Professional liability policies for insurance professionals are typically written on either a claims-made or a claims-made and reported basis. These policies provide coverage for long-tail lines of insurance because a negligent act or omission may take place today, but harm arising from that act or omission may not be discovered or a claim made against the insured for a considerable period of time thereafter.
READ MOREThe Problem with Silence
by Carey Wallace | May 25, 2022 | PIIAC Bulletin
In the midst of the most active M&A marketplace that our industry has ever experienced, often times there is still a cloud of secrecy that exists inside an agency about the agency’s future.
READ MOREProfessional Longevity
by Amanda Juratovic | May 17, 2022 | PIIAC Bulletin
The professional liability marketplace is ever-changing—carriers entering and exiting the marketplace, changing rates, and fluctuating underwriting positions. Typically, the longer a carrier has been in the professional liability marketplace, the more stable it is when it comes to making changes.
READ MOREAre YOU the Future?
by Agency Focus | May 11, 2022 | PIIAC Bulletin
Keeping and retaining talent has been on the minds of agency owners from the day I entered this industry. It has remained in the top 5 concerns of agency owners in literally every survey I have ever read.
READ MOREFalling Short
by Amanda Juratovic | Apr 29, 2022 | PIIAC Bulletin
Financial ratings give insight into a carrier’s ability to pay claims, which, along with the potential of financial loss, are ultimately the reasons businesses purchase insurance. However, insurance companies can only pay claims if they have the funds to do so. It is not uncommon for an insurance carrier to become insolvent, leaving it unable to pay claims.
READ MOREWhat Factors Impact an Agency’s Selling Price?
by Carey Wallace | Apr 27, 2022 | PIIAC Bulletin
The price that your agency commands depend on several factors, including what is most important to both the buyer and the seller, the synergies that exist between agencies owned by a potential buyer and seller agency, and the risk level that both parties are willing to assume in the agency sale.
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