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.
As the year comes to a close, businesses are dealing with market constriction, driving many clients (and insurance brokers like you) to shop for last-minute quotes. If your wood industry-related clients are looking for a quote for their business, send your applications to: NewBiz@plmins.com
Workers’ Comp – Enhanced Commission Program Continues
Our recently announced enhanced agency commission program continues through 2022!
REQUEST WC QUOTE
With the program running through the end of this year and available to all licensed insurance professionals, here are the details to help round out your wood industry accounts:
- 10% commission on new WC business placed through ABM
- Applies to new policies with effective dates between November 1, 2022 and January 1, 2023
- Bind minimum 5 new Workers’ Comp policies to qualify for enhanced commission level
As a part of the PLM Group, Allied Building Material Agency (ABM) is the preferred wholesale partner for wood industry insurance needs for Workers’ Compensation. While this enhanced commission only applies to WC policies, you can learn more about ABM’s capabilities in providing even more business solutions, including: Excess & Surplus Lines, Excess Umbrella, Commercial Property, Commercial General Liability, and Commercial & Fleet Auto.
PARTNERSHIP – Carrier Financial Ratings
In a recent article for Property Casualty 360, Erin Selfe (Vice President, Information Technology at PLM) discussed how stability ratings can help insurance brokers find the right carrier partners. Agents and brokers are already advising clients on supply chain threats, a talent shortage, and much more right now — while making sure their clients are being placed with a financially stable and reliable carrier shouldn’t have to be a stressful process. While financial ratings primarily evaluate financial solvency, what else should you know about ratings?
Ratings agencies often review carriers’ performance to confirm they have enough money to pay claims, are paying fairly and within terms and are selling at a fair price. Financial strength is based on several key factors beginning with earnings and net profit, examining how much premium is retained and how much is used for reinsurance, and a few core components of the balance sheet, including:
- Surplus: How much money a carrier has above and beyond what is used for open claims.
- Liquidity: How well a carrier calculates what’s needed to pay claims and whether the money is available to do so.
- Investment diversity: Agents and brokers should want to partner with a carrier that has a strong investment portfolio.
- BCAR: Best Capital Adequacy Ratio (BCAR) is a financial indicator designed by AM Best, which reviews underwriting, financial and asset leverage to determine capital adequacy.
Pennsylvania Lumbermens’ rating stands at A- (Excellent) with a Stable Outlook by A.M. Best Rating Services, Inc., the insurance credit rating source. You can rest assured that your clients have found – or will find – the right home for their insurance needs.
LOSS CONTROL – Free Safety Materials
A new year is approaching and it’s important to remind your clients – PLM or otherwise – to set a high priority on loss control to help prevent disaster. That’s why the PLM Loss Control Center is available to access by all prospects, insureds and brokers – sharing resources to help manage risk in and around their operations. One area we wanted to highlight and offer free to all were our Loss Control Safety Signs.
From “Forklift” advisories to “No Smoking” restrictions, all of our loss control signs are available as fully downloadable and printable PDF files for all of your clients to use freely in their operations. Even if not currently insured by PLM, we want all businesses in the lumber, woodworking and building materials industries to have as many tools as possible to help prevent accidents and claims. Please feel free to share with your clients!
Recent Wins
Wondering about new business opportunities in your own neighborhood? Here are some examples of accounts successfully written by PLM or with WC placed through ABM.
PLM
Furniture Components Mfg. – FL: $26,400
Wood Stair Mfg. – NJ: $3,600
Shutter Mfg. – SC: $9,000
Lumber Distributor – VA: $751
Architectural Millwork Mfg. – NY: $7,400
Building Material Dealer – TX: $130,000
Custom Cabinet Mfg. – MI: $4,100
Sawmill – AL: $4,800
Wood Stair Mfg. – OH: $41,000
Lumberyard – TN: $7,200
Custom Booth/Millwork Mfg. – IL: $32,500
Cabinet Mfg. – OK: $18,000
Building Material Dealer – CA: $14,600
Lumberyard – KS: $13,500
Pallet Component Mfg. – ID: $50,100
ABM
Custom Shutter Mfg. – NC: $10,000
Wood Piling Mfg. – CT: $37,000
Pre-finished Moulding Mfg. – PA: $28,000
Woodworking/Custom Cabinets – NC: $2,200
Stair/Millwork Mfg. – NJ: $19,000
Pallet Mfg. – IN: $9,500
Custom Cabinet Mfg. – NM: $3,000
Reclaimed Flooring Mfg. – KY: $4,100
Lumberyard – TX: $4,000
Furniture Mfg. – TN: $5,500
Custom Cabinet Mfg. – CA: $8,500
Moulding Mfg. – CO: $9,000
Building Material Dealer – IL: $7,500
Crate Mfg. – MO: $6,500
Custom Millwork Mfg. – MN: $11,200
Upcoming Events
Find PLM and ABM at these upcoming insurance conventions and trade show events:
Thank you for a wonderful season of networking and insurance events around the US in 2022. We were very excited speaking with many of you about business opportunities with PLM and ABM and are looking forward to meeting you again during the 2023 season! Here is just a sample of where you will find PLM in the new year:
- Buffalo I-Day
- IIANC – InsurExpo
- Accelerate by NetVU (Vertafore)
- MIIAB – Big I MN Expo
- PIA Northeast NY/NJ Joint Conference
- FAIA – Convention
- Applied Net
- Philly I-Day
- LAAIA – Annual Convention
- American Agents Alliance
- IIABAZ – Convention & Trade Show
- Hawksoft HUG Conference
- And many more to come!
