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News & Views: When Bad Things Happen
Newsletter – Thursday, August 16, 2018
I’m actually writing this newsletter while traveling home from the Nationwide E&S (the company formerly known as Scottsdale Insurance) Agency Owner’s meeting which has been held at the Broadmoor Resort in Colorado Springs for the last 31 years. It is indeed a privilege to spend time with some of the smartest people in the E&S industry – both my peers and the company folk!
I had arrived in Colorado Springs five days after a storm that left some of the worst damage I’ve ever seen as the result of hail. The destruction of several of the Broadmoor buildings’ clay tile roofs was unbelievable. While on the golf course we saw holes in the greens that were over 2 inches deep! I’ll challenge you to throw a golf ball or even jump on one and leave that kind of mark!
It was a good visual reminder that what we do and the insurance products we provide are of great value. Our customers trust us to come through when bad things happen. While no one likes claims, not the policyholder, agent or carrier, if we didn’t have them, we’d have no purpose. I like the fact that we have an important role to play in our society. And I think it is important to reflect on the fact that it’s not about premium or commissions, it’s all about helping people.
Lately, we’ve been talking to our underwriting teams about how we can add value to what we offer. Two products we sell came up as seriously important coverages that we struggle to get consumers to purchase – liquor liability and commercial umbrella coverage. Is that your experience as well? We put together a well-prepared RBT package quote including liquor, but all too often we get the order without the liquor option. Seriously? A bar that thinks liquor liability coverage is optional? Did anyone point out the absolute liquor exclusion of the CGL?
Adding a commercial umbrella option to our quotes is becoming easier now that more of our binding markets have made their rating tools available to us. Our plan is to offer indications for the umbrella with more of the quotes we put out. I know the consumer’s decision to purchase insurance is driven by cost, but how can we calculate the cost of financial ruin?
By the way, when it comes to Liquor Liability, Tuscano is your Restaurant, Bar & Tavern specialist! We have the markets, each with different appetites – from high risk to low exposure. We can help you place everything from nightclubs to the neighborhood Italian restaurant, from an event with alcohol to one of the many craft distilleries and wineries popping up all over the countryside. Our team of underwriters is definitely high-performing!
One of the highlights of the Scottsdale meeting was the keynote speaker, John Foley, a former lead solo pilot of the Blue Angels, who shared his wisdom on high performing teams (like for instance, the Blue Angels!). As John was being introduced my ears perked up because I have had the opportunity to see the Blue Angels practice their drills on my drive home from work! Nearby Latrobe, PA is home of Arnie Palmer, Mr. Rodgers, and the Westmoreland County Airshow where these amazingly talented Navy pilots have displayed their skills. This year, I watched the Air Force Thunderbirds do their loops and swirls down Route 30. Unfortunately, I’ve never been a paying customer of the airshow, but I have certainly enjoyed the benefit of its proximity.
John Foley regaled us with stories about the dedication and focus these pilots have to their craft. They have to be – after all, they are flying upside down at 700 mph only 18 inches away from one another! There is no room for error there! What’s more, the pilots are regularly rotated so building trust on these teams is critical.
Thankfully, even though insurance underwriting requires skill and dedication, it is nowhere near as perilous as being a high-performance pilot! What I can say with certainty about the teams at Tuscano is that we understand the importance of building trust, internally, and with you, our customer. We get that you come to us needing insurance solutions and you rely on us to come through for you. We value the trust you put in us and hope you will always consider Tuscano your go-to market for brokerage business.
Let’s go out there and make a difference today!