Bulletin 05-01 January 5, 2005

2005 Wind and Hail Update Seminars

Announcing the 2005 Wind and Hail Update Seminars!  The Department of Insurance has approved the 2005 seminar for three (3) hours of South Carolina Continuing Education Credit.

The seminar will recertify your agency for the July 1, 2005 to June 30, 2007, time period.  Certified Agencies will receive a 10% commission rate.  Agencies that choose not to certify still have full access to the Association, but will receive a 5% commission rate.

Agencies with 50 or fewer policies need to send at least one licensed person to a seminar.  Agencies with more than fifty policies need to send two or more licensed persons to a seminar.

Seminar Topics . . .   The seminar will review the last two years, cover wind and hail basics, discuss common questions from producers, and present changes for 2005.  Plus, we will have some fun and earn three hours of CE credit.

Round One . . . The Independent Insurance Agents and Brokers of South Carolina will co-sponsor the January seminars.  For further information, please contact IIABSC at 803/ 731-9460.

Scheduled seminars are as follows:

• Wednesday, January 12 – Columbia  (Afternoon Session now available!)

• Tuesday, January 18 – Hilton Head / Beaufort

• Wednesday, January 19 – Charleston

• Thursday, January 20 – Myrtle Beach  (Afternoon Session now available!)

The IIABSC seminars are open to any interested producer.  Please register through IIABSC.

Round Two . . . The Professional Insurance Agents of South Carolina will co-sponsor the February seminars.  A flyer outlining the registration process with PIASC is enclosed.

Scheduled seminars are as follows:

• Wednesday, February 2 – Columbia

• Tuesday, February 8 – Greenville / Spartanburg

• Wednesday, February 9 – Florence

• Thursday, February 10 – Charleston

The PIASC seminars are open to any interested producer.  Please register through PIASC.

PIASC is also offering an afternoon E&O session which has been approved for four hours.  Contact PIASC for further details.

Attention Exclusive Allstate Agents . . . Allstate is co-sponsoring a special seminar on March 15, 2005, in Charleston.  Please contact your sales manager for details.

Attention South Carolina Farm Bureau Agents . . .  The Farm Bureau will co-host seminars on April 21^st and 22^nd for Farm Bureau Agents.  Watch for a mailing from Beth Riggins.

Attention North Carolina Agents . . . The Independent Insurance Agents Of North Carolina has filed the course for three hours of North Carolina Continuing Education Credit.  As soon as approval is received, seminars will be announced in Charlotte and Wilmington.

Future Seminars . . . Other seminars for March, April, May, and June are being planned, but do not wait.  Sign up today!

Questions About the Seminars??? . . . Please contact one of our underwriters.

SEE YOU IN CLASS!

Download/View a copy of bulletin 05-01 here.

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Bulletin 05-02 March 10, 2005

2005 WIND AND HAIL UPDATE SEMINARS

More . . . 2005 Wind and Hail Update Seminars!  The Department of Insurance has approved the 2005 seminar for three (3) hours of South Carolina Continuing Education Credit.

The seminar will recertify your agency for the July 1, 2005 to June 30, 2007, time period.  Certified Agencies will receive a 10% commission rate.  Agencies that choose not to certify still have full access to the Association, but will receive a 5% commission rate.

Agencies with 50 or fewer policies need to send at least one licensed person to a seminar.  Agencies with more than fifty policies need to send two or more licensed persons to a seminar.

Seminar Topics . . .   The seminar will review the last two years, cover wind and hail basics, discuss common questions from producers, and present changes for 2005.  Plus, we will have some fun and earn three hours of CE credit.

Next Round . . . Attention Exclusive Allstate Agents . . . Allstate is co-sponsoring a special seminar on March 15, 2005, in Charleston.  Please contact your sales manager for details.

Attention South Carolina Farm Bureau Agents . . .  The Farm Bureau will co-host seminars on April 22^nd for Farm Bureau Agents.  Watch for a mailing from Beth Riggins.

Attention North Carolina Agents . . . The Independent Insurance Agents of North Carolina have filed and obtained approval for the seminar.  See the attached flyer for the April 27^th (Charlotte) and April 28^th (Wilmington) seminars.

The IIANC sessions are open to any interested person.

Other Seminars . . . USAA seminars in San Antonio will be held on March 22^nd.  Liberty Mutual seminar in Orlando on March 30^th.

Future Seminars . . . Other seminars for April, May, and June are being planned based on demand.  We will be holding sessions in Myrtle Beach, Charleston, Hilton Head, Columbia, and Greenville.

Questions About the Seminars??? . . . Please contact one of our underwriters.

SEE YOU IN CLASS!

Download/View a copy of bulletin 05-02 here.

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Bulletin 05-03 March 18, 2005

2005 WIND AND HAIL UPDATE SEMINARS

Questions, Questions, Questions on . . . 2005 Wind and Hail Update Seminars!  The Association has been receiving a number of questions about the certification seminars.  Please allow us to provide you with some of the more frequent questions and the answers.

When does our agency’s certification expire?

The certification for all agencies expires June 30, 2005.  Since there is a full quarter delay in implementing any changes, the commission impact would take place October 1, 2005.

We attended the previous set of seminars.  Can we receive CE credit for the 2005 Wind and Hail Seminar?

Yes.  This seminar has been filed and approved as a new course.  You will receive three hours of South Carolina or North Carolina CE.        

What are the certification requirements?

Agencies with 50 or fewer policies need to send at least one licensed person to a seminar.  Agencies with more than fifty policies need to send two or more licensed persons to a seminar.

What if we do not certify?

You will still have full access to this facility.  The only difference is that certified agencies receive 10% commission and non-certified agencies receive 5% commission.

I am exempt from CE.  Why do you require me to attend?

First, we do not require you to attend.  It is your option to attend.

Next, we certify agencies, not individuals.  If you do not need or want CE, please send someone else.

We would like to point out that many attendees find the seminars to be extremely useful and beneficial.

Attention South Carolina Farm Bureau Agents . . .  The Farm Bureau will co-host seminars on April 22^nd for Farm Bureau Agents.  Watch for a mailing from Beth Riggins.  (Please excuse the wrong date mentioned in the last newsletter.)

Attention North Carolina Agents . . . The Independent Insurance Agents of North Carolina have filed and obtained approval for the seminar.  See the attached flyer for the April 27^th (Charlotte) and April 28^th (Wilmington) seminars.

The IIANC sessions are open to any interested person.

Other Seminars . . . USAA seminars in San Antonio will be held on March 22^nd.  Liberty Mutual seminar in Orlando on March 30^th.

Future Seminars . . . Other seminars for April, May, and June are being planned based on demand.  We will be holding sessions in Myrtle Beach, Charleston, Hilton Head, Columbia, and Greenville.

Questions About the Seminars??? . . . Please contact one of our underwriters.

SEE YOU IN CLASS!

Download/View a copy of bulletin 05-03 here.

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Bulletin 05-04 April 6, 2005

SEABROOK ISLAND CLARIFICATION

In response to several inquiries from Charleston Brokers, the Association Staff met with representatives of the Town of Seabrook Island, SC to determine the proper boundaries of the island.

The Town Administrator stated that Seabrook Island begins when the road to Seabrook crosses over Haulover Creek.  As a result, we want to point out the following:

• Bohicket Marina – The area known as Bohicket Marina (where the Privateer Restaurant is located) is on Seabrook Island.   Property in this area is eligible for coverage from SC Wind.  This clarification results in a change to the acceptability of those properties.

• Freshwater Village – This is a new construction project and it is on Seabrook Island, but not in the Town of Seabrook.  Properties located at Freshwater Village will be eligible for coverage from SC Wind.

If you have any questions, please feel free to contact the Association Office.

SEEING RED ON REWRITE APPS

Starting with the March Rewrite Apps, you may be seeing RED!  The Association is using color to highlight selected sections of the rewrite application.  You may see red in regards to:

• Flood Information – We are requesting that you update flood information on all of your policies during the rest of the year.  Many policies have not been reviewed for flood information for many years.

• Building Values – When was the last time that building values were increased?  If it has been five or more years, you will see this information noted in red.  Please bring the values up to date!

LOSS OF USE

A number of questions concerning the Loss of Use Coverage have been raised during the 2005 Wind and Hail Update Seminars.  Please allow us to provide you with some of the more frequent questions and the answers.

Is Loss of Use limited to primary residences?

No.  The coverage is available for primary and secondary residences.

Why would a rental property need Loss of Use?

The Loss of Use form provides two basic types of coverage.

• Additional Living Expenses

• Fair Rental Value

If you rent your property and it is damaged by wind, the coverage will pay for the loss of rental income under the Fair Rental Value Provision.

What coverage limits are available?

If SC Wind writes the building, you may select:

• 20% of Coverage A, or

• 10% of Coverage A.

If SC Wind writes a contents only policy, you may select:

• 40% of Coverage C, or

• 20% of Coverage C.

Download/View a copy of bulletin 05-04 here.

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Bulletin 05-05 April 27, 2005

MORE SEMINARS!!!

The Association is pleased to announce the next round of seminars.  We will be co-sponsoring these seminars with the Independent Insurance Agents and Brokers of South Carolina.

The next seminars will be held as follows:

• May 18^th – Columbia

• May 19^th – Myrtle Beach

• May 24^th – Greenville

Attached is a flyer with the details.  Please register by contacting the IIABSC directly.  You do not have to be a Big I member to attend.

JUNE SEMINARS

The Association is currently making arrangements for more seminars in June.  A bulletin will be distributed in the near future.

Do not miss out . . . Certify your agency before June 30, 2005!

Download/View a copy of bulletin 05-05 here.

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Bulletin 05-06 May 9, 2005

CORRECTION ON “MORE SEMINARS!”

Due to a scheduling problem, the Independent Insurance Agents and Brokers have found it necessary to revise the schedule for the upcoming seminars.  An updated registration form appears on the reverse side of this newsletter.

We apologize for any inconvenience, but there were a number of problems associated with the original dates – including Biker Week.

The corrected dates are as follows:

• May 19^th – Columbia

• May 24^th – Greenville

• June 15^th – Myrtle Beach 

Do not miss out . . . Certify your agency before June 30, 2005!

Download/View a copy of bulletin 05-06 here.

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Bulletin 05-07 June 2, 2005

LAST CALL!

Last Call For Seminars Prior To The June 30, 2005 Deadline . . . Producers are calling in and asking for more seminars.  Previously, we announced a seminar in Myrtle Beach on Wednesday, June 15^th.  Now, we are adding two more seminars.  On June 21^st, the IIABSC will co-host the 2005 Wind and Hail Update Seminar in Hilton Head.  On June 30^th, IIABSC will co-host the seminar in Columbia.

The Myrtle Beach flyer has already been distributed.  The Hilton Head and Columbia flyer appears on the back of this newsletter.  Please use this flyer to register through the Independent Insurance Agents and Brokers of South Carolina.  You do NOT have to be a member of IIABSC to attend.

See you in . . .

• Myrtle Beach on June 15^th

• Hilton Head on June 21^st

• Columbia on June 30^th

Do not miss out . . . Certify your agency before June 30, 2005!

Download/View a copy of bulletin 05-07 here.

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Bulletin 05-08 June 17, 2005

SEMINAR QUESTIONS

Producers attending the Wind and Hail Update Seminars often ask questions of the instructors.  We would like to share some of the more common questions and answers with you.

I am exempt from CE.  Why do I have to take the certification course?

First, we do not require anyone to attend the seminars.  Regardless of whether you attend the seminar, the facilities of the Association are available to you.   By attending the seminar, your agency qualifies to earn a 10% commission in lieu of the 5% commission.

Next, certification does not require that every producer attend the seminar.  If your agency has 50 or fewer SC Wind policies, you need to send one licensed person to the seminar in order to certify.  If your agency has more than 50 SC Wind policies, your agency needs to send two or more licensed persons to the seminar in order to certify.

If you do not want to attend, you may send another staff member who is licensed.  At the same time, we encourage every producer to be familiar with the products he or she sells.

Why did you write us about certification?  We attended the seminars!

Recently, the Association contacted every agency with five or more policies that had not re-certified.  As a result, we received comments such as this.  There were two primary reasons as to why agencies were not properly credited with attendance.

• Agency operates under multiple names – The agency may trade under different names.  The attendees registered under one agency name, but SC Wind receives applications from the agency under a different name.  As a result, the agency doing business with SC Wind was not certified.

• Agency has multiple locations – Each location submitting business to the Association needs to certify.  In this situation, attendees came from each of the locations, but registered for the seminar as coming only from the main office.  As a result, only the main location was certified.

Each of these situations can be corrected, if you will send us a note.

Why does each office have to certify?

SC Wind treats each location as a separate agency.  The goal of the certification program is encourage each office to have a trained person as a resource to the rest of the agency.

We work with national and regional brokers.  The Charlotte office may certify, but this does not mean that the Atlanta, New York, or Seattle offices share in that information.  In a similar manner, a Charleston location certifying does not always benefit a Greenville office staff.

We are canceling a SC Wind policy.  Is the premium fully earned?

The Association cancels policies on a pro rata basis.  The only exception is the $8 policy fee.  This fee is fully earned.

We write a SC Wind policy for a client.  Another agent writes a flood policy for the same insured.  Why is our client not eligible for the Single Adjuster Program (SAP)?

Great question!  Coordinating wind and flood losses after a major catastrophe is a major goal of the Association.  A key to the successful implementation of the Single Adjuster Program is communication.  The Association strives to over communicate information about the SAP implementation to avoid any misunderstandings.

In your example, two different agencies provide the wind and flood policies.  The flood agency is not on our agency list.  When we implement the SAP, we have no way to communicate to that agency what is taking place.  As a result, the flood agency will also assign the flood claim resulting in multiple flood adjusters.

If your agency is providing all of the coverage except flood, why not complete the account by writing the flood insurance?

Download/View a copy of bulletin 05-08 here.

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Bulletin 05-09 August 26, 2005

SOUTH CAROLINA PROPERTY INSURANCE FORUM

On June 23^rd and 24^th, the South Carolina Department of Insurance hosted the South Carolina Property Insurance Forum in Charleston, South Carolina.

South Carolina Wind and Hail was a major sponsor of the meeting.  Other sponsors included the Independent Insurance Agents and Brokers of South Carolina, the Property Casualty Insurance Association of America, and the American Insurance Association.

The purpose of the forum was to introduce and highlight the positive changes taking place in our state.  The Department of Insurance utilized the forum to educate insurers about the opportunities to write property insurance, especially, coastal property insurance, in South Carolina.  Attendees included representatives of companies not writing business in our state as well as representatives of companies with only limited writings.

Attendees heard speakers discuss the Personal Lines Modernization Act, the ability to include modeling results in rate filings, building code enforcement, and market opportunities in this state.  One of the highlights of the forum was a presentation by Director Eleanor Kitzman.  She outlined a “Road Map to S686 – The Personal Lines Modernization Act.”  Ms. Kitzman discussed a number of innovative approaches to rate filings.

A special highlight of the forum was a surprise visit by Governor Mark Sanford.  The Governor stated that he wanted market forces to build a competitive market place.  He even asked select attendees what it would take to encourage them to enter our state.

Currently, the steering committee for the forum is following up with attendees and those who could not travel to Charleston.  A number of insurers have expressed interest in writing business in South Carolina.  A series of individual company meetings will take place in conjunction with the Property Casualty Insurance Association of America’s annual meeting.

97.42% AGENCIES CERTIFY

As of the June 30^th deadline, 97.42% of the policies issued by the Association are submitted by certified agencies.  Certified agencies will receive a 10% commission.  Non-certified agencies still have full access to the Association, but will receive a 5% commission.

Additional seminars are being scheduled, so it is not too late to certify.  Please join us for an upcoming seminar to learn more about the Association and receive three hours of SC CE.

Next seminar . . . Thursday, September 29, 2005, in Columbia.  The seminar will be co-sponsored by the Professional Insurance Agents of South Carolina.  (You do not have to be a member to attend.)

A flyer with registration information is attached.

HELPFUL HINTS

Here are several helpful hints to aid in getting your business processed in a timely manner:

• Include your agency number on the application.  With different agencies having similar names, the agency number is extremely important.

• Include a copy of the binder form when submitting an application for a mortgage closing.  The binder form helps our staff locate the file and avoids the inadvertent application of the 15 day waiting period.

• Complete the application.  Incomplete applications only delay the process of the business.  It is especially important to sign and date the application.  Signatures of the applicant and producer are required in order to complete processing.  (Producers may sign on behalf of the applicant.)

Download/View a copy of bulletin 05-09 here.

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Bulletin 05-10 September 6, 2005

INTERNET RATING RELEASED

The first phase of the SC Wind Internet Rating Project has been released!  You can now rate dwelling, mobile home, condo unit owners, and commercial risks on the Internet.  You can also print a quote sheet to attach to the application by pressing the print button option at the bottom of the screen.

The next phase will include rating the risk and producing the application.  The third phase will allow for the internet submission of the rated application including pictures and an electronic check.

HOW TO ACCESS

This is simple!  Go to www.scwind.com and click on “Quick Quote” option on the right column of the screen.  You will be asked for your password.  Your password is your South Carolina DOI Producer Number.  For example, “”000001” would be the password for the licensed producer 1.

Next, select the product program for the risk.  Now, enter the data and press “Rate.”  The program responds with the gross premium.

Press “Print” to obtain a hard copy of the quote.  We ask that you include a copy of the quote sheet with any application based on internet rating.  This will allow us to verify that the system continues to work well.

FAQ’S

Why does the program ask for the effective date?

The date feature is used to determine which rates to access.  If there is an approved rate increase effective next month, the program will determine which rates should be used.

Remember to consider the waiting period whenever you are quoting a risk!

The outdoor property and special property will not rate.

As we mentioned in the 2005 Update Seminars, we are simplifying the rating of these items.  Rather than develop a program using classes that are being discontinued, we will add the rating classes of the simplified system once it is approved.

Is there a charge for using the internet rating service?

No.

I do not have a South Carolina Producer Number.  How do I get one?

If you are writing business in South Carolina, you must be licensed by the South Carolina Department of Insurance.  The DOI will assign you a unique identifying number.  This is your producer number for the Quick Quote system.  Do NOT use your SCWHUA Agency Code.

What is “High or Low” on for Loss of Use?

There are options for different amounts of coverage.  For example, Loss of Use can be 20% or 10% of Coverage A when SC Wind insures the dwelling.  The “high” is 20%.  The “low” is 10%.

If this is a contents only risk, the “high” is 40% of Coverage C.  The “Low” is 20% of Coverage C.

I changed the rating information, but the premiums did not change.

After making changes, it is necessary to push the “Rate” button.

I have another question . . .

Please email other questions to David@scwind.com.

Download/View a copy of bulletin 05-10 here.

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Ophelia-01 September 11, 2005

HURRICANE OPHELIA

***   UPDATE   ***

The National Hurricane Center has declared a hurricane warning for portions of the South Carolina Coast.   While it is questionable if Ophelia will make a direct hit on our state, there could be wind and rain impacting our coast.  Wind losses may occur.

Please note the following . . .

• The Single Adjuster Program has NOT been implemented.  Report SCWHUA wind claims to the Association.  Report flood claims to your flood carrier.

• Please describe the damage.  “Roof missing” or “Many shingles gone.”  Please do not simply say “Wind Damage.”

• Pre-printed loss notices will NOT be produced.  Please use ACORD loss notices.

• Cover sheets and the back page of the loss notice are not necessary.

• Report all claims to the Association Office.  Do NOT adjust or settle claims.

• The toll-free claims fax number is active.  Fax loss notices to:

SCWHUA CLAIMS FAX NUMBER

1-877-290-6844

Download/View a copy of bulletin for Ophelia-01 here.

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Bulletin 05-11 October 6, 2005

INTERNET RATING, PART II

The first phase of the SC Wind Internet Rating Project has been released!  You can now rate dwelling, mobile home, condo unit owners, and commercial risks on the Internet.  You can also print a quote sheet to attach to the application by pressing the print button option at the bottom of the screen.

Go to www.scwind.com and click on “Quick Quote” option on the right column of the screen.  You will be asked for your password.  Your password is your South Carolina DOI Producer Number.  For example, “”000001” would be the password for the licensed producer 1.

Next, select the product program for the risk.  Now, enter the data and press “Rate.”  The program responds with the gross premium.

Press “Print” to obtain a hard copy of the quote.  We ask that you include a copy of the quote sheet with any application based on internet rating.  This will allow us to verify that the system continues to work well.

FAQ’S

Why do we have to enter some information that is not required for rating?

While this is a rating program, it does include some underwriting logic.  For example, the information about “owner occupied” impacts the availability of the replacement cost coverage.  We have tried to minimize the information required, but also tried to offer underwriting assistance.

The web page is not there!

Technical question!  While implementing the Quick Quote function, we changed web page hosts.  Normally, it takes approximately 24 to 48 hours for most internet providers to include the change.  Unfortunately, some providers are taking up to a week to make the change.  This problem should have been resolved by now.

I can not enter the Loss of Use Amounts under the Dwelling Program.

The limits are filled automatically after you select Loss of Use.  The program options default to “None.”  Select “High” for 20% of Coverage A or “Low” for 10% of Coverage A.  The limits section will then show the proper amount.

I have another question . . .

Please email other questions to David@scwind.com.

A.   M . BEST RATING

A consumer contacted the South Carolina Department of Insurance and the Association as a result of being required by her producer to sign a statement concerning the Association and A. M. Best.  Please allow us to clarify the situation.

The Association does not have a Best Rating.  No residual market has a Best Rating.

Several years ago, representatives of the property plans across the country met with A. M. Best to discuss the matter.  Two major points were made:

• In order to receive a rating, an organization must purchase services from A. M. Best.  The fees can be significant.

• Due to the nature of residual markets, the assigned rating would be “Not Rated.”

Residual markets, such as SC Wind, are backed by the entire admitted market doing business in a given state.

Download/View a copy of bulletin for 05-11 here.

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Bulletin 05-12 November 2, 2005

FAQ’S ON SC WIND

We have an insurer that is changing its guidelines on wind in the coastal area.  As a result, we will be moving business to SC Wind.  Does the waiting period still apply?

Yes.  Applications which are new business to SC Wind are subject to the waiting period.  The only exception is the provision for property transfers with mortgage closings which meet our guidelines.

If you find that you will be moving blocks of business to the Association, please start working these accounts in advance.  You will need to submit business in advance of the waiting period to maintain effective dates.

Can we request an effective date if we submit the risk in advance of the waiting period?

Yes.  If you submit applications well in advance of the requested effective date so that the waiting period requirement is met, we can use any date after the waiting period.

For example, If you submit an application in October with a requested effective date of 12/1/05, we can certainly honor that request.  This is because the effective date is further out than the interval required by the waiting period.

Our agency has 30 SC Wind policies spread between two locations.  Why does each location have to certify to receive the 10% commission?

Good question.  We treat each location which we mail to as a separate agency.  If you have two locations and we mail to two addresses, you are considered two agencies with two agency codes.  Both locations / agencies must certify.

The reason for this is that we want a licensed person at each location who understands the basic guidelines of the Association.

As an example . . . We do business with an agency that has multiple locations in the Southeast.  If the Charleston office certifies, it does not mean that producers in Louisville or Atlanta even know we have a waiting period or manual.  Each location must certify.

When will you be holding the next certification seminar?

During 2005, SC Wind hosted 24 certification seminars.  Agencies sent 708 licensed producers to the sessions.  But!  We are still receiving requests for more seminars.

We are working to schedule a December seminar.  An announcement will be sent out as soon as the details are available.

QUICK QUOTE

You can rate an application online by going to www.scwind.com.  On the lower right hand side of the page is “Quick Quotes.”  Double click and you will be taken to the page to rate SC Wind policies.

Download/View a copy of bulletin for 05-12 here.

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Bulletin 05-13 December 1, 2005

SC DOI HOSTS OPEN HOUSE

The South Carolina Department of Insurance hosted an open house at the Property and Casualty Insurance Association of America’s (PCI) Annual Meeting.  The meeting took place in Chicago during October 22-24, 2005.

The purpose of the open house was to offer companies the opportunity to learn more about doing business in South Carolina and to have the opportunity to ask questions.  Many of the inquiries involved writing coastal property insurance.  Workers compensation was also a popular topic.

The sessions were staffed by Director of Insurance Eleanor Kitzman and DOI Executive Assistant Ann Roberson.  Also staffing the room were Drew Theodore, President of the Independent Insurance Agents and Brokers of South Carolina (IIABSC), and Frank Sheppard, IIABSC Executive Vice President.  SC Wind was represented by Board Chairman Larry Wilson and Executive Director Smitty Harrison.

Funding for the open house was provided by IIABSC and SC Wind.  The open house was another phase of the ongoing effort to recruit insurers to South Carolina.

The DOI will be following up with insurer representatives who expressed interest in doing business in our state.  The DOI, IIABSC, and SC Wind have offered to make personal visits to interested companies as needed.

INSURANCE TO VALUE

A recent E&O newsletter from the Professional Insurance Agents of South Carolina (PIASC) discussed the recent Gulf Hurricanes and insurance to value.

“If your client’s home or business properties were destroyed tomorrow, would they be adequately covered . . . ?”  The article then discusses the cost of materials escalating as well as the lack of availability for items such as steel, plywood, and other construction materials.

Marshall & Swift / Boeckh reports that up to 65% of the homes in the United States are underinsured – by an average of 27%.  Will your client attempt to hold you responsible for any shortfall?

Values in the coastal area are growing.  The 2004 and 2005 hurricanes have created a shortage of skilled workers in the construction industry.  Are your clients’ limits up to date?

SC Wind rewrite notices display in red if the building limits have not changed in five years.  Please use this as a tool to bring these values up to date.

ANOTHER E&O ISSUE

Have you talked to your client about flood insurance?  If they declined to purchase flood insurance, did you document your file?

Thirty percent of flood losses take place outside of flood high hazard areas.

QUICK QUOTE

You can rate an application online by going to www.scwind.com.  On the lower right hand side of the page is “Quick Quotes.”  Double click and you will be taken to the page to rate SC Wind policies.

Download/View a copy of bulletin for 05-13 here.

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