Credit Union Insurance-Assurance Workbook

The newest version of my Credit Union Insurance-Assurance Workbook is available now on Amazon. With this workbook you can review all aspects of your credit union's insurance program. The tool is designed as a guide to work with your current insurance agent to identify gaps and overlaps in your insurance. Provides the questions to ask your agent … [Read more...]

Coverage Reviews

I have been talking with a banker.  He emailed me the following:  "Most of our renewals are in the fall.  I may give you a call prior to those renewals to talk." My reply:  "Always glad to talk.  Renewals are best managed when started 120 days ahead.  Of course, a coverage review catches uninsured/underinsured areas at any time - perhaps just … [Read more...]

Diary of a Bank Insurance Review

Well over 75% of the calls I get are from bankers who want a review of their bank's insurance coverage.The process is straightforward. Send me your policies and other information. I review it, ask some questions, and report the issues I find.Once I get the info I need, I can finish a review and have your bank moving towards improved insurance … [Read more...]

Shipping Lettuce by Rabbit

An insurance buyer emailed me last week saying that she had asked her insurance agent to provide an objective review of their insurance.I wrote back that she was asking the agent to judge his own work.That, my Dad used to say, is like shipping lettuce by rabbit.I think it was Warren Buffet who said, "Never ask your barber if you need a haircut." … [Read more...]

Insurance Review – Coverage, Service, Price

Your business insurance program is determined by three components:   1) Your appetite for risk 2) The insurance marketplace 3) Your loss exposures   Those three variables determine the insurance program that protects your business.   Let's go deeper though...   --Who assesses the overall quality of your insurance plan?     --What biases … [Read more...]

Ongoing Insurance Consulting Case Study

I'm frequently asked by prospective clients about the steps that my insurance review projects go through. I've posted an ongoing case study (names changed) of a current project with a bank. I've really only just started. Check back often. Follow my progress here. Scott Simmonds, CPCU, ARM, CMC "The Guy With the Big Insurance … [Read more...]

Restaurant Insurance Issues

Here are some key insurance issues for restaurants to consider: -Review your business interruption insurance. Restaurants with large seasonal fluctuations in sales will want to be sure they have coverage that will go beyond 12 months if the loss happens at the wrong time. -Check the adequacy of your extra expense coverage. -Consider … [Read more...]