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Area Agencies on AgingInsurance and Risk Management Issuesby Jeff ColeMcNeary Consulting Services
Insurance Program Tips General Insurance tips Summer workforce tips Open discussion Insurance and Risk Management Issues • Current Insurance trends by line coverage • Insurance Market predictions for the next 12 months
Property General Liability Automobile Excess Liability Workers Compensation D&O Current Insurance Trends by Line of Coverage
Current Insurance Trends for Property Insurance • No credits • Higher deductibles • Restrictive underwriting
Current Insurance Trends for General Liability Insurance • More exclusions • Higher rates • Restrictive underwriting
Current Insurance Trends for Automobile Insurance • Vehicle use important • Higher rates • Higher deductibles • Restrictive underwriting
Current Insurance Trends for Umbrella or Excess Liability Insurance • Higher limits not available • Higher per million premium • Exclusions • Restrictive underwriting
Current Insurance Trends for Workers Compensation • Markets through larger agencies • Loss experience important • Smaller premiums limit markets • Mandatory terrorism coverage charge • Very restrictive underwriting
Current Insurance Trends for Directors and Officers Liability Insurance • Minimum premiums are getting higher for not-for-profits • Higher per million premium • Higher per claim deductibles • Over-kill underwriting
Premiums Limits Insurers Brokers Insurance Market Predictions for the Next 12 Months
Insurance Market Predictions for the Next 12 Months-Premiums • Overall premiums increases up 20 percent (C I A & B -first quarter Survey) • Auto increases 10-30% • Property increases 10-20% • D&O increases 10-30% • EPL increases 5-20% • General Liability increases 5-20% • Workers Compensation 10-30% • Insurers
Insurance Market Predictions for the Next 12 Months-Limits • More willing to offer higher limits on most policies but still be expensive • More willing to offer higher property limits • Will continue to restrict D&O limits • Will continue to restrict EPL Limits • Higher umbrella limits should be available except over medical mal coverage
Insurance Market Predictions for the Next 12 Months-Insurers • Low investment income gains will affect rates • More instability and AM Best rating problems • Require a ton of info on insureds • Good loss ratio insureds will get the best pricing and terms • Difficulties with Insurance Department • Insurers
Insurance Market Predictions for the Next 12 Months-Brokers • Less of them • Risk Management Services-Claims/RC • Insurers are being very selective of the brokers they contract with
Time: Plan ahead Brokers/Agents: Institutional vs. market knowledge Underwriters: Go meet them Claim Adjusters: Let them know you are watching Showcase Cost: Seek an alternative for the mostly costly policy Coverage: Based on your claims history, how much is needed? Broker/Insurer Service: Require what you really need and get it in writing Insurance Program Tips
Certificates of Insurance from contracted services Procurement-attract markets Keep good loss run records Know the difference between GL and PL Vehicle use policy Be the squeaky wheel Risk management audit Insurance Program reference book or manual General Insurance Tips
Make safety cool Keep a sharp eye out Repeat messages frequently Train Buddy up Hold managers accountable Reward Preventing Injuries Among Seasonal Work Force Tips
McNeary Insurance Consulting Questions????