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Legal Risk
Categorized either as a specific legal risk or generic legal risk. A specific legal risk is the possibility that the controlling legal authority would consider a contract between two parties unenforceable. A generic legal risk involves situations where there is no clear, controlling legal authority or a case in which the law is not settled on a specific issue.
Insurance Industry News from ProgramBusiness.com
Opening DoorsWhen Diane Woods, president and CEO of Professional Insurance Consulting, Inc., founded her South Carolina agency four years ago, she knew that she had to be smart and selective about the resources she chose to use to gain entrée into markets and compete in areas that required special insurance programs. She chose ProgramBusiness.com and its Trading Floor and Storefront community to complement her search for these markets.
“ProgramBusiness was key in helping us write accounts that we wouldnt have been able to write when we first began our operation. The service has been an important part of my business,” says Diane. “We were trying to place commercial lines risks, sometimes off the beaten path, that were unique or had difficult issues to address that standard carriers usually shy away from. We turned to ProgramBusiness.com to help us obtain markets for these risks.”
Professional Insurance Consulting is a full-service agency that offers property/casualty, life and health insurance in South Carolina, North Carolina, and Georgia. Some of the risks that the agency writes includes: environmental, self-storage, dental labs, long haul trucking, auto body, among others. Through ProgramBusiness Diane has placed accounts ranging from $3,000 to $15,000.
“We are a small agency so whatever investments we make, I need to ensure I get a good return,” says Diane. “With ProgramBusiness I get that.”
In addition to the availability of markets for difficult-to-place risks through the Trading Floor, Diane credits the success of ProgramBusiness to the responsiveness, integrity, and attentiveness of its professional staff.
“I speak with Oliver [Trading Floor Marketing Supervisor] at ProgramBusiness every week; its part of my business routine. When I need to find a program for a specific risk, I call Oliver and he immediately gets things into motion. He treats the account as if its his own. He wants you to write the coverage and will go the extra mile to help you. And hes always forthcoming, when he can do something he will, and when he cant, he will let you know,” says Diane.
What Diane also appreciates about working with ProgramBusiness is the staffs proactive approach. “If Oliver comes across something he knows may fit what I need, he takes the initiative and calls me.”
Diane has also attended ProgramBusiness and sister company NMSDATAs annual Peak Performance Ski Insurance Conference. “Its a place to meet people and find out what is going on in the industry and what is availability to you in terms of markets,” says Diane.
“I take my hat off to them at programbusiness and give them kudos for the service they provide. My experience has been nothing short of positive.”
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