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 whitelist ken@kirschenbaumesq.com
******************************
why who your E&O carrier is matters / webinars / ISC private meetings / sign up NMC / Security Central / Dynamark
March 22, 2025
***********************
Webinars: All webinars will be recorded and available on the K&K website at https://www.kirschenbaumesq.com/page/alarm-webinars and are available on Podcasts at https://podcasts.apple.com/us/podcast/ken-kirschenbaum-presents/id1794851477
**********************
NEXT WEEK
March 24, 2025 noon ET NMC: professional monitoring center
National Monitoring Center: www.nmccentral.com
Presenters: Tatiana Abramek, Senior Sales Executive with special guest Nicola Oakie, Vice President of Sales, Netwatch North America
Hosted by: Ken Kirschenbaum, Kirschenbaum & Kirschenbaum
Topic: Learn about National Monitoring Center’s leading proprietary technology to bring innovative solutions. Contact Tatiana Abramek, Senior Sales Executive, NMC, at 949-877-226 or tabramek@nmccentral.com and Nicola Oakie, Vice President of Sales, Netwatch North America
at 702-816-1974 or noakie@netwatchusa.com
Register Here: https://attendee.gotowebinar.com/register/4188331606419621213
*********
March 25, 2025 noon ET Security Central: professional monitoring center
Security Central: www.security-central.com
Presenter: TBD
Hosted by: Ken Kirschenbaum, Kirschenbaum & Kirschenbaum
Topic: Learn about Security Central’s cs operation and why you should have your accounts with us
Register Here: https://attendee.gotowebinar.com/register/3887630569385895772
**********
March 27, 2025 noon ET Dynamark: professional monitoring center
Dynamark: www.dynamarkmonitoring.com
Presenter: Trey Alter, CEO. talter@dynamarkmonitoring.com 301-745-1602
Hosted by: Ken Kirschenbaum, Kirschenbaum & Kirschenbaum
Topic: The Future of Monitoring: Evolution or Revolution: A look into the changing dynamics of monitoring centers including size, service offerings, technology, and pricing. Also, a special section on how technology is changing the way monitoring centers, dealers, and their customers communicate with one another. Find out how Dynamark has evolved and the investments it is making for the future. Dynamark is hosting dinners in Las Vegas instead of a booth and to participate or arrange visit to either of Dynamark’s monitoring centers contact Trey Alter at 301 745 1602 or talter@dynamarkmonitoring.com.
Register Here: https://attendee.gotowebinar.com/register/4864481779478912605
*************************
Private and Group FREE meeting - schedule now available
*********************************
Schedule a free private meeting while at ISC. Meetings will be at the Prestige Lounge at the Palazzo. Time is limited so book now. Contact Kathleen Lampert at 516 747 6700 x 319; for last minute booking or to change appointment while at ISC contact Stacy Spector at 516 987 8428.
**********
Private Meetings with Ken Kirschenbaum, Esq.
Discuss contracts, buying and selling, legal and business issues, disputes, or just come and meet Ken in an informal setting.
Contact Kathleen Lampert at 516 747 6700 x 319 to schedule your free appointment
*************
Private Meetings with Rory Russell of AFS:
Schedule a private meeting with Rory Russell of Acquisition and Funding Services (AFS) to discuss buying or selling security, fire and integration business. Contact Kathleen Lampert at 516 747 6700 x 319 to arrange a meeting. You can contact Rory direct at 518-366-5111. At ISC you can also contact Stacy Spector to schedule last minute appointment or change an appointment with Rory. Call Stacy Spector at 516 987 8428.
***************
Private Meetings with Mitch Reitman, President of Reitman Consulting Group Inc. Discuss accounting, tax, due diligence, valuation issues. Contact Kathleen Lampert at 516 747 6700 x 319 to schedule your free appointment. At ISC you can also contact Stacy Spector to schedule last minute appointment or change an appointment with Mitch. Call Stacy Spector at 516 987 8428. You can reach Mitch at MReitman@Reitman.US or 817-698-9999 ext.101 http://WWW.Reitman.US
******************
Private Meetings with Security America: Security America will be at ISC West – Let’s Talk Insurance. For nearly 20 years, Security America has been bringing affordable rates and top notch coverage for your Professional Liability/General Liability, Excess, Umbrella and Cyber needs. Schedule a one-on-one meeting with Rhett Butler to discuss your insurance needs and how Security America can help. We are ready to help you navigate the best options for your business, offering tailored solutions to protect what matters most. We can even provide indications on-site or you can complete an application in advance at https://securityamericains.com/requestaquote/ . We look forward to seeing you in Vegas! Contact Kathleen Lampert at 516 747 6700 x 319 to schedule your free appointment. At ISC you can also contact Stacy Spector to schedule last minute appointment or change an appointment with Mitch. Call Stacy Spector at 516 987 8428.
***********************
Group Meetings: See schedule below. Space limited. Reserve your spot by calling Kathleen Lampert at 516 747 6700 x 319 or Stacy Spector at 516 987 8428.
**************
April 1. Group Meeting: 11:00 am to 12:00 pm - Selling and buying alarm accounts; Things to know. Group Meeting conducted by Ken Kirschenbaum.
*************
April 1. Group Meeting: 2:00 pm to 3:00 pm – State sales tax and complex company valuation. Group meeting conducted by Mitch Reitman of Reitman Consulting Group
***************
April 2. Group Meeting: 10:00 am to 11:00 am - "Selecting the best insurance carrier and what is trending with claims"
Learn for yourself the differences of various insurance carriers. Understand why some are better than others. We will discuss what is trending with claims in the security industry and tips to limit your liability when an incident arises. Group meeting conducted by Shawn Iverson of The Insurance Center. You can also meet Shawn at The Insuarance Center booth.
***************
April 2. Group Meeting: 11:00 am to 12:00 pm – Contracts – which ones you need and why you need them. Group meeting conducted by Ken Kirschenbaum.
******************
April 3. Group Meeting 11am to 12 pm. Buying or selling your security business. Group meeting conducted by Ken Kirschenbaum
**************************
why who your E&O carrier is matters
**************************
Error and Omission liability insurance covers your business for mistakes made in connection with the operation of your business. The scope of coverage depends on the description of your operation, so be sure to disclose all that you do or may do during the policy period, which is one year from commencement date. What this means is that if you are asked on the insurance application if you do fire alarm installation and monitoring, that better be the case; your premium will be based on your disclosures. The policy, which is really nothing more, or less, than a contract between you and the carrier, will define the scope of coverage. For example, use of your vehicles will not be covered; a breach of contract, such as taking a deposit and then not doing the job, is not covered. I've seen policies exclude monitoring service, undoubtedly because the alarm dealer, who subcontracts monitoring to a professional central station, thought it was not engaged in monitoring, despite signing customers up for monitoring and charging those customers for monitoring.
The E&O is supposed to cover mistakes you make, or your customer thinks you made, in connection with your services. That includes design, installation, service, inspection and monitoring mistakes. This arises when the customer suffers a loss, a burglary, fire, water damage, whatever the alarm or security system is designed to detect. With the advent of live monitoring with intervention the service may have blurred the line between detection and prevention, so be careful how you describe your service. Even with live intervention over two way cameras with audio the operator can't stop an illegal entry or ensuing damage or loss.
We know none of your services are intended to prevent loss; you are not your customer's insurance company, guaranteeing to reimburse and make your customer hole in the event of a loss from fire, burgarly, personal injury and property damage, etc. You agree to monitor a fire alarm system, installed by another, for $60 a month, $720 a year. The building would cost 40 million to rebuild, and that doesn't include building contents. Just ask the owner of te building what its casulty insurance costs; it won't be close to what you're getting paid. Why then should you be in the position of the owner looking to you or the owner's carrier looking to you for reimbursement of what it pays to the owner.
I use to think of E&O coverage for the alarm industry as defense cost. Carriers writing the E&O knew that there would be claims but they didn't expect to pay damages beyond the defense cost. The cost of the E&O coverage was relatively inexpensive.
In case you haven't noticed, and I'm sure you have, your E&O coverage isn't that cheap anymore, especially if you still think that your carrier will not have to pay damages, only defense cost. That unfortunately is not the reality of today's E&O coverage. Claims are more popular than ever [there's more of them] and carriers are entertaining paying damages, sometimes up to policy limits. If carriers have to factor in actually paying claims it has to raise premiums to cover those losses.
But increased premiums cost is not what I really want to warn against. Death, taxes and E&O premiums, that's what you can't avoid in your business. I want to caution you that you need to be sure that you are getting what you are signing up for, paying for. What's the point of selecting an E&O carrier who isn't there when you need it. Not there? Well by that I mean analyizing your claim and coming up with a Reservation or Denial of Coverage Letter. Yes I've seen them and it's not easy for me to describe it because to me it's nothing less than bazarre. If you're not covered for a fire or burlgary loss where you're accused of a faulty alarm system, then what are you covered for? If your E&O carrier is going to freak out because you get a claim, a claim that it doesn't understand or know how to defend, then brace yourself for denial of coverage, raise in future premium, refusal to renew the policy and cancelation of your policy. This added aggrevation you don't need, especially at a time when you are facing a claim from your subscriber.
There is one carrier that knows what your coverage is for and how to handle it. I've recommended Security America before, and it's still the go-to carrier for the alarm industry E&O coverage. It's owned by the alarm industry; join ESX and become an "owner". It's backed by Lloyds of London; its A Rated. Security American is listed on The Alarm Exchange and it's participating in the private meetings at ISC arranged by K&K staff; see the notice above. I'm told you will be able to actually get a quote for coverage at your private meeting. You don't need an insurance broker to get Security America insurance, but you can use you broker if you wish.
Yes there are other carriers, and your insurance broker may recommend one over another. But from my perspective, which generally comes into focus when a claim arises, my recommendation starts and stops with Security America. Take advantage of the private meeting if coming to ISC, and if not, check the The Alarm Exchange and contact Security America today.
************************
STANDARD FORM AGREEMENTS: To order up to date Standard Form Alarm / Security / Fire and related Agreements click here: www.alarmcontracts.com
***************************
CONCIERGE LAWYER SERVICE PROGRAM FOR THE ALARM INDUSTRY - 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.
***********************
WEBINARS: https://www.kirschenbaumesq.com/page/alarm-webinars
***********************
ALARM ARTICLES: You can always read our Articles on our website at www.kirschenbaumesq.com/page/alarm-articles updated daily
********************
Wondering how much your alarm company is worth?
Click here: https://www.kirschenbaumesq.com/page/what-is-my-alarm-company-worth
***********************
THE ALARM EXCHANGE - the alarm industries leading classified and business exchange - updated daily
*************************
PODCASTS: https://podcasts.apple.com/us/podcast/ken-kirschenbaum-presents/id1794851477
*************************
Getting on our email list / Articles archived:
Many of you are forwarding these emails to friends or asking that others be added to the list. Sign up for our daily newsletter here: Sign Up.
**************************
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
|
