Newsletter – Wednesday, October 2, 2019
Thirty-one years ago, I bought my farm in Ligonier. It has turned out to be one of the best investment decisions I’ve ever made; not because the value of the property has grown exponentially, rather because the farm and all it means to me and my family is woven into our shared experiences and memories. It is priceless.
The house and barn were built in the mid-1800s. I’ve remodeled and upgraded the house a couple of times, but the barn is still the original classic post and beam structure made of wormy chestnut. We haven’t had animals in the barn in over 10 years (since Grace was sure she wanted a pony). Mostly I use it as overflow storage for all of my toys and ‘stuff’. The truth is I love that barn! So, when I noticed earlier this summer that one side of the structure was bowing inward, I decided it was worth fixing, regardless of the cost.
The problem was significant – the bank was falling in and pushing the foundation and the main structural beams inward. I needed an experienced contractor and a cash pass from my wife! When the work is completed, my barn will still look like an old barn! But I know it is solid and will still be standing well after I’m no longer around.
Tuscano’s foundation was laid in 1970, so comparatively speaking we’re still pretty young! But in true Tuscano style, we are already talking about how we can celebrate our 50thanniversary (just give Jinny a reason to throw a party…) Like my old barn, Tuscano Agency has gone through transitions, from Bill to Jinny and I, from us to our next generation. We’ve built a solid business on a very solid foundation and I am convinced it will stand long after Jinny and I are gone!
Tuscano has been writing personal umbrella coverage for nearly as long as we’ve been around. In fact, when we first started out RLI Insurance Company sold its umbrella policy for $99 – one price fit all. My how times have changed! In the past year, I’ve seen at least one national program close down and another market go through a significant change in their underwriting and pricing. Both of these carriers claim it is due to their results. Fortunately for us and you, Tuscano has multiple stable markets with the ability to write a broad range of risks. I haven’t seen an umbrella for $99 lately, but you can get a $5M umbrella almost instantly. As the legal environment trends towards greater settlements, everyone should have umbrella coverage. The good news is Tuscano can help you with that!
Another line of business that fits squarely into our wheelhouse is Professional Liability. We see a lot of the miscellaneous professional type of risks – everything from Advertising Agencies to Wedding Planners. If you have a client that provides services rather than products, then call us and we’ll help you get them properly insured with a GL/PL package or stand-alone professional if that’s all you need from us. Excess is also available and I would certainly promote that coverage for your professional services customers. We have two expert Professional Lines underwriters, Debbie Stoner and Sandy Ossont who would love to write your business. Give them a call next time you have a risk on your desk that needs professional coverage. We also have some pretty easy-to-use online rating tools to rate up everything from MPL to EPL and D&O. Let us know how we can help you!
Happy October y’all,