Primary Agent - December 2024

DECEMBER 2024

HOW IA&B MEMBER

ASHLEY STAFFORD RAISES AWARENESS OF INSURANCE CAREERS

EXCLUSIVE MEMBER MAGAZINE

ALSO INSIDE 2024 RECAP: IA&B REFLECTS & PLANS MEET OUTSTANDING CSR WINNERS

INSURANCE

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DECEMBER 2024

CONTENTS FEATURED 8

> > > > 11

X.com/IA_and_B YouTube.com/@IA_and_B IA&B Podcasts can be found at:

IA&B is the premier resource and champion for independent insurance agents in Pennsylvania, Maryland, and Delaware.

Periodical postage paid at Mechanicsburg, PA and at additional mailing offices. Postmaster: Send address changes to Insurance Agents & Brokers, 650 Wilson Lane, Suite 200, Mechanicsburg, PA 17055.

Primary Agent (ISSN 1543-3110), Permit # 638-620, Issue # 2024-12, is published monthly by IA&B Service Group Inc., a subsidiary of IA&B. Copyright 2024. All rights reserved. No material December be reproduced in whole or in part without written consent of the publisher. The information in this publication is general in nature and 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. We disclaim any responsibility for any decisions or actions by readers. Statements of fact and opinion in Primary Agent are the responsibility of the authors alone and do not imply an opinion on the part of the officers or the members of IA&B. Participation in IA&B events, activities and/or publications is available on a non-discriminatory basis and does not reflect IA&B endorsement of the products and/or services.

IA&B MEMBERS NAMED OUTSTANDING CSRs Meet the three agents named as their state’s Outstanding CSR of the Year by the Risk & Insurance Education Alliance.

2024: REFLECTING & PLANNING

18

YOUNG AGENT CONFERENCE RECAP

Facebook.com/IABforME Instagram.com/IA.and.B

Meet Ashley Stafford, of Williams Insurance Agency in Rehoboth Beach, DE. She shares her passion for introducing young people to insurance careers and offers tips for other agents who’d like to do the same.

12 JOIN US ON SOCIAL MEDIA: LinkedIn.com/company/IA_and_B

INTERVIEW WITH ASHLEY STAFFORD

IA&B made two significant investments in 2024. Learn how your agency can benefit from Catalyit and the Insuring Careers Certification Program.

Review highlights from the 2024 IA&B Young Agent Conference.

MONTHLY 2 CHAIR OF THE BOARD'S MESSAGE 3 CLAIRE-IFICATION 4 COVERAGE CORNER 21 UPCOMING EDUCATION IABforME.com |

1

CHAIR OF THE BOARD'S MESSAGE

MUCH TO CELEBRATE THIS SEASON

INSURANCE AGENTS & BROKERS 650 Wilson Lane, Suite 200 Mechanicsburg, PA 17055

I write this intro wishing you the jolliest of holiday greetings. It’s been quite a year, and there’s much to celebrate both at IA&B and for our member agencies.

IA&B BOARD OF DIRECTORS

191 Main Street, Annapolis, MD 21401 800-998-9644 | IABforME.com

OFFICERS

In this Primary Agent edition, we recognize the Risk & Insurance Education Alliance's Outstanding CSR of the Year winners from IA&B's three state territory – Pennsylvania, Maryland, and Delaware. Each recipient is from an IA&B member agency. Congratulations to these very well-deserving agents.

Sarah Brown, CIC, CRM, AFIS - Chair

This issue also highlights two outcomes from the IA&B board and staff’s busy year. The first is no-cost Catalyit subscriptions for all members, a huge benefit for agencies seeking tech guidance. If you’re using the service because of this offering, great – you’re putting that IA&B membership to use! Not sure what Catalyit is, or want to learn how your agency can benefit? Flip to page 12 of this magazine.

Greg Bennett

Lisa Parry, CPIA

Kate Dawson, CPIA

Bill Purdy

Michael Gaetano

Kent Reynolds, CIC

Bruce D. Kraft, AAI, CIC

David Rivell, CIC, CRM

Debra McAfee

Jason Rodriguez, CIC

Michael McGroarty, Jr., CIC

Donna Roper

McGroarty & Bradburn Insurance Pittsburgh, PA

E K McConkey & Company York, PA

Shayne McIntosh, CIC

Ashley Stafford, CPIA

The second accomplishment is the Insuring Careers Certification Program. We are proudly on track to launch the program in January. If you have new, unlicensed staff to send – or if you’re just looking for more information – see page 12.

Speaking of the board, you’ll find a directory of board members on pages 16-17. These individuals, as well as our past board members, are the best of the best. In fact, this issue features an interview with one of our newest board members, Ashley Stafford, who definitely is a rising star in our industry. In 2023, she was named an IA&B Mover & Shaker. (If you’re interested in volunteering with the organization, contact IA&B VP-Membership Tim Wonder at 800-998-9644, ext. 351 or TimW@IABforME.com.)

Think of this magazine’s contents as gifts wrapped nicely under the tree. It features celebratory news and exciting projects – some of which took quite some time and effort – but wow, is it rewarding to have everything come together so nicely!

Until next time,

Keller Brown Insurance Services | Shrewsbury, PA

Andrew Enders, Esq. - Vice Chair Enders | Harrisburg, PA

MEMBERS Famous & Spang Associates Aberdeen, MD Ferri Dawson Insurance Murrysville, PA The Hartman Group Montoursville, PA Arbor Insurance Group Allentown, PA

McAfee Insurance Agency, LLC Wilmington, DE

JPI Insurance Associates Dillsburg, PA

Chris Miller, CIC

Miller Insurance Protection Team Jonestown, PA

Parry Insurance Langhorne, PA

Purdy Insurance Agency, Inc. Sunbury, PA Blue Ridge Risk Partners LLC Hagerstown, MD Element Risk Management West Chester, PA Prominent Insurance Svcs Wilmington, DE

Williams Insurance Agency, Inc. Rehoboth Beach, DE

Michael Thomas

Lighthouse Insurance Svcs Gambrills, MD

Michael Papa, CIC, MBA Diversified Insurance Industries, Inc. Hunt Valley, MD

NATIONAL DIRECTORS Mike Ertel (PIA)

The Jacobs Company | Columbia, MD

Diana Hornung, CIC (IIABA)

Sarah Brown, CIC, CRM, AFIS Chair of the Board 2

DECEMBER 2024

IOA National, Inc. | Wilmington, DE

Mark Monroe (IIABA)

Griffith Insurance, LLP | West Chester, PA

CLAIRE-IFICATION

CLAIRE-IFICATION IA&B Vice President - Advocacy Claire Pantaloni, CIC, CISR Are you a member with a question?

Contact Claire to find the answer at 717-918-9202 or ClaireP@IABforME.com.

of our producers doesn’t want to deliver the policy to customers because it QUESTION: One makes it easier for them to provide a copy to another agent. What can I tell him?

ANSWER: What you can tell him is that failing to send the policy to the policyholder is a significant E&O exposure for him and for the agency.

WHY IT’S AN ISSUE When there is a dispute over the coverage provided, the insured’s duty to read the policy is one of the first lines of defense in an E&O suit.

When the insured is not provided with a copy of the policy, that defense vanishes. The logic is simple: An insured cannot be expected to review the coverage she has and the applicable exclusions, and to voice any questions or concerns with the agent, if she wasn’t afforded a chance to read the policy in the first place. Yes, we all know that few policyholders will read their policies before a claim occurs, but it is irrelevant here. An agency that has not given the insured her policy is giving up the duty-to-read-thepolicy defense, period.

DO NOT WAIT Not only should the policies be delivered, but they should be

delivered as promptly as possible.

Some producers may be tempted to wait and schedule an appointment with the customer to hand over the policy in person. For some busy customers, however, scheduling is easier said than done. Days can turn into weeks, and weeks into months, and the duty to read the policy is once again not triggered.

With the ability to send documents electronically, delivering documents quickly is literally at anyone’s fingertips. Agencies should keep in mind some basic but important facts: 1) Emailing a file in PDF to a customer is an electronic transaction, subject to specific legal requirements. What those entail is a question for another article, but the requirements should be reviewed to ensure your agency is dotting its i’s and crossing its t’s. (Spoiler alert: if you can’t wait for the future article, we have a full resource on our website at IABforME.com/ electronic-transactions to help you do just that.)

IABforME.com |

2) Any personally identifiable information that is sent electronically should be secured.

Privacy laws and regulations have proliferated in the last two decades, and whether you use a dedicated encryption platform or embed encryption in your day-today email exchanges, be mindful of the requirements to protect your customers’ information.

Ultimately, and in addition to providing a defense for the agency, a customer’s prompt receipt of a policy also reflects better on the agency.

This document is not a legal opinion and should not be relied upon as such. The intent of this document is to provide a general background regarding the topic or topics discussed, not to provide legal advice.

Producers and agencies should consult an attorney regarding specific situations and specific questions with respect to the topic or topics covered in this document. Neither the Insurance Agents & Brokers nor any of its employees shall be responsible for any errors or omissions regarding any statements made in this document, nor any errors or omissions regarding any statutes, regulations, court rules, and/or any other government documents cited in this document.

Rather listen?

Also available in audio format at IABforME.buzzsprout.com 3

PROPERTY DAMAGE TO RENTED PREMISES Logic & Language and Forms & Facts By: Bill Wilson ‘Tis the season to … rent premises for a holiday party. So, if one of your personal lines insureds rents premises for a holiday party and asks you if their homeowners’ insurance covers them if they’re sued for something, what do you tell them? Here we’ll focus on the two most common broad categories of losses, bodily injury (BI) and property damage (PD).

Homeowners may occasionally rent premises for some sort of social event at any time during the year. It could be a room at a restaurant or bowling alley for a birthday party, a condo association clubhouse for a 4

Halloween party, a wedding facility for a, uh, wedding, a mountain chalet for an anniversary weekend, or just a hotel room on a vacation trip.

The issue for the purpose of this column is: What if something happens to damage the rented premises and the premises’ owner or management wants to hold the renter responsible?

Will that person’s homeowners’ policy respond to such a claim or suit?

Well, of course, given that insurance is not a commodity and no two homeowners’ policies are identical, it depends on the policy.

But, for the sake of discussion, let’s DECEMBER 2024

consider the current edition of an ISO HO 00 03 policy.

For this and other policies, always remember to RTFP, for which the clean version is Read The Full Policy.

Is there an exclusion that applies? Is there an exception to the exclusion that effectively grants coverage? Is there more than one exclusion (and exception) that might apply?

The bad news is that the ISO HO policy in question indeed does have an exclusion for bodily injury and property damage “arising out of a premises … rented to an ‘insured’ … that is not an ‘insured location.’”

COVERAGE CORNER But, note that the exclusion doesn’t apply if the premises is an “insured location.” Is it?

The good news is that the definition of “insured location” includes “any part of a premises occasionally rented to an ‘insured’ for other than ‘business’ use.” Presuming the purpose of the rental is not business related and the premises isn’t rented more than occasionally (whatever that means), then the homeowner’s liability for both BI and PD is not excluded by this policy provision.

Contractor Insurance that Measures Up.

However, that doesn’t mean there can’t be an issue with another provision in the policy. And, indeed, there is in the form of another PD-specific liability exclusion that says, “‘Property damage’ to property rented to, occupied or used by or in the care of an ‘insured’. This exclusion does not apply to ‘property damage’ caused by fire, smoke or explosion.”

So, while there is not a specific exclusion for liability for bodily injury for most claims, there is clearly an exclusion for property damage to the rented premises. However, the exclusion doesn’t apply if the property damage is caused by fire, smoke, or explosion.

Unfortunately, there are many ways to damage property that don’t involve burning it down or blowing it up. So, unless the insured is willing to take their chances on no damage occurring, the purchase of something like a special events policy might be in order.

Insuring Opportunity Through Mutual Success.® Trust Harford Mutual Insurance Group to provide comprehensive property and casualty insurance designed to protect what matters most to your policyholders— their business.

In addition to contractors, we write a wide variety of Property & Casualty classes.

Of course, if someone other than the insured in question is legally liable for the loss, perhaps their HO

Scan the QR code to learn more.

Continued on page 19 IABforME.com |

5

Thank You,

2024 Partners PLATINUM PARTNERS Acuity Erie Insurance Keystone Millers Mutual Insurance NJM Insurance Group Penn National Insurance

GOLD PARTNERS Chesapeake Employers Insurance Company

Liberty Mutual Small Commercial / State Auto / Safeco

Chubb

MMG Insurance Company

EMC Insurance Companies

Mutual Benefit Group

Farmers of Salem

Nationwide Insurance Company

Iroquios Mid-Atlantic Group

POM Insurance Company Progressive

6

DECEMBER 2024

Thank you to these partners for supporting the independent agency network.

Interested in becoming a partner? Reach out today.

Tim Wonder, IA&B VP-Membership 717-918-9223 | TimW@IABforME.com

SILVER PARTNERS AF Group AMERISAFE Amwins Program Underwriters Auto-Owners Insurance Company

Farmers Mutual Fire Insurance Company of Marble Farmers Mutual Insurance Company of Western Pennsylvania

Lebanon Valley Insurance Company Lititz Mutual Millville Mutual Insurance Company RAINBOW

First Choice Agents Alliance LLC

Renaissance

Bedford Grange Mutual

Frederick Mutual Insurance Company

Berkshire Hathaway GUARD Insurance Companies

Rockwood Casualty Insurance

Grange Insurance

SECURA Insurance

Grinnell Mutual

Selective Insurance Company

The Hanover Insurance Group

Travelers

BBSI

Brethren Mutual Insurance Company Briar Creek Mutual Insurance Company

Highview National Insurance

Tuscarora Wayne Insurance Company

Clear Spring Insurance Group

Illinois Casualty Company

UFG Insurance

CM Regent Insurance Company

The Insurance Alliance Network

Westfield Insurance

Cumberland Mutual

Johnson & Johnson

Windsor Mount Joy Mutual Insurance Company

Donegal Insurance Group

LCBA

Workpartners

IABforME.com |

7

Q&A with

ASHLEY STAFFORD Ashley Stafford, CPIA, is an Insurance Advisor with Williams Insurance Agency in Rehoboth Beach, DE. Stafford also serves on the IA&B Board of Directors and IA&B’s Delaware Government Relations Committee. In 2023, she was named an IA&B Young Agent Mover & Shaker.

Q. You’re a relative newcomer to the industry. Tell us how your insurance career unfolded!

A. My insurance career has been on the fast track from the beginning. I started as a front desk administrator at Williams Insurance Agency in June 2021. Shortly after, I was asked to start studying for my license, which I earned in October 2021. I quickly moved into an account manager role, and just two weeks later, I was promoted to supervisor, managing our high-value clients – a role I loved.

Six months later, I was promoted to manager. After a year in management, I set my sights on becoming an advisor, officially stepping into that position in February 2024.

Q. What does your typical workday look like, and what is your favorite part?

A. My typical workday starts with checking emails, following up on any client inquiries, and making phone calls to prospective clients. Then I usually spend time reviewing policies or preparing quotes for prospects and meeting with them, whether in person or over the phone.

I also work on reviewing renewing policies for my current clients to make sure their coverage still fits their needs.

My favorite part of the job is building relationships with my clients. I love the feeling of helping people find the right coverage for their needs, and it’s rewarding when clients trust me to guide them through important decisions. Every day brings something different, which keeps things interesting!

8

Q. What have you found most surprising about working as an independent agent?

A. One of the most surprising aspects has been the variety and flexibility the role offers. I’ve discovered that I’m able to work with a wide range of clients, each with unique needs and preferences, which keeps things interesting and allows me to continuously learn. Additionally, the freedom to choose the best products and solutions for each client has been rewarding, as it allows me to truly act in their best interest.

Q. You recently partnered with a local school district to introduce students to insurance agent careers. How did it go? And do you have any advice for fellow agents who are interested in volunteering for their local school’s career day?

A. Partnering with the local school district to introduce students to insurance agent careers was a fantastic experience! The students were very engaged, and it was refreshing to see their curiosity about the industry. I made sure to break down the concepts into relatable examples, like explaining how insurance helps protect things they care about—whether it’s a car, a home, or even their favorite tech gadgets. It also helped to show them that being an insurance agent isn’t just about selling policies but also about problem-solving and helping people in their times of need.

For fellow agents interested in volunteering for a school’s career day, I’d highly recommend it! My advice would be: 1. Keep it simple and relatable: Use examples that students can connect with. They may not care about the technicalities of a policy, but they understand protecting something important to them.

2. Be enthusiastic: Your passion can inspire them to consider the industry in a way they didn’t before.

ON THE COVER 3. Bring visual aids or handouts: Something tangible can help keep their attention and leave a lasting impression.

4. Engage in Q&A: Encourage students to ask questions.

This often leads to fun, unexpected conversations and gives you insight into their concerns and thoughts about the future.

It’s a rewarding experience and a great way to give back to your community!

Q. You represented our Delaware members at last year’s Big “I” National Legislative Conference. What was the event like?

A. It was an incredible experience! The event brought together insurance professionals from across the country, all focused on advocating for the industry and addressing the challenges we face. It was a great opportunity to hear from key policymakers and discuss how legislation impacts our work and our clients. Being able to have face-to-face conversations with legislators and make our voices heard on issues like flood insurance reform, the Federal Crop Insurance Program, and permanent small business tax credits was truly empowering.

What stood out to me the most was the level of engagement from everyone involved. It wasn’t just

about listening; it was about actively participating in the legislative process. It reminded me how important it is for us to advocate for our clients and the industry, ensuring that their interests are represented in Washington.

I’d highly recommend the experience to anyone interested in shaping the future of our industry. It’s both educational and empowering, and it reinforces the value of being involved beyond just day-to-day agency operations.

Q. This issue of Primary Agent will be published at year’s end – always a time for reflection and resolution. What has been your biggest professional accomplishment of 2024, and have you set any goals for 2025?

A. My biggest professional accomplishments of 2024 were becoming an insurance advisor and joining the IA&B Board of Directors! This milestone has not only been a significant step in my career but also an opportunity to contribute to the industry at a higher level.

I aim to continue building my clientele and fostering collaborations with fantastic organizations like IA&B. Additionally, I’m passionate about engaging with the younger generation to raise awareness of the diverse Continued on page 19

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IMSaccess.com Contact Tim Wonder TimW@IABforME.com 800-998-9644, ext. 351

IABforME.com |

IA&B works on your behalf to ensure that state legislators and regulators understand the issues affecting agents.

And your financial support amplifies your message. Please consider contributing.

More information at iabforme.com/political_advocacy 9

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IA&B MEMBERS RECOGNIZED FOR SERVICE Congratulations

Pennsylvania Winner

Delaware Winner

Wanda J. Binder, CISR

Julie L. McCaffrey, CIC, CISR

Brosky Insurance Agency Inc. Allentown, PA

CBM Insurance Group New Castle, DE

(left to right) Bruce Kraft, of the IA&B Board of Directors; Wanda Binder, Cheryl Butler, and Scott Brosky, of Brosky Insurance Agency Inc.

(left to right): Tim Wonder, of IA&B; Steve Burnett, Julie McCaffrey, and Candi Shoupe, of CBM Insurance Group

to the professionals who received the Outstanding CSR of the Year award in IA&B service states: Pennsylvania, Maryland, and Delaware. All three recipients are from IA&B Member agencies. The Risk & Insurance Education Alliance named them as state winners of the 2024 Outstanding CSR of the Year competition.

The award recognizes the contributions and commitment of those who serve clients within the insurance industry.

Recipients are commended for demonstrating outstanding service to their agencies, industry, and community.

Personal Lines Agent

Maryland Winner

Senior Account Manager

Danielle Webber, CISR Elite Client Manager

Maury, Donnelly & Parr, Inc. Cockeysville, MD (left to right) Karen Robison, of IA&B; Mike Papa, of the IA&B Board of Directors; Danielle Webber, Jessica Causey, and Julie Bush, of Maury Donnelly & Parr, Inc.

IABforME.com |

11

20 Reflecting & Planning 24 The past 12 months have been remarkable. While IA&B steadily provided the advocacy, education, and resources upon which member agencies rely, the organization also focused considerably on the future – the future success of member agencies and the future growth of the independent agency channel.

Guided by a long-term strategic plan, IA&B made two significant investments in 2024. The first was in Catalyit, which provides wide-ranging technology guidance for agencies. The second was in the Insuring Careers Certification Program, a wide-ranging industry recruitment and education effort. Read on for highlights and how your agency can benefit.

12 10

DECEMBER 2024

Harnessing technology isn't easy. We found a solution for you – introducing Catalyit (pronounced: cat-a-lit), a go-to technology resource for independent agencies. All IA&B members receive a free, full-access subscription.

Do you have a new, unlicensed employee? This program can help you with training. It is designed for newcomers to the industry. It covers the following areas: ▲ Basics of insurance and essential soft skills ▲ State licensing exam preparation

How your agency can benefit:

▲ Application of acquired skills to real-life scenarios

Catalyit can save your agency time, money, and hassle by providing all the technology guidance you need in one place. Whether you’re considering a new agency management system, vetting quoting platforms, or looking for advice on cybersecurity solutions, Catalyit can help.

Where to begin: Take Catalyit’s 10-minute Tech Assessment. It immediately provides results, identifying where your agency shines and where there’s room to grow. Then as part of your complimentary subscription, you can schedule a 30-minute virtual meeting with Catalyit Technology Consultant Mark Parrish.

Get started at https://catalyit.com/iab/.

Questions? Contact IA&B VP-Advocacy Claire Pantaloni ClaireP@IABforME.com 800-998-9644, ext. 604

How does this certification program work? ▲ It’s online & flexible – students can work at their own pace. ▲ Students have up to six months to complete the program, but it can be completed sooner. ▲ Students have access to an experienced education team for support.

How your agency can benefit: The Insuring Careers Certification Program can jumpstart your new, unlicensed employees’ careers. IA&B member agency staff can enroll at a discount when the program opens in January 2025. In addition, IA&B will recruit those outside of the industry into the program with the intention of introducing skilled, new talent into the independent agency system.

Where to begin: Learn how the program works by visiting https://IABforME.com/InsuringCareers.

Questions? Contact IA&B Director of Career Services Heather Ulrich HeatherU@IABforME.com 800-998-9644, ext. 407

IABforME.com |

13

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DECEMBER 2024

FINANCIAL REPORTS

IA&B FINANCIAL REPORTS IA&B maintains a strong

INSURANCE AGENTS & BROKERS COMBINING STATEMENT OF ACTIVITIES March 31, 2024

combined statement of financial position with $13.2 million in assets, $10.2 million in member equity, and no third-party financed debt. Almost $908,000 of net operating income is reflected on the combined statement of activity for the year ended March 31, 2024.

IA&B supports the activities that our members value: effective advocacy, timely compliance resources, and quality education.

We’re over 980 member agencies

IAB OF PA Revenues: Membership Dues Professional Training Events & Member Products Advocacy Publications Royalties & Commissions Consulting Other Total Revenues

IAB of MD

Combined IAB Associations

DAIAB

304,487 953,807 90,588 4,040

56,933 178,029 16,939 755

15,373 48,067 4,573 204

913,937

171,206

46,231

2,266,859

423,862

114,448

Expenses: Membership Commission Professional Training Events & Member Products Publications Advocacy Corporate & Management Governance Total Expenses

30,716

5,743

1,551

684,437 97,316

127,958 18,213

34,555 4,918

91,857 1,298,779 26,710 2,229,815

17,177 242,849 4,994 416,934

Net Operating Income (Loss)

37,044

8,260

IAB Service Group

376,793 1,179,903 112,100 0 1,131,374 0 0 2,800,170

138,004 2,543,896 143,286 1,751,078 4,576,264

Intercompany Eliminations

Combined IAB

(1,616)

375,177 1,179,903 112,100

(25,368)

112,636 3,675,270 143,286 164,509 5,762,881

(1,586,569) (1,613,553)

4,637 65,569 1,348 112,578

38,010 0 846,950 120,447 0 113,671 1,607,197 33,052 2,759,327

3,100,171 28,155 4,073,134

(1,616,149)

34,342 856,557 844,081 120,417 83,101 112,635 3,103,972 61,207 5,216,312

6,928

1,870

45,842

503,130

2,596

551,568

272

73

8,605 0

(394,748) 34,398 9,608 314,070 135,180 31,713 (37,341) (59,192) 33,688

(2,596)

83,514 9,608 578,896 135,180 31,713 (37,341) (59,192) 356,235

536,818

0

907,803

Combined IAB Associations

IAB Service Group

Intercompany Eliminations

2,731,119 0 2,084,893 20,520 8,392 82,807 2,562,070 7,489,801

1,222,951 237,184 761,744 140,273

0

560,167

Other Income (Expense): Contributions & interest to designated funds Depreciation & amortization Interest & dividends on cash equivalents Gain on sale of property & Equipment Net investment income (loss) Life insurance income Annuity income Deferred compensation expense Income tax benefit (expense) Total Other Income (Expense)

265,746

43,457

15,940

49,116 0 267,422 0 0 0 0 325,143

Change in Net Assets

302,790

50,385

17,810

370,985

39,691

7,421

2,004

217,795

35,764

13,863

859,406 2,301 83,101

(3,668) (2,849) (2,869) (2,331) (1,036) (1,603,396)

8,605 (394,748)

(2,596)

strong across three states. During INSURANCE AGENTS & BROKERS COMBINING STATEMENT OF FINANCIAL POSITION March 31, 2024

the fiscal year, approximately 655 individuals attended IA&B’s

ASSETS

35 in-person classes, and 6,000 individuals logged into IA&B’s 226 webinars. Additionally, IA&B sells over 1,320 policies for insurance coverage of member and nonmember agencies.

Independent agents’ allegiance to IA&B, combined with our carrier partnerships, supports the financial strength of the organization.

The accountants’ review for the fiscal year ended March 31, 2024 is on file at IA&B headquarters. These statements are a summary of that report.

IAB OF PA Cash & Cash Equivalents Cash, Premium Fiduciary Account Accounts Receivable Prepaid Expenses Inventory Inter-corporate Loans, current portion Investments - Mutual Funds & ETFs Total Current Assets

IAB of MD

DAIAB

2,413,589

52,633

264,897

1,230,725 17,436 6,782 82,807 2,099,418 5,850,757

663,604 2,428 1,268

190,564 656 342

343,023 1,062,956

119,629 576,088

Property & Equipment, net Cash Whose Use is Limited, Board & Donor Designated Inter-corporate Loans, net of current portion Investment in Big I Reinsurance Co. Investment in IAB Service Group Investment in Other Entities Other Assets, Net of Amortization Right-of-Use Asset Cash Value, Life Insurance Present Value, Annuity Contracts Deferred Income Tax Total Other Assets

329,038

2,779,263 5,141,415

(2,556,779) (82,807) (2,639,586)

Combined IAB 3,954,070 237,184 289,858 160,793 8,392 0 5,341,333 9,991,630 560,167

329,038

329,038

905,120

102,013

42,005

0 120,000 600,100 0 0 0 0 0 0 1,049,138

(600,100)

0 120,000 0 40,000 7,829 101,596 729,827 883,030 404,028 3,175,515

Total Assets

6,755,877

1,164,969

618,093

8,538,939

7,867,892

(3,239,686)

13,167,145

Total Current Liabilities

1,988,534

201,351

2,859,919

1,293,882

(2,639,586)

1,514,215

0 17,029 137,063 1,282,606 1,436,698

0

0 17,029 137,063 1,282,606 1,436,698

100 600,000

(100) (600,000)

90,000 486,082

102,013

30,000 12,005

40,000 7,829 101,596 729,827 883,030 404,028 2,166,310

(600,100)

LIABILITIES & NET ASSETS

Inter-corporate Loans Operating Lease Liability Deferred Tax Liability Retirement Obligations Total Long-term Liabilities

670,034

0

0

0

0 0 0 0 0

Net Assets, Unrestricted Capital Stock Additional Paid-in Capital Designated Funds Undesignated Total Net Unrestricted Assets

328,476 4,438,867 4,767,343

462 494,473 494,935

100 416,642 416,742

0 0 329,038 5,349,982 5,679,020

4,537,212 5,137,312

(600,100)

0 0 329,038 9,887,194 10,216,232

Total Liabilities & Net Assets

6,755,877

1,164,969

618,093

8,538,939

7,867,892

(3,239,686)

13,167,145

IABforME.com |

15

2024-2025 IA&B BOARD Greg Bennett

Famous & Spang Associates Aberdeen, MD

Sarah Brown, CIC, CRM, AFIS IA&B Service Group Chair Keller Brown Insurance Services Shrewsbury, PA

Kate Dawson, CPIA Ferri Dawson Insurance Group Murrysville, PA

NE

W

TO T H E B OA RD

Mike McGroarty Jr., CIC

Debra McAfee

McAfee Insurance Agency, LLC Wilmington, DE

Shayne McIntosh, CIC

McGroarty & Bradburn Insurance Pittsburgh, PA

Bill Purdy

David Rivell, CIC, CRM

Kent Reynolds, CIC

Purdy Insurance Agency, Inc. Sunbury, PA

JPI Insurance Associates Dillsburg, PA

Element Risk Management West Chester, PA

Blue Ridge Risk Partners Hagerstown, MD NE

W

TO T H E B OA RD

Ashley Stafford, CPIA

Williams Insurance Agency Inc. Rehoboth Beach, DE 16

Michael Thomas

Lighthouse Insurance Services Gambrills, MD DECEMBER 2024

OF DIRECTORS NE

W

TO T H E B OA RD

IA&B Service Group Vice Chair Enders Harrisburg, PA

Andrew Enders, Esq.

The Hartman Group Montoursville, PA

Mike Gaetano

Bruce Kraft, AAI, CIC

Chris Miller, CIC

Michael Papa, CIC, MBA

Lisa Parry, CPIA

Miller Insurance Protection Team Jonestown, PA

Arbor Insurance Group Allentown, PA

Diversified Insurance Industries, Inc. Hunt Valley, MD

Jason Rodriguez, CIC

Prominent Insurance Services Wilmington, DE

Parry Insurance Langhorne, PA

Donna Roper

McConkey Insurance & Benefits York, PA

N AT I O N A L D I R EC T O R S PIA (MD) Mike Ertel

IIABA (DE) Diana Hornung, CIC

AP Benefit Advisors, LLC dba The Jacobs Company Columbia, MD

IOA National, Inc. Wilmington, DE

IABforME.com |

IIABA (PA) Mark Monroe

Griffith Insurance LLP West Chester, PA

17

YOUNG AGENT CONFERENCE

Over 100 young insurance professionals gathered in Gettysburg, PA on Oct. 28-29 for the IA&B Young Agent Conference. Highlights included sessions on working with different behavioral styles and understanding emerging risks; book and podcast club meetings; panel discussions by lawmakers and insurance carrier leaders; and roundtables with seasoned and successful agents. The event also included the announcement of the 2024 Young Agent Award winners and Mover & Shaker recipients.

18

Virtual Young Agent Panel Join us for a virtual panel discussion with the 2024 Young Agent Award winners. Hear their stories, listen to their advice, and even share a few laughs during this agent-to-agent talk.

Friday, Dec. 6 11-11:45 AM There is no cost for IA&B members to attend. Register: IABforME.com/eventregistrations 800-998-9644, option 1.

COVERAGE

ASHLEY

Continued from page 5

Continued from page 9

policy would respond. But reliance on someone else’s insurance is not a sound risk management practice.

opportunities available in the insurance field, and I hope to remain actively involved in that effort. My primary goal for the upcoming year is to keep learning and growing every day, as I find that continuous development is the most fulfilling aspect of my professional journey.

Happy Holidays!

Bill Wilson, CPCU, ARM, AIM, AAM is the founder and CEO of InsuranceCommentary.com and the author of six books, including “When Words Collide…Resolving Insurance Coverage and Claims Disputes,” the highest rated insurance book on Amazon and, according to BookAuthority, the #1 insurance book of all time. He can be reached at Bill@InsuranceCommentary.com.

Rather listen?

Also available in audio format at IABforME.buzzsprout.com

Q. When you’re not working, how do you like to spend your time?

A. When I’m not working, I love spending time with my wonderful husband, Brad, our three sons – Kyler (18), Carter (13), and Kade (12) – along with our adorable dog, Rocco. We’re all about outdoor activities – beach days, fishing, nature walks, basketball – you name it!

With three teenage boys, I’ve even started playing Fortnite to spend as much time with them as possible. They think it makes me a cool mom, haha!

STATEMENT OF OWNERSHIP, MANAGEMENT, AND CIRCULATION Title of Publication: Primary Agent

Publication Number: 0274-9025

Date of Filing: October 3, 2024

Mailing Address of Known Office of Publication: 650 Wilson Lane, Suite 200, Mechanicsburg, PA 17055-4440 Annual Subscription Price: no subscriptions Number of Issues Printed Annually: 12 Complete Mailing Address of the Headquarters or General Business Office of Publisher: 650 Wilson Lane, Suite 200, Mechanicsburg, PA 17055-4440 Publisher: IA&B Service Group Inc., 650 Wilson Lane, Suite 200, Mechanicsburg, PA 17055-4440 Editor: Karen Robison, 650 Wilson Lane, Suite 200, Mechanicsburg, PA 17055-4440 Owner: IA&B Service Group Inc., 650 Wilson Lane, Suite 200, Mechanicsburg, PA 17055-4440 The purpose, function, and nonprofit status of this organization and the exempt status for federal income tax purposes has not changed during the preceding 12 months.

Extent and Nature of Circulation

Avg. No. of Copies Each Issue During Preceding 12 Months

No. Copies of Single Issue Published Nearest to Filing Date

A. Total number of copies B. Paid Circulation 1. Mailed Outside-County Paid Subscriptions 2. Mailed In-County Paid Subscriptions 3. Paid Distribution Outside the Mails 4. Paid Distribution by Other Classes of Mail C. Total Paid Distribution D. Free or Nominal Rate Distribution 1. Free or Nominal Rate Outside-County Copies 2. Free or Nominal Rate In-County Copies 3. Free or Nominal Rate Copies Mailed 4. Free or Nominal Rate Distribution Outside the Mail E. Total Free or Nominal Rate Distribution F. Total Distribution G. Copies not Distributed H. Total I. Percent Paid

1,266

1,239

1,266 0 0 0 1,266

1,239 0 0 0 1,239

0 0 0 0 0 1,266 19 1,285 100%

0 0 0 0 0 1,239 15 1,254 100%

IABforME.com |

19

AMERISAFE HAS A NEW

MINIMUM PREMIUM OF $5,000 When you only do one thing, you better do it well and workers’ comp is all we’ve ever done for over 30 years.

WORKERS’ COMP IS ALL WE DO.

amerisafe.com • 800.256.9052 • asksales@amerisafe.com © 2024 AMERISAFE, Inc. AMERISAFE, the AMERISAFE Logo, and SAFE ABOVE ALL are registered trademarks of AMERISAFE, Inc. All rights reserved.

WELCOME

NEW & RETURNING MEMBERS Andrew J Benedict Ins Agency Inc. Aliquippa, PA

EARN CE WITH IA&B

E D U C AT I O N SCHEDULE

Bradley Agency Broomall, PA

DECEMBER 2024

Foresight Insurance LLC North Bethesda, MD

Register today! 800-998-9644, option 1 IABforME.com/education

Wolf Insurance Agency Inc. Baltimore, MD For information about membership or benefits, contact: Tim Wonder, VP-Membership 717-918-9223 TimW@IABforME.com

VISION A thriving independent insurance agent community.

MISSION STATEMENT To serve as a driving force to champion independent agency success by educating, consulting, advocating, and fostering community in Pennsylvania, Maryland, Delaware, and beyond.

PRIMARY AGENT Editor: Karen Robison KarenR@IABforME.com 717-918-9209 Contributing editors: Jennifer Ross, Megan Fioretta, Sarah Haas Sales Account Executive: Rebecca Sieg | 717-430-2351 rebecca.sieg@theygsgroup.com

CLASSROOM DATE TOPIC

LOCATION

Dec 10

Mechanicsburg, PA

CISR - Commercial Casualty I

LIVE WEBINARS DATE TOPIC

TIME

Dec 3

An Hour with Nicole: Why Personal Lines Deductibles Always Confuse Insureds

11 AM-12 PM

Dec 3

Inflation and Personal Lines: Helping Insureds Understand Why It Matters and What to Do

1-4 PM

Dec 4

CISR-Life & Health Essentials

8 AM-3:45 PM

Dec 5

Homeowners Deep-Dive: What You Need to Know About the Most Recent Forms

9 AM-12 PM

Dec 5

Social Security and Medicare: Your Questions Answered

1-4 PM

Dec 9

How It’s Built, How It’s Used, Will It Survive: Elements of Property Underwriting

1-4 PM

Dec 10

Preventing E&O Claims: Commercial Casualty Issues (How to Stay Out of Court!)

9 AM-12 PM

Dec 10

Mastering Business Income: Tools & Tips to Keep Insureds Flush

1-4 PM

Dec 10-12

Property & Casualty Licensing Study Course

8 AM-5:00 PM

Dec 11

CISR-Other Personal Lines Solutions

8 AM-3:45 PM

Dec 11

An Hour with Dave: What Everyone Must Know About Flood

2-3 PM

Dec 12

Ethical Dilemmas in Insurance and the Responsibilities of Agents

9 AM-12 PM

Dec 12

Stinkin Rich, Insurance Poor: P&C Coverage Challenges for High-Net-Worth Individuals

1-4 PM

IABforME.com |

21

©2024

Risk is everywhere. In everything. With Applied Underwriters by your side, the gears of commerce, innovation, and exploration keep turning. Experience the unrivaled heart and unwavering service that only Applied delivers.

Learn more at auw.com or call (877) 234-4450.