News From Beacon Hill - September 2009
Dear Friends of Beacon Hill,
Autumn is approaching and we are busy with several new changes here at Beacon Hill Associates! The summer months brought us plenty of exciting news, including: our new South Central office opening in Texas, our new service department, and our new website. Now we look forward to an eventful fourth quarter and working with all of you to provide quality environmental insurance options to your clients.
In addition to our office announcements, we have some wonderful news about our Vice President/ Manager of Underwriting Division, Amanda Duncan! She and her husband, Marsh, welcomed a baby girl to the family on July 17th. Leighton Wren Duncan weighed 8 lbs, 1 oz. and was 20.5 inches long. Congratulations to Amanda, Marsh, and big sister Hadley!
Get Your Starbucks Gift Card
As many of you may know, for the past year we have sent out Post Binding surveys and Closed Account surveys to obtain feedback from you on what we are doing successfully and what you think we need to work on moving forward. We have received over a hundred great comments that we review each week and address individually. To thank you for this effort, we will now be doing weekly drawings for a $5 Starbucks gift card! Simply fill out your Post Binding or Closed Account survey, hit the “Submit” button at the bottom of the survey, and you will be eligible to receive your gift card in the mail.
These surveys have helped us to improve our service standards and learn about what you find important when working with a wholesale broker and program administrator. We want to hear from you!
Perfectly Paired: The E&S Market and Environmental Risk
By Beacon Hill’s Bill Pritchard, published in the September issue of American Agent & Broker
The movement of business from the standard market to the excess and surplus market and back again is a continual process. Whenever rates soften and capacity is underused, standard carriers entertain more and more environmental risk. While a degree of this is certainly acceptable, there is a point where the standard market cannot adequately address the coverage needs of the environmental insured. Agents and brokers need to be careful to identify, and not cross, this line.
The reasons for writing business in the standard market over the E&S market are well known. Regulatory review of rates and forms, coupled with the security of a state guaranty fund, provide a degree of protection for the insured and agent alike. In a marketplace challenged by as much uncertainty as what we face today, this difference cannot be overlooked. For many agencies, placement outside of the admitted market is not even considered except for the most challenging risks. Read the complete article.
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