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Happy Valentine's Day!!
Professional Insurance Agents of North Carolina
An association run by agents, for agents
February 2014

In this issue…

It's time for the National PIA Federal Legislative Summit!


Dear PIANC members and insurance agents:

The National PIA Federal Legislative Summit (FLS) will be held March 26-27, 2014 in Arlington, VA at the Crystal City Marriott Hotel. Enclosed is the events schedule for March 26-27 for FLS. Any PIANC member is welcome to attend all of the scheduled events for all days, but you must register to attend. The FLS briefing and orientation March 26, 2014 will outline talking points for you to use in visiting our NC Senators Hagan and Burr and congressional offices in your district while on Capitol Hill March 27, 2014.
 
Now is the time for PIANC members to be heard in Washington, DC about insurance matters. If you have ever wanted to have your say about Obamacare, Flood Insurance, Licensing, Federal Insurance Office (FIO), Crop-Hail Insurance, TRIA with NC congressional delegation, now is the time speak up and to be heard. Don’t stay at home and gripe about Federal Insurance Legislation, you now have an invite to go to Washington, DC with other PIA members from across 50 states and Puerto Rico and voice your concerns. Remember, “the squeaky wheel gets the oil”. If you don’t join with the other PIA members and voice your concerns, don’t complain. This is just another PIANC member benefit in going to Washington, DC to talk to YOUR NC congressional delegation. If you have never participated in the FLS event, sign up, take your family to tour Washington, DC while at the FLS. Not a PIANC member and want to go to FLS, go to:www.piaofnc.com, and look under member and join on line, just $425 year.
 
You need to register NOW especially for rooms at the Marriott, as they will sell out fast, as this is the start of tourist season in Washington, DC. PIANC needs member agents to register and attend. PIANC or National PIA does not cover any costs or expenses or re-imbursement of this event, you have to pay your own way. You can drive or fly to Arlington, VA, as Reagan Airport (DCA) is several blocks from hotel and shuttle is available to hotel. The Blue Line runs directly from Hotel to Union Station across from Congressional office buildings, you do not have to drive into DC. Bring a coat as it can be cold.
 
If you sign up for FLS, please let me know. FYI, some PIA affiliates have delegations of 10-30 PIA members to attend FLS and have photo op with Senators and Congressional staff! Let you voice be heard. If you have any questions please let me know by telephone or email.

Registration Form
PIAPAC Raffle Information
DCA - Shuttle and Parking Map
DCA - Terminal Map

Thank you,
Jim Kennedy, CIC, CPIA, CPSR
EVP-PIANC
Jim.kennedy@piaofnc.com
1-877-987-4262
1-877-401-6822
704-534-2338-cell
 
"Claims Made" vs "Claims Made & Reported"

by Curtis M. Pearsall, CPCU, AIAF, CPIA President – Pearsall Associates, Inc.
and Special Consultant to the Utica National E&O Program

While there may be some E&O / professional liability policies written on occurrence forms, most are written on some form of a claims-made policies basis. Essentially, this form provides the insurance carrier with a much better indication of any and all claims activity. The phrase “IBNR – Incurred but not reported” does not apply to the same degree as it does with occurrence forms.

Within the claims made form, there are actually some variations. There is what I call the “pure claims made” form and there is a form entitled “claims made and reported”. What is the difference and is it really significant?
A pure claims made form is commonly referred to “notice to the insured is notice to the insurer”.  While this is basically true, there is still the expectation that the insured is expected / required to give notice of a claim to the insurance carrier “as soon as practicable”.

In a â€œclaims-made and reported” policy, the requirement is much more clearly spelled out and can (and has been known to) cause some claims not to be covered if the requirement is not met.
The “claims-made and reported” form provides 3 main “timing tests” to determine whether a claim will be treated as falling under a given policy year:
  1. Was the claim first made against the insured during the policy period?
  2. Did the insured “report” the claim to the insurance carrier during the policy period (or any extensions provided for in the policy)? This “reporting” typically is required to be in writing.
  3. Did the insured’s alleged act, error, or omission take place after the “retroactive date,” if any” stated in the declarations page?
As you can see, the major distinction between the two variations of a claims made form is more than just a condition of coverage. It is an essential feature of the insuring agreement itself.

This condition (of a claims made and reported form) can be a significant issue especially if the insured looks to move their E&O at renewal time. In this scenario, the insured should be sure to notify their prior carrier of any and all claims or potential claims (as defined in the policy) by the required date because claims submitted after that date may not be covered.

 

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grow your business!

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Co Shoud You Take on Debt to Grow?
by Rick Dennen, President and CEO of Oak Street Funding

Theories about the best way to grow a business are plentiful and change with the times. Just contrast the highly-leveraged ‘80s with today’s infatuation with bootstrapping. Now that we’re coming off one of the worst economic downturns of our lifetime, it’s not surprising that business owners are conflicted about the best way to grow: organically or by investing using debt.
 
Despite which theory is in vogue, the decision of whether or not to take on debt really comes down to business fundamentals. I’ve worked with hundreds of insurance agency owners to determine if taking on debt is the best choice, and the decision always comes down to the following questions:
 
How do I want to grow? Growing a business can mean different things to different companies. Some companies grow by expanding products and services, some by tapping referrals. Others grow by putting a lot of effort into sales and marketing, and some grow through acquisition. Still others grow by hiring. These methods require different levels of investment. Begin by understanding how you plan to grow your business and what kind of investment is required.

What is my growth timeline? A young business owner may have decades to grow a valuable business. Conversely, an executive nearing retirement age may need to build value rapidly in order to sell the business. For executives with short timelines, it might be quicker to buy a business and fold the customers in. Determine your exit plan and how you can reach that goal within your timeline.

Are opportunities favorable now? Timing is always important in business. Businesses grow by buying low and selling high. Right now, we’re coming off a soft market and revenue streams are weak, making acquisitions relatively cheap. Business owners should always be ready to take advantage of a favorable opportunity, and a line of credit is a great way to do this. Similar to being pre-approved for a mortgage, a line of credit is available if and when it’s needed. The time to be approved is before an opportunity presents itself, so you can move quickly knowing that funding is in place. Be aware of the resources available to you.

How do I feel about risk? Everyone has a different tolerance for risk. Some view debt as a risk, preferring slow and steady growth through solid management. Others  consider organic growth a risk, since the slower pace may result in competitive pressures. Balance these views with your growth plans and timeline to come to an acceptable level of risk.
 
Finally, consider how you conduct your day-to-day business. Are you an executive who participates in trade associations, gives time to nonprofits and spends time out talking with customers and other executives? These executives tend to see opportunities before others and need to be prepared to profit from them.
 

 


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**We are a proud partner of PIA of North Carolina**

                   

 

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Did You Know?

by Jim Kennedy

Did you know that the so-called ACA Navigators are not licensed insurance agents in NC? Caution your clients to only use licensed Health insurance agents in NC, preferably PIANC agents.

Did you know that the Almanac says: plant corn after the first woodpecker appears; never plant anything on the 31st of the month; a billy goat kept in the barn will keep a cow from miscarrying?

Did you know that if you plant the following plants in your garden they will repel insects?  Basil repeals flies, hornworms, and mosquitoes. Dead nettle and flax repeal potato bugs and garlic repels Japanese beetles.

Did you know that wooden handles on rakes, shovels etc. that are rough, can be sanded smooth and then rubbed with linseed oil to protect the wood?

Did you know that your pruners, loppers, hedge shears, shovel edges and hoes can be touched up with a fine flat file for making cutting and digging easier?  After filing wipe the blades with 30-weigh oil to prevent rust.

Out 'N About in NC


Dance 2014

Greenville

January 30 , January 31 , February 1- (5) dates in all …
Eclectic, eccentric & electric. Graceful ballet, electrifying modern, percussive tap and hot jazz dance styles. It's sometimes serious, sometimes funny, sometimes lyrical and always delightful.
 

1st Annual Icebreaker Beach Bash!

Lexington

February 6
Dance the Night Away "Icebreaker Beach Bash featuring The Band of Oz"!


First Friday ArtWalk

Elizabeth City

February 7 , March 7 , April 4
Enjoy artwork, artist demos and live music on occasion at various Locations around Downtown Elizabeth City.


Country Music Showcase Anniversary - Motown

Smithfield

February 8 , February 7 , February 8
Celebrate Black History Month with #1 hits of Motown.
 

Thoughts for the Day


“The greatest service you can render
someone else is helping him/her help him/herself.”
Baltasar Gracian
 
“Anything one man can imagine,
other men can make real”
Jules Verne
 
“Our Constitution protects aliens,
drunks and U. S. Senators.”
Will Rogers
 
“We can’t all be heroes because somebody
has to sit on the curb and clap as they go by.”
Will Rogers

 

Cookin' with Jim

Lobster or Shrimp Salad
 
Meat of 3 freshly boiled lobsters or 3 lbs deveined cooked/peeled medium or 2 lbs large shrimp, let cool.
3 tablespoons cider vinegar
4 tablespoons olive oil
1 teaspoon sea or kosher salt
¼ teaspoon fresh ground pepper
1 cup Dukes mayonnaise
Crisp curly lettuce
Capers, radishes, black olives
 
Cut lobster meat or shrimp in good sized pieces. Place in large glass or china bowl.

Mix vinegar, oil, salt, pepper and pour over meat in bowl.
Cover and let stand in refrigerator for at least one hour.

Combine/mix with mayonnaise and heap on lettuce.

Garnish with a few capers, radishes and ripe olives.

Serves 4-6.

Enjoy!
 


 

PIANC Officers


Allen Parrott - President
Jake A Parrott Ins Agency
2508 North Heritage Street
Kinston, NC 28502
Telephone: (252) 523.1041

JAParrott@parrottins.com


Jay Whittington - Past President
Central Carolina
PO Box 4078
Salisbury, NC 28144
Telephone: (704) 636.5311

whittingtonj@centralcarolina.com


John Cook CIC - National Director
Pinnell Insurance Agency, Inc
PO Box 18
312 S Chestnut St.
Henderson, NC 27536-4128
Telephone: (252) 438.7129

jocook@pinnellins.com

Dean Wooten - Vice President
Wooten Ins PO Box 827
Statesville, NC 28687-0827
Telephone: (704) 838.0837
djbb@wootenins.com

John Riley, ARM, CIC, CPCU-PIANC - Director Emeritus
10 Dogwood Rd
Salisbury, NC  28144

riley52@carolina.rr.com


Mrs. Ann Cranford CPIA, CPIW, DAE, HCSS- Director
The Cranford Agency, Inc.
PO Box 99
906 S Fayetteville St.
Asheboro, NC 27204
Telephone: (336) 629.9100

ann@cranfordagency.com


Todd McLeod - Director
McLeod Insurance Agency, LLC
1203 S Fayetteville St.
Asheboro, NC 27203
Telephone: (336) 626.6670

mcleodins@triad.rr.com

Murray M. White III CIC - Director
Murray M. White, Inc.
PO Box 2196
1911 N Main St
High Point, NC 27261-2196
Telephone: (336) 889.4747

m3@murraymwhiteinc.com
 
Ron Worthington - Director
Worthington Ins
680 Weaver Road
Lexington, NC 27245
Telephone: 336-249-6867

rworthington123@windstream.net
 
Oscar Shelton - Director
Shelton Insurance Center, Inc.
1625 Highway 23/27 Bypass W
Albemarle, NC 28002
Telephone: (704)
982.0155
oscar@sheltoninsurancecenter.com


PIANC Staff


James M. Kennedy III, CIC, CPIA, CPSR
Executive Vice President

PO Box 1387
Davidson, NC 28036
Telephone: (877) 987.4262
Fax: (704) 534.2338

jim.kennedy@piaofnc.com
 
Kenneth R. (Ken) Kennedy, ACSR, CA, CBIA, CISR, CPIA, CRIS
Director of Education

PO Box 1035
Concord, NC 28026
Telephone: 704-960-4068

Ken.Kennedy@piaofnc.com

 

Beautiful Graphics

The pictures for this issue are from the following websites (in order of occurrence):
 
www.hdwallpaper2013.com
 www.transcendentfitness.com
 www.happyvalentineday2014.org
 www.wherethereislovethereislife.com
 www.bestvalentinesday2014.com
 
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