulations and legal protections for insurance agents around marijuana. Louisiana implemented an insurance industry data security law, forcing many agents to undergo time consuming and expensive changes to their data privacy and cyber security protocols. IIABL urged our legislators to leave that regulation at the state level and help prevent any federal regulation A couple of other perennial topics at these which would necessitate an additional change and meetings that remain important on the agenda are expense for our members. Similarly, Louisiana’s small business taxation and the Federal Crop medical marijuana laws present potential issues for Insurance Program. With key deductions for small insurance agents because marijuana continues to businesses expiring in 2025, the Big I continues to be classified as an illegal substance at a federal advocate for renewal of the credits and level. IIABL urged our Congressional delegation to independent agencies’ financial wellbeing on the extend protection to agents that insure any hill. Similarly, the current Farm Bill expires in operations related to these emerging risks as long 2023, and we continue to push for reauthorization as they are compliant with state law. and strengthening the bill to provide certainty for the crop insurance market .
Are You Prepared for Rising Interest Rates? By: Matthew Sprang Any banker who’s lived through a few business cycles will tell you it’s nearly impossible to predict interest rate movements. According to data from the Federal Reserve Bank of St. Louis, the prime rate has changed 348 times since 1955. Over that 67-year period, the prime rate has dipped as low as 3.25% and risen as high as 21.5%. Believe it or not, in 1980 the prime rate changed 37 times! On July 23 of that year, it was 11%. Less than six months later, it soared to 21.5%. This year, the Federal Reserve Board has embarked on a new round of rate increases to battle inflation. What’s different this time is that the Fed has clearly signaled its intention to raise the federal funds rate (which banks use to set their prime rate) six or seven times in 2022. This may be one of those rare periods where we know for sure the path interest rates will take. It isn’t often that insurance agency owners and prospective agency buyers can gaze directly into the Fed’s crystal ball — and know with 100% certainty that the cost of capital will rise in the near term.
What should agencies be doing, then, to prepare for these rate increases, which may see the prime rate lifted to 5.5% or higher by the end of the year?
The impact of rate increases on agency values First, let’s look at what rate hikes probably won’t do. There’s no indication that rising rates will have much of an impact on agency values, which have continued to increase during the pandemic. Ditto with respect to mergers and acquisitions (M&A) of insurance agencies. M&A activity doesn’t show signs of slowing down.
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INTERESTRATES The reason for this is that the fundamentals remain strong for the independent agency system. Agencies have a remarkable capacity to generate cash flow through good times and bad times. We’ve certainly seen that over the last few years, despite COVID-19. Last year, M&A activity reached record highs. And it also broke records the year before that. A hardening insurance market bodes well for continued growth on the revenue side. Sure, agencies face the same challenges as other businesses when it comes to attracting and retaining good people and coping with higher expenses, but agencies have always shown a tremendous ability to weather economic downturns. We don’t see that changing in 2022, despite inflationary pressures and continued uncertainty due to supply-side shortages and the war in Ukraine.
Variable-rate borrowers should convert to fixed-rate loans If you have a fixed-rate loan, your borrowing costs won’t change. Prospective borrowers, however, should lock in a fixed-rate loan as soon as possible. And if you have an existing variable-rate loan, you should consider converting it to a fixed-rate note if you can. Many agencies have financing through the Small Business Administration’s 7a loan program, which are likely variable rates that adjust quarterly. These SBA borrowers will see significant changes in the cost to service that debt as interest rates rise over the next 12 months and beyond. Just plugging your numbers into a simple amortization calculator can give you an indication of what lies ahead. For example, if you had a $1.5 million, 10-year loan at 5.5%, you’d currently be paying $16,279 a month. If the loan increased to 7.5%, your monthly payment would jump to $17,805. Over the life of the loan, your total interest payments would go from $453,473 to $636,632!
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Continued from page 15 The best thing you can do right now is eliminate any variable-rate exposure you have. Converting to a fixed-rate note will keep your payments about the same and prevent them from going up. This will give you long-term stability and allow you to better budget expenses for the future. The good news is that most variable-rate loans don’t have prepayment penalties, so there’s really no reason not to convert to a fixed-rate loan.
When borrowing makes sense for agencies Growth and profitability remain strong for independent agencies, so it’s important for owners to continue to invest in their business. You need to keep up with technology and attract top people to your agency and retain them. In today’s extremely competitive job market, now is not the time to scrimp on staffing costs. Nor can you become complacent in your marketing efforts or in updating your agency management system.
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INTERESTRATES Growing your agency organically by putting earnings back into your operation is a good way to reduce your borrowing needs. However, there are times, even in a rising rate environment, when borrowing makes sense. You may want to bring on a new producer, modernize your operating systems, optimize digital investments, buy a book of business, or purchase a new building. In each of these cases, you’ll want to weigh the cost of acquiring capital versus the expected return on your investment. Yes, the cost of capital is going up, but it’s not likely to outpace your ability to generate new revenue. The income opportunities are still there. It’s a matter of managing interest rate changes, controlling expenses and continuing to bring in new business.
Cash management is important, too This is also a good time to review your cashmanagement strategies and make sure you’re positioned to put your funds to work. While banks won’t be increasing their deposit rates right away, you’ll want to be ready when they do. Electronic fund transfers, zero balance accounts and sweep accounts are some of the ways you can quickly move money to capture the best yields available. The earnings from money market funds and overnight accounts are essentially “free money” that goes straight to your bottom line. It helps you increase your cash flow and ultimately the value of your agency.
Work with a bank that understands your business In these times, you need a banking partner who can help you navigate not only interest rate increases but also the ups and downs of a fastchanging marketplace. Now is the ideal time to assess your banking relationship to see whether it’s meeting your needs. Look for a bank with the expertise in the industry and desire to help you
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Continued from page 16 grow and prosper -- one that understands the independent insurance agency model and can suggest ways to operate your business more efficiently and stay ahead of the competition. Matthew Sprang is senior vice president and director of Agency Banking at InsurBanc, a division of Connecticut Community Bank, N.A. InsurBanc specializes in financial products and services nationally for the independent insurance distribution community. Started in 2001 as a vision of the Big “I,” InsurBanc finances acquisitions and perpetuations and helps agencies become more efficient by providing cash-management solutions. Reprinted by permission of Standard Publishing Corp. © 2022. To subscribe to The Standard and stay up-todate on what's happening in New England insurance, please go to www.spcpub.com or call 617-457-0600.
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By: Sharon Emek, PhD, CIC CEO and President, Work At Home Vintage Experts WAHVE.com Every month since June of last year, more than 4 million workers quit their jobs. You read that correctly. Four million a month. The mass exodus became known as the “Great Resignation,” and while people were leaving for a variety of reasons, the primary drivers seemed to be new jobs offering more money and more flexibility.
Some of those who quit may have simply been burned out and felt in need of a change, but in their haste to leave failed to do proper due diligence on the new opportunities. Or perhaps new employers lured candidates with promises of flexible cultures and remote work, but the realities of their workplaces didn’t match the new employees’ expectations. Or perhaps the employee was wooed However, according to a recent Harris Poll survey by a higher salary and thought the daily tasks or for USA Today, roughly one in five employees who company culture were less important to them, only quit during the past two years now regrets it. And to discover that those things matter more to them only 26% say they like their new job enough to than they realized. You can’t put a price on feeling stay. It seems many job switchers feel the grass is valued, after all. not always greener—for them, the “great resignation” is more like the “great regret.” Much like the “great resignation,” the “great regret” has highlighted how important it is for The question looms: Why? What happened? employees and employers to be on the same page when it comes to work expectations, culture, There are several theories to explain why so many flexibility and more. Luckily, there are ways to people are unhappy with their job changes. The ensure that, as an employer, you hire only those pandemic, of course, affected us all in many ways. people who are truly the right fit for your organization.
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RESIGNATIONREGRET “Companies can avoid the Great Regret altogether by being proactive and constantly ensuring the culture is optimal,” Bernard Coleman, head of employee engagement at Gusto, writes in Inc.com. “There’s a saying that the best offense is a good defense. And that defense is focusing on the fundamentals of what makes an extraordinary environment and reminds staff why they stay or joined in the first place.” In other words, focus on your values, and make sure they are aligned with those of your current employees and future hires. When interviewing, make sure you screen for “fit”—don’t let your eagerness (or desperation) to hire blind you. At WAHVE, we go through a comprehensive blind screening process that ensures potential employees fit well within our organizational culture. Also, keep the lines of communication open. By checking in regularly with your staff, you can identify reasons why they might want to leave and address issues before you lose talented people. This regular communication—and follow up with action—also shows you take their feedback seriously and value their input. When it comes to solutions, though, remember it’s not simply about office perks, but rather about giving your people the right tools they need to do their jobs and listening to their challenges and suggestions. It means making fundamental changes such as implementing flexible schedules and facilitating remote work. And don’t just say you’re doing these things, either: Actually live it. Highlight employees who are engaging in these activities, particularly csuite executives. Culture comes from the top.
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Continued from page 18 Finally, consider drawing good talent back into the fold if they’re interested in returning. Inc.com suggests implementing an alumni program. “Communicate the latest news, and share cultural moments and all the great things they're missing. The grass is often not greener, and former talent might just need a nudge to consider coming back.” By being authentic, communicative, flexible and proactive, we, as business leaders, can ensure that both our organizations and our people are fulfilled and inspired—and avoid the “great regret.”
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INSURTECH TOOLS FOR EVERY BUSINESS CATEGORY By Anamaria Cifuentes May 11, 2022
The last decade has brought major technology changes for the insurance industry, and behaviors have changed in an industry that was previously labeled “oldfashioned.” Insurance companies are investing in tools to stay efficient, competitive, and modern. In this blog, we’re outlining four categories that have seen an increase in investment, with examples of popular insurtech tools in each category.
Data Analytics Good data is an essential part of any business, as it helps improve operations, give customer insight and build reports. Accurate data analysis is key to uncovering both growth and savings opportunities, which is why many insurtechs have made investments to gain visibility of customer and operational data. EOX Vantage offers insurance-specific products that help improve operational efficiencies through analytics. Mike Fieseler, VP of Business Development, explains that by looking at data, insurance organizations can find out: NOMADIC
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TECHTOOLS “Where are they successful? Where are they not?” “What type of potential customers are out there?” “Why has the organization not been successful in certain areas?” Analytics help bring smart visualizations to make the data easier to understand and act on. And tools like EOX Vantage often have these visuals preformatted, meaning you don’t need an extensive expert background in data science to organize the information.
Sales Modern sales solutions make it easier to manage prospects, qualify leads, and pursue new clients. And very often, they integrate with a customer relationship management (CRM) tool, or act as one on their own. Many independent agencies attempt using a generic sales automation/CRM and try to make it work for writing and renewing policies.
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Continued from page 21 This often ends up being both tedious and costly. AgencyZoom is a insurance-specific sales software that provides tools for producers and agents focused on automating the creation of new leads and opportunities and following that through to the servicing of the account once the policyholder becomes a customer. “What AgencyZoom brings to the independent agent is a purpose-built sales automation tool that was designed just for their needs”, said Doug Mohr, Vice President Industry Relations & Partnerships for Vertafore. “For the agency that does not have a large IT staff to build customization into a generic CRM tool, AgencyZoom provides an out of the box solution for the producer to manage their book and track new leads.” Effective sales tools create efficiency in following the prospecting process from lead all the way to a renewing policyholder.
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TECHTOOLS Marketing Automation While there are many large, well-known tools for marketing available, few are specific to the needs of an insurance business. They’re also typically too expensive and complex for smaller agencies, where there’s often no full-time dedicated marketing manager. Your website is an integral part of your marketing strategy. It’s your digital storefront and a key part of your local marketing presence. According to Agency Revolution evangelist Joel Zwicker, “when someone visits your website, they should know what you do, how you’re different, and how to contact you, all within 5 seconds.”
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Continued from page 22 your customers might need to access on a daily basis. Investing in your client’s experience allows you to build stronger relationships and retain loyal customers.
Make the Change For many years, it seemed like the industry was change-resistant. The pandemic forced many companies to adopt more tech-forward solutions, and now more and more companies are asking “why didn’t we do this sooner?”
Change can be scary, but getting left behind the curve while your competitors and customers seek out easier ways to do business should scare you more. The reality is that insurance organizations To do so, you need to invest time in a good website, are investing in technology and employes and and make updates consistently. Agency customers will move with the current. Do your Revolution’s FUSE automation tool is made for research, shop around, and start investing in the insurance agencies, and helps make those actions tools that will make your organization thrive. easier. It includes pre-written content and templates, and is affordable for agencies of all sizes. Once your website is ready, you can turn your attention to other marketing tools for social media, digital advertising, and email automation.
Customer-Facing Tools Once you acquire a customer, it should be easy for them to do business with you, and easy for them to pay – especially if we’re talking about insurance. At ePay, we believe getting paid should be the easiest thing you do. Many people don’t even have checkbooks. Your customers should have payment options based on what’s convenient for them. We offer an array of features that go the extra mile in terms of customer experience, like automatic payments, invoice notifications, and the ability to save payment information. One of our integration partners, Pathway, created an insurance-centric portal that consolidates the documents, payments, quotes and other things
CORNER VIDEO EDITING WITH MICROSOFT WINDOWS 10
Tip #7 By Steve Anderson
Video continues to be an essential tool to communicate with internal staff, carrier partners, clients and prospects. Yet, many people continue to be intimidated by the process of creating, editing, and publishing a video. If you have Windows 10, you already have this video editor built in. It’s an easy way to create short videos quickly. The program includes a selection of background music and premade title templates. I decided to create a short video to show you how to use it.
Video Editing with Microsoft Windows 10 While there are quite a few free video editors for Windows, most have a reasonably steep learning curve, and some require a pretty robust computer. The good news is that even though Microsoft no longer includes their ancient Movie Maker with Windows, they do include an easy-to-use video creator. It is hidden, and unless you know where to look for it, you’ll likely never find it. But if you have Windows 10 on your computer, Microsoft’s video editor is pre-installed and ready to use. Click here for a video from Steve Anderson to learn how to use Microsoft’s video editor.
SIX STEPS TO CREATING PRODUCER ACCOUNTABILITY Marsh Berry - Viewpoint Zack Pittman, Marsh Berry VP
Are you holding your producers accountable? According to MarshBerry’s 2022 Insurance Brokerage and Compensation Study – the answer is no. In 2021, roughly 75% of validated producers wrote less than $100,000 in new business.1 However, 70% of firms noted that the only recourse in their firm for not meeting sales goals was to put producers on a Performance Improvement Plan, while nearly 20% of firms reported that there were no consequences for not meeting sales goals (with the exception of eventual job loss). Firms that are evaluating producer performance, transitioning non-producing producers out of roles where they’re not successful, and reacting swiftly are more likely to reach growth goals.
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PRODUCERACCOUNTABILITY
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Continued from page 27 Individual Goal: Producer’s stated personal goal. Stretch goal: Best case scenario goal
If your firm is looking to achieve double-digit growth, here are six things you should be doing now to drive producer accountability: 1) Set Defined Expectations & Goals: Setting individual producer goals requires historical reflection on several years of production, strategic planning and potentially a sales planner. Here are some categories of goals to set: Minimum Goal: Minimum amount of new business to maintain producer status. Also used for enforcing negative consequences.
2) Implement Incentives: Ensure you have a measurable spread between new and renewal commission percentages. MarshBerry typically recommends a 15% to 20% difference between new and renewal rates, which helps producers focus on new business production over renewal compensation, as new business is vital to the firm’s success. 3) Create Accountability in the Sales Process: Producer accountability should be based on a mandatory minimum level of new business production (e.g. $100,000 in revenue) and a stretch goal (e.g.$150,000 in revenue). The plan should also incorporate negative and positive compensation incentives. For example, a producer who does not meet the minimum should face an automatic renewal rate reduction (e.g. from 25% to 20%). Those who hit the stretch goal should be
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PRODUCERACCOUNTABILITY eligible for enhanced new business commissions (e.g. from 40% to 50%). 4) Establish Minimum Account Thresholds: Small business units (SBUs) are accounts comprised of accounts below a certain commission dollar amount that are handled by dedicated service staff. Firms striving to increase growth should establish a minimum account threshold for which producers are not paid renewal commission. 5) Hire!: According to MarshBerry’s proprietary financial management database, Perspectives for High Performance (PHP), approximately 28% of producers are under the age of 40 in average firms compared to 41% in the Best 25%. High growth firms have a tendency to hire new, hungry talent which not only fosters growth – but also coaching, mentoring and perpetuation candidates. 6) Invest to Improve Recruiting: There are proven recruitment processes that can help ensure your firm finds and hires the right producers. Leadership may assume that the current recruiting process is sufficient, but a third-party evaluation may uncover deficient areas. Given the current competitive environment for candidates, there are also ways to improve your interview process that can boost hiring rates. Having an effective training, onboarding and development program can help employee retention, skillset development, and bench strength.
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Continued from page 28 Firms can do more to improve sales and growth strategies, including fine-tuning producer goals and accountability. A firm that commits to planning and execution in this area can achieve double-digit organic growth that also greatly enhances its value. If you have questions about Today’s ViewPoint, or would like to learn more about how you can drive growth acceleration for your firm, email or call Zack Pittman, Vice President, at 440-220-4100.
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FLOOD TALKING POINTS National Flood Insurance Program
FLOODING IS THE MOST COMMON NATURAL DISASTER
Floods can occur almost anywhere at any time. You don't need to live near water. Flash floods, inland flooding and seasonal storms bring flooding to every region of the country. Just inches of water can cause tens of thousands of dollars in damage.
MOST HOMEOWNERS INSURANCE DOES NOT COVER FLOODS
Only flood insurance financially protects your home and your personal property from floods. A flood insurance policy compensates homeowners, renters and business owners for all covered losses, and as opposed to a disaster loan, there is no payback requirement. The average flood insurance policy costs about $600 per year. Once purchased, there is a 30-day waiting period for the policy to become effective, so don't wait to buy it!
YOU CAN PURCHASE FLOOD INSURANCE NO MATTER WHAT YOUR FLOOD RISK IS
It doesn't matter whether your flood risk is high or low, you can buy flood insurance as long as your community participates in the National Flood Insurance Program. You can get flood insurance if your house has been flooded before, and you can purchase it even if your mortgage doesn't require it. People outside of high-risk areas file over 20% of NFIP claims and receive one-third of disaster assistance for flooding.
PREFERRED RISK POLICIES PROVIDE PROTECTION AT THE BEST PRICE
For just $129 a year, homeowners can purchase a minimum of $20,000 building and $8,000 contents coverage ($25 more if there is a basement). Renters can pay as little as $49 per year for $8,000 contents coverage. Business owners can buy $50,000 building coverage and $50,000 contents coverage (per building) for just $567 per year. Business owners who lease their space can purchase $50,000 contents coverage for just $162 per year. To qualify for a PRP, the property must be located in a moderate-tolow risk zone.
You know what I’m talking about. While it looks a bit different for everyone it follows a common theme for most of us. This annual ritual may include dusting off that gym membership, delivery of that new Peloton bike, compiling an ambitious reading list using the countless recommendations of others, finalizing travel plans or being intentional about time spent with family. You may choose to give up all alcohol consumption and adopt a diet or a new way of eating. There is no evidence of any holiday sweets, and the fridge is filled with salads, lean meats and fresh fruits.
Carey Wallace, Agency Focus LLC January 17, 2022
IS YOUR AGENCY HEALTHY? It’s a new year. Time to get your annual checkup, refresh those goals and get to work.
for success in that part of your life? Unfortunately, for many planning for success in their agency can be overlooked. There is a reason we have a common saying encouraging all to work on their business not just in their business. Here are some ways to make sure that your agency is off to a strong and healthy start in the new year.
Business Plan
If your agency has a business plan – dust it off and read it again. Review the goals that you set for your agency. Take time to reflect on the goals that you set for last year and how you performed as a team. Identify the areas where you excelled and the areas you missed. Use that reflection to set new goals for the coming year. Make sure the What does this process look like when it comes to goals that you set are SMART goals. (Specific your agency? Are you as intentional about planning Measurable Attainable Relevant and have a
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AGENCYHEALTHY? defined Timeframe) Some of the best goals are the ones that are developed together so consider involving your team in the process. A goal that has buy in is much more likely to be obtained.
Review Policies & Agreements Make sure that the written policies match the practice inside your agency. It is easy to make changes as your agency grows and changes – especially over the past two years. Take time to update the policies that are in place to ensure that they align with your current practices. In almost every agency adjustment were made to accommodate remote work, flexible hours and time off due to illness and quarantine requirement. Do your written policies reflect these changes? Keeping these policies up to date will protect you and your agency. You should also review your operational policies and update them with any changes. This will help with training and consistency in practice inside your agency. Lastly, take a moment to review the agreements that you have in place with your staff. Have you protected your agency by putting non-compete, non-piracy agreements in place? If not, you need to work with a HR professional to get the appropriate agreements in place.
Corporate Agreements These are the agreements that were developed many, many years ago and often times these agreements have never been revisited again. These documents include by-Laws, Operating Agreements, Shareholder Agreements and are designed to outline how decisions will be made in the organization. Too often these agreements are completely out of date, incomplete, or poorly written which can put the agency in a bad position if they are not reviewed and updated as the agency grows and changes. The average age of agency owners is 56 which means that over half of the agency owners are at or nearing retirement age. It
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Continued from page 32 is important to review these documents as you prepare for the sale of the agency or upcoming transition of ownership. For those agencies that have no agreements in place, consider putting an agreement in place that accurately reflects your wishes. Should an unfortunate life event trigger a transition of ownership, you want to be sure that the agreements are up to date and do not include out of date information like an agency price that was set in 1950 or omit key details like how the agency will be valued. A quick review of these documents can save you a great deal of stress and turmoil during an already challenging time.
Get an Agency Checkup Take the time to get the ultimate agency checkupa valuation. Your agency may be your largest asset, and if it isn’t – it is certainly among your top 5 largest assets. In your line of work knowing the value of assets is imperative to protecting those assets. But for some reason when it comes to your own agency, we put off knowing the value or worse yet assume the value is a simple multiple of revenue. Knowing your agency’s value is the best investment in your business as it will uncover far more than a value. It will highlight what is driving your agency’s value, areas that you are excelling and areas of risk that need your attention. It will
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AGENCYHEALTHY? highlight the key benchmarks that you should consider and opportunities for you to maximize your agency’s value over time. For anyone planning to grow their agency, transition ownership in the next 5 years - or both - knowing your agency’s baseline value is essential. Just like your personal health checkup, your agency’s value cannot be determined by one metric - that would be like only taking your temperature to determine your personal health. For more information about planning for your agency visit www.agency-focus.com or schedule a time to talk at https://agencyfocus.com/services/ola/services/introductoryconversation
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Continued from page 33
PREPARING A HOME INVENTORY BEFORE STORM SEASON EASES THE PATH TO FASTER CLAIM SETTLEMENTS By Nancy Germond The National Weather Service cited an article recently that found that tornado frequency may be increasing in the U.S. Previously, insurers referred to “Tornado Alley," – the Great Plains. Today, this new study finds that the “Dixie Alley" – Mississippi through Tennessee and Kentucky, including southern Indiana, may be the new tornado hotspots. No matter where your insureds live, many hazards lurk – floods, wildfires, tornados, hurricanes, and home burglaries. A home inventory can help your insureds after a loss, when they are often least equipped to be thinking logically.
When it looks like rain
Devastating storm damage or a fire can lock your insureds out of their homes, sometimes for months. One of my agent friends had a small kitchen fire when his daughter decided to cook tacos for the family. When I asked him what had happened, he replied glumly, “She's trying to kill us!" They were out of their home for more than nine months. Relocating after a storm, even temporarily, brings many problems, including finding lodging that allows family pets. The last thing your insured needs after a major storm or fire loss is the preparation of a home inventory, yet that is exactly what they will face.
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HOMEINVENTORY A thorough home inventory can make the claims settlement process much, much easier on your insureds. Here are some recommendations you can give your insureds.
Make a list Your insureds should list all their possessions by logical categories. For example, list all appliances, all business property, all clothing, or all kitchen appliances. This is where home inventory templates can help. If your insureds make a physical inventory, they should store a copy away from their homes in the unlikely event of a total loss. Even using an excel spreadsheet can be a straightforward way to make an inventory.
Take time to document In today's cell phone world, one of the easiest approaches to inventory management is to photograph or videotape each item, adding a brief description. If your insured is narrating, he or she can add the age, purchase price, and with antiques or scheduled items, the approximate current value. This can help the insured to prepare a running total to help ensure they have sufficient contents coverage. Remind them to open doors, look in storage boxes (this might encourage them to manage those old family photos), as well as look in the basement and attic if they store things there. An annual inventory update makes it easier to track possessions and increase coverage when needed. There are several applications that download to your clients' phones. The National Association of Insurance Commissions offers an online home inventory application for both Androids and iPhone. Remember that adage, “A picture's worth a thousand words."
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Continued from page 35
Remind your insureds of personal property policy limitations Personal property limitations in the various homeowners forms can leave your insureds facing uninsured losses. Remind your insureds often that if they have the following assets, they should review their policies to determine any limitations, and contact you to discuss scheduling specialized personal property that exceeds these limitations. Money, gold, gift cards and other monetary items Watercraft and trailers Jewelry, watches, silverware, furs, etc. Artwork Business personal property Antiques, jewelry and collectibles are tricky to value and usually require appraisals.
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HOMEINVENTORY Avoid listing personal property contents limits assuming all your insureds have HO-3 or HO-5 forms. Simply discuss the categories that can be problematic and ask them to call you if they would like more information. This creates an opportunity to update their information and inform them of other critical issues such as coinsurance penalties and limits of liability. Be sure to check their forms for replacement cost on contents. Facing a loss without replacement cost coverage can be costly to your insureds. After your insureds experience a loss, they do not want to scramble to build an inventory. Some preparation now can save them a lot of time and frustration after a loss. There are many good home inventory templates out there, including this one from the South Carolina Department of Insurance. Review these tools or search “home inventory templates" on your favorite search engine for more examples. Update your social media or email campaign with these entries With [storm season] [hurricane season] [fire season] approaching, take time to prepare a home inventory before you experience a loss. Here's a home inventory tool that can help you prepare. No one expects [flood] [home fire] [wildfire] [tornado] damage. Losses happen unexpectedly. You can prepare with this handy home inventory tool. Did you know you have special limits on certain valuable items you may own such as jewelry and guns? Reach out to us to discuss how to protect your valuable assets.
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Continued from page 36
Any time is a suitable time to inform your insureds Look for events to reach out to your customers such as Independence Day and seasons like fire season that carry special hazards. The more you can educate your insureds on their policies and perils they may face, the more you gain opportunities to better protect their assets and reduce your errors and omissions exposure. First published: June 17, 2022
A SECRET TOOL FOR RESOLVING INSURANCE COVERAGE AND CLAIMS DISPUTES In my book “When Words Collide: Resolving Insurance Coverage and Claims Disputes,” I give many examples of how I’ve been able to get initially denied claims paid by referring to authoritative interpretive sources. In several of these claims, the source of the information was the actual regulatory filing that addressed the policy provision cited as the basis for the denial. So, how do you get access to these filings? The answer can be found in an online National Association of Insurance Commissioners tool called “SERFF, ” the NAIC’s System for Electronic Rates and Forms Filing. Here you can find filings from advisory organizations like ISO and AAIS or individual insurer filings over the past decade. The problem I have always had with the SERFF system is that it was unintuitive and clunky to use. However, the good news is that my frustration was not (hardly) shared by Tim Dodge, AU, ARM, CPCU of the Independent Insurance Agents and Brokers of New York. After mercilessly hounding Tim for many months, I finally browbeat him into sharing his tips and tricks in effectively using the system. The result is an online tutorial Tim put together on how to use the SERFF system:
How to Search For and Find Carrier Filings According to the instructions:
Bill Wilson July 12, 2021
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SECRETTOOL Several years ago, the National Association of Insurance Commissioners (NAIC) made insurer form, rate and rule filings accessible to the public online. The records go back only to 2010, but they are a treasure trove of information. Want a copy of a specific carrier’s Businessowners Policy form or additional insured endorsements? With a little digging, you should be able to find them. Click the image below for a slideshow tutorial in PDF format on how to use this valuable tool. In my “When Words Collide” book, I talk about the legal issues involving the use of extrinsic information to support policy interpretations in litigation. However, my book is premised largely on resolving claims without litigation. Likewise for coverage issues. As a result, I have found regulatory filings to be of significant value in determining the intent of the form drafter, that intent sometimes clearly in conflict with the adjuster’s claim denial or the underwriter’s coverage opinion.
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Continued from page 38 Bill Wilson Founder at InsuranceCommentary.com One of the premier insurance educators in America on form, coverage, and technical issues; Founder and director of the Big “I” Virtual University; Retired Assoc. VP of Education and Research from Independent Insurance Agents & Brokers of America. Reprint Request Information
WHY DEFINING ACTUAL CASH VALUE IS AMAZINGLY DIFFICULT By: Chris Boggs Courtroom arguments persist regarding the Standard Fire Policy. Prior to the 1943 edition, the meaning, application and calculation of actual cash property form specifically stated ACV value (AVC). Two key questions generally debated contemplated reasonable depreciation. in the ACV argument are: ISO-based forms only indirectly infer that the 1. What does Actual Cash Value mean; and concept of actual cash value employs depreciation. 2. Can or should labor be depreciated when This is true of the commercial property (CP), developing the ACV? businessowners' (BOP) and homeowners' (HO) policies where the concept of depreciation is found The answer to both questions key off two factors: only in the description of replacement cost. For example, ISO's commercial property policy reads: 1. The state in which the property is located; and 2. Whether ACV is defined in the policy. “3. Replacement Cost All four issues relevant to the development of ACV a. Replacement Cost (without deduction for are discussed in this article. depreciation) replaces Actual Cash Value in the Valuation Loss Condition of this Coverage Form."
Defining Actual Cash Value
Actual cash value is traditionally defined within insurance as “replacement cost less physical depreciation." However, NONE of the industry “standard" property forms promulgated by Insurance Services Office (ISO) define actual cash value. In fact, use of the term “depreciation" in direct relation to the application of ACV disappeared with the release of the 1943 NY
“Depreciation" is found nowhere else in the commercial property form. This same intimation that ACV is developed by deducting depreciation exists in the BOP and the HO policy. None of ISO's property policies directly define ACV or certify that depreciation is used to develop a property's ACV. Only in the replacement cost wording is the concept of depreciation introduced.
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CASHVALUE
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Continued from page 41
Here is an interesting question: If a policy does not The Broad Evidence Rule contain a replacement cost option, would ACV be understood and applied the same as it is now; that Twenty-four states apply the Broad Evidence Rule, is by applying depreciation? making this the most common method for developing ACV. It is exactly what it sounds like; Depreciation is a primary factor in developing ACV. the Broad Evidence Rule applies every factor that But like the meaning of ACV, “depreciation" is bears on the value of property to the development undefined in ISO property policies. of the ACV including the structures: Although there are many types of depreciation: obsolescent depreciation; economic depreciation; and accounting depreciation; insurance focuses on physical depreciation. Physical depreciation is somewhat equivalent to “wear and tear" or a property's “useful life." According to the finding in Central R. Co. v Martin, physical depreciation is “a constant factor that begins as soon as an asset is exposed to the action of the elements or is put into use." But courts also state that physical depreciation is a function of the condition of the building just prior to the loss, which may not be a constant given the fact that one building owner may make updates and improvements to his building where another might not. In essence, the starting point when “divining" depreciation is that wear and tear is a constant, “useful life" factor; but the development of true depreciation is an individualized building-bybuilding calculation. Ultimately, one 10-year-old building is not equivalent to another 10-year-old building when calculating depreciation percentages. Beyond Depreciation Only nine states define actual cash value to mean replacement cost minus physical depreciation. And two other states apply this rule with another depending on the loss (see the available state comparison spread sheet). Thus, replacement cost minus physical depreciation is a minority position. Two other theories are used far more commonly than replacement cost minus physical depreciation in the development of ACV: The Broad Evidence Rule; and Fair Market Value
Market value; Replacement cost; Physical depreciation; Original cost; Useful life factors; Condition of the property; Location; Use; Intended use; Assessed value; “Offer to sell" value; and Offers to purchase amounts.
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CASHVALUE Reports are that the Broad Evidence Rule became a favored valuation method for insurance carriers in the 1970s amid a rash of inner-city arsons. Market values were falling precipitously making the difference between the replacement cost less depreciation (traditional ACV) higher than market value (possibly creating a moral hazard). One of the earliest cases to apply the Broad Evidence Rule was McAnarney v. Newark Fire Insurance Company. McAnarney purchased an old brewery for $8,000 in 1919 and ultimately insured the property for $60,000 using multiple insurance policies (common for that time); this may have been the appropriate actual cash value limit. The buildings were destroyed by fire in April 1920, but the carriers refused to pay the $60,000 (ignoring deductibles). In the jury trial, McAnarney was awarded $55,000. But on appeal, the NY Court of Appeals (NY's highest court) looked at all factors surrounding and applying to the value of
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Continued from page 42 the buildings to arrive at a decision. These factors included: Passage of the 18th Amendment on January 16, 1919 (known as prohibition) which made the operations for which the building was constructed illegal; McAnarney admitting the buildings weren't good for anything other than brewing beer; and The fact the insured tried to sell the property, but was not offered more than $6,000. Applying these facts, the Court of Appeals reversed the lower court stating: Indemnity is the basis and foundation of all insurance law. The contract with the Insurer is not that, if the property is burned, he will pay its market value, but that he will indemnify the assured, that is, save him harmless or put him in as good a condition, so far as practicable, as he would have been in if no fire had occurred. This finding essentially created the Broad Evidence Rule.
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CASHVALUE Fair Market Value Rarely does the concept of “fair market value" enter into the minds of insurance professionals when defining, or attempting to define, actual cash value. Why? Because market value does not seem to reasonably relate to insurance.
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Continued from page 43 Nothing changed about the structure; the only difference was the economy. Nevertheless, thirteen states equate ACV with fair market value. Three of these 13 don't apply fair market value as the only method for developing ACV based on specific circumstances: ne also uses the Broad Evidence Rule; O Two apply replacement cost minus depreciation in some circumstances.
Fair market value is defined as the amount a willing buyer would pay a willing seller for a piece of property when neither is under duress to buy or sell. Fair Other Options market value's primary problem as a factor for developing ACV is clear within this definition – Two states do not allow any difference between fluctuations in market value. ACV and replacement cost (KA and MS); and four states have no statute or common law stipulating Consider the market value of any structure any of the presented theories be used to develop (residential or commercial) in 2007 and compare ACV. Follow this link to a state-by-state that value to its market value at the beginning of 2009. If you remember, the US economy tanked in breakdown of theories applied. the fall of 2008 and worsened into 2009. A structure that had a market value of $1 million in 2007, could have had a market value of only $700,000 in 2009.
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CASHVALUE Defining ACV in the Policy If the policy in question defines actual cash value, or even depreciation, the theories above do not apply. The carrier applies depreciation and calculates actual cash value as defined in the policy. (Provided policy language meets statute – which in theory it should if the forms have been approved.)
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Continued from page 44 But, if policy wording specifically addresses the depreciation of labor within the definition of or description of actual cash value, the policy wording prevails. ISO does not address the depreciation of labor in any of its property forms so such wording if found only in proprietary forms.
Redcorn v. State Farm Fire & Casualty Company is the landmark case that created the dividing-line in Depreciating Labor the debate surrounding the depreciation of labor. The Oklahoma Supreme Court in Redcorn Two factors can affect whether the cost of labor concluded that depreciation of labor is can be depreciated to develop the structure's ACV: appropriate under the broad evidence rule. In a 51) the state; and 2) the policy language. Seventeen 3 decision, the majority quoted the McAnarney states apply either statutory or common law to the finding (presented above) and further stated: “The question of labor depreciation. And in states that relevant evidence for determining actual cash value have yet to address the issue, it appears, based on for a roof would include cost of reproduction, the age anecdotal evidence only, that the standard of the roof, and the condition in which it has been practice is to depreciate labor until the courts or maintained. A building is the product of both state direct otherwise. materials and labor. The age and condition of the
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CASHVALUE building were considered relevant facts…. Likewise, a roof is the product of materials and labor, and its age and condition are also relevant facts in setting the amount of a loss." The majority further opined: “Despite the objections of Redcorn, indemnity is served by considering the age and condition of a roof, both materials and labor, in setting an amount of loss. To meet the goal of indemnity, Redcorn should be placed, as nearly as practicable, in the same condition as he was in just prior to the insured loss. Pursuant to the broad evidence rule, a fact-finder is entitled to consider what the life of the destroyed roof, both materials and labor, would have been, as well as any other relevant evidence presented." But as was mentioned, there were three dissenting opinions. These dissenting judges write: “I reject the majority's characterization of Redcorn's roof as a single product. A roof, unlike a preassembled
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Continued from page 45 consumer good, is not an integrated product. Redcorn cannot go the lumber yard or the retail store and buy a roof. A roof does not exist until the shingles are transported to the site and installed on top of the house. A roof is not a unified product but a combination of a product (shingles) and a service (labor to install the shingles). The shingles are of course logically depreciable. As they age, they certainly lose value due to wear and tear. They typically have a useful life of twenty years. It makes sense, then, that sixteen-year-old shingles have lost sixteen/twentieths, or eighty percent, of their value over time. Labor, on the other hand, is not logically depreciable. Does labor lose value due to wear and tear? Does labor lose value over time? What is the typical depreciable life of labor? Is there a statistical table that delineates how labor loses value over time? I think the logical answers are no, no, it is not depreciable, and no. The very idea of depreciating the
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CASHVALUE value of labor is illogical. The image that comes to me is that of a very old roofer with debilitating arthritis who can barely climb a ladder or hammer a nail. The value of his labor, I suppose, has depreciated over time." Another judge stated: “To properly indemnify Redcorn, State Farm should pay him the actual cash value of the shingles, depreciated for wear and tear, plus the cost of their installation. In my view, allowing State Farm to depreciate the cost of labor would leave Redcorn with a significant out-of-pocket loss, a result that is inconsistent with the principle of indemnity." And the last dissenting opinion reads, in part: “Before the damage the insured had on his house a roof with sixteen-year-old shingles. After the damage the insured is contractually entitled to have on his house sixteen-year-old shingles, or their value in money. He should not bear any of the cost of installing them, because that would deprive him of that for
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Continued from page 46 which he contracted - being made whole as if the damage had not occurred." Since this March 12, 2002, finding, courts have continued to decide on both sides of this issue. Some courts agree with the majority opinion in Redcorn; but others agree with the dissenters. Even the National Association of Insurance Companies (NAMIC) has taken a stance: NAMIC believes that insurers should be able to able to provide actual cash value coverage that includes depreciation of labor costs. Ensuring that coverage is provided based on reasonably anticipated costs allows insurers to provide consumers with lower cost options when buying insurance. NAMIC has supported the position that the cost of labor may be depreciated in calculating actual cash value in a number of amicus curiae briefs and has supported legislation responsive to contrary holdings by courts and regulators.
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CASHVALUE The VU has attempted to compile a state-by-state synopsis of where each state falls in regard to the depreciation of labor when calculating ACV. As mentioned earlier, only 17 states have statutory or common laws in place regarding depreciation of labor. Eleven of the 17 states do not allow the depreciation of labor – at least some of the time; and six allow the depreciation of labor in at least some circumstances. Bringing This Together Because neither ACV nor depreciation are defined in any ISO property policy, the “same" loss in two or several different states can result in different valuations and ACV payments based on: Which of the four rules or guidelines for determining ACV the state uses; and Whether labor can or cannot be depreciated in that state.
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Continued from page 47 These variations seem as though they disappear if/when the policy in question defines ACV or specifically addresses what can and cannot be depreciated. Should ACV be defined? Should labor be subject to depreciation? What are your thoughts? Last Updated: February 1, 2019
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Accident Fund Insurance Company Agile Premium Finance Allied Trust Insurance Company Amerisafe AmTrust North America AmWINS Access Home Insurance Berkshire Hathaway GUARD Insurance Burns & Wilcox Ltd. Commercial Sector Insurance Brokers EMC Insurance FCCI Insurance Group Foremost Insurance Group Forest Insurance Facilities The Gray Insurance Company Homebuilders Self Insurers Fund Imperial PFS
43 47 7 6 28 30 19 11 42 3 33 16 37 34 43 14
Iroquois Lane & Associates, Inc. LCI Workers' Comp LUBA LWCC National General, an Allstate company Progressive RISCOM RLI RPS/Risk Placement Services SafePoint Insurance Stonetrust Summit United Fire Group UPC Insurance Wright Flood
45 17 39 47 20 23 9 22 46 36 26 8 24 48 40 29
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IIABL 2021-2022
BOARD OF DIRECTORS & OFFICERS PRESIDENT, DONELSON P. STIEL David H. Stiel, Jr. Agency - Franklin PRESIDENT-ELECT, MICHAEL SCRIBER Scriber Insurance - Ruston SECRETARY-TREASURER, ARMOND K. SCHWING Schwing Insurance Agency, Inc. NATIONAL DIRECTOR, JOHNNY BECKMANN, III Assured Partners - Metairie PAST PRESIDENT, BRENDA CASE Lowry-Dunham, Case & Vivien - Slidell YOUNG AGENT REPRESENTATIVE, BRITTNI LAGARDE Southern Insurance Agency - New Orleans ANN BODKIN-SMITH Thomson Smith & Leach Insurance Group - Lafayette MATTHEW DEBLANC Continental Insurance Services - Marrero ROB W. EPPERS Risk Services of Louisiana - Shreveport MATT GRAHAM Lincoln Agency - Ruston CHRISTOPHER S. HAIK Haik Insurance Holdings, LLC - Lafayette STUART HARRIS McClure, Bomar & Harris, LLC - Shreveport ROSS HENRY Henry Insurance Service, Inc. - Baton Rouge BRET HUGHES Hughes Insurance Services, LLC - Gonzales CHARLES H. LEBLANC Bourg Insurance Agency, Inc. - Donaldsonville LYDIA MCMORRIS Alliant Insurance Services - Baton Rouge A. EUGENE MONTGOMERY, III Community Financial Insurance Center, LLC - Monroe JOE KING MONTGOMERY Thomas & Farr Agency, Inc. - Monroe HARTWIG "ROBBY" MOSS, IV Hartwig Moss Insurance - New Orleans PAUL R. OWEN John Hendry Insurance - Zachary ROBERT LOUIS PALMER Insurance Underwriters, Ltd. - Metairie MARTIN "TEENY" PERRET Quality Plus - Lafayette ROBERT G. RIVIERE Riviere Insurance Agency - Thibodaux ROBERT STONE Stone Insurance, Inc. - Metairie
