In addition to having fewer regulatory constraints as to policy rules, rates and forms, my reason for liking non-admitted better is that underwriters at non-admitted companies generally tend to be more innovative in their approach to underwriting and to business in general. Admitted markets have regulatory constraints and I feel that attracts a more cautious type of underwriting mentality.
My experience is mostly with Lloyd’s syndicates so I am used to dealing with very innovative people who think outside the box and try to figure out how to make something happen. The thinking on traditional US admitted markets often is to find ways not to write the business. Having spent many years of my insurance carrier in the non-admitted, Lloyd’s market, I find it very hard to find open-minded, easy to work with US standard markets.
Does anyone have admitted companies they find easy to work with?
Susan Preston
Professional Program Insurance Brokerage
371 Bel Marin Keys Blvd., Ste. 220
Novato, CA 94949
CA License: 0B17238
PH: 415-475-4300
FX: 415-475-4303
Email: susan@ppibcorp.com
Websites:
www.medispa-ins.com
www.tattoo-ins.com
Insurance Programs for Medispas, Laser Centers, Beauty/Permanent Makeup, Translators/Interpreters, Graphic Artists and Tattoo/Body Piercing
Why non–admitted companies
July 26th, 2011Frivolous Lawsuits – I’m for them as long as I’m not insuring them
June 21st, 2011There is much outrage about the child who climbed up on the ledge of the luxury box at the LA Laker game and then mother sued the stadium for his death after he fell. Well of course this is outrageous, everyone agrees. However it is stories like this that keep us in business. Brokers should be able to site this example to clients who don’t have insurance as a reason to get it. You can’t possibly foresee all possible exposures, so this means everyone should carryliability . And for clients with minimum limits this provides a good example of why they must increase their policy limits.
These kind of things should be seen as business opportunities once we get over our amazement at how crazy our litigious environment is in America. Most other countries don’t sue like we do in the US, which is why our insurance rates are higher than anywhere else on the globe and why we as insurance people have more income opportunity. Right or wrong, it is what we have to live with.
Susan Preston
Professional Program Insurance Brokerage
371 Bel Marin Keys Blvd, Suite 220
Novato, CA 94949CA
License #: 0B17238
Phone (415) 475-4300
Fax (415) 475-4303
Insurance Programs for: MedSpa Insurance, Laser Insurance, Beauty Salon Insurance, Permanent Makeup Insurance, Translator Insurance, Graphic Artist Insurance, Tattoo Artist Insurance, Body Piercing Insurance.
Hard market blues? Not this gal.
May 31st, 2011Will the catastrophes in the US in 2011 lead to a hard insurance market? Maybe this will happen for property but I doubt it will for much else. There appears to be too much money floating around the insurance business and too many companies chasing the same businesses. Until construction gets back into being a fully viable field, the liability surplus will be used elsewhere.
Brokers and carriers should assume the insurance soft market will continue for the foreseeable future and not sit around and wait for rates to go up to any extent. Companies and people who operate this way are doomed to failure – the facts of our ever changing world require constant re-evaluation and change. At Professional Program Insurance Brokerage, we seek to stay on top of the competition, the industries that we insure and we review our policy forms, underwriting and pricing on a regular basis. If you don’t do this, you risk losing ground to those carriers who are not perched on the sideline waiting for the hard market. It is simply a fantasy that it will come back to any extent.
Susan Preston
Professional Program Insurance Brokerage
371 Bel Marin Keys Blvd, Suite 220
Novato, CA 94949CA
License #: 0B17238
Phone (415) 475-4300
Fax (415) 475-4303
Insurance Programs for: MedSpa Insurance, Laser Insurance, Beauty Salon Insurance, Permanent Makeup Insurance, Translator Insurance, Graphic Artist Insurance, Tattoo Artist Insurance, Body Piercing Insurance.
Soft Market Woes
May 5th, 2011I am sure that most individuals associated in any way to the insurance industry are tired of hearing the groans from agents/brokers about when the soft market will end. Now don’t get me wrong I too remember how easy the hard market was, when there were plenty of submissions and one could take their time, sell based on coverage or even turn down business that was undesirable. The soft market among other things tests insurance professionals and weeds out the weakest. I like to think of the soft market as its own version of Darwin’s Survival of the Fittest. I love the challenge of the soft market where underwriters and brokers alike are required to be innovative, competitively priced and above all offer exceptional customer service. I think that the insurance industry has effectively handicapped itself due to the last hard market. During this glory time we pumped out insurance professionals and underwriters who for the most part had no talent and lacked even a basic knowledge of insurance.
This new generation of “professionals” are hurting the most, since on average they have never had to fight to save an account, they have never had to explain coverages, and they have never had to work through a complicated risk. They are a generation of sales people with no real sales experience. On the other side of the spectrum are the insurance professionals who joined our industry during one of the very common soft markets. These individuals learned from the beginning how to survive and adapt to an ever changing marketplace.
A more seasoned insurance agent knows the fluctuations of the industry. They are able to prepare for the soft market and hold onto their book of business surviving based on skills and prowess until the rare hard market makes its way back and lasts for a couple of years at best.
It also seems that this new generation has more whiners than in past. Having gone through numerous hard/soft markets I can say that the noise level of complaining during this one is much worse than ever before. I say chalk this up to inexperience.
Susan Preston is President at Professional Program Insurance Brokerage (PPIB) in Novato, CA. PPIB was founded to be a National Program Manager. Preston has been providing insurance to the Permanent makeup, , Tanning and Beauty Salon industries for over 18 years and to MedSpa and Laser for 5 years. She developed applications, forms, underwriting guidelines and policies for all of the industries PPIB insures. This has enabled PPIB to be in the forefront of setting up programs for new, up and coming industries and to offer this coverage all over the US. Due to her industry involvement, Preston is a well known speaker and writer in the industries she insures and she has worked with states and other governing bodies who have desired to set regulations for these fields.
Susan Preston
Professional Program Insurance Brokerage
371 Bel Marin Keys Blvd, Suite 220
Novato, CA 94949CA
License #: 0B17238
Phone (415) 475-4300
Fax (415) 475-4303
Our Insurance Services:
Professional Insurance Services
MedSpa Insurance
Tattoo Artist Insurance
Permanent Cosmetics Insurance
Beauty Salon Insurance
Laser Insurance
Want your clients to think you’re a Super Hero? Think like an Underwriter.
April 28th, 2011Every office has it, the one-page insurance quote information sheet, given to Receptionists, CSRs, Producers and Agents alike to complete when a prospect calls in to get a new insurance quote. And in most offices, it is considered adequate to get enough information to complete the lines on the page, with as much enthusiasm as writing out a grocery list. Inevitably this page is turned into an application and sent off to an Underwriter to quote. Most times, the Underwriter looks at the insurance application and goes, “Whoa, what on earth are they doing?” , which results in the beginning of an endless chain of correspondence back and forth between the Underwriter, the Agent, and the Prospect dragging out the process of obtaining an actual quote.
Why not think of each prospect as an individual? As someone that does not fit a cookie cutter mold? Sure, there are items you need from all prospects like name, location, phone number, email, but then get the insurance prospect engaged in the conversation, not just answering questions like a robot. Think about what the inherent risk in the business is that they are asking you to write. Is there a possibility that someone could get hurt? Why? Are they doing anything to keep that from happening? Is there a potential for fire? Is there an online exposure? Do they need property coverage? Does their landlord require certain liability limits? What makes their business unique?
Usually business owners are proud of their idea or what they have accomplished. A little interest goes a long way and gains valuable information you can use to summarize the business for your Underwriter. Your Underwriter will thank you and your client will think you’re amazing, because you care about what is important to them!
Think like an Underwriter!
Susan Holdenried: Bio
Susan Holdenried joined the Underwriting Team of PPIB in Spring of 2010. She has a 15 year background in insurance. Her primary focus in the department is working with brokers to ensure their clients’ requests and policies are handled properly, as well as researching new procedures being introduced in the MedSpa Insurance industry. Prior to working for PPIB, she managed a number of independent retail agencies focusing on personal and commercial insurance lines, juggling 10+ companies’ appetites and underwriting guidelines. When she’s not in the office, she’s spending time with her 3 boys running them around to baseball and soccer games.
Professional Program Insurance Brokerage
371 Bel Marin Keys Blvd, Suite 220
Novato, CA 94949CA
License #: 0B17238
Phone (415) 475-4300
Fax (415) 475-4303
Our Insurance Services:
Professional Insurance Services
MedSpa Insurance
Tattoo Artist Insurance
Permanent Cosmetics Insurance
Beauty Salon Insurance
Laser Insurance
Diversity in Insurance
March 31st, 2011The National Underwriter press online, the President of the CPCU said insurers need a wider diversity effort and should have community outreach programs. The wider diversity idea is certainly true – the insurance industry does not have any variety of people. However community outreach programs alone aren’t going to cut it. Why on earth would any young person want to come into insurance? We copy each other’s policy forms and applications, and carriers chase down the same business and cut each other’s prices. There are very few women roll models and essentially no minorities in any real positions.
Even if we had college programs, the mind set of our industry is so non-innovative that there is no reason anyone would consider this an interesting, exciting career. Fundamental changes need to happen – just look at our industry publications to see that everyone looks alike. A recent article on diversity in a print magazine showed pictures of white men over 40 with their ideas as to why our industry was not attracting young people. Duh.
Aren’t there companies or brokers or individuals out there who can make our industry more interesting and cutting edge?
Susan Preston is Professional Program Insurance Brokerage (PPIB) in Novato, CA. PPIB was founded to be a National Program Manager. Preston has been providing insurance to the Permanent makeup, , Tanning and Beauty Salon industries for over 18 years and to MedSpa and Laser for 5 years. She developed applications, forms, underwriting guidelines and policies for all of the industries PPIB insures. This has enabled PPIB to be in the forefront of setting up programs for new, up and coming industries and to offer this coverage all over the US. Due to her industry involvement, Preston is a well known speaker and writer in the industries she insures and she has worked with states and other governing bodies who have desired to set regulations for these fields.
Susan Preston
Professional Program Insurance Brokerage
371 Bel Marin Keys Blvd, Suite 220
Novato, CA 94949CA
License #: 0B17238
Phone (415) 475-4300
Fax (415) 475-4303
Our Insurance Services:
Professional Insurance Services
MedSpa Insurance
Tattoo Artist Insurance
Permanent Cosmetics Insurance
Beauty Salon Insurance
Laser Insurance
Is there any glamour in insurance?
March 18th, 2011All one has to do is to look at the cover of insurance industry publications to determine that this industry is very, very boring. For instance Rough Notes rarely has women, minorities or young people on its cover. Granted most insurance brokerage owners are white males over a certain age, but isn’t there any way to find people who are breaking the mold? I guess not successful people.
Insurance companies also seem to all operate the same way which is to make it difficult to purchase their products. If we ever got past the use of standardized applications such as those provided by Acord and standardized policy wordings such as those provided by ISO, this industry would be forced to be more innovative and maybe find people who have a different way of thinking about things. What do you think? Let us hear your opinion on whether or not standardization is one reason this industry has changed since the passage of the McCarran Ferguson act in 1945…
Written by: Susan Preston – PPIB
Susan Preston is President at Professional Program Insurance Brokerage (PPIB) in Novato, CA. PPIB was founded to be a National Program Manager. Preston has been providing insurance to the Permanent makeup, , Tanning and Beauty Salon industries for over 18 years and to MedSpa and Laser for 5 years. She developed applications, forms, underwriting guidelines and policies for all of the industries PPIB insures. This has enabled PPIB to be in the forefront of setting up programs for new, up and coming industries and to offer this coverage all over the US. Due to her industry involvement, Preston is a well known speaker and writer in the industries she insures and she has worked with states and other governing bodies who have desired to set regulations for these fields.
Professional Program Insurance Brokerage
371 Bel Marin Keys Blvd, Suite 220
Novato, CA 94949CA
License #: 0B17238
Phone (415) 475-4300
Fax (415) 475-4303
Our Insurance Services:
Professional Insurance Services
MedSpa Insurance
Tattoo Artist Insurance
Permanent Cosmetics Insurance
Beauty Salon Insurance
Laser Insurance
A Good Relationship is Everything – Spa Insurance
March 4th, 2011The other day, I had a client ask me if she did the right thing by reporting a possible spa insurance claim to us. She was worried that by letting us know there was a potential problem that we would sky rocket her rates or worse non-renew her insurance. I let her know that not only was it a good idea to advise us of the situation, but it was a requirement of her policy. Not reporting something could invalidate Medspa insurance coverage later. I also explained that just because she reported an incident, did not mean that she going to automatically be “punished”.
It’s worrisome that so many people are fearful of their insurance agents. While some claims can result in a surcharge or changes to your policy, it is much better to have your agent aware so they can help walk you through the process, be sure to not void coverage due to non-disclosure, and have professional help in dealing with any claimant. Trust in your agent is vital and a good agent will fight to help you, not to hurt you.
Post written by Susan Holdenried
Customer Service Repersentative – PPIB
Professional Program Insurance Brokerage
371 Bel Marin Keys Blvd, Suite 220
Novato, CA 94949CA
License #: 0B17238
Phone (415) 475-4300
Fax (415) 475-4303
Our Insurance Services:
Professional Insurance Services
MedSpa Insurance
Tattoo Artist Insurance
Permanent Cosmetics Insurance
Beauty Salon Insurance
Laser Insurance