We return with the PLM Monthly Highlights series for insurance producers and brokers, our newsletter to keep informed on news and updates from Pennsylvania Lumbermens Mutual.
RISK ALERTS – Non-Weather-Related Fire Losses
Many carriers including PLM have noticed an increase in very large fire losses unrelated to either catastrophic weather events or wildfires. To help our clients prevent a catastrophic event, our President & CEO John K. Smith recorded a message to insureds with best practices to keep their operations safe and open for business.
From prioritizing safety with their teams, enforcing a smoking policy or controlling ignition sources for routine maintenance such as hot work (welding, grinding, etc.), we find that good housekeeping can help avoid or mitigate these recent trends in fire losses.
Watch our video of John Smith discussing industry trends and what your wood clients can do to protect their businesses today.
Have a claim to report?
- Report online: https://www.plmins.com/claims/report-a-claim/
- Email: claims@plmins.com
- Call: 800-752-1895
Recent Wins
Looking for ideas for new types of risks? Here are some examples of accounts successfully written by PLM or with WC placed through ABM.
PLM Recently Bound Accounts
Woodworking Shop – NY: $960
Custom Millwork – GA: $3,900
Pole Manufacturer – AL: $53,000
Woodworking (No Finishing) – MD: $8,200
Lumberyard – MN: $15,300
Hardware Store – TX: $65,000
Moulding & Millwork – NV: $78,000
Building Material Dealer – OH: $21,000
Lumberyard – MT: $8,200
Woodworking (Finishing) – ME: $1,500
ABM Recently Bound Accounts
Architectural Woodworking – NY: $6,900
Sawmill – VT: $43,000
Pallet Manufacturer – GA: $7,200
Building Material Dealer – PA: $9,300
Woodworking (Finishing) – TN: $6,000
Hardware Store – MO: $16,000
Lumberyard – TX: $4,000
Custom Millwork – CA: $13,600
Woodworking – MT: $12,500
Lumberyard – CO: $ 6,200
COVERAGE HIGHLIGHT – Insurance to Value
Recent reports state that a staggering 75% of US businesses are underinsured, including lumber and building material businesses.
By reassessing and updating the values on their insurance policies, these operations can take steps to better protect their businesses from future disasters, per a recent article written by PLM for LBM Journal.
- For property coverage, consider getting an up-to-date valuation from an independent appraiser. Values should be reviewed and updated regularly.
- For inventory coverage, consider using a stock reporting form. We provide a stock reporting form that allows business owners to report lumber and other inventory so insureds can keep limits at adequate levels.
- For business income coverage, make sure to complete a business income worksheet prior to any loss and make sure coverage is on par with current revenue and total expenses. This coverage can be invaluable when a business faces a loss of income related to a covered loss.
A property and inventory assessment is critical for businesses in the lumber and building material business as we’ve seen business boom in recent years during the pandemic. Lumber and building material dealer businesses have experienced robust growth, making investments and boosting inventory. Now is the time to confirm and maintain ITV.
Upcoming Events
Find PLM and ABM at these upcoming insurance conventions and trade show events:
- 7/20 – MAIA (MO) – Missouri Agents Connection (MAC) Summit – Osage Beach, MO
- 7/27 – LAAIA – Annual Convention – Hollywood, FL
- 7/28 – AIIA (AL) – Young Agents Conference – Pensacola Beach, FL
