Knowledge Corner

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If you are an insurance broker, it might seem counter-intuitive to reach out to another brokerage for help with an existing client. However, it is more common than you think. In fact, it can be lucrative for your brokerage.  

Here’s an example – 
Your client has a large construction project on the horizon and is relying on you to advise the best way to insure the project – traditional insurance or a Wrap-Up.  However, your firm has never placed nor administered a Wrap-Up before. The project needs to go well as this client has more construction projects planned for the future. You don’t want your client taking this business elsewhere.  What do you do?  

A Co-Broker partnership is the answer. 
Instead of losing your client to a competitor, partner with a broker that has Wrap-Up experience. This type of partnership can provide the Wrap-Up support needed to keep (or win) such an account. That partner broker can provide feasibility studies, sales/marketing support, and even Wrap administration that might be needed to assist your firm in placing a program.  All this while your brokerage adds additional revenue to its bottom line.

Be proactive. Take a look at your firm’s client portfolio.  
Do you have any clients who would benefit from a Wrap-Up?  
Instead of having your client shop around for a new broker, seek out a co-broker partnership now.

TSIB has a Co-Broker+ Program specifically for brokers who do not have an established Wrap-Up portfolio. Our goal is to help you keep your clients’ business in-house and add additional revenue to your firm. 

Interested in learning more about a Co-Broker partnership? Reach out to TSIB today and schedule a free consultation!

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So, you’ve decided on a Wrap-Up for your next project. You know your broker can secure the policies needed for a Wrap-Up. But that’s just part of the Wrap-Up picture. Are you sure your broker can properly manage the Wrap Administration duties?

Often Owners, General Contractors (GC), and Trade Contractors think Wrap Administration occurs only during actual on-site construction. That’s just not true. 

For a Wrap-Up to be successful administratively, it requires a seamless and supportive approach all the way through from pre-construction, construction, closeout, and post-construction. As such, make sure your broker can provide a dedicated Wrap Administration Service Team ready to help throughout the entire construction project.

What duties should the Wrap Administration Service Team be prepared to do?

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On March 24, 2023, Florida’s governor signed a new tort reform bill (H.R. 837) into law (the “Act”). The Act changes areas of Florida law that have previously been viewed as favoring tort plaintiffs and insurance policyholders. The changes primarily relate to the timing of negligence actions and the mechanics of proving and recovering damages in personal injury and insurance lawsuits. In anticipation of the Act’s passage, plaintiffs have rushed to file lawsuits before the new law takes effect.

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Imagine purchasing products that are deceptively difficult to understand and how much it should actually cost. There is a Latin phrase, “Caveat Emptor” which commonly translates to “let the buyer beware.” In fact, there are many legal disclaimers that are used in contracts to make sure all parties know that it is the responsibility of the “buyer” to do their due diligence before purchasing a product.  

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The popularity around utilizing resilience as a risk management tool is growing. Resilience can be defined as reducing the impact of a disturbance. When facing natural catastrophes, insurance is an important technique that is used to help us rebuild. Resilience is the ability to “bounce back.”