follow up on indemnity and managing dealer risk September 26, 2017

• Loss Runs. Any claim has the potential to affect future policy rates at a minimum. Typical Loss Runs continue for five years and be costly indeed. The alarm dealer should consider themselves responsible for their own Risk Management and the manager of their future insurance rates. 
• No claims should equate to no insurance rate increases. It is also timely to note that as a single program insurance company that sheds the greatest amount of exposure to Lloyds, SARRG is not impacted by natural disasters such as hurricanes or floods.
• Cancellation or Non-Renewal. If an alarm company adopts the attitude that "I pay my premium so who cares what happens next after the deductible", is in dangerous position because may structures that have a system installed in them are worth more than 5 million when its a required fire system which is the typical maximum of coverage offered without going to a specialty market. Additionally, if you operate your company with great disregard (and don't use Ken's contracts) the chances of having more than one event in a policy year grows as well. 

• use of the Standard Form Agreements [the All in One forms] will reduce your chances of getting sued and will increase your chances of successfully defending the claim.  You have control over this component; use the Standard Form All in One Agreements
• how the claim is addressed by your E&O insurance carrier and how its handled by its assigned defense counsel.  Typically you have little control of this component, though you can ask [demand] that the carrier retain K&K as defense counsel or consultant to work with assigned defense counsel.  

This area is reserved for alarm classifieds, alarm company announcements, solicitations, offers, etc. Those wishing to sell or buy; borrow or lend; dealer program or dealer; central stations; insurance brokers; business  brokers, insurance companies. Equipment to sell; looking for employees; subcontractors; mergers;

There is no charge to post a listing here.Include your contact information, phone, email and web site.  If you would like to submit a posting, please send an email to ken@kirschenbaumesq.com.  To create a reciprocal link to our website, click here.
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