Area Agencies on Aging Insurance and Risk Management Issues by Jeff Cole McNeary Consulting Services Insurance and Risk Management Issues Current Insurance trends by line coverage Insurance Market predictions for the next 12 months Insurance Program Tips General Insurance tips Summer workforce tips Open discussion Current Insurance Trends by Line of Coverage Property Excess Liability General Liability Workers Compensation Automobile D&O 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 Insurance Market Predictions for the Next 12 Months Premiums Brokers Limits Insurers 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% 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 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 Insurance Program Tips 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 General Insurance 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 Preventing Injuries Among Seasonal Work Force Tips Make safety cool Keep a sharp eye out Buddy up Hold managers accountable Reward Repeat messages frequently Train McNeary Insurance Consulting Questions????
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