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| April 2025 | ||||||||||||||||||||||||||||
State & National News
Stay up to date on the State Corporation Commission changes. Administrative Letter AL 2025-01 has been added.
Food For Thought
Some ways to determine the financial strength of an insurance company is to evaluate ratings from independent rating agencies, analyze financial reports, and consider industry benchmarks.
Selective's self-service flood quoting tool, QuoteItNow, allows you to maintain your personal touch with our mutual customers while empowering them to start the flood quote process at their convenience — giving you more time to focus on building relationships.
Photo by Chris Gallagher on Unsplash
IA Magazine
In the hard market, client retention is more important than ever for independent insurance agencies. However, retaining clients can be challenging when faced with carriers withdrawing from markets, steep rate increases, and an onslaught of remarketing requests from customers.
In 2024, the U.S experienced 27 weather and climate disasters that caused at least $1 billion in damages, according to the National Oceanic and Atmospheric Administration (NOAA), placing 2024 as the fourth-costliest year on record. These billion-dollar disasters included drought, flooding, several severe storm events, such as tropical cyclone events, winter storms, and one wildfire.
Photo by Egor Vikhrev on Unsplash  The new checklists cover business income, business owners policies, commercial property, contractual review and workers compensation. Members can access the checklists by logging in with their Big 'I' credentials.
One of the most debated commercial lines issues is whether or not a vehicle is an "auto" or "mobile equipment." When you carefully read the policy definitions, it's amazing how many vehicles fit the definition of "mobile equipment," even vehicles licensed and used on public highways. In fact, it's possible that a vehicle could be an "auto" under one set of circumstances and "mobile equipment" under another. In this article, we'll look at an example of this debate.
IIAV News
IIAV Golden Eagle Award
The IIAV Agent of the Year “Golden Eagle Award” recognizes the outstanding contributions of an agency member. Nominations may be made by any IIAV member on the basis of an individual’s industry/professional contributions, association involvement, continued growth, agency achievements, and community activities.
IIAV Company Person of the Year Award IIAV Company Person of the Year Award was established to recognize the outstanding contributions of a company representative. Nominations may be made by any IIAV member for an individual who has demonstrated professionalism in the insurance business, excellence in public relations, and fostering agent-company relations. NOMINATIONS DUE BY MAY 25 Send your name and the name of the nominee, with a brief description as to why your nominee deserves an award, to Sara Armor: sarmor@iiav.com.
Winners will be announced and presented at the IIAV Annual Convention on June 24, at the Virginia Beach Oceanfront Marriott. Collaboration underscores Elephant’s commitment to supporting independent agents and enhancing the insurance landscape in Virginia
InsurBanc president David Tralka recently spoke with Peter van Aartrijk in a recent On-Point podcast. Dave takes this opportunity to discuss agency opportunities, long-term growth and leveraging debt for acquisitions, producer growth and technology. Don’t forget you can see David Tralka at the IIAV 2025 Convention & Trade Show. Learn more below, or register now!
Upcoming Events
.jpg) This year's theme is "Navigating the Waters of Insurance in a Changing World." Join IIAV for 3 days of insurance industry insights, networking and fun! We look forward to seeing you in Virginia Beach from June 22–24, 2025!
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