Main Street Industry News - March 2018

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INSIDE A Mixed Bag — R Street Rates Insurance Commissioners » 7 New Federal Insurance Intrusion Worries » 12 Blue Cross Blue Shield to Congress — Stabilize ObamaCare » 20 PIA National, the NFIP Extension, Flood Dangers Rise » 24

Cover Image: Karin Dalziel Moth Night at Spring Creek Prairie Audubon Center

March 2018 | Published Monthly

Andy Kraus, CPCU | Vice President of Agencies | 800.742.7433 | akraus@fmne.com

fmne.com

Did you know that PIA’s company council, The PIA Partnership, has conducted nationwide research about the insurance buying preferences of small business owners?

The research is encouraging because it found that small business owners strongly prefer independent insurance agents as they make choices in today’s online world.

However, the results also serve as a wake-up call that agents must take steps to continue to demonstrate their value and also be more engaged online.

PIA and the companies belonging to The PIA Partnership have created a public website that helps agents understand PIA’s findings.

PIA members also have access to a private website containing a series of strategies and tools to help them stay ahead of online competition in commercial lines.

To access the newest PIA Partnership project, Small Business Insurance & The Internet — The Voice of the Commercial Lines Customer, visit us at www.pianet.com/voiceoftheclcustomer.

If you are not a PIA member and want to access all of the tools available through this program, contact us for a membership application or visit us online at www.pianet.com/joinpia.

National Association of Professional Insurance Agents 400 N. Washington St., Alexandria, VA 22314-2353 www.pianet.com | membership@pianet.org | (703) 836-9340

A Mixed Bag — R Street Rates Insurance Commissioners | 7 R Street Institutes 2017 Insurance Regulation Report Card is out. This is the report card’s sixth year. Just one state — Vermont — gets an A+. It does so for the fourth straight year.

Sign Up for PIA’s Very Important Cyber Risk Program | 8 PIA National is — on your behalf — responding to the growing cyber crisis. It’s a new program called Cyber 101 and is an educational resource created by PIA and The PIA Partnership.

Understanding Millennials | 9 Millennials — as we all know — are different than previous generations. Comet Financial Intelligence took a look at how they are hitting financial goals when compared to previous generations.

New Federal Insurance Intrusion Worries | 12 California Democrat and U.S. Representative Mark Takano wants the issue of insurance rates moved to the federal level.

Special Report: PIA National’s Annual Independent Agent Study | 14 The 2018 National Underwriter/PIA Independent Agent Study has just been released. It’s a team effort started in 2016 between PIA, National Underwriter and NMG Consulting.

Working from Home? Here are Some Tips | 21 Insurance professionals — unlike someone working in a factory or a retail store — have the advantage of being able to do a lot of work from a home office.

PIA National, the NFIP Extension, Flood Dangers Rise | 24 The National Flood Insurance Program (NFIP) isn’t working. With over $25 billion in debt it’s obvious the NFIP hasn’t worked well in quite a while. The program’s carnage began with Hurricane Katrina in 2005 and was exacerbated with Super Storm Sandy in 2012.

PIA NE IA EVENTS Professional Insurance Agents NE IA and The National Alliance Nebraska and Iowa CIC & CISR Designation | 26 A Whole New Ballgame PIA NE IA 2018 Conference | 28 Upcoming Events Calendar 2018 | 32

ADVERTISEMENTS

Blue Cross Blue Shield to Congress — Stabilize ObamaCare | 20 No surprise that tax reform was a major topic at the Insurance Information Institute’s 2018 P/C Joint Industry Forum a couple of weeks ago.

March 2018 | Main Street Industry News | www.pianeia.com | 4

Contact us to place an ad. Cathy Klasi, Executive Director (402) 392-1611

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IS YOUR E&O X-DATE HERE? PIA FOR NEBRASKA AND IOWA PIA Association for Nebraska and Iowa is committed to focusing its resources in ways that cast the most favorable light on its constituents. We are dedicated to providing the type of programs, the level of advocacy, and the dissemination of information that best supports the perpetuation and prosperity of our members.

We pledge to always conduct ourselves in a manner that enhances the public image of PIA and adds real value to our members.

SUBSCRIBE OR COMMENT Professional Insurance Agents NE IA Attention: Editorial Main Street Industry News 920 S 107 Avenue, Ste. 305 Omaha, NE 68114 Email: office@pianeia.com Ph: 402-392-1611 www.pianeia.com

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ADVERTISING QUESTIONS Cathy Klasi, Executive Director (402) 392-1611

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E&O Coordinator Steve Bailey

TOP STORIES

A MIXED BAG R STREET RATES INSURANCE COMMISSIONERS R Street Institutes 2017 Insurance Regulation Report Card is out. This is the report card’s sixth year. Just one state — Vermont — gets an A+. It does so for the fourth straight year.

Delaware has the nation’s lowest score with an F. It edged out North Carolina who’s had that distinction for the last two years. Also getting an F but not as low a score as Delaware are North Carolina, Louisiana and Massachusetts.

The report card is issued to answer three basic questions: • How free are consumers to choose the insurance products they want?

• How free are insurers to provide the insurance products consumers want?

• How effectively are states discharging their duties to monitor insurer solvency and foster competitive, private insurance markets?

The report said, “On balance, we believe states have done an effective job of encouraging competition and, at least since the broad adoption of risk-based capital requirements in the 1990s, of ensuring solvency. As a whole and in most individual states, U.S. personal lines markets are not overly concentrated. Insolvencies are relatively rare and, through the runoff process and guaranty fund protections enacted in nearly every state, generally quite manageable.”

When it comes to regulation, the report said, “As discussed in greater depth in the stateby-state review section, 2017 also saw a

significant effort to liberalize rate controls for commercial property and casualty insurance lines in Missouri and a successful effort to do so in Oregon. On the other side of the ledger, Delaware passed legislation that will impose among the most onerous regulatory frameworks in the country, and Illinois— long among the most free-market insurance environments in the nation — was spared from the introduction of stringent controls on its workers’ compensation market only by the Legislature’s failure to overturn Gov. Bruce Rauner’s veto.”

Overall, the R Street report says the regulatory landscape is changing and you can find out why by clicking here to read the whole report.

Here are the grades and the strengths and weaknesses of the insurance regulators in Nebraska and Iowa: Nebraska 2017 grade: B2016 grade: B Strengths: Small Residual markets.

Weakness: Very high homeowners loss ratio.

Iowa 2017 grade: B 2016 grade: B+ Strengths: Low politicization, low tax and free burden, no runoff obligations, small residual markets.

Weakness: No special weaknesses.

Source: R Street

March 2018 | Main Street Industry News | www.pianeia.com | 7

TOP STORIES

SIGN UP FOR PIA’S VERY IMPORTANT

CYBER RISK PROGRAM PIA National is — on your behalf — responding to the growing cyber crisis. It’s a new program called Cyber 101 and is an educational resource created by PIA and The PIA Partnership. The purpose is to educate you — the PIA member — on cyber security issues. You are then encouraged to pass your knowledge onto your clients.

Why? Most small businesses think only large businesses are ripe for a cyber-attack. That — of course — is not true. The PIA course looks at the seven most common cyber risks faced by small and mid-sized businesses. Chances are many — if not most — of your clients fit that definition.

The courses look at the business practices and insurance coverages that can reduce those risks.

Nicole Carter is the manager of agent/broker relations for Liberty Mutual and is the chair of

the PIA Partnership. Carter said, “Agents and carriers have tiptoed into the cyber arena for a number of years. The age of wading slowly is over. Agents need the same level of expertise and competence about cyber that they have with other areas of risk and insurance. Their clients increasingly expect it. Our hope is that by elevating this resource, we can create a greater sense of urgency, a call to action to ‘insure yourself, then educate and protect your customers,’” she said.

ABA Insurance Services (ABAIS) has partnered with the PIA to put on the programs. David Rupnow is ABAIS’ Senior Product Manager.

He agrees with Carter and said, “Many small and mid-sized business owners and operators do not understand the many ways that their businesses can suffer a cyber-related loss.

Because so many people are affected by the data breaches at very large companies, news reports often focus on these events.

However, our experience shows us that small

March 2018 | Main Street Industry News | www.pianeia.com | 8

TOP STORIES businesses are also at risk, and not just from data breaches.”

In December, the program focused on fraudulent funds transfers. The January course looked at extortion/ransomware. You can access your PIA account and watch both of the courses if you missed them. Once you’ve logged into your account click here to access the Cyber 101 page.

UNDERSTANDING MILLENNIALS Millennials — as we all know — are different than previous generations. Comet Financial Intelligence took a look at how they are hitting financial goals when compared to previous generations. The report says those goals are being accomplished — for example — earlier than their older brothers and sisters the Generation Xers.

The classes run about an hour. You can also — once you’ve logged into your account — register for the upcoming classes. The next one is Tuesday, March 27th.

Millennials are taking longer to pay off student loans. Part of that may be because the cost of college is much higher today than it was for other generations.

Click here to register for the next course.

Another interesting factoid. The report says 44% of Millennials took out student loans compared to just 31% of Gen X adults.

UPCOMING CLASSES

• Generation X is now at an average age of 42.4 and they expect to have college loans paid off by the age of 50.3 — that’s 7.9 years • Millennials have an average age of 28.2 and say they’ll have college loans done by age 36.7 — that’s 10.5 years to pay off the balance

Business Interruption

Tuesday, March 27, 11am PST

Data Breach/Privacy

Tuesday, May 1, 11am PST

Network Security

Tuesday, June 5, 11am PST

Home ownership is another area covered by the study.

Website Media Liability

Tuesday, July 10, 11am PST

• Just 27% of Millennials own a home • 63% of Generation Xers own a home • 86% of Baby Boomers own a home

You definitely need to register. Carter added the biggest cyber threat is complacency.

“Cyber 101 is designed to get the message out to agents, brokers and everyone. The Cyber threat is real, it’s growing, and everyone needs to ensure that they are protecting themselves appropriately.”

Millennials say they won’t likely own a home until the average age of 34.4 Saving and retirement are other issues covered by the Comet Financial report. Millennials are saving. That’s a given but when it comes to retirement, 52% have not started enacting a retirement plan and don’t expect to start until they hit the age of 34.2.

Register today — or soon. The courses are at no charge.

However, since the average age of the surveyed group is 27.7 then it’ll be another 6.5 years before they begin putting dollars away for their golden years.

Click here to register.

Source: PropertyCasualty360.com

March 2018 | Main Street Industry News | www.pianeia.com | 9

What’s New?

What’s Not?

Now a billion dollar company . . . and still growing! (Sales passed the mark in 2016.)

Secure financial strength that comes from being a member of the Berkshire Hathaway family.

Nationwide geographical scope.

Our A+ (”Superior”) A.M. Best Company Rating.

An increasingly robust product suite that features Workers’ Compensation, Businessowner’s Policy, Commercial Auto, Umbrella, and Professional Liability coverage.

Average annual growth in premium in excess of 25% per year for the past five.

Broader appetite for select risks (including Total Insured Property Values as high as $50 million for certain industries and risks).

Ongoing product and service enhancements to win renewals and keep a high retention ratio.

Our focus on being data-driven and using business intelligence to gain a competitive edge.

Higher A.M. Best financial size (i.e., “X”).

A superior combined ratio that (according to A.M. Best) outperforms our peers.

Enhanced infrastructure to support growth.

Our commitment to distribution through independent agents!

Balancing Change with Continuity!

ST

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Berkshire Hathaway

GUARD

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We have agency appointments available.

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TOP STORIES

NEW FEDERAL INSURANCE INTRUSION WORRIES California Democrat and U.S. Representative Mark Takano wants the issue of insurance rates moved to the federal level. He has introduced a bill in the House — and he has six Democrat co-sponsors — requiring the Federal Insurance Office (FIO) to study racial disparity in car insurance premiums.

The bill came about — Takano said — when he read an article published by Consumer Reports and ProPublican in April of last year.

He wants the FIO to look at zip code level claims around the country made to insurers.

The point is to see if the higher prices in minority neighborhoods are justified by higher risk payouts in those areas.

“This legislation is an important step to determining whether minority drivers are being unjustly overcharged for insurance premiums because of reasons unrelated to risk. Given that auto insurance is a requirement for drivers, and that driving is a necessity for many Americans, there is a strong public interest in studying and addressing discrimination in the auto insurance market,” Takano said.

March 2018 | Main Street Industry News | www.pianeia.com | 12

TOP STORIES Not so says Takano who contends the two publications found some of the nation’s biggest insurers are charging people in minority neighborhoods auto insurance rates that are 30% higher than drivers in other areas and to drivers that have similar accident statistics and costs.

He also points out in his heavily regulated California Nationwide, USAA and Liberty Mutual are charging higher rates in some areas that are 10% more than they charge people in zip codes with similar risk but that are predominantly white neighborhoods.

In response Consumer Reports noted its study is limited.

“Our analysis was limited to the four states — California, Illinois, Texas, and Missouri — that collect the information necessary to do such comparisons. The other states said they didn’t have the necessary data. If Takano’s bill is enacted, it would require a report on racial disparities in car insurance pricing in all states to be completed within two years,” the magazine said.

It also noted that because of its original California required Nationwide and USAA to adjust their auto insurance rates.

David Snyder of the Property Casualty Insurers Association of America (PCI) pooh-poohs the notion that such a study is needed at the federal level.

“This is a solution in search of a problem.

There is no need for this duplicative and costly layer of federal involvement. For more than 150 years, the states have been effective in regulating insurers to protect consumers, foster competitive insurance markets, and prevent unfair discrimination,” Snyder said.

Civil rights groups like Takano’s proposed bill. Sam Brooke of the Southern Poverty Law Center said, “We see time and again, people — especially in communities of color — have trouble finding and keeping mandatory insurance because it is so expensive. This creates a vicious cycle where, because they cannot afford it, they get additional tickets with mounting fees.”

Source: Consumer Reports

March 2018 | Main Street Industry News | www.pianeia.com | 13

TOP STORIES

SPECIAL REPORT PIA NATIONAL’S ANNUAL INDEPENDENT AGENT STUDY

The 2018 National Underwriter/PIA Independent Agent Study has just been released. It’s a team effort started in 2016 between PIA, National Underwriter and NMG Consulting. The results are published in the February issue of the National Underwriter.

We only have a portion of the stats in this story, to see all of the stats from the article READ the National Underwriter article.

The study is designed to get the pulse of independent insurance agents. It looks at the demographics, the book of business, challenges faced by independent agents and how they rate carriers.

HIGHLIGHTS • A big concern from the study is the exodus of agency talent with 45% of principals and agency owners planning to retire in the next nine years.

• Only 24% of PIA members said their relationships with carriers is improving.

A big percentage — 19% — said relationships are declining.

• Agencies report that 56% of their employees have smartphones but only 41% of that 56% could send out a quote with one.

BREAKDOWN OF WHO PARTICIPATED: 83% have worked in the P&C business for 15 years or more 90% of respondents said they were an agency principal or owner though most in this category say they are owners Most responders are 50 and older 37% are in the age group of 50 to 59 23.4% write or manage brokers and agents who write commercial lines only 73.8% of respondents write or manage brokers or agents who write both commercial and personal lines March 2018 | Main Street Industry News | www.pianeia.com | 14

TOP STORIES

BREAKDOWN OF THE LINES THEY WRITE: 83.3%

P&C commercial

58.0%

P&C personal lines

11%

Employee benefits

20.5%

Life & health

THE CAPACITY IN WHICH RESPONDENT’S FIRMS DO BUSINESS: 86.2%

Agency

23.2%

Brokerage

2.6%

MGA

1.3%

Other

0 to $500,000

18.1%

$500,000 to $1 million

30.2%

$1 million to $5 million

7.9%

$5 million to $10 million

7.6%

$10 million to $25 million

6.8%

$25 million or more

0 to $500,000

13.8%

$500,000 to $1 million

29.7%

$1 million to $5 million

10.9%

$5 million to $10 million

8.6%

$10 million to $25 million

$9.0%

$25 million or more

Large corporate risk $750 million or more

27.4%

Middle market with revenues from $250 million to $750 million

87.5%

Small commercial of up to $250 million

THE PERCENTAGE OF P&C BUSINESS THE AGENCY WRITES IN COMMERCIAL LINES:

Agencies writing $10 million to $25 million write 24% Agencies writing $500,000 to $1 million write 37% Agencies writing 0 to $500,000 write 30%

OF NOTE:

THE TOTAL % OF PREMIUMS THE FIRM CONTROLS: 28%

9.7%

Agencies with $1 million to $5 million write 18%

ANNUAL REVENUES: 29.3%

THE TARGET MARKET OF THE FIRM:

64%

of agencies say their commercial lines commissions dropped by 1% to 5%

9%

of agencies said those commissions fell by 6% to 10% “IT IS ESPECIALLY NOTEWORTHY THAT EASE OF DOING BUSINESS IS RANKED FIRST BY INDEPENDENT AGENTS AS THE QUALITY THEY VALUES MOST IN A COMMERCIAL P&C CARRIER.” – MIKE BECKER, EXECUTIVE VICE PRESIDENT & CEO, NATIONAL ASSOCIATION OF PROFESSIONAL INSURANCE AGENTS (PIA)

March 2018 | Main Street Industry News | www.pianeia.com | 15

TOP STORIES

THE PERCENTAGE OF P&C BUSINESS THE AGENCY WRITE IN PERSONAL LINES: 48%

Agencies writing 0 to $500,000

30%

Agencies writing $500,000 to $1 million

4%

Agencies writing $1 million to $5 million

14%

Agencies writing $10 million to $25 million

• Of those changing carriers, 53% said it is their decision to do so and not the carrier’s.

• 16% said it is the carrier’s decision • 24% called it a mutual decision • 7% had other responses The biggest challenge for P&C agencies in the next five years is passing ownership and relationships from the current business and agency owners to the next generation.

OF NOTE: OVER THE NEXT 12 MONTHS AGENCIES INTEND TO:

48%

of respondents said the P&C personal lines products they write is 60% or more

37%

of respondents said their personal lines commissions have dropped

42.2%

Keep the same carriers they have now

71%

say commissions fell by 1% to 5%

24.1%

17%

said their commissioner are down 6% to 10%

Keep the same number but add some and delete others

22.6%

Add additional carriers

9.7%

Consolidate business to just a few carriers

1.4%

Other

AGENTS AND AGENCIES Smaller agents and agencies want to see their carrier producers offer lower to no cost producer training. And they want something that is more than just product training. Larger agencies say they can access programs and even get financial assistance to incentivize them. Smaller agencies say they can’t afford the programs and can’t get the assistance they need to grow.

• 39% of PIA members say they have changed carriers in the last three to five years.

THIS QUESTION WAS FOR PIA MEMBERS ONLY. IN THE LAST THREE YEARS HAVE RELATIONSHIPS WITH CARRIERS IMPROVED? 24% said their relationships have improved 19% say the relationship has declined 58% say things have stayed the same

March 2018 | Main Street Industry News | www.pianeia.com | 16

TOP STORIES

THE BEST CARRIERS

35% BEST CARRIERS BY KEY FACTORS TO PRODUCERS — 1 IS POOR AND A 9 IS EXCELLENT RATING

CARRIER

KEY FACTOR

7.73

Erie Insurance

Price competitiveness

7.63

Auto-Owners Insurance

Underwriting process

8.58

Auto-Owners Insurance

Financial strength

7.86

Auto-Owners Insurance

Response service

7.82

Auto-Owners Insurance

Claims management

7.70

Travelers

Risk management & loss control programs

7.68

Auto-Owners Insurance

Compensation program

7.87

Chubb

Products and coverages

8.32

Chubb

Strong, positive brand and reputation

7.56

Auto-Owners Insurance

Relationship management

March 2018 | Main Street Industry News | www.pianeia.com | 17

PIA and The PIA Partnership Present:

CYBER 101

Cyber Resources Created Especially for PIA Members

Essential Information You and Your Clients Need to Know About Cyber CYBER 101 is a toolbox of educational resources to help educate agents, CSRs, and their clients about the seven most common cyber risks faced by small and mid-sized businesses as well as the business practices and insurance coverages that can help reduce those risks. Topic-specific PIA member webinars and resources are available, including:

Cyber 101’s Seven Key Topics: • fraudulent funds transfer • extortion/ransomware • social engineering • business interruption • data breach/privacy • network security • website media liability Gain the confidence you need to talk to your clients about cyber risks and coverages!

• Interactive claims examples

Thank you to The PIA Partnership companies:

• Customizable general cyber educational materials TOP 10 ES

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Fraudsters use information posted obtain inform on social media ation to vendors, or emplo used to impersonate custom yees with the ers, business into releasing funds goal of tricking a small information. or sensitive Social Engine banking ering reimburse the insured for funds Fraud coverage will deceptions. lost through such

Covers the insure exposed custom d in the event of a lawsu it arising out er or employee of private inform ation.

as updating measures such the passwords, requiring security installation of software of time, period patches in a set , and making using firewalls t business backups of importan data.

5 Cyber Extortion

Hackers have been demanding funds known to hold busine sses hostage by Extortion covera before returning contro l of the netwo ge will cover rk. payment that the costs of any “ransom” a third party demands.

6 Business Interruption

A cyber attack can and keep it offline quickly bring down a business netwo rk customers. This leading to downtime and unhappy coverage will business incom reimburse the e during this insured for lost network outage .

This covers the cost of restor policies may ing cover any diagno any lost data. Some original cause sis and repair . to the

Cyber crimin als target small business bank stealing on-line accou banking creden money to offsho tials and transfe nts by re itself was breach accounts. Since the small rring business ed, the bank stolen funds. may not reimbu This such fraudulent coverage will protect the rse the insured from funds transfe rs.

9 Social Engineering

4 Privacy Liability

ce Security Practiasu res Me into place routine security

10 Data Breach Risk Managem

The best insura ent nce policies come with an Tools services design array ed to help the becoming a insured reduce of cyber victim the risk of and designed event that the to respon insured does.

Most small busine d in the cyber expert s so having a ss aren’t breach team the wake of ready to help an incident is in critical.

For more inform

ation:

in 6 Tra Employees

R

es on the Educate employe g personal risks of providin social information on of media, the risks r catching compute us viruses from suspicio s, and email links or website company the risks of using as laptops on resources such s. public network

or monit internal security

Ensure that followed, measures are being is investigated, anything unusual is routinely updating and the business breaches. protocols for cyber

Now a law in most states, itoring businesses are notifying anyon responsible e for This coverage that may have been affecte may d by a breach free-credit monito also pick up the costs . of provid ring for those months. affected, typica ing lly for 12

Businesses programs to third-party software Those pass or retain data. maintain liability businesses may occur. Know should a breach s work, who has how the program , and what access to the program in place. s are measure security

4

SENTIALS

OF

A CYBER IN 1 Forensics & Legal Expenses SURANCE POLICY 7 Data Loss and Restoration 2 Public Relations Costs Fraudulent Fund 8 s Transfer 3 Notification Costs and Credit Mon

ation:

For more inform

R

Visit: www.pianet.com/pia-partnership/cyber101

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grinnellmutual.com “Trust in Tomorrow.” and the “Grinnell Mutual” are registered trademarks of Grinnell Mutual Reinsurance Company. © Grinnell Mutual Reinsurance Company, 2018.

TOP STORIES

BLUE CROSS BLUE SHIELD TO CONGRESS STABILIZE OBAMACARE

Justine Handelman of Blue Cross said, “There’s an urgent need” and suggests that Congress needs to continue to fund the reinsurance — cost sharing reduction (CSR) — to help cover the costs for those sick patients who are a drag on insurers. Continuing the CSR funding will help keep rates down.

“Without the mandate we think that the single most important thing that can help offset that loss is dedicated funding for reinsurance,” Handelman said.

She notes that Congress has been seriously looking at stabilizing the markets and providing the CSR payments. While more conservative members of Congress think it’s an insurer bailout, the leadership does not.

Consultants Over Wyman projects a $15 billion a year reinsurance funding along with the CRS payments will significantly drop the silver plans — the most popular plan — next year by 17% less than they are now and 27% lower than they otherwise would be.

Kris Haltmeyer of the Blue Cross Association said, “When’s the last time you’ve seen an actual net reduction in rates? That’s the type of outcome you could have with funding reinsurance.”

Blue Cross Blue Shield says there’s an “urgent” need to stabilize the ObamaCare markets. The push comes after Congress did away with the individual mandate with the so-called Trump tax reforms in December of last year.

Haltmeyer said the effect of the repeal of the individual mandate is devastating in that fewer people will have health insurance and some insurers could end up pulling out of some markets. “There will be fewer people participating. It could have an effect in some areas on participation, but we really won’t know that until the fall.”

Source: The Hill

March 2018 | Main Street Industry News | www.pianeia.com | 20

TOP STORIES

WORKING FROM HOME? SOME TIPS Newcomer or old pro, you do need to ask yourself the same questions that you ask your of clients that work from home?

1. Do you keep business-related stock or inventory in your home?

2. Do you have specialized or hard-to-replace equipment?

3. Does the insurance you have cover the equipment you need to keep your business running?

4. Do clients or customers visit your home office?

If so, are you protected if a visitor is injured?

5. Do you have business interruption insurance in case of flood or fire?

Insurance professionals — unlike someone working in a factory or a retail store — have the advantage of being able to do a lot of work from a home office. Since a lot of work these days can be done online or by phone, working from home can be almost like a casual Friday every day.

As insurance professionals, we are aware of what our working from home clients working need in terms of insurance. But do we insure ourselves properly? Or if you’re new to the business, do you fully understand the insurance needs of a home office?

As you know, these scenarios are excluded — mostly — from your homeowners insurance.

OTHER THINGS TO CONSIDER 1. If you are in business for yourself have you done enough to protect yourself from a cyber attack?

2. If you are employed by an agency or a company and work from home, has your company done enough to protect you from a cyber attack?

3. Does your company’s workers’ compensation protect you in your home office?

By the way, if you are working from home is your E&O up-to-date? Do you need a quote for E&O? The PIA NE IA Association has a number of E&O options for you.

Contact Steve Bailey at (402) 392-1611.

Fax or Email the Easy Estimate, plus Dec Page to (402) 392-2228 or Email it here.

Source: Insureonline.org

March 2018 | Main Street Industry News | www.pianeia.com | 21

March 2018 | Main Street Industry News | www.pianeia.com | 22

THERE IS A RIGHT TIME AND A WRONG TIME FOR YOUR CLIENTS TO LEARN ABOUT FLOOD RISK.

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Floodbroker is available only to PIA members.

Contact Evan Spindelman at 855.442.4130 or evan.spindelman@floodbroker.com or visit

WWW.PIANET.COM/FLOODBROKER

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Contact an RCIS field representative or visit RCIS.COM.

RCIC is an equal opportunity provider. The U.S. Department of Agriculture (USDA) prohibits discrimination against its customers, employees, and applicants for employment on the basis of race, color, national origin, age, disability, sex, gender identity, religion, reprisal, and where applicable, political beliefs, marital status, familial or parental status, sexual orientation, or all or part of an individual’s income is derived from any public assistance program, or protected genetic information in employment or in any program or activity conducted or funded by the Department. (Not all prohibited bases will apply to all programs and/or employment activities). Some products not available in all states or counties.This is intended as a general description of certain types of insurance and services available to qualified customers provided solely for informational purposes. Coverage is underwritten in all states by Rural Community Insurance Company, Anoka, MN except in Montana where hail coverage is underwritten by Tri-County Farmers Mutual Insurance Company, Malta, MT. Nothing herein should be construed as a solicitation, offer, advice, recommendation, or any other service with regard to any type of insurance product or services. Your policy is the contract that specifically and fully describes your coverage, terms and conditions. The description of the policy provisions gives a broad overview of coverages and does not revise or amend the policy. Coverage may vary by state. Coverages and rates are subject to individual insured meeting our underwriting qualifications and product availability in applicable states. RCIS is a registered trademark of Rural Community Insurance Company. © 2018 Rural Community Insurance Company. All rights reserved.

RCIS4061 – Main Street Industry News Half Page Ad – 7.5 x 4.75

TOP STORIES

PIA NATIONAL, THE NFIP EXTENSION, FLOOD DANGERS RISE

The National Flood Insurance Program (NFIP) isn’t working. With over $25 billion in debt it’s obvious the NFIP hasn’t worked well in quite a while. The program’s carnage began with Hurricane Katrina in 2005 and was exacerbated with Super Storm Sandy in 2012.

Then along came last year’s Hurricane Harvey and his cousins.

The NFIP is in dire need of repair. Congress has avoided it and keeps kicking the proverbial

can down the road. The program expired at the end of September and it has been extended for the fifth time since the new fiscal year began on October 1st of last year.

The expiration date now is March 23rd when the temporary federal government funding runs out. Professional Independent Agent (PIA) National Vice President of Government Relations Jon Gentile said it’s time for Congress to go to work. “Congress must use the time between now and then to move away from

March 2018 | Main Street Industry News | www.pianeia.com | 24

TOP STORIES independent agents play in providing expert advice to consumers,” Gentile said.

Seth Chandler is an insurance law expert at the UH Law Center. He — like Gentile and the PIA — is tired that people “in non-flood areas are continuing to subsidize people in flood areas.

The way to make it [the NFIP] sustainable is to both increase the premiums, particularly in the more flood-prone areas and also to use science to draw maps that more accurately reflect risk.”

The need for flood insurance reform has never been greater. Whether you believe it is climate change or not, the weather lately is weird and it’s driving changes that are increasing the danger of flooding.

A recent New York Times report brings how frightening that is home to roost. There are 21,600 facilities in the U.S. that store large quantities of toxic materials. The Federal Emergency Management Agency (FEMA) — that runs the NFIP — says over 1,400 are in areas that are now considered to be at high flood risk.

short-term measures and provide a long-term reauthorization of this program,” he said.

Gentile — and the PIA and other insurance and environmental groups — want major reforms in the NFIP and those reforms keep getting put off.

“The NFIP is a program that requires certainty. It is also in great need of reforms. PIA will continue our advocacy for a long-term reauthorization of the program that recognizes the essential role

The reason all this happened is because of how important being close to water is to some industrial operations. A good example is the 34,400 pounds of ultra toxic sodium peroxide and 300 pounds of benzene that leaked out of a Chevron Phillips chemical plant in Baytown, Texas during Hurricane Harvey.

?

HOW MANY TOXIC AREAS IN FLOOD PRONE AREAS DOES NEBRASKA AND IOWA HAVE? NEBRASKA – 21 SITES IOWA — 16 SITES

Source: Houston Public Media, Insurance Journal, Business Insurance America, New York Times

March 2018 | Main Street Industry News | www.pianeia.com | 25

CONGRATULATIONS FOR YOUR EARNED DESIGNATION The Professional Insurance Agents NE IA would like to congratulate everyone who has earned a designation from The National Alliance in 2017.

2018 CISR Designation CIC Designation Mr. Mitchel Lee Graybill CIC, CISR Millhiser Smith Agency, Inc. Cedar Rapids, IA Ms. Kimberly A. Hall, CIC Nationwide Insurance Des Moines, IA

Ms. Darcy Lynn Huff CISR Elite Blair Insurance Agency Missouri Valley, IA

CISR Elite Designation Ms. Samantha Trost CISR Elite PDCM Insurance Waterloo, IA Ms. Elizabeth Smith, CISR Millhiser Smith Agency, Inc. Cedar Rapids, IA

March 2018 | Main Street Industry News | www.pianeia.com | 26

2018

er

um

How does PIA help me promote my agency?

Let me count the ways.

E

veryday PIA members across America promote their agencies using materials and strategies they get from PIA. Our PIA Branding Program is full of marketing materials they can customize and use in their local markets and beyond.

1.

5.

ns co rs e e ag fly p - y ort p p ne ndl su O ie dia e fr m ial c o S

2.

3. Print advertisements

4. R

ad

io co A mm n M n erc u ar a ial ke l P s tin IA g A G ge ui n de cy

P I A N AT I O N A L P I N N A C L E PA R T N E R S

Best of all, PIA provides these materials to PIA members for free, as part of their PIA membership.

It’s just another benefit of being a PIA member.

Visit the PIA Branding Program at www.piabrandingprogram.com.

PIA would like to thank our Pinnacle Partners for supporting PIA members through their support of the PIA Branding Program.

Learn how the PIA Branding Program can help your agency at www.piabrandingprogram.com.

National Association of Professional Insurance Agents 400 N. Washington St. Alexandria, VA 22314-2353 1-800-PIA-6900 (1-800-742-6900) piabrandingprogram@pianet.org March 2018 | Main Street Industry News | www.pianeia.com | 27 www.pianet.com

PIA NE IA EVENTS

PROFESSIONAL INSURANCE AGENTS

Nebraska & Iowa

March 2018 | Main Street Industry News | www.pianeia.com | 28

PIA NE IA EVENTS

OMAHA MARRIOT 222 N 10th St., Omaha, NE 68102

Overlooking the Missouri River and downtown skyline, Omaha’s newest and only full-service luxury hotel features 333 guest rooms in a contemporary high-rise, glass structure. Anchoring the new Capitol District, this urban destination hotel is situated in a prime location with attractions just steps away in all directions.

Reservations: 800-Marriott (Cutoff: May 11, 2018) Professional Insurance Agents Rate - PIA: $139

LET’S GOLF

Dodge Riverside Golf Club 2 Harrah’s Blvd., Council Bluffs, IA 51501

Trade your baseball bat for a golf club and hit the links at Dodge Riverside Golf Club, “Home of the Greater Omaha Golf Championships” and named by Golf Digest on the list of best places to play. This immaculate course and classic clubhouse on the banks of the Missouri River offer unparalleled views of the water and Omaha skyline.

Golf Registration includes golf, cart, Bloody Mary Bar, lunch, hole sponsor contests, activities and prizes.

March 2018 | Main Street Industry News | www.pianeia.com | 29

PIA NE IA EVENTS

GOLF AGENDA Thursday, June 7, 2018 10:00 AM

Complimentary Shuttle Departs Marriott Capitol District for Dodge Riverside Golf Club. Bell staff will hold luggage for check-in.

10:00 AM

Registration and Bloody Mary Bar Open

11:00 AM

Shotgun Start at Dodge Riverside Golf Club

4:30 PM

Golf Awards and Prizes at Dodge Riverside Golf Club

5:00 PM

Complimentary Shuttle Returns to Marriott Capitol District

CONVENTION AGENDA Thursday, June 7, 2018 6:00 PM – 7:00 PM

7:00 PM – 10:00 PM

Welcome Hospitality Suite with the Past Presidents. All are invited to kick-off the 2018 PIANEIA. Convention with our Past Presidents.

Annie’s Irish Pub Featuring Blazin’ Pianos Join President Jeff Brehmer as he welcomes everyone to the 2018 PIANEIA Convention. Annie’s Irish Pub is located a few steps from the Marriott in the new Capitol District. Two Blazin’ Pianos will be taking requests and belting tunes at what is sure to be a hot event. Complimentary beer and wine from 7 PM - 8 PM.

Friday, June 8, 2018 7:00 AM

7:30 AM – 8:30 AM

Breakfast

8:30 AM – 11:30 AM

How to Turn Your Technical Knowledge into Dollars! An overview of the 3-part Insurance Success Seminars which leads to the Certified Professional Insurance Agent designation. Presented by Sam Bennett, CIC, CPIA, AFIS. 3 P/C CE Hrs approved.

11:30 AM – Complimentary Professional Photo 1:30 PM Station Digital photos will be provided to you for use on resume, business and social media websites.

11:30 AM – Lunch & Awards 12:30 PM • High School Scholarship Recipient • Agent of the Year • Company of the Year • Installation of Officers 12:30 PM – 12:50 PM

Jim Scheer, Speaker of the Nebraska Legislature & PIA Member *tentative

12:55 PM – 1:10 PM

Jon Gentile, VP, Government Relations for National Association of Professional Insurance Agents. Get the most current industry updates from Capitol Hill.

1:15 PM – 4:15 PM

Personal Lines and the Sharing Economy – “I’m Gonna Uber To An Airbnb – What Can Possibly Go Wrong?” Explore how personal lines coverage forms respond to property and liability exposures for activities in which insureds share such property as homes, autos, watercraft and/ or recreational vehicles. Presented by Sam Bennett, CIC, CPIA, AFIS. 3 P/C CE Hrs approved.

2:30 PM – 2:45 PM

Gary Baumann Retirement Toast After 49 years in the insurance industry, Gary is retiring. Join us for a specialty beverage named in honor of Gary and toast this friend and gentleman.

Early Bird Morning Run-Walk Enjoy the fresh air along the scenic Missouri Riverfront and across the Bob PROFESSIONAL INSURANCE AGENTS Kerry Pedestrian Bridge into Iowa…and 4:15 PM back, of course.

Nebraska & IowaAdjourn

March 2018 | Main Street Industry News | www.pianeia.com | 30

PIA NE IA EVENTS

EXPERIENCE OMAHA

As excitement builds during the PIANEIA convention in the days leading up to the College World Series, TD Ameritrade Park stands ready to play ball two blocks north of the Marriott.

Omaha’s new entertainment destination, the Capitol District, features a modern twist on the town square. Watch the CWS play-offs on the outdoor screen. Explore the cobblestone streets of the Old Market District and Omaha Summer Arts Festival 2018‌all within a five-minute stroll.

JOIN US THIS JUNE

Register online at www.pianeia.com Registration Deadline: 06/01/2018 For more information, please call Lindsey at (40) 392-1611 or email frontdesk@pianeiacom.

March 2018 | Main Street Industry News | www.pianeia.com | 31

PIA NE IA EVENTS

Upcoming Events Calendar 2018 For information and to register Click Here or call (402) 392-1611.

Date

Class/Webinar

Where

When

March 7, 2018

CISR: Elements of Risk Management

Davenport

Saint Ambrose University

March 12 - May 4, 2018

MERG: Make Your New Employee A Winner

Online

Online Course

March 12 - 12, 2018

MERG: Personal Lines Coverage Basics

Online

Online Course

March 14 - 16, 2018

CIC: Life & Health Institute

West Des Moines

Holiday Inn Hotel & Suites

March 15, 2018

Additional Insureds: The Quandry

NE/IA

Webinar: 8:00AM - 11:00AM

March 20, 2018

Regarding Ethics (NE)

Nebraska

Webinar: 12:00PM - 3:00PM

March 21, 2018

**LAST TIME** Construction Defects: Property Damage and the ISO CGL

NE/IA

Webinar: 12:00PM - 3:00PM

March 21, 2018

CISR: Insuring Personal Residential Property

Des Moines

Hilton Garden Inn Des Moines/Urbandale

March 21, 2018

Your Agency Online: Communication Cure or E&O Plague?

NE/IA

Webinar: 8:00AM - 11:00AM

March 22, 2018

**LAST TIME** FLOOD INSURANCE

NE/IA

Webinar: 8:00AM - 11:00AM

March 27, 2018

Commercial Property Claims that Cause Problems

NE/IA

Webinar: 1:00PM - 4:00PM

March 28, 2018

**LAST TIME** Commercial Liability Endorsements To Watch Out For

NE/IA

Webinar: 8:00AM - 11:00AM

March 28, 2018

The New ISO Personal Auto Policy: A Look Backwards and a Look Forwards

NE/IA

Webinar: 12:00PM - 3:00PM

April 4, 2018

Cyber Liability - the 21st Century Peril

NE/IA

Webinar: 12:00PM - 3:00PM

April 5, 2018

Insuring the Building Project - Builders & Risk Installation Coverage

NE/IA

Webinar: 8:00AM - 11:00AM

April 9 - June 8, 2018

MERG: Commercial Lines Coverage Basics

Online

Online Course

April 10, 2018

CPIA 1: Position for Success

West Des Moines

LaMair - Mulock - Condon Insurance (LMC)

April 11, 2018

CPIA 1: Position for Success

Omaha

Paul Davis Restoration

March 2018 | Main Street Industry News | www.pianeia.com | 32

PIA NE IA EVENTS

April 11, 2018

Street Level Ethics

NE/IA

Webinar: 12:00PM - 3:00PM

April 11 - 13, 2018

CIC: Commercial Casualty Institute

Lincoln

Marriott Courtyard

April 17, 2018

CISR: Insuring Commercial Property

Hiawatha

Kirkwood Linn Regional Center

April 19, 2018

Tricks to Fix: Closing Coverage Gaps in Home, Work and Auto

NE/IA

Webinar: 1:00PM - 4:00PM

April 19, 2018

CISR: Commercial Casualty 1

West Des Moines

LaMair - Mulock - Condon Insurance (LMC)

April 25, 2018

CPSR: Commercial Property

Kearney

Holiday Inn Express

May 8 - 9, 2018

Ruble: Graduate Seminar (IA)

West Des Moines

Holiday Inn Hotel & Suites

May 16, 2018

CISR: Agency Operations

Davenport

Saint Ambrose University

May 22, 2018

CISR: Personal Lines Miscellaneous

West Des Moines

LaMair - Mulock - Condon Insurance (LMC)

May 30 - June 1, 2018

CIC: Commercial Property Institute

Omaha

Omaha Marriott Hotel

June 7-8, 2018

PIA Annual Convention

Omaha

Omaha Marriott Downtown at the Capitol District

June 11 - July 27, 2018

MERG: Delivering Quality Service (to the Customer and the Employer)

Online

Online Course

June 19, 2018

CISR: Agency Operations

Hiawatha

Kirkwood Linn Regional Center

June 20 - 22, 2018

CIC: Commercial Casualty Institute

Cedar Rapids

Cedar Rapids Marriott

June 27, 2018

CISR: Elements of Risk Management

West Des Moines

LaMair - Mulock - Condon Insurance (LMC)

July 11, 2018

CISR: Commercial Casualty 2

Davenport

Saint Ambrose University

July 18, 2018

CISR: William T. Hold: Advanced Learning Seminar

Des Moines

Hilton Garden Inn Des Moines/Urbandale

July 18 - 20, 2018

CIC: Commercial Property Institute

West Des Moines

Holiday Inn Hotel & Suites

August 8, 2018

CPSR: Systems, Operations & Procedures

Omaha

Paul Davis Restoration

August 22 - 24, 2018

CIC: Agency Management Institute

Lincoln

Marriott Courtyard

August 22, 2018

CISR: Insuring Personal Residential Property

Hiawatha

Kirkwood Linn Regional Center

August 28, 2018

CISR: Commercial Casualty 2

West Des Moines

LaMair - Mulock - Condon Insurance (LMC)

September 12, 2018

CISR: Personal Lines Miscellaneous

Davenport

Saint Ambrose University

September 17, 2018

CPIA 2: Implement for Success

West Des Moines

LaMair - Mulock - Condon Insurance (LMC)

March 2018 | Main Street Industry News | www.pianeia.com | 33

PIA NE IA EVENTS September 26, 2018

CISR: Personal Lines Miscellaneous

Hiawatha

Kirkwood Linn Regional Center

October 2, 2018

CISR: Insuring Commercial Property

West Des Moines

LaMair - Mulock - Condon Insurance (LMC)

October 3 - 5, 2018

CIC: Commercial Multiline Institute

Cedar Rapids

Cedar Rapids Marriott

October 16, 2018

CPIA 2: Implement for Success

Omaha

Paul Davis Restoration

October 17 - 19, 2018

CIC: Commercial Multiline Institute

Omaha

Omaha Marriott Hotel

October 25, 2018

CISR: Insuring Commercial Property

Davenport

Saint Ambrose University

November 6, 2018

CISR: Commercial Casualty 1

Hiawatha

Kirkwood Linn Regional Center

November 13, 2018

CPIA 3: Sustain Success

West Des Moines

LaMair - Mulock - Condon Insurance (LMC)

November 14 - 16, 2018

CIC: Personal Lines Institute

West Des Moines

Holiday Inn Hotel & Suites

November 14, 2018

CISR: Dynamics of Service

Des Moines

Hilton Garden Inn Des Moines/Urbandale

November 16, 2018

CPIA 3: Sustain Success

Omaha

Paul Davis Restoration

September 12, 2018

CISR: Personal Lines Miscellaneous

Davenport

Saint Ambrose University

September 17, 2018

CPIA 2: Implement for Success

West Des Moines

LaMair - Mulock - Condon Insurance (LMC)

September 26, 2018

CISR: Personal Lines Miscellaneous

Hiawatha

Kirkwood Linn Regional Center

October 2, 2018

CISR: Insuring Commercial Property

West Des Moines

LaMair - Mulock - Condon Insurance (LMC)

October 3 - 5, 2018

CIC: Commercial Multiline Institute

Cedar Rapids

Cedar Rapids Marriott

October 16, 2018

CPIA 2: Implement for Success

Omaha

Paul Davis Restoration

October 17 - 19, 2018

CIC: Commercial Multiline Institute

Omaha

Omaha Marriott Hotel

October 25, 2018

CISR: Insuring Commercial Property

Davenport

Saint Ambrose University

November 6, 2018

CISR: Commercial Casualty 1

Hiawatha

Kirkwood Linn Regional Center

November 13, 2018

CPIA 3: Sustain Success

West Des Moines

LaMair - Mulock - Condon Insurance (LMC)

November 14 - 16, 2018

CIC: Personal Lines Institute

West Des Moines

Holiday Inn Hotel & Suites

November 14, 2018

CISR: Dynamics of Service

Des Moines

Hilton Garden Inn Des Moines/Urbandale

November 16, 2018

CPIA 3: Sustain Success

Omaha

Paul Davis Restoration

March 2018 | Main Street Industry News | www.pianeia.com | 34

PIA NE IA EVENTS

For convenience, in addition to the two courses listed in the events; here is a full list of webinar topics that will run during 2018 that are Utica approved.

Regarding Ethics‌(discontinued after 1st Q) How to Be the Agent Advocate at Claim Time (discontinued after 1st Q) E&O Loss Prevention (discontinued after 1st Q) ALERT: Agency Legal and Ethical Responsibilities Training (discontinued after 1st Q) Street Level Ethics (will run through 2018) Your Agency Online: Communication Cure or E&O Plague (will run through 2018)

March 2018 | Main Street Industry News | www.pianeia.com | 35

Help Keep Your Agency Active If You Should Become Disabled...

Cover Overhead Expenses With The PIA Trust

Business Overhead Expense Insurance Plan BOE COVERAGE DESIGNED WITH LOCAL AGENTS IN MIND As a PIA Member* serving Main Street America, you have access to a highquality, competitively priced BOE plan through the PIA Services Group Insurance Fund.

Office expenses don’t stop because you become disabled. Bills keep coming in whether or not you’re in the office. Those overhead expenses could become a real problem if your agency’s revenues are dependent on you. With the PIA Trust Business Overhead Expense plan, you can help maintain your agency until you are able to resume your duties.

For more information about the PIA Trust Business Overhead Expense Insurance Plan, please contact your local PIA Affiliate or call the Plan Administrator at (800) 336-4759.

PIA SERVICES GROUP INSURANCE FUND

Additional information is also available on-line at www.piatrust.com. * PIA National membership, when required, must be current at all times

The policy or its provisions may vary or be unavailable in some states. The policy has exclusions and limitations which may affect any benefits payable.

Underwritten by Unimerica Insurance Company, Association Administrative Address, P.O. Box 17828, Portland, Maine 04112-8828, under Policy Form ADI-4001-A (UIC).

Insurance Program Administered by Lockton Affinity, LLC.