We are to have each other! - Broward LAAIA
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
MARCH 2021
THE VOICE OF INDEPENDENT INSURANCE AGENTS
We are Lucky to have each other!
T H E T O R C H | M ARCH 2021 i
PRESIDENT’S
MESSAGE
Lissette Perez, CPIA
Hello March and Welcome Friends,
As we round the corner of the first quarter of 2021, we see progress with
the vaccination distribution and with that, businesses are re-opening,
tourists are visiting our beautiful State, and our economy is slowly returning.
www.laaia.com As agents, we are seeing the Homeowners and Property markets
shrinking and our customers paying much higher premiums. In many
www.blaaia.com
cases, Citizens is once again becoming the only option available.
www.atlantalaaia.com Did you know you can now only issue an Evidence of Insurance through
PUBLISHER the Citizens platform? Or that a new replacement cost estimator is in the
Maribel Ramirez works and headed our way. Education is key. Please join us at one of
EDITOR our Lunch and Learn segments, Cafecito Time, to refresh your Citizens
knowledge, or to keep up to date on the state of our industry.
Janet Lorenzo-Garcia
This is one of the many reasons why being an active member keeps you
Cynthia Scott informed and ahead of the competition. Despite the difficulties in the
CONTRIBUTOR marketplace, our independent agency network is resilient. We are the
Alessandra Ramirez most valuable part of an insurance transaction. Our customers place their
trust in us, their agents. We establish relationships with our customers, and
they trust us to teach them how to manage their risk and provide them with
The Latin AmericanAssociation of In- advice on how to protect their most treasured possession and their busi-
surance Agencies (LAAIA), founded nesses. As their agents we know the cyclical changes that exist, and we
in 1969, is an association of insurance stay committed to our insureds and our industry. Our Association is lucky
professionals whose purpose is to to have you and so is the consumer!
Since we can all use some extra luck, I leave you with an Irish Blessing that
protect the rights of its member for the
says: May there always be work for your hands to do. May your purse
benefit of the consumer through always hold a coin or two. May the sun always shine on your window-
education, information, networking & pane. May a rainbow be certain to follow each rain. May the hand of a
active participation in the political friend always be near you. May God fill your heart with gladness to cheer
environment and community service. you. Have a Lucky March!
Until next month, con mucho cariño.
Lissette Perez, President
Become a member of our
Like & Follow - Click on the icons!
N AT I O N A L B ROWA R D AT L A N TA
T H E T O R C H | M ARCH 2021 1
N AT IO N AL
UPCOMING
Wednesday, March 3rd, 2021
LAAIA MONTHLY MEETING
Using technology and the right profiling process to improve the
client experience and increase P&C Premium within your book
of business
Price: Members- Free | Non-members: $10
5:00 pm
To Register: https://cvent.me/vv92ae
Thursday, March 18th, 2021
Workers’ Compensation Acord 130
& Supplementals
You don’t need the “luck of the Irish” to have your Workers
Comp applications approved!
Price: Members- Free | Non-members: $35
12:00 - 1:00 pm
B ROWA R D
To Register: https://cvent.me/vv92ae
Wednesday, March 17th, 2021 Wednesday, March 24th, 2021
Monthly Meeting - CyberSecurity Lunch & Learn
Protecting your agency & your clients Identifying cross sell opportunities to grow your book business
5:30pm-6:30pm and cover your agency’s E&O
Look in your emails for more info. Price: Members: Free | Non- members: $10
To Register: https://cvent.me/vv92ae 12:00 - 1:00 pm
To Register: https://cvent.me/vv92ae
T H E T O R C H | M ARCH 2021 2
T H E T O R C H | M ARCH 2021 3
It’s admitted insurance,
but it’s easier.
No more paperwork,
cumbersome applications,
unresponsive underwriters,
or outdated ACORD forms.
With Attune, our portal is
your application.
Learn more at partners.attuneinsurance.com/attune-laaia-registration
T H E T O R C H | M ARCH 2021 4
T H E T O R C H | M ARCH 2021 5
FLOOD INSURANCE
CHANGES
EVERYTHING
Proven claims service - nationwide Training, sales, and marketing support
to grow your business
Technology designed for ease of use,
accuracy, and NFIP compliance Excess flood coverage options to insure
up to replacement cost*
Personalized customer service to meet
your needs online via chat or by phone *Subject to underwriting guidelines
(8:00 a.m. – 8:00p.m. EST)
Call us for flood choices.
Wright Flood Marketing at 866-373-5663
or floodmarketing@weareflood.com
2019 Wright Flood®. All rights reserved.
T H E T O R C H | M ARCH 2021 6
WHAT OUR
MEMBERS SAY
Click on the images to
view the full video!
CLICK HERE TO BECOME
A MEMBER!
T H E T O R C H | M ARCH 2021 7
BROWARD HIGHLIGHTS
Another month in the books, how are your goals coming
along? Don’t fret if they haven’t gone as planned as we are in
different times and some adjustments may be required. Set-
ting too high of goals or unreasonable deadlines is a rec-
ipe for failure. Make sure your goals are reasonable and man-
ageable by all. Stay motivated.
Thank you to Citizens Property Insurance for providing valu-
able personal and commercial lines training for our members. If you missed it, I would
encourage you to go to their website and familiarize yourself with their on-demand ed-
ucation. You can view their webinar recordings and job aids to navigate through the new
business process, Clearinghouse, Depopulation, and more.
With Cyber-attacks on the rise, Independent Insurance Agencies are at high risk of attacks.
In many cases, agents are unaware of the risks and lack the infrastructure to protect their
clients’ private information. With this in mind, please join us for this month’s zoom meeting
on March 17th, Cyber Security Protecting your agency and your clients with guest speaker
Russ Hopkinson of RHTS.
I would like to thank our members that signed up in February with our new insurance
professional rate of $225 per person, per year. If you aren’t already a member, go to our
website at blaaia.com for further details on how you can join today. You can view our great
member benefits there as well. Although the greatest benefit is each other!!
It seems like our industry is changing by the day and as a result, I’ve heard many members
say that they are stressed and nervous about it all. Focus on what you can control.
Remember your why. I invite you to reach out to me personally or to my fellow board mem-
bers for anything. We are more than happy to assist in any way that we can. Stay plugged
in.
Remember: “The Comeback is Greater than the Setback”
Andy Pappas
President of the Broward Chapter
2020-2021
T H E T O R C H | M ARCH 2021 8
ATLANTA HIGHLIGHTS
LAAIA Atlanta Board of Directors’ Favorite Quotes
After launching the Atlanta Chapter in late 2019 and beginning 2020 with lots of
excitement and plans to help independent agencies and their communities everything
was halted in early March 2020 due to COVID-19. Everything we had been working
on was interrupted and we did not get the chance to do what we were supposed to
do for our members! Now, as we ramp up for 2021 and finish up planning what we
believe are going to be some great events (virtually for now) in the coming months,
the Board of Directors of the Atlanta Chapter wanted to share some of our favorite
quotes. These are quotes that help us get through difficult moments and/or situations,
and we felt this was the right time to share with everyone!
Enjoy!
Enrique Perez Blanco, LAAIA Atlanta President
Enrique Perez Blanco – President – “The difficult we do immediately. The im-
possible takes a little longer”
Angela Beltran – Vice President – “The beginning is the most important part
of the work”
Francisco Cruz – Treasurer – “I did not come this far to only come this far”
Cristian Colon – Secretary – “Leave the gun, take the cannoli”
Sandi Lassere – Director – “Accept what is, let go of what was, and have faith
in what will be”
Maricelly Ospina – Director – “Take nothing for granted”
Julie Zeigler – Director – “Life is not measured by the number of breaths we
take, but by the number of moments that take our breath away”
Michele Putlak – Director – “Two roads diverged in a wood, and I – I took the
one less traveled by, and that has made all the difference”
Jose Aponte – Director - “The ultimate measure of a man is not where he stands
in moments of comfort and convenience, but where he stands at times of challenge
and controversy.”
T H E T O R C H | M ARCH 2021 9CITIZENS UPDATE
While the market continues to shrink, Citizens Property Insurance Corporation is becoming a viable market of choice,
that we as agents, are utilizing more and more. Therefore, with that in mind, to keep our members abreast of all changes and
improvements, the LAAIA brings Citizens to our members on a regular basis through many avenues, such as this
segment in our Newsletter, live classes at our annual convention, and quarterly Lunch Power Hours. We take this opportunity
to remind you that as of February 1st, 2021, Citizens generates their own Evidence of Insurance at moment of binding cover-
age. Please note, that is the only proof of insurance that can be utilized as evidence for a Citizens policy. It is their form
providing the necessary information such as coverage, deductibles, approved replacement cost language, and premium. To
avoid losing your agency’s Citizens’ appointment, and any other consequence, please use only this proof of insurance on all
new Citizens’ policies, not Acord.
Dulce Suarez-Resnick
New Evidence of Property Insurance Form and 2021
Application Changes
Citizens has implemented the following changes for Personal Lines policies effective February 1, 2021, or later.
Evidence of Property Insurance
Citizens has a new form called Evidence of Property Insurance (CIT EOI 02 21) for individuals who need proof of insurance at a real estate
closing when coverage has been bound by the agent but has not yet been issued. The form clarifies that Citizens will provide insurance in return
for the premium and compliance with all applicable provisions of the policy.
This form is only available in PolicyCenter® after a new-business policy has been bound. Select Print Options > Evidence of Property Insurance
from the Premium Estimate screen.
After February 1, 2021, this will be the only approved form for evidence of insurance for a Citizens policy that has been bound but not issued.
Changes to All Personal Lines Applications
• A new Initial Submission Date field has been added.
• The Effective Date and Expiration Date fields have been moved to the first page of the application.
• The Insurance Binder section has been removed and a new section entitled Insurance Coverages and Payment of Premium has been added,
which is shown below.
For more information go to Citizensfla.com
https://www.citizensfla.com/-/20210105-new-evidence-of-property-insurance-form-and-2021-application-changes
T H E T O R C H | M ARCH 2021 10CITIZENS UPDATE
New-Business Messages Improve Efficiency
In an effort to reduce the number of requests for additional document(s) and information that
Underwriters send agents after they have submitted new-business risks, the PolicyCenter® infor-
mational messages outlined below will help to improve underwriting efficiencies.
PCPL_Entering_Remarks_in_a_Submission_JA.pdf (citizenstraining.com)
NewBusinessSubmission.pdf (citizenstraining.com)
PCPL_Uploading_and_Linking_Documents_JA.pdf (citizenstraining.com)
T H E T O R C H | M ARCH 2021 11CITIZENS UPDATE
T H E T O R C H | M ARCH 2021 12CITIZENS UPDATE
Coverage B - Other Structures
For new-business submissions of applicable policy types effective on or after March 20, Underwriters now will review submissions when Cov-
erage B - Other Structures is more than 30% of Coverage A. Agents should use Agent Application Remarks from the Actions menu and add a
note of explanation for how the property is being used and who occupies the other structure(s).
Note: In the past, PolicyCenter prompted Underwriters to review a risk when the Coverage B limit was more than 10% of Coverage A.
Resources
To learn more about new-business requirements, log in to the Agents website and select:
Personal à PR-M or PR-W, and then look in the Spotlight section and select the appropriate policy type under Required Document Guides
Training à Personal Job Aids to access:
Entering Application Remarks in a Submission
New-Business Submission Guide
Uploading and Linking Documents
FAQs on the top-menu and enter +required +document +guide in the Search field
T H E T O R C H | M ARCH 2021 13T H E T O R C H | M ARCH 2021 14
INDUSTRY INSIDER
Florida regulator approves nearly
100 insurance rate increases
SOURCE: insurancebusinessmag.com, Feb. 2021| Reprinted with sincere thanks by Lyle Adriano
Florida’s Office of Insurance Regulation had approved But even with the rate increases, Florida’s insurers are still
nearly a hundred insurance rate increases – reflecting the losing money, said Federal Association of Insurance Reform
dire insurance industry conditions in the state. (FAIR) president Paul Handerhan.
According to court documents obtained by News 6 WKMG,
“The vast majority of the insurers who are writing homeown-
dozens of property insurance companies filed for insurance
ers’ insurance in the state of Florida, have been posting un-
rate increases from January to September 2020. Almost a
derwriting losses for the last five years,” Handerhan said,
hundred of those rate applications were approved by the
adding that the state’s insurers are “definitely in a tenuous
state regulator.
financial position right now.”
Many of the approved rate applications were double dig-
it increases – increases that several industry experts have The FAIR president also noted that the “assignment of bene-
warned about since last year. fits” practice has allowed contractors to file lawsuits against
“Florida’s insurance market is one of the most complex in the insurers for significant amounts of money, ultimately driving
world,” Office of Insurance Regulation spokesperson Karen up premium costs for all consumers.
Roach told News 6 WKMG in an email statement.
“All consumers – me, you and everyone else – we are pay-
“The property market is facing significant challenges, as
ing for the activity of these roofers and other people that
the frequency of claims increases and those claims become
are going around and soliciting,” Handerhan told News 6
more expensive.”
WKMG.
Roach also explained that those challenges are mainly due
to factors such as increased litigation, higher catastrophe READ MORE: https://bit.ly/3ogmax5
claim losses following multiple hurricane events over the past
years, and rising reinsurance costs.
T H E T O R C H | M ARCH 2021 15LEGISLATIVE CORNER
Legislative Update By Dulce Suarez-Resnick
It is that time of year again, the 2021 legislative session will convene on March 2nd and will
run through April 30th. During the months of January and February the legislators were busy
drafting and filing bills on a weekly basis and they can continue filing until the first day of ses-
sion. They will be dealing with insurance issues related to COVID-19, general liability, workers
compensation, and language review under the directors & officers’ liability, as well as the busi-
ness interruption coverages. They will once again bring up repealing PIP and replacing it with
BI, property Insurance, personal as well as commercial, as we all know reinsurance costs for
windstorm is high while fraud and abuse continues running rampant. Therefore, they have a
lot on their plates as it relates to our industry, in addition to this, it is a redistricting year and all
40 members of the Senate as well as 120 members of the House of Representative will have
to run for re-election in 2022.
Unfortunately, due to COVID, and the Capitol basically being closed to only legislators and
some staff members, the LAAIA has canceled the in person Legislative Fly-in this year, while
most of the meetings are being held through zoom. It has also been brought to our attention
that those wishing to testify have to go down to the Civic Center which is down the road from
the Capitol, fill out a request to speak form, then a Capitol Hill employee drives back to the
Capitol to deliver the requests and then returns to the Civic Center and you speak to the com-
mittee via zoom, it makes me laugh that with today’s advanced world of technology, there
would be no better way to submit a request to testify. It just makes me chuckle. This legislative
session will be quite interesting to say the least, stay tuned folks!
T H E T O R C H | M ARCH 2021 16INSURANCE MATTERS
Swiss Re Reports Larger-Than-Expected Annual
Loss of US$878 Million
SOURCE: insurancejournal.com, Feb. 2020| Reprinted with sincere thanks by Courtney DuChene
Swiss Re swung to a larger-than-expected annual loss Swiss Re expects additional COVID-19 related claims
on Friday, pressured by $3.9 billion in claims and and reserves in its property and casualty operation of
reserves related to the coronavirus pandemic, but de- less than $500 million in 2021, down from $1.9 billion
clared a dividend as the reinsurer expects a return to in 2020.
profit in 2021.
It proposed a stable dividend of 5.90 Swiss francs
Swiss Re and its competitors have faced large claims ($6.58) per share for the year.
from the pandemic, such as those for canceled events,
as well losses from hurricanes and wildfires in the Unit- ($1 = 0.8960 Swiss francs)
ed States.
(Reporting by Tom Sims; editing by Caroline Copley,
“We are confident in the outlook for 2021 with Sherry Jacob-Phillips and David Evans)
COVID-19 losses mostly behind us,” Chief Executive
Christian Mumenthaler said, adding the rollout of
READ MORE: https://bit.ly/3ogmax5
COVID-19 vaccines provided hope.
Chief Financial Officer John Dacey told journalists that
the company expects to return to a net profit in 2021.
The company posted a full-year net loss of $878 mil-
lion, its first loss since the financial crisis in 2008.
Analysts had expected a loss of $526 million, accord-
ing to a consensus report published by Swiss Re. In
2019, the reinsurer delivered a net profit of $727 mil-
lion.
T H E T O R C H | M ARCH 2021 17IN THE NEWS
Applied Underwriters Closes on Acquisition of
Centauri Insurance Companies
SOURCE: insurancejournal.com, Feb. 2021| Reprinted with sincere thanks by Jim Sams
Applied Underwriters has completed its acquisition of Applied Underwriters acquired Centauri Specialty Man-
Centauri Specialty Insurance Co. and Centauri Nation- agers on March 31, 2020 from its primary shareholder
al Insurance Co., based in Sarasota, Florida. AXA/XL, and third party administrator Siebels-Bruce.
Florida, Louisiana and Texas regulators have approved As part its purchase of CSM, Applied Underwriters
the transaction. The deal took nine months to close. also had an exclusive option to buy the Centauri hold-
Terms were not disclosed. ing company’s two insurance carriers Centauri Special-
ty Insurance Co. and Centauri National Insurance Co.,
The purchase of Centauri is the latest in a string of ac-
a deal it has now completed.
quisitions completed by Applied Underwriters in the
U.S., UK and EU.
Founder Menzies reacquired Applied Underwriters
The Centauri companies sell home and commercial and its subsidiary North American Casualty Co. from
property/casualty insurance through independent Berkshire Hathaway in 2019. He was joined in the
agents and brokers in 10 states: Alabama, Florida, acquisition by the Quasha Group led by Quadrant
Hawaii, Louisiana, Massachusetts, Mississippi, North
Management.
Carolina, Oklahoma, South Carolina and Texas. They
also offer private flood insurance in Florida, Hawaii
and South Carolina. READ MORE: https://bit.ly/2y3ZIDy
Steve Menzies, chairman, Applied Underwriters, said
his company plans to “grow Centauri and to enhance
ROE [return in equity] through complementary acquisi-
tions that scale operations efficiently and enhance ex-
posure diversification.”
T H E T O R C H | M ARCH 2021 18IN THE NEWS
Michigan Man Killed by Baby Shower
Cannon Was Near Explosion
SOURCE: claimsjournal.com, Feb. 2021| Reprinted with sincere thanks
GAINES TOWNSHIP, Mich. (AP) — A Michigan man “The cannon is designed to create a big flash, a
who was fatally injured when a cannon exploded in a loud noise and create smoke,” state police said in
backyard during a baby shower was within 15 feet of a news release. “The cannon did not contain any
the device when the blast occurred, police said. projectiles, but it is suspected that the gun pow-
der loaded into the device caused the cannon to
Evan Thomas Silva, 26, of Hartland, was struck by
fracture, resulting in shrapnel being spread in the
metal shrapnel in Saturday night’s explosion outside a
home in Genesee County’s Gaines Township, about 55 area.”
miles (88.5 kilometers) northwest of Detroit. He was
State police Lt. Liz Rich told WJRT-TV that “the cast
taken in serious condition to Hurley Medical Center in
material exploded and sent projectiles in all direc-
Flint, where he later died.
tions. … If there aren’t regular inspections on a
Four or five people were in the backyard when the device like this, the cast material can wear away.”
small cannon was fired, but Silva was standing about
Following an investigation, the case will be sent to
10 to 15 feet (3 to 4.6 meters) away and was the only
person struck by shrapnel, Michigan State Police said. the Genesee County prosecutor for review, police
Three parked cars and the garage where the baby said.
shower was being held were also struck.
Silva’s brother, Phil Silva, posted a tribute to his
The cannon, which was fired by the homeowner as a sibling on Facebook, saying: “He has left behind a
family was celebrating a baby’s pending arrival, was loving family, countless friends and memories in all
similar to a Signal Cannon, more commonly used as a of our hearts,” The Detroit News reported.
novelty item. Police said the homeowner had bought
In recent years, some gender-reveal events —
the cannon at an auction and had fired it several times
where devices eject confetti, balloons or other col-
before.
ored objects to announce a soon-to-be-born child’s
It’s suspected that the shrapnel came from the cannon sex — have taken a dangerous turn.
breaking apart during the explosion, police said.
READ MORE: https://bit.ly/2y3ZIDy
T H E T O R C H | M ARCH 2021 19T H E T O R C H | M ARCH 2021 20
INSPIRATIONAL CORNER
By Barry Sanders
Your core values and beliefs are who you are! Stay true
to yourself and stand strong. Never give anyone the
power over you to try and change them! Love yourself
more!
WE WOULD LIKE TO THANK OUR
NEWSLETTER SPONSORS!
T H E T O R C H | M ARCH 2021 21NEW
MEMBERS CLICK HERE TO BECOME
A MEMBER HERE!
LAAIAWelcomes
Our Newest Members!
NATIONAL BROWARD
Luis Rodriguez Vivar - American Florida Insurance Arnardo Hernandez Insurance agency
Kidson Barnes - All Your Needs Insurance St. John’s Insurance Co
Manuel Pozo - BioResponse Restoration Weston Insurance Co
Jana Kelley - Haven Coverage First Choice Insurance Solutions
Doris Gonzalez - Vertafore BBKYS Insurance LLC
Blake Cabassa - International Insurance Center
*** During this special time we are making sure our members are getting valuable resources to be informed and get the necessary tools to
navigate these difficult times. Remember the LAAIA is providing you :
Free webinars . Virtual networking . Providing you with Covid resources . Providing charitable donations . Engaging in legislative efforts
Remember your feedback is always welcomed and we would love to hear from all of you!
T H E T O R C H | M ARCH 2021 22You can also read
