KEN KIRSCHENBAUM, ESQ ALARM - SECURITY INDUSTRY LEGAL EMAIL NEWSLETTER / THE ALARM EXCHANGE You can read all of our articles on our website. Having trouble getting our emails? Change your spam controls and white list ken@kirschenbaumesq.com ******************************* Rate increases / E&O recommendation August 20, 2019 ********************* Rate increases ********************* Ken, I’m hoping yourself or someone on the forum can help us with a question that recently came up at a company meeting. We have always heard that rate increase can never be more than 10% a year, but weren’t sure of that statute that designates this limit and if it varies state to state. We are working on expanding to a new territory, and want to make sure this number isn’t different in a different area of the country. Thank you, Justine *********************** Response *********************** Rate increases are a matter of contract. I am not aware of any law that would limit the increase, in any jurisdiction. Your increase provision should be clear. The Standard Form Agreements provide for an annual increase of up to 9% at the option of the alarm company. Also, the provision provides that the subscriber agrees to pay the increase. Older form agreements may give the subscriber the right to cancel rather than pay an increase. If you don’t use the Standard Form Agreements you should check your contract form carefully to determine what increase rights you have. Better to use the Standard Form Agreements. ********************* Recommended E&O insurance company ******************** Ken, My girlfriend is an insurance broker and looking to get a client insurance for alarms, cameras, etc. and asked for suggestions on underwriters. The Alarm Exchange seems to mainly have brokers (her competitors) rather than companies themselves. Can you give some recommendations since you know who is good and who to stay away from? Thank you, Jeff ********************** Response ********************** I recommendation Security America Risk Purchasing Group. That is the alarm industry owned insurance carrier. Coverage can be obtained up to 5 million I believe. Contact Crystal Jacobs or Brett Butler at 866-315-3838 www.SecurityAmericaRPG.com . You can get a 5% discount for using the updated Kirschenbaum Contract ™ ********************** To order up to date Standard Form Alarm / Security / Fire and related forms, click here:www.alarmcontracts.com ************************* CONCIERGE LAWYER SERVICE FOR THE ALARM INDUSTRY PROGRAM You can check out the program and sign up here: https://www.kirschenbaumesq.com/page/concierge or contact our Program Coordinator Stacy Spector, Esq at 516 747 6700 x 304. *********************** NOTICE: You can always read our Articles on our website at ww.kirschenbaumesq.com/page/alarm-articles *********************** THE ALARM EXCHANGE
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Ken Kirschenbaum,Esq Kirschenbaum & Kirschenbaum PC Attorneys at Law 200 Garden City Plaza Garden City, NY 11530 516 747 6700 x 301 ken@kirschenbaumesq.com www.KirschenbaumEsq.com
