January 2022 by Insurance Agents & Brokers Service Group Inc

JANUARY 2022

BILL PURDY ON PERPETUATING THE FAMILY BUSINESS

EXCLUSIVE MEMBER MAGAZINE

ALSO INSIDE E&O CASE STUDY

JANUARY

2022

CONTENTS FEATURED 8 12

Q&A WITH BILL PURDY Bill Purdy talks about the family business, remote work, and Penn State sports. E&O CASE STUDY: NO GOOD DEED GOES UNPUNISHED An E&O attorney shares how a producer’s admission of wrongdoing in a series of emails complicated what could have been a highly defensible case.

MONTHLY JOIN US ON SOCIAL MEDIA: Facebook.com/IABforME LinkedIn.com/company/IA_and_B Twitter.com/IA_and_B YouTube.com 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, 5050 Ritter Road, Mechanicsburg, PA 17055. Primary Agent (ISSN 1543-3110), Permit # 638-620, Issue # 2022-1, is published monthly by IA&B Service Group Inc., a subsidiary of IA&B. Copyright 2022. All rights reserved. No material may 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.

CHAIR OF THE BOARD’S MESSAGE

DON'S DISCUSSION

COVERAGE CORNER

NEWS & NOTES

FINANCIAL REPORTS

PICS & POSTS

GET TO KNOW...

UPCOMING LIVE WEBINARS

IABforME.com |

CHAIR OF THE BOARD’S MESSAGE

PERSPECTIVES ON THE NEW YEAR As we begin the new year, I encourage you to face the challenges of finding our “new business normal” with optimism. If 2021 taught us anything, it is that we need to be flexible and willing to think outside the box – whether it be working remotely or a hybrid schedule, meeting with clients and potential clients via a video platform, deciding on mask or vaccination mandates at your workplace, or learning how to work within the disruptions of the supply chain. As each agency looks for ways to adapt, evolve, and grow in 2022, know that IA&B is doing the same on your behalf. The IA&B Board of Directors met in November, and I can report that the organization is poised to provide: ▲ More robust insurance programs for our agencies, including EPLI, Cyber, and D&O, in addition to agents’ E&O. ▲ Expanded offerings of IA&B’s most popular insurance education courses in preferred formats. ▲ Enhanced member resources, products, and services to meet the needs of remote and hybrid workplaces. ▲ Opportunities for young member agents to connect and find community. In this new year, I urge you to take advantage of the many benefits that come with your IA&B membership. I also encourage you reach out to me or the other IA&B Board members with your feedback or with your interest in getting involved. These are challenging times, but they offer opportunities as well. I wish you and your agencies a prosperous 2022.

INSURANCE AGENTS & BROKERS 5050 Ritter Road | Mechanicsburg, PA 17055 191 Main Street | Annapolis, MD 21401 800-998-9644 | IABforME.com

IA&B BOARD OF DIRECTORS OFFICERS Richard M. Rankin, CIC, Chair Lancaster, PA D. Bradley Rosenkilde Jr., Vice Chair Hunt Valley, MD

MEMBERS Gregory H. Bennett

Bel Air, MD

Sarah M. Brown, CIC, CRM, AFIS Shrewsbury, PA Andrew Enders, Esq.

Harrisburg, PA

Len Gieseler, LUTCF

Pottstown, PA

Jason R. Hess

Coraopolis, PA

Lisa A. Leach Goth, CIC

New Bethlehem, PA

Christopher J. Miller, CIC

Jonestown, PA

Michael A. Papa, CIC, MBA Hunt Valley, MD William H. Purdy

Sunbury, PA

Kent Reynolds, CIC

Hagerstown, MD

Jason Rodriguez

Wilmington, DE

Donna Roper

York, PA

Candace Shoupe, AAI, AIC

New Castle, DE

Tara S. Silfies, CPCU

Bethlehem, PA

Robert L. Smyrl Jr., CIC

Hatfield, PA

Michael Thomas

Gambrills, MD

Sheila Wells, CIC, CISR

Rehoboth Beach, DE

J. Marshall Wolff, CIC, CPCU Easton, PA

Best,

NATIONAL DIRECTORS Michael P. Ertel Sr. (PIA) Columbia, MD

Richard M. Rankin Chair of the Board

G. Greg Gunn, CIC (IIABA) Lemoyne, PA Diane Hornung Hanby (IIABA) Wilmington, DE

JANUARY 2022

DON'S DISCUSSION

DON'S DISCUSSION IA&B Legal & Corporate Affairs Director Don Bankus

Are you a member with a question? Contact Don to find the answer at 800-998-9644, ext. 603 or DonB@IABforME.com.

QUESTION: I’d like to hire a particular candidate and get her licensed as a producer, but she was convicted of a misdemeanor DUI in her late teens. Will this prohibit her from obtaining a producer license?

ANSWER: Great question. As you know, the Violent Crimes Control and Law Enforcement Act (VCCLEA) is a federal law which prohibits anyone who’s been convicted of a felony for dishonesty or breach of trust from working in insurance without first having secured prior written consent from the state’s insurance department. This is probably the law which gave you pause when the prospect informed you of her driving under the influence (DUI) conviction. The VCCLEA also prohibits you, as an employer, from willfully employing someone who’s been convicted of a felony for dishonesty or breach of trust, without ensuring such insurance department consent was obtained. In addition to the VCCLEA, each state’s producer licensing statute addresses issues pertaining to eligibility and suitability of applicants and lists prohibited acts which may preclude licensure. While your prospect’s DUI was classified as a misdemeanor offense, a DUI can be classified as a felony if the drunk driver: ▲ Causes serious injury or death to someone, ▲ Is arrested with a high blood alcohol content, or ▲ Has multiple convictions. Fortunately for you and your prospect, neither the

VCCLEA nor the state’s producer licensing statutes contain provisions or criteria that appear to exclude eligibility for licensing simply because she has a misdemeanor DUI on her record.

IMPORTANT NOTE A prospective licensee should never intentionally misrepresent or conceal a material fact in the application for a license. In addition to the fact you’d like to have an honest employee, upon receipt of an application, the department of insurance will run background checks. Failing to disclose applicable or required information could demonstrate dishonesty and untrustworthiness. And that, in and of itself, could be viewed by a respective insurance department as an attempt to obtain a license through misrepresentation or fraud, which is a prohibited act under the producer licensing statute, and could preclude licensure. Bottom line – always tell the truth. If you or your prospective employee has any questions regarding this issue, contact the licensing bureau of your respective state’s insurance department. Pennsylvania: 717-787-3840 or ra-in-producer@pa.gov Maryland: 410-468-2411 or producerlicensing.mia@maryland.gov Delaware: 302-674-7390 or licensing@delaware.gov

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.

IABforME.com |

VEHICLE-SHARING: WHEN YOUR PERSONAL AUTO INSUREDS TAKE ON HERTZ By Kevin C. Amrhein, CIC, CBIA Happy New Year! My hope is that by the end of this year everyone will recall 2022 as the year we all felt safe enough to finally get the #%^* out of the house and see the world. As the travel economy continues to rebound, companies that not long ago were about to tap out are experiencing a lucrative renaissance. One industry that relies almost solely on a booming travel economy is vehicle-sharing. The concept is simple: you travel to a city and need some wheels. Hertz and the like have supply shortages and/or rising rental costs (in what world does “Economy” equal $169/day?!). You decide to 4

check out a vehicle-sharing app like Turo and voila! Page after page of personally owned vehicles listed for your renting pleasure. It’s the sharing-economy model: convenience for the renter, income for the owner. But any sharing exposure is not without risk, and when it comes to vehicle-sharing, the risk to the owner is substantial. If you decide to put your wheels to work for you and become a host on a vehicle-sharing platform like Turo, it’s important to consider what your personal auto insurance has to say about it. JANUARY 2022

IT SAYS … IN A WORD … YUCK It’s no surprise that a personal auto insurer takes umbrage when a vehicle underwritten for personal use becomes an income stream for an insured. The ISO Personal Auto Policy (PAP) was never intended to cover an insured’s rental car enterprise and is adequately fortified against this exposure. Some believe the long-standing language commonly referred to as the “Public or Livery Conveyance” exclusion is far-reaching enough to eliminate coverage in all sections of the vehicle owner’s PAP. To remove any doubt, the 2018 version of the

COVERAGE CORNER ISO PAP includes language designed to clearly target the personal vehicle-sharing exposure. Here’s language as it appears in Part A – Liability Exclusions (note that this exclusion is not exclusive to Liability – similar language appears in each section of the policy): Part A – Liability Coverage, Exclusion A.10: 10. For the ownership, maintenance or use of “your covered auto” while: a. Enrolled in a personal vehicle sharing program under the terms of a written agreement; and b. Being used in connection with such personal vehicle sharing program by anyone other than you or any “family member”. Worth noting is the word “and”. Thus, for this exclusion to kick in, two things must happen. First, the owner must enroll the vehicle so it can be listed on the app as available for rent. Second, the accident must occur while operated by the renter.

OK, MY PAP IS AWOL. I STILL WANT TO GET RICH RENTING OUT MY CAR. While some personal auto insurers may have coverage solutions available, the ISO does not currently have an endorsement to amend the owner’s PAP to cover vehicle-sharing. The most likely insurance solutions are 1) protection through the app, or 2) commercial auto insurance. Regarding #1: as an example, Turo advertises both “insurance” and “vehicle protection” as available to owners. “Insurance” refers to liability coverage currently underwritten through its own insurance agency in partnership with Liberty Mutual. According to Turo’s website, liability insurance is included with all protection options at a limit of

$750,000 unless specifically stated otherwise. In contrast, “vehicle protection” – which incorporates reimbursement for physical damage and loss of use options – is arranged with Turo directly. Owners are required to choose one of the protection options. The broader the protection option selected, the greater the percentage of the rental fee retained by Turo. For example, Turo currently refers to its broadest protection option as the “60 Plan.” Should the owner select this option, the owner keeps 60% of the rental price. Regarding #2: should an owner obtain commercial auto insurance underwritten for rental exposure, he/she may reject Turo’s protection options and retain a greater percentage of the rental fee. It should come as no surprise that both the insurance and vehicle protection plans include extensive terms, conditions, and exceptions which owners should carefully review before renting.

That’s all for now. Until the next round … cheers! Kevin C Amrhein, CIC, is IA&B's education consultant. He works with our CISR and CIC programs, as well as our special topic seminars and live webinars. Catch him at one of our upcoming professional training offerings: IABforME.com

COVERAGE COURSES Learn more about evolving personal lines coverages and earn CE with these upcoming live webinars. Member price is only $75.

PERSONAL LINES COVERAGE CONCERNS: ANNOYING BUT IMPORTANT

JAN. 18

TAKEAWAYS FOR THE AGENT ▲ Vehicle-sharing apps are common. It’s likely that Turo – the space’s largest player – has a presence in your community and that (whether they’ve told you or not) you have personal auto insureds listing a vehicle. ▲ Agents must be cautious when asked to detail an app’s insurance protection. Details of such protection are typically buried in contracts that agents don’t have access to or control. ▲ Agents should clearly communicate that the owner’s PAP will not cover accidents which occur during a rental. IABforME.com |

9 AM - Noon

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PERSONAL LINES CLIENTS & THEIR NEW NORMAL JAN. 27 9 AM - Noon

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NEWS & NOTES

EDUCATION SCHOLARSHIPS Stay tuned…. On Wednesday, Jan. 12, we’ll announce the winter 2022 IA&B insurance education scholarship recipients. Scholarships will be awarded to member agencies for staff to attend CIC and CISR courses, CPIA seminars, and CE webinars. Watch your email inbox and IA&B’s social media accounts for the announcement. IA&B introduced the insurance education scholarship program in 2018 to support the future of the independent agency system. The program aims to develop new talent and support existing agency staff through insurance education. Each year, IA&B awards about $10,000 in scholarships. Scholarships are available for licensing study courses throughout the year. Applications for the next round of scholarships for full designations, designation courses, and CE webinars will be available this summer. IABforME.com/IAB-educationscholarships

LEADER OF THE A Note from AgentPAC Contributor Doug Loesel

SHANNON & LUCHS INSURANCE AGENCY Congratulations to IA&B member agency Shannon & Luchs Insurance Agency on its 115th anniversary. Established in 1906, the firm is located in Gaithersburg, MD. Is your agency celebrating a milestone anniversary? Whether it’s five years or 125 years in business, we want to acknowledge your accomplishment. Submit a (historical or present-day) photo for inclusion in Primary Agent magazine. Email announcements and images to IA&B Public Relations Director Karen Robison at KarenR@IABforME.com.

INSIGHTS FROM AN INSURANCE LEADER

IABforME.com/marketing-resources 6

AgentPAC President’s Club member and past IA&B board member Douglas A. Loesel, CPCU, of the Loesel Schaaf Agency in Erie, PA is a long-time leader in supporting AgentPAC. When asked what drives his commitment to contribute, Doug said, “We need a voice in the legislative process to safeguard our profession. AgentPAC is part of the ‘insurance policy’ for our long-term survival. This is a premium for our continued success.” Thanks to support from member agents like Doug, AgentPAC is able to ensure that the collective voice of independent agents is heard during the legislative and political process.

MEMBER BENEFIT HIGHLIGHT Access the nearly two dozen consumer flyers online. Save time and effort by using IA&B’s library of vetted insurance content to respond to customers’ questions or to proactively educate consumers.

AgentPAC is IA&B’s state-based, bipartisan political action committee which supports the election of candidates and legislators who understand the issues important to the independent agent and broker community. Support of these candidates critical to IA&B’s government affairs work would not be possible without AgentPAC contributions from engaged IA&B member agents.

Hear from IA&B Chair of the Board Rick Rankin. In this brief, recorded conversation, he offers accolades for independent agents' resiliency, perseverance, and camaraderie. IABforME.com/board-directory/ JANUARY 2022

Join the effort and learn more about AgentPAC by visiting IABforME.com/ political_advocacy or contacting IA&B Government Affairs Director Lauren Brinjac at 800998-9644, ext. 607 or LaurenB@ IABforME.com

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Find Out What the ANE Advantage is Today 800.700.9643 information@ane-agents.com www.ane-agents.com

Q&A with

BILL PURDY Bill Purdy is President of Purdy Insurance Agency. Based in Sunbury, PA, the full-service agency now includes fourth-generation family members. Bill also serves on the IA&B Board of Directors. Insurance is obviously a family affair for your agency. How many family members work there now?

it, and we let them decide what they were interested in. Everyone made their own decisions.

Currently, seven. It’s myself and my two brothers [Chris Purdy and Craig Purdy]. And we’re working on the next generation plans. My daughter [Season Purdy Looper], and two of Chris’s sons [Truman R. Purdy & Adam Purdy] have acquired an interest in the business and are involved with the day-to-day operations; my son in law [Andy Looper] is also in the business.

Many IA&B member agencies are family businesses. What’s your best advice to other agency leaders who are bringing the next generation on board?

Was there any doubt that you and your brothers would follow your father and grandfather into the business? That was something I wanted to do growing up. Both of my brothers went to Gettysburg College. My oldest brother thought about being a school teacher, and Craig thought about law school. But after they talked about the opportunities with Dad [Truman H. Purdy], they decided they were coming into the office. For me, I always wanted to work with Dad. When I chose a college, there weren’t many with insurance programs. I chose a university that had one, but when I got there, I realized that you couldn’t get into the insurance generations... programThree until you were a senior in college. So I came home and went to work in the office and took business courses at Susquehanna University. How about the next generation – did you know all along that they would join the agency? I would say that Adam was pretty focused on coming in and joining the business. The rest of them weren’t sure. We didn’t put pressure on anyone. We explained the positives, the responsibility, and the work that goes with 8

I think it’s important to let them know what’s involved – the opportunities and responsibilities. Many of us work a lot of hours. Kids may look at it and say, I don’t know if I want to put in all of that time and have that responsibility. But if you’re going to be successful anywhere, it takes that commitment. My dad and several business associates that have family businesses have a rule: the kids needed to work somewhere else first, before coming into the family business. I spent a year working on road construction for Faylor Middlecreek before going to work in the agency. The same applied for Truman, Adam, and Season. They all worked various jobs – at restaurants, a senator’s office, construction, and another insurance agency – before joining the business. It’s good to have some life experience, and it’s an opportunity to grow personally and professionally. You’ve spent your career in the industry. What has changed for the better over the years? And what has become more difficult for independent agents? Some of it is the same – the good also presents challenges. For example, the growth of technology has given us the ability to be more efficient and have information at our fingertips, but it also has changed the knowledge agents need to differentiate themselves. It’s much easier to offset that knowledge base with technology these days. To me, that’s a good thing and a bad thing.

JANUARY 2022

ON THE COVER I also think carriers have changed over the years. When I started in the business, everyone referred to “Mother Aetna.” They took care of their employees, agents, and communities. They had a great training program and experienced, knowledgeable underwriters. In today’s world, a lot of companies work on partnerships with agencies, but it’s not quite the same. Technology again is a good thing and bad thing. Underwriters can miss out on the in-depth knowledge and personal experience because underwriting today is mostly done through the computer with the use of analytics. It’s a good thing to have those resources, but you can’t let it keep you from forming relationships and thinking and working outside the box as they underwrite an account. What’s the best professional advice you ever received? Two things. First. Always listen to and learn from everyone. It doesn’t matter if it’s your boss, spouse, employee, or someone you meet along the journey. Secondly, when you’re working with a client, don’t be afraid to tell the individual that you don’t have an immediate answer for them. Then do the research and get the information. This allows you to answer the question confidently and ensures the client you are always working in their best interest.

State) and leaders of several of the college conferences. He made a lot of relationships there. Our family has been a season ticket holder for Penn State Football since the 1950s; we actually have the same seats. We developed a football scholarship at Penn State in memory of my dad and mom (Truman & Kay Purdy). I also enjoy PSU wrestling and ice hockey. WE ARE Penn State Fans! What was the best game or match you ever attended? That’s really hard to pick. I missed a lot of big [football] games because of travel and work, but probably the one that was the most fun was the Nebraska game back in 1982 – the year they won their first national championship. Also, I would occasionally go to regional and national wrestling championships. They were a lot of fun. In general, a favorite memory is back in the ‘60s, when I would go to State College with my father. He’d have one or two friends who’d want to go, and we’d start in the morning and stop along the way to go woodcock and grouse hunting. We’d get there in time to have a true tailgate out in the field and then watch the football game. Totally different atmosphere than it is today!

The past two years have turned the world on its head. What permanent changes have you noted from the pandemic? I think the remote-work/work-from-home model is here to stay in some fashion. We have a mix of employees, some like working from home and away from the day-to-day office distractions, while others like an office to go to and thrive on being in the workplace and the socialization. It’s figuring out the right mix for everyone. No matter what happens, you’re going to need remote-work availability for people in the future.

Adam Purdy, Season Purdy Looper, and Truman R. Purdy represent the fourth generation in the agency.

We understand you’re a Penn State sports fan. What sporting events do you attend? I’ve been going to Penn State since I was a kid. We’re all big sports enthusiasts. When my father was getting ready for college, he went to Wyoming Seminary in Kingston, PA. It was a college prep school, so they did a lot of work with athletes who needed to build up their education before they went to college. He met a lot of people who became coaches (including many assistants and scouts for Penn IABforME.com |

Bill with his wife, their children, and grandchildren 9

FINANCIAL REPORTS

IA&B FINANCIAL REPORTS IA&B maintains a strong combined statement of financial position with $11.3 million in assets, $7.9 million in member equity, and no third-party financed debt. Over $950,000 of net operating income is reflected on the combined statement of activity for the year ended March 31, 2021. IA&B supports the activities that our members value – effective advocacy, timely compliance resources, and quality education. We’re over 1,100 members strong across three states. Due to the pandemic, no classroom courses were offered during the fiscal year. However, 7,200 individuals logged into 245 webinars. Additionally, members purchased approximately 1,500 policies through us for their agency insurance coverage. This 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, 2021 is on file at IA&B headquarters. These statements are a summary of that report. 10

INSURANCE AGENTS & BROKERS INSURANCE AGENTS & BROKERS COMBINING STATEMENT OF ACTIVITIES COMBINING STATEMENT OF ACTIVITIES March 31, 2021 March 31, 2021 IAB OF PA IAB OF PA Revenues: Revenues: Membership Dues Membership Professional Dues Training Professional Training Events & Member Products Events & Member Products Publications Publications Royalties & Commissions Royalties Consulting& Commissions Consulting Other Other Total Revenues Total Revenues

IAB of MD IAB of MD

Combined IABCombined Associations IAB Associations

DAIAB DAIAB

354,115 354,115 983,649 983,649 8,533 8,533

70,911 70,911 196,975 196,975 1,709 1,709

18,172 18,172 50,476 50,476 438 438

681,007 681,007

136,371 136,371

34,944 34,944

2,027,304 2,027,304

405,966 405,966

104,030 104,030

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

15,070 15,070

3,018 3,018

773 773

641,151 641,151 9,785 9,785

128,391 128,391 1,960 1,960

32,902 32,902 502 502

69,087 69,087 1,272,818 1,272,818 43 43 2,007,954 2,007,954

13,834 13,834 254,886 254,886 9 9 402,098 402,098

Net Operating Income (Loss) Net Operating Income (Loss)

19,350 19,350

12,116 12,116

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

IAB IABGroup Service Service Group

443,198 443,198 1,231,100 1,231,100 10,680 10,680 0 0 852,322 852,322 0 00 0 2,537,300 2,537,300

(1,614) (1,614) 108,063 108,063 2,291,359 2,291,359 535,407 535,407 2,368,436 2,368,436 5,303,265 5,303,265

3,545 3,545 65,313 65,313 3 3 103,038 103,038

18,861 18,861 0 0 802,444 802,444 12,247 12,247 0 0 86,466 86,466 1,593,017 1,593,017 55 55 2,513,090 2,513,090

3,544,363 3,544,363 45 45 4,383,972 4,383,972

3,868 3,868

992 992

24,210 24,210

919,293 919,293

1,788 1,788

458 458

14,362 14,362 0 0

(82,074) (82,074) 626 626 3,800 3,800 (22,400) (22,400) 385,528 385,528 20,402 20,402 (160,223) (160,223) (96,506) (96,506) 49,153 49,153 968,446 968,446

17,632 17,632

3,531 3,531

905 905

546,921 546,921

88,253 88,253

30,673 30,673

576,669 576,669

93,572 93,572

32,036 32,036

22,068 22,0680 0 665,847 665,8470 0 0 00 0 0 0 702,277 702,277

596,019 596,019

97,440 97,440

33,028 33,028

726,487 726,487

766,722 766,722 3,481 3,481 69,361 69,361

INSURANCE AGENTS & BROKERS INSURANCE AGENTS & BROKERS COMBINING STATEMENT OF FINANCIAL POSITION INSURANCE AGENTS & BROKERS COMBINING STATEMENT OF2021 FINANCIAL POSITION March 31, COMBINING STATEMENT OF FINANCIAL POSITION March 31, 2021 March 31, 2021 ASSETS ASSETS ASSETS Combined

Cash & Cash Equivalents Cash &Premium Cash Equivalents Cash, Fiduciary Account Cash, Fiduciary Account Cash &Premium Cash Equivalents Accounts Receivable Accounts Receivable Cash, Premium Fiduciary Account Prepaid Expenses Prepaid Expenses Accounts Receivable Inventory InventoryExpenses Prepaid Inter-corporate Loans, current portion Inter-corporate Loans,Funds current Inventory Investments - Mutual & portion ETFs Investments - Mutual Funds & portion ETFs Inter-corporate Loans,Assets current Total Current Total Current Investments - Mutual Assets Funds & ETFs Total Current Assets net Property & Equipment, Property & Equipment, net Property & is Equipment, net & Cash Whose Use Limited, Board Cash Use is Limited, Board & DonorWhose Designated DonorWhose Designated Cash Use is Limited, Inter-corporate Loans, net of Board & Inter-corporate Donor currentDesignated portion Loans, net of current portion Inter-corporate Loans, net of Investment in Big I Reinsurance Co. Investment in IAB Big IService Reinsurance current portion Investment in GroupCo. IAB IService GroupCo. Investment in Big Reinsurance Other Entities Other Investment in IAB Group Other Assets, Net Service of Entities Amortization Other Value, Assets, NetInsurance ofEntities Amortization Investment inLife Other Cash Cash Value, Life Insurance Other Assets, Net of Amortization Present Value, Annuity Contracts Present Value, Cash Value, LifeAnnuity Insurance Deferred Income Tax Contracts Deferred Income Tax Present Value, Annuity Contracts Total Other Assets Total Other Assets Deferred Income Tax Total Other AssetsAssets Total Assets Total Assets

Total Current Liabilities Total Current Liabilities Total Current Inter-corporate LoansLiabilities Inter-corporate Loans Deferred Tax Liability Deferred Tax Liability Inter-corporate Loans Retirement Obligations Retirement Obligations Deferred Tax Liability Total Long-term Liabilities TotalObligations Long-term Liabilities Retirement Total Long-term Liabilities Net Assets, unrestricted NetCapital Assets,Stock unrestricted Capital NetAdditional Assets,Stock unrestricted Paid-in Capital Additional Paid-in Capital Stock Designated FundsCapital DesignatedPaid-in FundsCapital Additional Undesignated Undesignated Designated Total NetFunds Unrestricted Assets Total Net Unrestricted Assets Undesignated Total Net Unrestricted Assets Liabilities & Net Assets Total Liabilities & Net Assets Total Liabilities & Net Assets

IAB OF PA IAB OF PA IAB1,926,122 OF PA 1,926,122 1,926,122 805,357 805,357 9,514 9,514 805,357 9,514 226,608 226,608 1,986,576 1,986,576 226,608 4,954,177 4,954,177 1,986,576 4,954,177

IAB of MD IAB of MD IAB of32,662 MD 32,662 32,662 638,035 638,035 1,904 1,904 638,035 1,904 324,614 324,614 997,215 997,215 324,614 997,215

316,754 316,754 316,754 568,169 568,169 90,000 90,000 568,169 486,082 486,082 90,000 486,082

102,013 102,013 102,013

1,461,005 1,461,005 1,461,005 6,415,182 6,415,182 6,415,182

102,013 102,013 102,013 1,099,228 1,099,228 1,099,228

1,753,470 1,753,470 1,753,470 0 0 0

305,018 305,018 4,356,694 4,356,694 305,018 4,661,712 4,661,712 4,356,694 4,661,712 6,415,182 6,415,182 6,415,182

JANUARY 2022

DAIAB IABCombined Associations DAIAB IABCombined Associations DAIAB 247,850 IAB Associations 2,206,634 247,850 2,206,634 0 0 247,850 2,206,634 173,193 1,616,585 173,193 1,616,585 0 489 11,907 489 11,907 173,193 1,616,585 0 0 489 11,907 226,608 226,608 0 112,291 2,423,481 112,291 2,423,481 226,608 533,823 6,485,215 533,823 6,485,215 112,291 2,423,481 533,823 6,485,215 0 0 0 316,754 316,754 316,754 568,169 568,169 30,000 120,000 30,000 120,000 568,169 12,005 600,100 12,005 600,100 30,000 120,000 0 0 12,005 600,100 0 0 0 0 0 42,005 1,605,023 42,005 1,605,023 0 42,005 1,605,023 575,828 8,090,238 575,828 8,090,238 575,828 8,090,238

LIABILITIES & NET ASSETS LIABILITIES & NET ASSETS LIABILITIES & NET ASSETS 2,539,645 619,858 166,317 619,858 619,858

166,317 166,317

0 0 0

2,539,645 2,539,645 0 0 0 0 0 0 0

409,511 409,511 409,511 409,511 409,511 575,828 575,828 575,828

0 0 0 0 305,018 305,018 0 5,245,575 5,245,575 305,018 5,550,593 5,550,593 5,245,575 5,550,593 8,090,238 8,090,238 8,090,238

479,370 479,370 479,370 479,370 479,370 1,099,228 1,099,228 1,099,228

Intercompany Intercompany Eliminations Eliminations

IAB IABGroup Service Service IABGroup Service Group 1,099,502 1,099,502 285,960 285,960 1,099,502 334,351 334,351 285,960 65,122 65,122 334,351 65,122 275,474 275,474 2,060,409 2,060,409 275,474 2,060,409 2,003,125 2,003,125 2,003,125

(25,795) (25,795) (1,590,573) (1,590,573) (1,617,982) (1,617,982)

(5,439) (5,439) (31,837) (31,837) (1,995) (1,995) (777) (777) (1,594,289) (1,594,289) (1,634,337) (1,634,337) 16,355 16,355

Combined Combined IAB IAB 441,584 441,584 1,231,100 1,231,100 10,680 10,680 82,268 82,268 3,143,681 3,143,681 535,407 535,407 777,863 777,863 6,222,583 6,222,583 18,861 18,861 761,283 761,283 770,607 770,607 13,733 13,733 69,361 69,361 85,689 85,689 3,543,091 3,543,091 100 100 5,262,725 5,262,725 959,858 959,858

14,362 14,362 (82,074) (82,074)

(16,355) (16,355)

(16,355) (16,355) 0 0

Intercompany Intercompany Eliminations Eliminations Intercompany Eliminations

22,694 22,694 3,800 3,800 627,092 627,092 385,528 385,528 20,402 20,402 (160,223) (160,223) (96,506) (96,506) 735,075 735,075 1,694,933 1,694,933

40,000 40,000 16,207 16,207 40,000 1,122,535 1,122,535 16,207 632,929 632,929 1,122,535 555,462 555,462 632,929 2,367,133 2,367,133 555,462 2,367,133 6,430,667 6,430,667 6,430,667

(1,168,269) (1,168,269) (1,168,269) (3,202,502) (3,202,502) (3,202,502)

Combined Combined IAB IAB Combined IAB 3,306,136 3,306,136 285,960 285,960 3,306,136 143,311 143,311 285,960 77,029 77,029 143,311 0 0 77,029 0 0 2,698,955 2,698,955 0 6,511,391 6,511,391 2,698,955 6,511,391 2,003,125 2,003,125 2,003,125 316,754 316,754 316,754 0 0 120,000 120,000 0 0 120,000 40,000 40,000 0 16,207 16,207 40,000 1,122,535 1,122,535 16,207 632,929 632,929 1,122,535 555,462 555,462 632,929 4,807,012 4,807,012 555,462 4,807,012 11,318,403 11,318,403 11,318,403

1,105,192 1,105,192 1,105,192 568,169 568,169 82,682 82,682 568,169 1,772,183 1,772,183 82,682 2,423,034 2,423,034 1,772,183 2,423,034

(2,034,233) (2,034,233) (2,034,233) (568,169) (568,169) (568,169) (568,169) (568,169) (568,169)

1,610,604 1,610,604 1,610,604 0 0 82,682 82,682 0 1,772,183 1,772,183 82,682 1,854,865 1,854,865 1,772,183 1,854,865

100 100 600,000 600,000 100 600,000 2,302,341 2,302,341 2,902,441 2,902,441 2,302,341 2,902,441 6,430,667 6,430,667 6,430,667

(100) (100) (600,000) (600,000) (100) (600,000) (600,100) (600,100) (600,100) (3,202,502) (3,202,502) (3,202,502)

0 0 0 0 305,018 305,018 0 7,547,916 7,547,916 305,018 7,852,934 7,852,934 7,547,916 7,852,934 11,318,403 11,318,403 11,318,403

(1,807,625) (1,807,625) (1,807,625) (226,608) (226,608) (226,608) (2,034,233) (2,034,233) (2,034,233)

(568,169) (568,169) (568,169) (600,100) (600,100) (600,100)

Thank You Thank you to our

PLATINUM PARTNERS for supporting the independent agent network. ACUITY Erie Insurance Millers Mutual Group Penn National Insurance Plymouth Rock Assurance BECOME A PARTNER TODAY Interested in becoming a partner? Reach out today. Tim Wonder, IA&B VPMembership 800-998-9644, ext. 351 TimW@IABforME.com IABforME.com |

No Good Deed Goes

Unpunished By Howard S. Kronberg, Esq., Keidel, Weldon & Cunningham, LLP

JANUARY 2022

NO GOOD DEED GOES UNPUNISHED Think you’ve made an error? Tread carefully…. On the following pages, learn from a fellow producer. What could have been a highly defensible case was complicated by the producer’s admission of wrongdoing in internal communications before an E&O claim was submitted or E&O counsel was retained. During the lockdown, I watched a lot of funny, lighthearted compilation videos on YouTube looking for a moment of levity. I found myself particularly enjoying those clips of young children caught red-handed by their parents after doing something naughty, like covering their younger sibling in shaving cream or makeup. Several similar clips stand out in my memory where the child is covered in paint, with it also all over the floors and walls. What I always found most intriguing is that in every instance, when confronted by their parent with what they had done, the child always denies that he or she did anything wrong, or amazingly, that anything happened at all. “What paint, Mommy?” It is a primal survival dynamic, hard-wired into our species, to deny any wrongdoing, no matter the truth. As we have seen, that behavior can have deleterious consequences. But that is also why I have the utmost respect for insurance agents and brokers when, as they always should to their E&O lawyers, they tell the truth as to the facts that give rise to an E&O claim or lawsuit. Thank you. That being said, insurance agents and brokers that are facing a potential or actual E&O claim or lawsuit should never be that candid in any internal communications, whether oral or written. Such candor, true or from a place of misplaced guilt, can mean the difference between winning and losing that E&O claim or lawsuit. This [article] is to provide caution and admonition regarding this issue. Here is why. Recently, I handled an E&O claim with the following facts. The insured had primary auto insurance from Progressive that they obtained directly from the insurance carrier. There were two autos scheduled on the auto policy. The broker only handled the excess insurance for the client, on which the same two autos were specifically listed. In 2015, the insured bought a third auto. While the insured added the third auto to the primary policy, they never advised the broker of its purchase at that same time. A year went by. The primary and excess policies were ready to renew. The broker asked if they could also quote the auto policy. The insured said “yes” and emailed the broker IABforME.com |

the list of all three autos. But that email did not mention anything about the insured wanting to add the third auto to the excess insurance policy that they had in effect through the brokerage. The insured stayed with Progressive for their auto insurance coverage. The third auto was not added to the excess insurance policy by the broker. For two years after the third auto was purchased by the insured, it was not listed on the excess insurance policy and was therefore uninsured for excess coverage. Of course, a serious accident then occurred that would have triggered the excess insurance coverage. What this situation did instead was trigger an E&O claim against the broker and our involvement. The case was highly defensible under New York law, because absent a specific request to add the third auto to the excess insurance policy, there was no duty on the broker to do so. Based upon the facts, it feels like there should be, or might be, a duty for the broker to add the third auto to the excess insurance policy; but there is not. The fact that the broker learned that the customer had the third auto prior to the time of the accident is legally meaningless. However, the producer on the account, commendable in their forthrightness, felt that they had done something wrong and had let down their insured. There is nothing wrong with “feeling” that way. The problem was that they stated that and admitted wrongdoing in a series of emails (1) after the excess carrier denied coverage, and (2) before an E&O claim was submitted, and (3) before we were retained. Understand this: Technical arguments aside, those emails would be discoverable by the plaintiff during litigation. There is an old saying that “bad facts make bad law.” This is such an example. Any judge asked to dismiss the case against the insurance brokerage on the lack of a duty would bend over backwards to figure out a way to hold the broker liable when presented with such emails; likely making very bad law for brokers as a result. 13

NO GOOD DEED GOES UNPUNISHED Under New York law, discovery is limited to “all matter material and necessary in the prosecution or defense of an action, regardless of the burden of proof, by a party, or the officer, director, member, agent or employee of a party.”[1] While we would argue that “duty” is purely a question of law [2], and thus the later statements of the producer are not material or necessary to a legal question, it is likely the court would direct their production. Also, keep in mind that since the statements were made by the producer before an E&O claim was submitted, and before counsel was retained, we would not be able to argue for either “attorney work product” tied to the claim-handling function of the E&O carrier, nor “attorney-client Privilege.” Regarding attorney-client privilege, also know that even after E&O counsel is retained, unless counsel is part of the communication, the privilege will not attach. Thus, such emails and internal oral conversations would be discoverable.

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[1] New York Civil Practice Law and Rules §3101(a)

JAN. 11

[2] “[T]he imposition of duty presents a question of law for the courts.” Eiseman v. State, 70 N.Y.2d 175, 198 (1987). The scope of a legal duty owed is also to be determined only by the courts. Waters v. New York City Housing Authority, 69 N.Y.2d 225, 229 (1987); Beato v. Cosmopolitan Associates, LLC, 69 9 A.D.3d 774, 776 (2d Dept. 2010).

1 AM - 4 PM 3 CREDITS

AGENT’S E&O: DUTIES, BEST PRACTICES, OPERATIONS, WORKFLOWS, AND CERTIFICATES

Keidel, Weldon & Cunningham, LLP concentrates its practice in the defense of insurance agents and broker’s errors and omissions claims and litigation, errors and omissions loss control counsel and education, insurance coverage analysis and litigation, and insurance regulatory matters. Direct any comments or questions to James C. Keidel, Esq. at jkeidel@kwcllp.com.

FEB. 8 1 AM - 4 PM

3 CREDITS

Insurance agents and brokers should always do the following once they learn of facts that may give rise to a potential E&O claim or lawsuit: (1) Save everything, all documents and files, emails and communications in physical or digital format, and separate them from the customer file. (2) Notify your E&O insurer sooner rather than later. These things do not go away. (3) Say nothing about the matter internally orally and certainly not in any email, memorandum, letter, or other writing, without making sure that your E&O counsel is included on each and every communication. (4) If you have to communicate as to any factual investigation, do it without comment or admission. Throwing yourself on the sword, while an indication of a moral compass and character, will not help the case and may significantly hurt it. The prudent insurance agency or brokerage that proceeds as outlined above will be in the best position to defend itself if it is faced with an E&O claim or lawsuit.

AGENT’S E&O: DEFENSES AND PREVENTIONS FOR THE INSURANCE PROFESSIONAL

One final point. There is also the possibility, while we think rare, that such “admissions of liability” could be argued by your E&O carrier to potentially violate the provision in the professional liability insurance policy that states something like this: “The Insured shall not, except at the insured’s own cost: voluntarily admit or assume liability....” This could be the basis for a claim denial, or at least a Reservation of Rights letter by the professional liability insurer and sleepless nights for the agency owners when litigation comes.

JANUARY 2022

PICS & POSTS

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STAYING AHEAD OF THE FORECAST Depending upon where you live or work, winter weather can be more than an inconvenience. Freezing temperatures, snow and ice build up, and severe storms or blizzards can wreak havoc upon property — both homes and businesses. Even in areas not traditionally impacted by winter conditions (think Winter Storm Uri in Texas earlier this year), it’s best to be prepared for the worst by staying ahead of the forecast. We offer several tips to share with your clients here.

FREEZING TEMPERATURES HVAC/Furnace Units Make sure furnace/heating systems are ready for cold weather. Change filters, clean air ducts, and test the thermostat periodically. A malfunctioning heating unit means lower temperatures inside a home or business, which could lead to frozen pipes. Pipes Burst pipes are the most common cause of property damage during winter. To avoid, wrap pipes with insulation in spots most vulnerable to freezing (exterior walls, attics, unheated basements, etc.) On extremely cold days, keep the water flowing by allowing a few faucets to drip. Roofs/Gutters When snow packs into gutters and melted runoff has nowhere to go, ice dams can form around the edges of a property’s roof, causing serious damage by tearing off gutters or starting leaks. If possible, install and turn on heated cables around the edge of the roof before a snowstorm hits. If you have a long enough roof rake, use it to pull the snow to the ground.

To avoid frozen pipes, thermostats should be maintained at a minimum of 55° F when the dwelling is unoccupied.

STORMS & BLIZZARDS Get the Right Tools • Ice Melt – Rock salt or some form of ice melt is essential to keeping walk and driveways safe. Stock up on enough ice melt to last a few snowstorms. • Shovels/Snow Blower – Make sure at least one functional shovel is on hand for the property. Ensure snow blowers are properly maintained and won’t break down when needed most.

Secure the Perimeter • Check the Roof – Snow and ice bearing down onto a roof can be perilous. Estimate the fortitude of the roof. A typical residential roof can withstand roughly 4 ft. of fresh snow, 2 ft. of packed snow, or 1 in. of ice. • Seal Cracks and Drafts – Seal cracks around buildings with caulking and add insulation where necessary. Apply weather stripping to doors/windows to prevent drafts and water from seeping in. • Trim Trees – Remove overhanging tree branches outside of the property. The weight of snow and ice can easily cause tree branches to break. Clear any other debris such as leaves and sticks before a storm arrives.

The information contained herein is not all inclusive but intended to provide a general overview for marketing purposes. The information may not apply to all Berkshire Hathaway GUARD Insurance Companies or in all states and should not replace the guidance, advice, or recommendations from licensed insurance or legal professionals or other industry experts. All state and federal rules/regulations apply. © December 2021.

2021 According to a recent National Oceanic and Atmospheric Administration (NOAA) environmental report, the U.S. was hit with 18 weather or climate disasters in the first nine months of 2021. On top of the catastrophic human toll, disaster costs for that period are over $104 billion, already surpassing the disaster costs for all of 2020. Source: NOAA National Centers for Environmental, State of the Climate: National Climate Report for September 2021 | https://www.ncdc.noaa.gov/ sotc/national/202109

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STAFF PROFILE

Get to Know … Kevin Hord, CIC, CPCU, ACLS, MBA IA&B Insurance Agency Senior Director

Years with IA&B: I’ve been with IA&B for a little over nine years. Previously, I worked on the carrier side for 13 years in claims, underwriting, and territory management.

Role at IA&B: I manage the association’s agency, which consists of me and three other licensed insurance professionals. We offer agents a one-stop shop for all of their professional liability needs, including E&O, EPLI, Cyber, D&O, and Excess E&O/ Agents’ Umbrella. We also administer the RLI Personal Umbrella and Home Business BOP programs. In addition to management, I service an assigned book of business consisting of some of our larger insureds and group E&O programs for several agency networks. Lastly, I establish and foster positive working relationships with our carrier partners to support our members’ insurance needs.

Best part of your job: Interaction with our policyholders. Assisting our members in protecting their agency’s financial well-being can be quite rewarding. Not to mention the personal relationships you build over the course of handling their business.

Favorite sports team: Growing up in Maryland, I always rooted for the Orioles, Terps, or Ravens, but my absolute favorite is the Washington Capitals.

Hidden talents: I’ve played guitar since 7th grade and minored in Classical Guitar in my college days. Today I mostly play modern fingerstyle.

You can reach Kevin at: 800-998-9644, ext. 209 KevinH@IABforME.com

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IA&B Members: Shopping E&O? ▲ We have the plans that agencies need. For personalized service, CONTACT DAVID WERTZ, CPIA 800-998-9644, ext. 506 DavidW@IABforME.com IABforME.online/insurance

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ATTENTION INSURANCE SUPERHEROES: REGISTER FOR 2022 WINTER COURSES Your customers count on you when they need help. Our education goal is simple: To give you the tools to be an insurance hero. Through IA&B education, you can conquer the insurance world for your clients.

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JANUARY 2022

WELCOME NEW MEMBERS Nathan Russell Insurance Mt. Airy, MD Gilmartin Insurance Agency LLC Scranton, PA Russell G. Lewis Insurance Agency Columbia, MD

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E D U C AT I O N SCHEDULE JANUARY 2022 Register today! 800-998-9644, option 1 IABforME.com/education LIVE WEBINARS DATE TOPIC

TIME

Curtis Perago Insurance York, PA

Jan 11

Insurance Jeopardy! Testing Your Knowledge of Personal & Commercial Lines

9AM-12PM

For information about membership or benefits, contact:

Jan 11

Agent’s E&O: Defenses and Preventions for the Insurance Professional

1-4 PM

Jan 12

CISR-Commercial Property

8AM-3:45PM

Jan 13

Cyber - Evolution, Exposures, Incidents & Insurance

9AM-12PM

Jan 13

Commercial Insurance Coverages, Court Cases & Chaos 1-4 PM

Jan 18-19

CIC-Insurance Company Operations Institute

8AM-5PM

Jan 18

Personal Lines Coverage Concerns: Annoying But Important

9AM-12PM

Jan 18

Ethics: Essentials for the Insurance Producer

1-4 PM

Jan 19

CISR-Personal Lines Miscellaneous

8AM-3:45PM

Jan 20

“How/Where the %^* Will I Live?” Insurance Solutions for the Long-Term

9AM-12PM

Jan 20

Commercial Property - Direct vs. Indirect Damage

1-4 PM

Contributing editors: Jennifer Ross Megan Fioretta Sarah Jacoby

Jan 25-27

P&C Licensing

8AM-5PM

Jan 26

CISR-Personal Residential

8AM-3:45PM

Jan 27

Personal Lines Clients and Their New Normal

9AM-12PM

Sales Account Executive: Laura Gaenzle laura.gaenzle@theygsgroup.com 717-430-2351

Jan 27

Chris Amrhein’s “Adventures in Aging”: Medicare and Other Retirement Healthcare Solutions

1-4 PM

Tim Wonder, VP-Membership 800-998-9644, ext. 351 TimW@IABforME.com

PRIMARY AGENT Editor: Karen Robison KarenR@IABforME.com 800-998-9644, ext. 606

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January 2022

Articles inside

STAFF PROFILE

NO GOOD DEED GOES UNPUNISHED

Q&A with BILL PURDY

DON'S DISCUSSION

CHAIR OF THE BOARD’S MESSAGE

COVERAGE CORNER