PIA Connection — Cyberattacks – Technology’s Pandemic

Flood Insurance Update

page 11

PIA CONNECTION 2022 V4

Cyberattacks:

TECHNOLOGY’S PANDEMIC page 8

Agency Journey Mapping page 15

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PIA CONNECTION NATIONAL ASSOCIATION OF PROFESSIONAL INSURANCE AGENTS

Cover image: iStockphoto/ PeopleImages

2022 V4

CYBERATTACKS – TECHNOLOGY’S PANDEMIC

8-10

PRESIDENT Anthony Curti, CIC, LIC (MI) tcurti@acrisure.com PRESIDENT-ELECT Gerald F. Hemphill, CIC, LUTCF (VA/DC) ghemphill@gfhinsurance.com

CONTENTS

VICE PRESIDENT/TREASURER Richard A. Savino, CIC, CPIA richs@broadfieldinsurance.com

NEWS BRIEF 6-7 Remote Work and Office Leases…One-Third of Home Claims in 2021 Related to Dogs…Insurance Is Serious Business – Or Is It?...Insurance Asset Exposures to Russia and Ukraine Smaller…Some Medical Debt to be Removed From Credit Reports…Market Scout: Q1 Commercial Prices Up…

SECRETARY/ASSISTANT TREASURER Ariel Rivera, CIC (PR) ariel@deerinsurance.com IMMEDIATE PAST PRESIDENT Wayne F. White, CPA, CPIA, PFMM (AR) wwhite1948@aol.com EXECUTIVE VICE PRESIDENT/CEO Mike Becker (PIA National) mbecker@pianational.org PUBLISHER/EDITOR-IN-CHIEF Ted Besesparis | tbesesparis@pianational.org MANAGING EDITOR Sade Hale | shale@pianational.org ADVERTISING DIRECTOR Robert Holt, CLU, ChFC, CASL | rholt@pianational.org GOVERNMENT AFFAIRS EDITOR Jon Gentile | jgentile@pianational.org REGULATORY AFFAIRS EDITOR Lauren Pachman, Esq. | lpachman@pianational.org MARKETING EDITOR Madeleine Stern | mstern@pianational.org

COVER STORY CYBERATTACKS – TECHNOLOGY’S PANDEMIC 8-10 PIA cyber expert Tom Wetzel with an in-depth article on cyber risk and what it means for professional independent insurance agents.

FLOOD INSURANCE UPDATE PIA Counsel and Director of Regulatory Affairs Lauren G. Pachman, Esq. has a status update on issues related to flood insurance and the implementation of the National Flood Insurance Program’s new “Risk Rating 2.0.”

11

BETTER INSIGHTS. BETTER DECISIONS. HIGHER AGENCY VALUE. 15 PIA and The PIA Partnership join forces to reintroduce Agency Journey Mapping, a perpetuation/succession planning program for agency owners at every stage.

CONTRIBUTING EDITOR Patricia A. Borowski, CPIW PRODUCTION EDITOR Laurel Prucha Moran | laurelpm@blueroomstudio.com April 2022 PIA Connection is published ten times yearly by the National Association of Professional Insurance Agents.

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The information in this publication is general in nature and is not intended to serve as legal, accounting, financial, insurance, investment advisory or other professional advice as to any reader’s particular situation. Users are encouraged to consult with competent legal, financial, insurance, investment advisory and or other professional advisors concerning specific matters before making any decisions and we disclaim any responsibility for any decisions or actions by readers.

DEPARTMENTS From the President . . . . . . . . . . . . . . . . . . 5 From the CEO . . . . . . . . . . . . . . . . . . . . 5 PIA Member Benefits . . . . . . . . . . . . . . . . 16 PIA Member Benefit Spotlight . . . . . . . . . . . 17 PIA Connection Marketplace . . . . . . . . . . . . 17 PIA Affiliate Listings . . . . . . . . . . . . . . . . 18

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Non-member subscriptions available at $24.00 per year ppd.

PIA CONNECTION | of www.pianational.org For additional information on any the subjects addressed in this publication, please access the PIA National website at www.pianational.org.

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FROM THE PRESIDENT AS PIA PRESIDENT, I HAVE THE OPPORTUNITY and the desire to travel on behalf of the association. As the pandemic calms, becoming mobile has become part of my modus operandi. As someone who schedules weekly work travel (at least before Covid), I’m used to being on the road. Once again, numerous invitations to PIA affiliate events, industry functions, and Executive Committee obligations have begun.

Recently, Mike Becker and I visited our PIA affiliate in Puerto Rico and the Caribbean. We had a busy few days and felt like we accomplished much. During our visit, we met with the leadership of several independent agencies, both large and some boutique in size. While the topics of our conversations were broad, our agenda was focused: Help grow PIA membership, seek more alignment with the national PIA and support our affiliate.

We also discussed host of industry topics. We were pleased to receive an invitation to meet with Puerto Rico’s new insurance commissioner once he takes office.

We participated in the PIA of PR and Caribbean’s Board meeting. Our attendance was “a first” and their leadership warmly welcomed us. We suggested a few resources and tools to help both the membership and the affiliate. Our affiliate is

in rebuilding mode, as the entire island works to fully recover from the hurricanes and earthquakes of recent years, along with the effects of the pandemic, all of which combined to create harsh economic conditions.

Our island affiliate is refreshing its image and taking the right steps to position itself for long-term success—a very committed group. Their leadership is headed

by President Carlos Silén Escudero, a young professional and impressive individual, and our esteemed national Secretary/ Assistant Treasurer Ariel Rivera, their National Director.

As a final event, we participated in the PIA of Puerto Rico & Caribbean Golf outing. It was a well-attended event with both volunteers and participants having a great time. This was their first significant event since the pandemic, and you could feel the camaraderie and excitement to be together.

Tony Curti President

FROM THE CEO OVER THE PAST SEVERAL YEARS, PIA HAS increased its innovation and delivery of programs and services designed to assist PIA members. The rapid rollout of numerous deliverables is designed to help agents better respond to myriad challenges in the marketplace.

The pace of business gets faster all the time. The number of challenges increase and evolve. Ten years ago cyber security, while a concern, did not represent the level of threat that it does today.

In recent years, PIA has pursued a strategy of creating an ever-growing portfolio of products, services and tools that agents and agencies can use to enhance their businesses and be more efficient, profitable and protected. Many of these tools have been developed in close collaboration with our carrier partners of The PIA Partnership.

For decades, PIA has been known in the industry for its commitment to education. Fully 77.7% of respondents to this year’s NU/PIA Independent Agent Survey said education is either indispensable to, or an important element of, an agency’s success.

PIA CONNECTION | www.pianational.org

At the same time, PIA is an aggressive and unabashed advocate for our members on Capitol Hill in Washington, D.C., in state legislatures and with regulatory bodies such as the NAIC. PIA has been successful recently in several areas of our legislative agenda: preventing cuts for the second year in a row to the federal crop insurance program in the administration’s budget request; adding cosponsors to the legislation to repeal the Federal Insurance Office; helping to secure passage in the House of the Cannabis Safe Harbor legislation and preventing a lapse of the National Flood Insurance Program (NFIP).

The bottom line in all of what PIA does is how it helps our member agents to be successful.

Mike Becker CEO

2022 V4 | 5

!

NEWS BRIEF INSURERS STEP UP TO BRING RELIEF FOR UKRAINE REFUGEES The Insurance Industry Charitable Foundation (IICF),

Fund.” [https://app.giveffect.com/campaigns/21458-

a nonprofit dedicated to helping communities and

iicf-ukrainian-humanitarian-relief-fund]

enriching lives, has opened a humanitarian relief fund to help refugees in response to the crisis in Ukraine.

“The insurance industry has a longstanding legacy of philanthropic giving, locally and globally, in times of

With humanitarian efforts underway to address the

acute need. Throughout the pandemic—and now, as

needs of millions of refugees fleeing the violence—

we raise funds in support of Ukrainian refugees—our

mostly women, children, and the elderly—IICF will

industry strives to respond quickly and with impact,”

join with our industry and many other companies

said Hank Watkins, regional director and president of

and individuals throughout the world in this sup-

Lloyd’s, Americas and chair of the IICF International

port through the IICF: Ukrainian Humanitarian Relief

Board of Governors.

The Wall Street Journal reports* that the switch to remote work has had a financial impact on office building owners and banks. Office building owners have weathered the pandemic because many corporate tenants

leased office space. The looming lease expirations represent a 40 percent increase since 2018, and the national vacancy level is 12.2 percent, up from 9.6 percent at the end of 2019, according to CoStar Group.

Meanwhile, Green Street

shutterstock

REMOTE WORK AND OFFICE LEASES

estimates that hybrid work will cause a 15 percent drop

were locked into long-term

in demand for office space.

leases. However, leases for

For lenders, there are nearly

243 million square feet of

$1.1 trillion of outstanding

A recent Insurance Information Institute (Triple-I) and State

U.S. office space are set

loans backed by office build-

Farm analysis found that more than 33 percent of all home-

to expire in 2022, the most

ings, and about $320 billion

owners liability claims dollars paid out in 2021 were due to

office space to hit the mar-

of those loans are maturing

dog bites and other dog-related injuries, totaling $881 million.

ket in a single year since

this year and next, accord-

Dog bite claims across the United States rose 2.2 percent

real-estate services firm JLL began tracking this data in 2015. The rise in office space hitting the market

ing to Trepp Inc. There are about 21.2 percent of office loans made after the global

ONE-THIRD OF HOME CLAIMS IN 2021 RELATED TO DOGS

from 17,567 in 2020 to 17,989 last year. Meanwhile, the analysis found that the average cost per claim dipped 1.1 percent from $50,245 to $49,025 over the same period.

financial crisis packaged

Over the last decade, though, the cost per claim jumped 39

into commercial mortgage

percent. Janet Ruiz of Triple-I said the increase is “no doubt

securities on watch lists or

due to increased medical costs, as well as the size of settle-

The expiring leases rep-

being handled by special

ments, judgments, and jury awards given to plaintiffs.” She

resent about 11 percent

servicers as of February—

added that the value of claims rose 44 percent during the

of the nation’s overall

the highest level since 2010.

same period.

this year is a direct result of the Covid-19 pandemic.

6 | 2022 V4

www.pianational.org | PIA CONNECTION

!

NEWS BRIEF INSURER EXPOSURES TO RUSSIA & UKRAINE SMALLER According to a report by the National Association of Insurance Commission-

and P&C accounting for 22 percent.

SOME MEDICAL DEBT TO BE REMOVED FROM CREDIT REPORTS Close to 70 percent of

kets Bureau, U.S. insurers

medical debt will be

had $842 million in asset

removed from consumers’

exposures to Russia or

credit reports beginning

Ukraine at the end of last

July 1, under new rules

year. Of that total, life

from Equifax, Experian,

Are there ways agents can make insurance fun? The short

insurers accounted for 81

and TransUnion. The debt

answer is: Yes, according to PIA National President-elect

percent, or $684.7 million,

will still need to be paid.

Gerald F. Hemphill. In an article he wrote for PC360 Gerald

while property and casualty

They are also extending the

notes, “Humor and entertainment can actually be great

(P&C) insurers accounted

time, moving from 6 to 12

ways for agents to connect with their clients — and it

for 17 percent, or $138.3

months, for medical debt in

doesn’t have to mean big budgets and advertisements.”

million. Russian exposures

collections to affect credit

accounted for $787.4 mil-

reports.

shutterstock

ers’ (NAIC) Capital Mar-

INSURANCE IS SERIOUS BUSINESS – OR IS IT?

“Many of the agents I spoke to were

lion, or 93 percent.

clear: Being funny isn’t critical to

MARKET SCOUT: Q1 COMMERCIAL PRICES UP

success in connecting with clients,”

The report stated, “The

Hemphill said. “It’s more important

relatively small exposure

to understand lifestyle trends and

mitigates concerns over

MarketScout reports that the

to be able to tell stories that people

current geopolitical risks.”

composite rate increase for

can relate to. Sharing information in

At the end of 2021, securi-

commercial insurance was

an entertaining way is key.”

ties from the oil and gas

6 percent in the first quarter,

industry totaled $102 bil-

compared to 5.8 percent in

lion, or about 1.3 percent

the final quarter of last year.

of invested assets, with life

The firm reported that cyber

insurers accounting for 76

insurance rates rose the

percent of that exposure

most at 19.7 percent.

Read the full article here:

Gerald Hemphill

[https://www.propertycasualty360.com/ 2022/04/07/insurance-is-serious-business-or-is-it/] (free registration required).

Frank and Ernest is used with the permission of the Thaves and the Cartoonist Group. All rights reserved.

PIA CONNECTION | www.pianational.org

2022 V4 | 7

$

AGENCY MARKETING

By Tom Wetzel

CYBERATTACKS – TECHNOLOGY’S PANDEMIC Every Agent Plays a Major Role in the Cyber Market, Even Those That Sell Few Cyber Policies regardless of size, location, weather conditions or local construction codes. Unlike threats from fire, tornadoes, hail and limits for cyber coverages or decide to go without, agents still so many other common perils, cybercrime remains the least confront growing risks from cybercrime. Those agents who understood in terms of its far-reaching financial and repuchoose to play down cyber threats to themselves and their tational costs and how to fight it. The digital ecosystem on clients face escalating pressure from insurers, regulators and which everyone depends means no consumers to take action, regardagency or client is an island unto less of the percentage of cyber themselves as the cyber weak“A CYBERATTACK IS LETHAL, coverage they write, or if they nesses of one can easily spill over write none at all.

DESTRUCTIVE AND CAN INFECT to others.

Cybercrime represents a truly SYSTEMS THAT ARE NOT PROTECTED.” “In many respects, cyberattacks unique peril in that it affects —MIKE BECKER, CEO OF PIA are the pandemic of technology,” every agency and business client,

Cover image: iStockphoto/ PRImageFactory

AS CLIENTS BALK AT HIGHER premiums and reduced

8 | 2022 V4

www.pianational.org | PIA CONNECTION

CYBER ASSESSMENT: KNOW WHAT YOU DON’T KNOW You’ve read all the warnings. You’ve acquired an awareness of your cyber risks both as a small business and an independent insurance agency. What more do you need?

You need to know what you don’t know.

PIA and The PIA Partnership created Winning@ Cybersecurity Defense to make you aware of the different cyber risks and provide specific advice on how you can take action to protect yourself.

There are 4 parts to the program. Agents can take a customized approach and tackle the Parts in any order.

Part 1: Cyber Risk from A to Z

Part 4: Cyber Resources for Your Agency Many agencies begin with Part 3, the cyber risk assessment. One of the most important steps you can take is to assess your own agency’s risk. This means looking at your operations and how you work with vendors. You can sign up for a custom assessment through PIA at: https://www.pianational.org/pia-partnership/ winning@cybersecurity-defense-program/winning@ cybersecuritydefense/cyber-risk-assessment There is a charge for the assessment, which also unlocks access to additional cybersecurity services at discounts available only to PIA members.

Part 2: Cyber Risk Insurance Protection

says Mike Becker, PIA’s Executive Vice President/ CEO. “A cyberattack is lethal, destructive and can infect systems that are not protected.

They can have devastating long-term effects, especially for small businesses. Ransomware, phishing, and data breaches can cost insurance agencies hundreds of thousands of dollars.”

Part 3: Cyber Risk Assessment

“AGENTS ARE OPPORTUNISTIC RANSOMWARE TARGETS FOR HACKERS BECAUSE OF THE DATA THEY COLLECT.” —SAMANTHA KILEY, COMMERCIAL PRODUCT MANAGER FOR WEST BEND MUTUAL INSURANCE

CONCERNS OF CARRIERS Many insurers have expressed concern that agencies are not doing nearly enough to strengthen their cybersecurity defenses and protect their relationships with clients.

“Trust is an important part of the insurance buying process so if an insured feels their agent isn’t properly protecting their collected information what else might the agent miss,” says Samantha Kiley. Commercial Lines Product Manager for West Bend Mutual Insurance Company, one of the participating insurers in the PIA Partnership. “Secondarily, there could be significant costs to the agent in notifying customers of a breach, public image restoration, and data recreation.”

A 2019 Pew study reported that a whopping 81% of American consumers believe that the risks of companies collecting their personal data now outweigh the benefits of doing so. In the same study, 52% decided not to use a product or service specifically because of concerns over how much personal information would be collected.

State legislatures continue to create laws governing the PIA CONNECTION | www.pianational.org

COMPANY

security of consumer data, passing versions of the NAIC Insurance Data Security Model Law. Most set standards for insurers and agents for an effective cybersecurity program that include risk assessments and strong mitigation and data breach response procedures.

Some states also require larger agencies to file a detailed

cybersecurity plan.

Insurers, however, are also taking even more direct actions that affect agents.

“Company agreements are beginning to evolve to establish expectations around the protection of customer information,” according to Gerald Ladner, Vice President-Strategic Agency Partnerships and External Affairs for State Auto, a division of Liberty Mutual.

Gerald Ladner, vice State Auto is also one of the participatpresident, State Auto, a division of ing insurers in the PIA Partnership. “It Liberty Mutual is critical that every agent understands their specific obligations in data security and thwarting cybercrime.”

A growing number of insurers are adding language to their agency agreements to require compliance of state data security regulations and the right to conduct a data security audit. Ladner also noted that some carriers are also requiring CONTINUED ON PAGE 10

2022 V4 | 9

CYBERATTACKS – TECHNOLOGY’S PANDEMIC CONTINUED FROM PAGE 9

Some cyber insurers may deny agents to purchase cyber “DATA BREACHES AND THE FAILURE TO coverage from cyberattacks coverage in addition to E&O CONTROL ACCESS WITHIN AN AGENCY IS from Russia using the war risk coverage. exclusion. Many insurance “Independent agents are BECOMING INCREASINGLY CRITICAL AND A policies already contain excluauthorized to act on behalf of SHOULD BE A TOP PRIORITY.” sions for war, infrastructure, their insurance carriers,” says —GERALD LADNER, VICE PRESIDENT-STRATEGIC government actions, and natuLadner. “Data breaches and AGENCY PARTNERSHIPS AND EXTERNAL AFFAIRS FOR ral perils, though how the new the failure to control access STATE AUTO, A DIVISION OF LIBERTY MUTUAL exclusions will interact with within an agency is becoming existing ones remains unclear. increasingly critical and should West Bend’s Kiley stresses be a top priority. When PIA that “all agencies, regardless of size, collect lots of personal launched its new cyber program earlier this year, it addressed identifiable information on their customers, all of which the need for affordable cyber risk health checks for smaller should be properly protected. Cyber threats affect every agency agencies because a data breach or ransomware attack could put and smaller agencies may also be just as high risk as larger them out of business.” agencies if they lack the necessary cybersecurity expertise/ awareness.

TOP CONCERNS OF AGENTS So what actions do insurers want agents to take?

Respondents to the 2022 NU/PIA Independent Agent Survey, Ladner believes an agent’s first step should be a thorough when asked to rate their concerns about serving clients online, risk assessment to understand in detail its cyber weaknesses cited data security and privacy compliance as their top concern directly and through vendors and what actions it needs to take.

(64%).

Kiley says a program must also include continual education for Ransomware remains the biggest, though not the only cyber staff to understand how to address, defend against and recogthreat to agents. nize cyber threats.

West Bend’s Kiley says agents are “opportunistic ransomOther basic steps for agents include: ware targets for hackers based on the data they collect as well as business email compromise targets.” · Information Security Policy w/ regular employee Many agents still believe that cyberattacks of all types training are mostly directed at large companies, despite the well· Up to date anti-virus/malware software installed documented and widely quoted report from Accenture that · Business Continuity Plan and backup procedures concluded that 43 percent of all cyberattacks are aimed at small · Incident Response Plan businesses. Experts agree that cybercriminals have become · Complex passwords with multi-factor authentication as adept at finding and exploiting small businesses with typically an added control less effective cybersecurity defenses. In fact, a number of agencies, including PIA members, have been ransomware victims.

Tom Wetzel is CEO of Thomas H. Wetzel & Associates, an insurance

RUSSIA AND WAR EXCLUSIONS A new concern has surfaced that underscores the absolute necessity for members to take proactive steps to shore up their cybersecurity defenses and counsel clients to do the same.

10 | 2022 V4

marketing firm for independent agents whose signature services include a customized cyber risk assessment available through PIA, website design and content creation. He serves on the faculty of the Academy of Insurance.

www.pianational.org | PIA CONNECTION

PIA LEGAL ANALYSIS

By Lauren G. Pachman, Esq.

FLOOD INSURANCE UPDATE Transparency and Risk Rating 2.0 RECENTLY I HAD THE pleasure of representing PIA at the annual conference of the National Flood Association in Scottsdale, Arizona.

The event assembled experts all across the flood insurance landscape for a two-and-a-half-day conference, where attendees learned both from the specialists addressing the participants formally and from everyone in attendance.

Attendees included floodplain managers in midsized cities and counties; principals at data and analytics firm CoreLogic, which served as one of FEMA’s data sources in the development of Risk Rating (RR) 2.0; and the administrator of the National Flood Insurance Program (NFIP), David Maurstad.

Indeed, the entire Federal Insurance and Mitigation Administration (FIMA), which houses the NFIP within FEMA, was well represented.

PIA participated in two panel discussions during the conference. The first addressed legislative and regulatory updates, including an overview of notable state legislative proposals on flood, an update on the perpetual stalemate in Congress over the future of the NFIP, and prospects in the next Congress for long-term reauthorization and substantive reforms to the NFIP. The second panel discussion was on RR 2.0 and included representatives from lenders, vendors, realtors, and independent agents. Panelists engaged in a spirited conversation about the limitations of RR 2.0, the need for transparency in the rating engine, and PIA CONNECTION | www.pianational.org

the value of RR 2.0 in ensuring the NFIP’s solvency over the long term.

AGENTS NEED TRANSPARENCY The panelists’ most lively discussion came around the relative transparency and value of the spreadsheets and other data sources available on the FEMA website. While all the panelists lauded FEMA for making that information available, PIA observed that the material purporting to explain the rating methodology does not do so effectively for independent agents or the public.

Unfortunately, in the context of RR 2.0, some independent agents struggle to explain rate changes to their clients.

Independent agents pride themselves on their customer service, and they shouldn’t need a degree in statistics to explain rate changes to customers in an understandable way.

Agents who have attended FEMA’s RR 2.0 training sessions know that the new methodology includes many new rating factors that were not part of the legacy methodology. But how those factors are weighed relative to one another remains a mystery. When asked by a policyholder or prospective policyholder why their RR 2.0 rate is higher than anticipated, independent agents may find themselves struggling to identify the rating factors contributing to the changes.

Before RR 2.0 went into effect, many homeowners made mitigation expenditures with the understanding that they would recover their costs via reduced premiums over the time

they own their homes, and they are dismayed to learn now that may no longer be the case. Agents must be able to articulate the reasoning behind changes that leave homeowners having spent money on improvements they thought would pay for themselves.

FEMA’s available data simply does not provide the insight agents need.

PIA strongly supports a bill that would ameliorate this problem. The Flood Insurance Pricing Transparency Act, which was introduced by Sens. Bill Cassidy (R-LA) and Kirsten Gillibrand (D-NY), would require FEMA to create a tool that could be used to estimate the cost of an NFIP policy for new construction without compromising proprietary information. Such a tool would not allow unlicensed members of the public to produce quotes, but it would help agents and policyholders to see and understand how rates are changing.

It would enhance public understanding of Risk Rating 2.0, help agents explain rate changes to their clients, and help FEMA begin to address our transparency concerns.

HOW TO IMPROVE THE NFIP? Much of the NFA conference was spent brainstorming ways to improve the NFIP, and several popular sentiments emerged: · Creation of an affordability framework. Congress needs to pass an NFIP reform bill that would make the program affordable for policyholders who are CONTINUED ON PAGE 13

2022 V4 | 11

RCIS is here to help build your business. Our team approach works for you and your customers, with a company-wide focus on responsive claims handling and payment and advanced technology and resources to work smarter, not harder. All supported by a dedicated team that make connections count when it matters most.

We’ve Got This To become an agent representing RCIS, contact an RCIS Business Development Representative or visit https://www.rcis.com/home/pages/agent/join-us today.

RCIS is a registered trade name of Rural Community Insurance Company. RCIC is an equal opportunity provider. © 2022 Rural Community Insurance Company. All rights reserved.

FLOOD INSURANCE UPDATE CONTINUED FROM PAGE 11

likely to be unable to afford their property’s full risk rate. Floodprone southern states in particular are replete with policyholders who will be priced out of their homes even before their rates reach full risk.

This idea is not new; in 2014, with the passage of the Homeowner Flood Insurance Affordability Act (HFIAA), Congress asked FEMA to create an affordability framework. In 2018, FEMA did so.

Responsibility now falls to Congress to use FEMA’s input as a starting point to pass some type of means testing that will protect low-income policyholders from being forced from their homes. · Creation of a rate/risk tool/ calculator. Realtors, floodplain managers, consumers, and other stakeholders would benefit from the existence of a tool to help them assess the value of undertaking a certain mitigation strategy, for example, and, unless they also happen to be licensed insurance agents, none of them have access to the current rating engine.

PIA supports this concept while continuing to urge policymakers and regulators to be wary of implicitly or explicitly permitting unlicensed individuals to act as insurance agents.

For that reason, PIA opposes the idea of FEMA simply providing rating engine access to unlicensed stakeholders. FEMA should create a public-facing calculator or tool that would provide stakeholders with valuable information without violating state insurance licensing regulations.

PIA CONNECTION | www.pianational.org

· Revisions to the application of the mandatory purchase requirement. Existing flood maps and flood zones are still in use for the purpose of assessing whether a property is subject to the mandatory purchase requirement, even though RR 2.0 is expected to result in much more accurate assessments of relative levels of flood risk. It would make sense for the mandatory purchase requirement to be recalibrated so that a property’s risk as valued in RR 2.0 matches its status in the mandatory purchase space.

In other words, currently, because existing flood maps and flood zones determine which properties are subject to mandatory purchase, some properties whose full risk rates will be extremely high (because those properties are at high risk of flooding) will not be required to carry flood insurance because they remain outside a mandatory purchase flood zone. Conversely, some properties whose full risk rates are plummeting under RR 2.0 will still be required to carry flood insurance because they remain in a mandatory purchase zone, even though RR 2.0 has concluded their risk was previously overestimated.

At some point, this discrepancy is expected to be addressed, but it is not expected to happen in the next couple of years. · Increase in the $250K residential building coverage limit.

The residential building coverage limit is a creation of Congress, which means Congress bears responsibility for updating it.

This coverage limit has not been updated in decades, and an increase is long overdue.

IMPORTANT NOTE ON STATUTORY CAPS: While existing NFIP policyholders are entitled to have their annual premium increases capped at statutory limits (typically either 18 or 25 percent year to year), several exceptions may cause premiums to increase in ways that are not subject to statutory caps. in general, statutory caps apply to increases in premium prompted by a consumer’s movement along the glide path toward their risk-based rate. If there are changes in premium prompted by anything other than movement along the glide path, such changes may not be subject to statutory caps. Examples may include: · Loss of an applicable discount.

This will result in a premium increase that is not subject to the statutory caps. In other words, if a policyholder had a discount and loses it, the increase in their rate resulting from the lost discount will not be subject to the statutory cap. · Change in policy. If a policyholder increases their coverage amount or lowers their deductible, such changes will result in a premium increase, and that increase will not be subject to statutory capping.

This issue is addressed in the Flood Insurance Manual’s “How to Endorse” section, in which exceptions are described as “premium-bearing changes.”

Lauren G. Pachman, Esq. lpachman@pianational.org is Counsel and Director of Regulatory Affairs for PIA.

2022 V4 | 13

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BETTER INSIGHTS. BETTER DECISIONS. HIGHER AGENCY VALUE. PIA AND THE PIA PARTNERSHIP are proud to reintroduce Agency Journey Mapping, a perpetuation/succession planning program for agency owners at every stage.

WHAT IS AGENCY JOURNEY

AGENCY MAPPING? Whether you are planning for the evenJOURNEY tual sale of your agency, planning for the unexpected, or simply want to value your MAPPING

agency, PIA’s Agency Journey Mapping program will put you on the right path.

We’ll help you understand the challenges and best practices of agency ownership transfer, so you can create a perpetuation/ succession plan for your agency. You will AGENCYJOURNEYMAPPING receive access to dozens of tools to help you do it.

Control Your Agency’s Future AGENCY JOURNEY MAPPING Perpetuation and Succession Planning and so much more!

START TODAY!

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To access PIA’s Agency Journey Mapping, visit: agencyjourneymapping.com

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BUT I’M NOT READY TO SELL MY AGENCY! You make decisions every day that set the stage for your options long-term.

AGENCYJOURNEYMAPPING Agency Journey Mapping helps you see the impact of your actions today on your agency’s value, ability to respond to new opportunities, and preparation for the unexpected. The program addresses succession and perpetuation planning. But it’s not only for agents headed for the exit. It’s so much more. It is designed to give agency owners—at every stage —control of their future by investing in a little planning today. · Step 1: Attend live or on-demand seminar. · Step 2: Access a library of resources. · Step 3: Develop a customized plan for YOUR agency.

PIA Members: PIA has funds reserved to reimburse your purchase of the Agency Journey Mapping program. Learn more at: pianational.org/marketingsupport Thank you to The PIA Partnership for making all of this possible! PIA Partnership companies include: Encompass Insurance, Erie Insurance, Foremost, Liberty Mutual, National General Insurance, Progressive Insurance, Selective Insurance Group, State Auto Insurance Companies, The Hanover Insurance Group, Travelers, and West Bend Mutual Insurance Company.

PIA CONNECTION | www.pianational.org

Encompass Insurance Erie Insurance State Auto Insurance Companies

2022 V4 | 15

YOUR PIA MEMBER BENEFITS AGENCY MANAGEMENT TOOLS

✦ PIA MEMBER REIMBURSEMENT PROGRAM: Receive reimbursements on PIA marketing and PIA Partnership programs (up to $250 per program, for a total of up to $500). www.pianational.org/agentsupport

✦ E&O INSURANCE. With access to admitted and non-admitted markets with differing appetites chances are we can find the coverage and price that’s right for you. www.pianational.org/eando

✦ THE PIA 401(K) PLAN is easy to administer, offers minimal fiduciary responsibility, is low-fee and low-cost. It has PIA members covered by performing over 90% of administrative tasks and becoming your retirement department support team.

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✦

MARKETING SUPPORT FOR PIA MEMBERS. Print ads, radio commercials, consumeroriented flyers and social media support for PIA members. www.piabrandingprogram.com

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✦ PIA MARKET ACCESS. Access to over 50 national and specialty carriers, real-time online rating, ownership of your book and no exit fees for a low monthly rate. www.piamarketaccess.com ✦ HARTFORD FLOOD INSURANCE. PIA’s endorsed flood provider since 2004.

Dedicated local sales directors and book transfer/rollover team plus great commissions for PIA members. Call (860) 547-5006. ✦ PIA CYBER INSURANCE: Robust coverage tailored to small and mid-sized businesses. Coverage with special PIAonly enhancements is available for PIA members to sell. ✦ AVYST EFORMS WIZARD. Quickly and easily prepare ACORD, agency-specific, and carrier-unique applications and forms, entering data only once in an organized interview format. Get to market faster! ✦ PIA Agency Marketing Guide. Hands-on marketing tips from industry experts.

Published annually. ✦ ROUGH NOTES - ADVANTAGE PLUS. Identifies risk exposures. Provides detailed coverage analysis. PIA member price $600 annually (reg. $700). Call 800-428-4384.

Use your PIA member ID# above name on mailing label. ✦ AGENCY REVENUE TOOLS. Boost personal lines sales by engaging in employee worksite marketing using your appointed markets at regular commission rates. ✦ PIA LOGO. Put the PIA logo on your business card, website, stationery and signage. Order items with the PIA logo in our online store.

✦ THE AGENT EXPERIENCE. Practical information and resources about how to develop and grow customer relationships online.

✦ CYBER LIABILITY INSURANCE. Coverage and pricing tailored to small and mid-sized businesses.

✦ PIA BLUEPRINT FOR AGENCY SUCCESS. A 3-part resource guide for business planning, growth strategies, and agency continuity.

✦ INDIVIDUAL AND GROUP INSURANCE PRODUCTS. Basic, voluntary and dependent term life; long/short term disability; and AD&D. www.piatrust.com

✦ ACORD FORMS END USER LICENSES. Available for free to qualifying PIA members who access ACORD forms through agency management systems and other authorized distributors. Plus PIA member discounts on the ACORD Advantage Plus Program.

TOOLS FROM THE PIA PARTNERSHIP, PIA’S COMPANY COUNCIL

✦ AGENCY AGREEMENT REVIEW SERVICE. Free to members and carriers, PIA recommends changes to carriers and highlights concerns for members.

✦ WINNING@CYBERSECURITY DEFENSE is a four-part educational resource created to teach agents and their clients about the most common cyber dangers faced by small and mid-sized businesses as well as the best business practices and insurance coverages that can reduce these risks.

✦ AGENCY PREPAREDNESS AND RECOVERY PLAN. The PIA guide to creating an agency-specific business contingency plan.

✦ WINNING@VIRTUAL. Your guide to evolving your sales and service in a digital world. ✦ READY FOR EVERYTHING. The online crisis resource hub for insurance agents. ✦ WINNING@TALENT. Your guide to hiring, motivating and retaining the best agency employees.

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✦ PIA DMV: PIA’S DIRECT MARKETING VAULT. Targeted direct mail and digital advertising campaigns. Turn-key yet highly k customizable. www.piadmv.com

✦ PIA AGENTS UMBRELLA PROGRAM. Excess insurance protection includes E&O and business liability coverage, with available endorsements for EPL and personal coverage.

✦ EMPLOYEE PROFILING. Hire the right people with skills and personality testing i c k from OMNIA. ✦

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INSURANCE PRODUCTS

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BUSINESS-BUILDING TOOLS

HIRE WITH IDEALTRAITS. The comprehensive, go-to hiring tool for agencies looking to hire top performers. www.idealtraits.com/pia

✦ AGENCY JOURNEY MAPPING. Value your agency, maximize your retirement income, and plan for unexpected death/disability while creating a perpetuation plan for your agency.

✦ PIA member discounts on licensing and more.

✦ SMALL COMMERCIAL and the DIGITAL OPPORTUNITY. A variety of resources that help agents increase their digital capabilities and improve the digital experience for their customers.

✦ PIA ADVOCACY BLOG. Timely updates about what’s happening on Capitol Hill and on state and federal regulatory issues. www.PIAAdvocacy.com.

✦ CLOSING THE GAP—GROWTH & PROFIT. Plan for growth and profitability. Includes tools for improving retention, sales and account-rounding. ✦ AGENCY TOUCH POINTS—THE VOICE OF THE CUSTOMER. Give personal lines customers what they really want. ✦ REACHING GEN Y. Convert Gen Y age group insurance consumers into loyal agency customers. ✦ PRACTICAL GUIDE TO SUCCESSFUL PLANNING. Plan for success within your own agency.

LEGISLATIVE & REGULATORY OUTREACH

✦ GRASSROOTS ALERTS. Send pre-written, fully-editable letters directly to your elected officials. www.pianational.org/grassroots ✦ PIA ADVOCACY DAY. Every spring, PIA members visit Capitol Hill to talk with their elected representatives about issues that are important to independent insurance agents. www.pianational.org/advocacyday ✦ PIA POLITICAL ACTION COMMITTEE (PIAPAC). PIAPAC contributes to the campaigns of candidates to federal office who share our pro-insurance, pro-business perspective and who support our issues. www.pianational.org/piapac

Learn more about these PIA member benefits at www.pianational.org.

PIA MEMBER BENEFIT SPOTLIGHT

GET PAID TO MARKET YOUR AGENCY USING PIA PROGRAMS The PIA Member Reimbursement Program puts money back in the pockets of PIA members. PIA currently has two reimbursement programs to help PIA members get back to business. PIA members may participate in both, getting separate reimbursements for each.

Marketing Support Program: Request a reimbursement of up to $250 when using PIA’s marketing services to build new business. PIA member programs eligible for the Marketing Reimbursement include: 1. PIA DMV: PIA’s Direct Marketing Vault, direct mail and digital marketing made easy 2. PIA Design & Print Services, PIA’s in-house, agentfocused, design agency

Partnership Support Program: Request a reimbursement of up to $250 when using the following programs made available through the PIA Partnership: 1. Agency Journey Mapping, the PIA Partnership’s agency valuation, perpetuation, and succession planning program 2. IdealTraits employee recruiting platform, as seen in The PIA Partnership’s Winning@Talent 3. Omnia Profile behavioral assessments, as seen in The PIA Partnership’s Winning@Talent REIMBURSEMENT DETAILS: To learn more about PIA Member Reimbursements, visit: pianational.org/agentsupport

Thank you! The reimbursement program described above is made available to PIA members through generous donations from the following PIA Partnership carriers: National General Insurance, Progressive Insurance, State Auto Insurance Companies and West Bend Mutual Insurance Company. PIA thanks these companies for their support of professional insurance agents.

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PIA Connection Marketplace rates: $95/issue for 10 issues; $120/issue for 5 issues. To learn more and get a contract, or to inquire about display advertising, please contact Robert Holt at rholt@pianational.org or 703-518-1353.

PIA CONNECTION | www.pianational.org 2022 V4 | 17

PIA AFFILIATES ALABAMA

MARYLAND

OREGON/IDAHO

PIA Southern Alliance, 3805 Crestwood Pkwy NW #140, Duluth, GA 30096 PHONE: (770) 921-7585 | FAX: (770) 921-7590 e-mail: info@piasouth.com | Web Site: piasouth.com

Insurance Agents & Brokers of Maryland 650 Wilson Lane, Suite 200, Mechanicsburg, PA 17055-4440 PHONE: (717) 795-9100 | FAX: (717) 795-8347 e-mail: iab@iabforme.com | Web Site: www.iabforme.com

PIA Western Alliance 3205 Northeast 78th Street, #104, Vancouver, WA 98665 PHONE: (888) 246-4466 | FAX: (360) 571-7600 e-mail: piawest@piawest.com | Web Site: www.piawest.com

MASSACHUSETTS

PENNSYLVANIA

PHONE: (703) 836-9340 | FAX: (703) 836-1279 e-mail: membership@pianational.org | Web Site: www.pianational.org

PHONE: (703) 836-9340 | FAX: (703) 836-1279 e-mail: membership@pianational.org | Web Site: www.pianational.org

MICHIGAN

PUERTO RICO & CARIBBEAN

Michigan PIA, P.O. Box 99579 Troy, Michigan, 48099 PHONE: (616) 454-4461 | FAX: (616) 454-4491 e-mail: inquiry@mipia.com | Web Site: www.mipia.com

PIA of Puerto Rico and the Caribbean Inc 419 N. Lee Street, Alexandria, VA 22314 PHONE: 800-742-6900 | FAX: 703-836-1279 e-mail: membership@pianational.org | Web Site: www.piapuertorico.org

ARKANSAS PIA of Arkansas Inc. 102 Country Club Parkway, Suite 201, Maumelle, AR 72113 PHONE: (501) 225-1645 e-mail: staci@piaar.com | Web Site: www.piaar.com

CA/NV/AZ/NM PIA Western Alliance, 3205 Northeast 78th St #104, Vancouver, WA 98665 PHONE: (888) 246-4466 | FAX: (360) 571-7600 e-mail: piawest@piawest.com | Web Site: www.piawest.com

COLORADO

MINNESOTA

RHODE ISLAND

PHONE: (703) 836-9340 | FAX: (703) 836-1279 e-mail: membership@pianational.org | Web Site: www.pianational.org

PIA of Minnesota, 8646 Eagle Creek Circle, Suite 202, Savage, MN 55378 PHONE: (866) 694-7070 | FAX: (866) 749-8678 e-mail: info@piamn.com | Web Site: www.piamn.com

PHONE: (703) 836-9340 | FAX: (703) 836-1279 e-mail: membership@pianational.org | Web Site: www.pianational.org

CONNECTICUT

MISSISSIPPI

SOUTH CAROLINA

PIA of Connecticut, P.O. Box 997, Glenmont, NY 12077-0997 PHONE: (800) 424-4244 | FAX: (518) 434-2342 e-mail: pia@pia.org | Web Site: www.pia.org

PIA Southern Alliance, 3805 Crestwood Pkwy. NW, Ste. 140, Duluth, GA 30096 PHONE: (770) 921-7585 | FAX: (770) 921-7590 e-mail: info@piasouth.com | Web Site: piasouth.com

PIA of South Carolina, PO Box 6167, Columbia, SC 29260 PHONE: (803) 772-0557 | (888) 742-6372 | FAX: (803) 772-0846 e-mail: PIASC@piasc.net | Web Site: www.piasc.net

DELAWARE

MISSOURI

SOUTH DAKOTA

PHONE: (703) 836-9340 | FAX: (703) 836-1279 e-mail: membership@pianational.org | Web Site: www.pianational.org

Missouri Association of Insurance Agents 3315 Emerald Lane, Jefferson City, MO 65109-6878 PHONE: 573-893-4301 | FAX: 573-893-3708 e-mail: mbarton@moagent.org | Web Site: www.missouriagent.org

PHONE: (703) 836-9340 | FAX: (703) 836-1279 e-mail: membership@pianational.org | Web Site: www.pianational.org

MONTANA

PIA of Tennessee Inc 504 Autumn Springs Court Suite A-3, Franklin, TN 37067 PHONE: (615) 771-1177 | FAX: (615) 771-3456 e-mail: piatn@piatn.com | Web Site: www.piatn.com

FLORIDA PIA of Florida, Inc., 419 N. Lee Street, Alexandria, VA 22314-2353 PHONE: (850) 893-8245 | FAX: (703) 549-5190 e-mail: piafl@piafl.org | Web Site: www.piafl.org

GEORGIA PIA Southern Alliance, 3805 Crestwood Pkwy NW #140, Duluth, GA 30096 PHONE: (770) 921-7585 | FAX: (770) 921-7590 e-mail: info@piasouth.com | Web Site: piasouth.com

HAWAII PIA of Hawaii, 1247 Kelewina St. Kailua, HI 96734 PHONE: (808) 261-9460 | FAX: (808) 262-5355 e-mail: piahi@hawaiiantel.net | Web Site: www.piahawaii.com

ILLINOIS PHONE: (703) 836-9340 | FAX: (703) 836-1279 e-mail: membership@pianational.org | Web Site: www.pianational.org

PIA Western Alliance, 3205 NE 78th St Ste 104, Vancouver, WA 98665-0697 PHONE: (888) 246-4466 | FAX: (360) 571-7600 e-mail: piawest@piawest.com | Web Site: www.piawest.com

NEBRASKA/IOWA

PIA of Texas 5605 N. MacArthur Blvd. Suite 1000, Irving, TX 75038 PHONE: (972) 862-3333 | FAX: (972) 307-7888 e-mail: vicki@piatx.org | Web Site: www.piatx.org

NEW HAMPSHIRE

UTAH

PIA of New Hampshire, P.O. Box 997, Glenmont NY 12077-0997 PHONE: (800) 424-4244 | FAX: (518) 434-2342 e-mail: pia@pia.org | Web Site: www.pia.org

Utah Association of Independent Insurance Agents 4885 S. 900 E., Suite 302, Salt Lake City, UT 84117 PHONE: (801) 269-1200 | FAX: (801) 269-1265 e-mail: mattchild@uaiia.org | Web Site: www.uaiia.org

NEW JERSEY

INDIANA PIA of Indiana, 50 E. 91 Street Ste. 207 Indianapolis, IN 46240 PHONE: (317) 899-9200 | FAX: (317) 493-0408 e-mail: info@piaindiana.com | Web Site: www.piaindiana.com

NEW YORK

Kansas Association of Professional Insurance Agents 216 SW 7th Ave, Topeka, KS 66603 PHONE: (785) 232-4143 | FAX: (785) 232-0272 e-mail: trina@kansaspia.org | Web Site: www.kansaspia.org

KENTUCKY PIA of Kentucky, 107 Consumer Lane, Frankfort, KY 40601 PHONE: (502) 875-3888 | FAX: (502) 227-0839 e-mail: clemay@piaky.org | Web Site: www.piaky.org

LOUISIANA PIA of Louisiana Inc. 4021 W. E. Heck Ct., Building K, Baton Rouge, LA 70816 PHONE: (225) 766-7770 | (800) 349-3434 LA only | FAX: (225) 766-1601 e-mail: jody@piaoflouisiana.com | Web Site: www.piaoflouisiana.com

MAINE Maine Insurance Agents Association 17 Carriage Lane, Hallowell, ME 04347 PHONE: (207) 623-1875 | FAX: (207) 626-0275 e-mail: lisa@maineagents.net | Web Site: www.maineagents.net

18 | 2022 V3

TEXAS

PIA of Nebraska/Iowa, 11932 Arbor Street, Ste. 100, Omaha NE 68144 PHONE: (402) 392-1611 | FAX: (402) 392-2228 e-mail: cathy@pianeia.com | Web Site: www.pianeia.com

PIA New Jersey, P.O. Box 997, Glenmont NY 12077-0997 PHONE: (800) 424-4244 | FAX: (518) 434-2342 e-mail: pia@pia.org | Web Site: www.pia.org

KANSAS

TENNESSEE

PIA New York, P.O. Box 997, Glenmont NY 12077-0997 PHONE: (800) 424-4244 | FAX: (518) 434-2342 e-mail: pia@pia.org | Web Site: www.pia.org

VERMONT PIA of Vermont P.O. Box 997, Glenmont NY 12077-0997 PHONE: (800) 424-4244 | FAX: (518) 434-2342 e-mail: pia@pia.org | Web Site: www.pia.org

VIRGINIA/DC

NORTH CAROLINA

PIA Assn of Virginia & DC 1059 Technology Park Dr, Glen Allen, VA 23059 PHONE: (804) 264-2582 | FAX: (804) 266-1075 e-mail: kevin@piavadc.com | Web Site: www.piavadc.com

PIANC, 1059 Technology Park Dr, Glen Allen, VA 23059 PHONE: (804) 264-2582 e-mail: kevin@pianc.net | Web Site: www.pianc.net

WASHINGTON/ALASKA

NORTH DAKOTA PIA of North Dakota 827 28th Street South, Suite C-2, Fargo, ND 58103 PHONE: (701) 223-5025 | (800) 733-1050 ND&MN only FAX: (701) 223-9456 | e-mail: info@piand.com Web Site: www.piand.com

OHIO PHONE: (703) 836-9340 | FAX: (703) 836-1279 email: membership@pianational.org | Web Site: www.pianational.org

OKLAHOMA PHONE: (703) 836-9340 | FAX: (703) 836-1279 e-mail: membership@pianational.org | Web Site: www.pianational.org

PIA Western Alliance 3205 Northeast 78th Street, #104, Vancouver, WA 98665 PHONE: (360) 571-7100 | FAX: (360) 571-7600 e-mail: piawest@piawest.com | Web Site: www.piawest.com

WEST VIRGINIA PHONE: (703) 836-9340 | FAX: (703) 836-1279 e-mail: membership@pianational.org | Web Site: www.pianational.org

WISCONSIN PIA of Wisconsin, Inc., 6401 Odana Road, Madison, WI 53719-1126 PHONE: (608) 274-8188 | (800) 261-7429 | FAX: (608) 274-8195 e-mail: phanson@piaw.org | Web Site: www.piaw.org

WYOMING Assoc. of Wyoming Ins. Agents, PO Box 1321, Cheyenne, WY 82003 PHONE: (307) 201-4801 | FAX: (775) 796-3122 e-mail: awia@vcn.com | Web Site: www.awia.com

www.pianational.org | PIA CONNECTION

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