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Sometimes you have to step back from chopping wood and look at trees. And sometimes you have to step away and look at the forest, itself. Here are a few interesting statistics about the insurance industry results in 2020.

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Al Diamond

CEO

Agency Consulting Group, Inc.

Scott S. Margraves

P&C Expert Witness | Broker Performance Reviews | Certificate of Insurance (COI) Tracking & Compliance

Gulf Coast Risk Management, LLC

It is often said that the police and firemen run towards the danger when others are running away from the danger. Thing is, the danger is generally a known danger, not an unknown one.

Bruce Heffner, Esq.

Independent Company Legal Consulting / Attorney at Law

Law Office of Bruce P. Heffner, My 911

In today’s business climate more focus is placed on lean operations. This trend is becoming increasingly more commonplace as corporations are divesting of business lines and returning to core competencies. As decentralization continues to grow and corporations are relying on supply and sales agreements with non-related parties, the impact of a supplier or customer’s loss on a business’ operations increases substantially.

Scott E. Bushnell

Principal Owner - Executive Forensic Accountant

Business Interruption Consulting, LLC

Maintaining client relationships is critical for insurance brokers and agencies, especially given the fact that developing new commercial clients involves a significant time investment to understand the client’s business and risks and to implement solutions for risk transfer. Once insurance coverage is in place and policies are issued, the focus of the agency switches to servicing the account. The agency is happy. The client is happy. But what happens when your client experiences a significant property loss?

Scott E. Bushnell

Principal Owner - Executive Forensic Accountant

Business Interruption Consulting, LLC

Akos Swierkiewicz

Principal

Insurance & Reinsurance Consulting & Outsourcing Services ("IRCOS, LLC")

Akos Swierkiewicz

Principal

Insurance & Reinsurance Consulting & Outsourcing Services ("IRCOS, LLC")

This article is written to assist a business owner in the interview process of a prospective insurance agent or broker.

Marjorie L. Segale

Founder / President

Segale Consulting Services, LLC

I do not truly understand the rationale in suing the company adjuster in a lawsuit against the Insurance Company, since he has no independent duties apart from those of the Insurance Company. However, Directors and Officers of corporations owe fiduciary duties to corporate stockholders and to the Corporate business entity itself.

Bruce Heffner, Esq.

Independent Company Legal Consulting / Attorney at Law

Law Office of Bruce P. Heffner, My 911

I was often amazed at what I could only discern as an argument by a Plaintiff’s attorney concerning an insurance claim where he had never bothered to read the policy or have a true of understanding of insurance.

Bruce Heffner, Esq.

Independent Company Legal Consulting / Attorney at Law

Law Office of Bruce P. Heffner, My 911

A hair-weaving certificate requires 300 hours of training. An individual selling reinsurance needs zero education and faces zero testing.

Bruce Heffner, Esq.

Independent Company Legal Consulting / Attorney at Law

Law Office of Bruce P. Heffner, My 911

For plaintiff lawyers, discovering what reinsurance has been purchased will not get you directly into the pocket of the reinsurer, but it will give you insights into what the insurance company was thinking as it handled your client’s claim.

Bruce Heffner, Esq.

Independent Company Legal Consulting / Attorney at Law

Law Office of Bruce P. Heffner, My 911

For many small to mid-sized companies there is the overriding element of misplaced trust in the broker and a gross misunderstanding of their own duties.

Bruce Heffner, Esq.

Independent Company Legal Consulting / Attorney at Law

Law Office of Bruce P. Heffner, My 911

I have not figured out why reinsurance is not fully regulated, as is insurance. I have heard the logic that the parties to the contract are equally sophisticated, and therefor no regulation is necessary. The problem with that logic is that it assumes a premise that is false. Many of the parties do not have equal bargaining power; they are not equally qualified to enter into the transaction and there are no real arms length negotiations. Many small companies spend more on reinsurance each year then they could possibly receive from the sale of the building they occupy.

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Bill Wilson

Founder and CEO

InsuranceCommentary.com