I have a current client (personal lines) who has purchased a Skytrac to build metal buildings. I can't get a quote with my current carriers because they either do not want the risk or I don't have access to their monoline programs. I would really like to be able to write this risk, but as I am new to commercial insurance and we don't write a lot of it, I don't know what to do. I might be open to working with an MGA or other group, but I don't like the terms for most of them nor do I want to have to meet any new premium goals when our primary focus is on the carriers we have now. Any ideas?
Monoline Commercial Contractor's Equipment
- Thread starter MORGRUTH
- Start date
You have to decide if the one policy is worth the hassle.
A lot of P&C MGA's don't have volume commitments, but may charge a fee. If you don't want to do that, then pass it to a commercial writer in exchange for some other referral in the future.
You can try adding Superior Access or Insurance Noodle. Superior is more expensive, but there are virtually no issues moving forward if you want to move the business. You'll need to write a small policy a month though to cover their monthly fee.
On top of that, I'm not sure they will take it. I've never tried.
Then there is always Tapco. Pretty easy, but a slight delay in getting it written to get appointed with them.
Problem is, if you aren't going to focus on growing commercial, its really not worth the hassle.
Dan
A lot of P&C MGA's don't have volume commitments, but may charge a fee. If you don't want to do that, then pass it to a commercial writer in exchange for some other referral in the future.
You can try adding Superior Access or Insurance Noodle. Superior is more expensive, but there are virtually no issues moving forward if you want to move the business. You'll need to write a small policy a month though to cover their monthly fee.
On top of that, I'm not sure they will take it. I've never tried.
Then there is always Tapco. Pretty easy, but a slight delay in getting it written to get appointed with them.
Problem is, if you aren't going to focus on growing commercial, its really not worth the hassle.
Dan
- 1,473
How about calling your local IA agency that only does commercial and refer it to them. That way you can still help the client with there personal insurance and not lose the whole account.
- Thread starter
- #4
It looks like I will have to refer it to someone else, and it isn't the first time we have had to do that, but we just got appointed to a new personal lines carrier this week, and I don't have time to do the research to find the best company/program/MGA right now. Our main carrier is switching systems at renewal this year, so we have to revalue every dwelling policy we have and also do regular policy maintenance.
I would join a cluster/MGA, but I am a real stickler about knowing what I am selling and having to learn and read policy language for each of the policies I could sell takes time I do not have right now.
Other than pulling out the yellow pages, how would I go about finding another local agency? A lot of them say they write commercial, but they also write personal, and I don't want them to poach business after I give them a referral. I have called the company I have made referrals to in the past and I am waiting on a response. There is no guarantee they will be able to take it either, because not every carrier offers all of its programs to every agency.
That is why I am having to refer it in the first place. Thanks for your advice, and and any on getting appointments for some specialty carriers (antiques) would be appreciated. We have had several recent requests for that as well.
I would join a cluster/MGA, but I am a real stickler about knowing what I am selling and having to learn and read policy language for each of the policies I could sell takes time I do not have right now.
Other than pulling out the yellow pages, how would I go about finding another local agency? A lot of them say they write commercial, but they also write personal, and I don't want them to poach business after I give them a referral. I have called the company I have made referrals to in the past and I am waiting on a response. There is no guarantee they will be able to take it either, because not every carrier offers all of its programs to every agency.
That is why I am having to refer it in the first place. Thanks for your advice, and and any on getting appointments for some specialty carriers (antiques) would be appreciated. We have had several recent requests for that as well.
Try Hagerty for the classic/antique auto.
Most any of your standard carriers like allied, travelers, etc will write the contractors equip for you most just need a little bit of property coverage to go with the IM. Either give them the building or a little bit of contents coverage with the inland marine.
Most any of your standard carriers like allied, travelers, etc will write the contractors equip for you most just need a little bit of property coverage to go with the IM. Either give them the building or a little bit of contents coverage with the inland marine.
Zurich has one of the best contractors equipment policies. Find a local agent with Zurich and refer... minimum premium is $500
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