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X-Mods 125-300 Wanted
Accepting January 1 through February 1 submission (let's not lose a new piece of business simply because the account was sent just days before the policy effective date leaving us no time to review and release a quote.)
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Dear Broker,
We had an explosion of last minute December1 opportunities this past week. While we appreciate the looks, we seriously need to get the submissions 30-45 and preferably 60 days before the policy effective date. We were not able to underwrite and quote so many highly qualified risks in such a short time. I know we could have save many of those clients money and we could have helped several agents win new business to their agency had we received those submissions in advance. Please scroll down to see submission requirements. It’s important that all items be present in order to RSVP your risk.
PROGRAM GEOGRAPHY & TIMING: Account First has 4 different programs. And only (1) program can turn around rate quotes within 3-5 days. While the other programs need at least 30 days before the policy effective date.
If you have a risk in these states we CAN turn around a quote within 3 to 5 days (outside of these states we need 30-60 days please):
- AL, AZ, CA, CO, FL, GA, IL, LA, MD, MS, NC, NJ, NM, NV, OK, PA, TN and TX
Once again, if you have a submission in states outside of those listed above, we need 30-60 days lead time. We have programs that can issue quotes in all states accept for Alaska and Hawaii.
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PLEASE REMIT JANUARY 1 and FEBRUARY 1 SUBMISSIONS
Now for Review.
Moreover, since our programs are not standard market policies, decisions must be made 3 to 5 days before the policy effective date in order to accommodate the set up process and get the policy bound in time and if applicable certificates of insurance issued.
CARRIER INFO
: Typically send submissions through a wholesaler or direct to the carriers used by our program does not block these unique programs. They are on a separate platform. Our program use A- to A+ rated carrier(s). One option offers a B+ carrier if the hazard is ultra-tough. The bottom line is, please do not hesitate to send us your submission. Chances are good that you have not remitted to ALL four programs and or any of them at all.
We also want to reiterate that our program is typically a program of last resort because
it’s tied in with payroll & tax services, HR and risk control, aggressive claims management, and legal support.
(Note: Do not worry about these attributes or feeling like you need to be an expert. Sales support is available every step of the way).
The types of risks we are able to successfully bind are those with higher experience modifiers and moderate to high hazard class codes.
Accounts with X-Mods between 125-300 (ideal is 150+) are general best suited for our programs.
OUR GOAL IS TO SAVE YOUR CLIENT 5-25%:
In order for your risk to accept our non-standard program they need to save 5 to 25% off their expected renewal premiums. If we CAN’T save them money, they typically will not move to a program that encompasses all the included services required.
However IF WE CAN SAVE the client $5,000 to $100,000+ in premiums, these issues related to the required ancillary services (payroll, hr, etc) generally fade away.
FACT:
85% of the over 600 new accounts bound over the past 24 months with our core program were bound by NON-INCUMBENT agents. This is a great program,/tool to win new business.
UNDERWRITING:
Ideal risks should have close to $100,000 in expected renewal premiums. Moreover, positive attributes include currently with or headed to a State Fund Comp or Assigned Risk Pool program. Our core program that writes in the 18 states listed above will even review risks with no coverage, cancelled etc. And they can structure high deductible plans too for larger accounts.
We are looking for risks that generally have over $500,000 in gross wages (ideal is $1,000,000 or greater) with no more than 30% of those wages in the lower rate class codes such as clerical and sales. We need a majority of the wages in the high rate governing class codes in order to save the client money. We’re talking about the following industries and risk types:
- Transportation – Trucking, Bus Operations, Limo, Tow Truck, Furniture Movers, Parcel Delivery
- Construction – Framing, Painting, Concrete, Electrical, Masonry
- Janitorial – Building Operations, Condo Associations, Landscaping, Tree Trimming
- HVAC / Sheet Metal, Pest Control
- Recycling, Garbage Refuse, Trash Haulers
- Unarmed Guards, and Laundries
Quick Glance at Excluded Risks:
- Roofing
- Asbestos Abatement
- Um, no Roofing
- Mold Remediation
- Um, did I mention no Roofing
- Emergency Services – Fire, Policy, Ambulance
- Once again, NO Roofing
- USL&H prohibited in most states
- One last time, NO Roofing
- Heavy use of part-time labor (More than 30%) - typically agriculture, hotels, fast food
- Armed Guards
- Explosives/Blasting
- Low wage operations (governing code pays under $25,000 a year in wages per employee)
Submission Requirements:
- Target premium for renewal required and shown in your email
- Indicate if you are the incumbent or none-incumbent agent in your email to us
- Expiring premium for renewal required and shown in your email
- 4 Years of Loss History full valued within 60 days of the policy effective date
- Acord 130 & any supplemental application (not a 125)
- The Acord 130 MUST also show employee counts by class code so we can conduct wage analysis
- List of market previously remitted
Need support? Please email Lou Smith directly at lousmith@accountfirst.com
Visit our website for resource downloads and training www.accountfirst.com
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1-800-214-9789
Fax 904-721-1198
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Our Mission is to offer unsurpassed service, and the commitment to partner your clients with the Professional Employer Organization company that best fits their immediate and future needs at the most competitive rates possible
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