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 – Commercial Auto Claims
The insurance industry has seen an increase in the number of commercial auto claims, the costs of those claims and a subsequent rise in premiums. Given the variety of factors at play including supply chain delays, labor shortages, an increase in weather events, and more, this trend will likely continue, making risk mitigation strategies a top priority for business owners across a number of industries.
In a recent article for PropertyCasualty360, PLM’s Loss Control Consultant Michael Zdrojewski breaks down some external and internal forces affecting commercial auto claims. “Agents and brokers might want to bring to their clients’ attention that the same rise in costs and increased time needed to complete work that they are seeing from their vendors and along the supply chain, could also impact their business in the event of a claim.” [Read the full article here]
Don’t miss our recent Producer Update Article to see the most common auto losses we and our insureds are seeing:
- Rear-end collisions
- Backing up accidents
- Sideswipes and Wide right turns
Auto losses can be much more significant to your client’s business when considering the other costs such as downtime, delivery delays, loss of equipment, and reputational effects. PLM is here to help consult with our brokers and insureds to create fleet safety programs and provide resources to build risk resiliency for their business.
LOSS CONTROL HIGHLIGHT – Sprinkler Systems
PLM’s Loss Control Guides regularly include information on sprinkler systems in our fire sub-section. While sprinkler systems are often an “excellent first line of defense against fire”, they don’t offer complete protection again fire risks in your client’s operation.
It’s important to reinforce the need for sound loss control, as mentioned recently in our Producer update. Here are some types of sprinkler systems we sometimes encounter with our insureds:
- Wet pipe system – most efficient; pressurized water in piping; immediate fire response
- Dry pipe system – must be used with freezing dangers; pressurized air in piping; delayed response until water reaches sprinkler head
- Preaction system – used where accidental water discharge would damage stock or equipment; heat detection prevents system unless there is fire
- Deluge system – immediate response; all sprinkler heads open; activates through heat detection
As always, when PLM clients must perform important maintenance, we request they fill out our Protective Device Impairment Incident Form. Here are some additional loss control guides about sprinkler systems:
Additionally, we recommend this article by GenRe from June 2022: “Sprinkler Systems: An Overrated Panacea Against Warehouse Fires?” where author Leo Ronken discusses how it is “advisable to discuss a planned fire protection concept for a warehouse with the insurers and to take their advice into account” — and so much more.
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.
Pallet Manufacturer – NY: $420,000
Closet Organization – CT: $30,000
Building Material Dealer – ME: $10,000
Sawmill – VT: $110,000
Furniture Manufacturing – NC: $60,000
Cabinet Manufacturer – SC: $7,000
Baseball Bat Manufacturer – FL: $11,000
Sawmill – GA: $75,000
Building Material Dealer – IN: $50,000
Pallet Manufacturer – MI: $80,000
Sawmill – KY: $20,000
Cabinet Manufacturer – TN: $12,000
Hardware Store – LA: $10,000
Woodworking – AL: $6,000
Plywood Manufacturer – MS: $100,000
Sawmill – TX: $118,000
Cabinet Manufacturer – CO – $28,000
Live Edge Slab Manufacturer – IA: $3,000
Décor Manufacturer – OK: $40,000
Hardwood Dealer – MT: $8,000
Building Material Dealer – IL: $18,000
Lumberyard – AZ: $36,000
Truss Manufacturer – MO: $20,000
Cabinet Manufacturer WY: $11,000
Truss – FL: $107,000
Lumberyard – CT: $28,000
Door Manufacturer – GA: $11,000
Building Material Dealer – PA: $40,000
Sawmill – VT: $3,000
Baseball Bat Manufacturer – ME: $7,000
Pallet Manufacturer – TX – $125,000
Building Material Dealer – IL – $6,000
Stair Manufacturer – GA: $60,000
Door Manufacturer – TN: $6,000
Building Material Dealer – LA: $100,000
Sawmill – KY: $11,000
Sawmill – CA: $100,000
Cabinet Manufacturer – MN: $35,000
Pallet Manufacturer – MI: $25,000
Lumberyard – MO: $12,000
Hardware Store – KS: $1,300
Upcoming Events
Find PLM and ABM at these upcoming insurance conventions and trade show events:
- 9/20 – ISOP – Philly I-Day – Philadelphia, PA
- 9/21 – Cincinnati CPCU – I-Day – Cincinnati, OH
- 9/21 – American Agents Alliance – Convention & Expo – Palm Desert, CA
- 9/22 – IIAWC – E-Day – Tarrytown, NY
- 9/26 – NHAIA – Annual Convention – Portsmouth, NH
- 9/27 – IIANC – InsurEXPO – Winston-Salem, NC
- 9/28 – VIAA – EVOLVE – Burlington, VT
- 9/28 – PIIAC – Convention – Black Hawk, CO
- 10/2 – Applied Net – Nashville, TN
- 10/4 – IIAB Sacramento / IIABCal – Sacramento Big I-Day – Sacramento, CA
- 10/4 – IIA IL – CONVO – Springfield, IL
- 10/5 – IIA NE – Annual Convention – Lincoln, NE
- 10/10 – IIAWV – Annual Convention – White Sulphur Springs, WV
- 10/11 – IIANM – Convention & Trade Show – Albuquerque, NM
