|
|
||||||
|
||||||
Agent
Resources | Return
to Agent Resources Main Page |
||||||
|
|
||||||
| News & Updates | ||||||
|
|
|
||||||
|
||||||
Agent
Resources | Return
to Agent Resources Main Page |
||||||
|
|
||||||
| News & Updates | ||||||
|
|
|
Recent Additions:
Index of Past Topics:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
| [ Return to
Top of Page ] Fulmont Mutual Agency of the Year for 1998 (posted 2/28/99) Fragomeni Associates has been selected Fulmont Mutual Insurance Company's Agency of the Year 1998. Agent Duty to Insured When There is a Loss (posted 2/28/99) When your insured has a loss - no matter how small - it can be a traumatic experience! As the Agent, you should be readily available to assist your insured in their time of need. We know you, as well as the people here at Fulmont Mutual Insurance Company, want to reduce the insured's exposure to this trauma and make it easier to cope with. We hope the following information will do just that. Check List On How to Assist Your Insured at Time of a Loss:
If all the above is properly done it will allow us to better serve the insured and conclude the loss in a prompt and proper manner. Other Tips:
Thank you in advance for your help. By working together we can both better serve our policyholder. Entrepreneurship Series (posted 02/28/99) Investigate your possibilities for new business with our new Entrepreneurship Series - Home Based Business Policy. This new program is designed to provide coverage for the policyholder operating a business from their private residence or related private structure. It provides a Businessowners Policy for a less expensive minimum premium than a regular Businessowners Policy. The policyholder can also purchase additional coverage forms which enhance our current BOP coverages. If your customer has a beauty salon or barber shop in their residence they can purchase additional coverage which will provide the state-required Beauty Shop/Barber Shop Professional Liability coverage and a variety of enhanced BOP coverages. Please review the Entrepreneurship Series information and contact your underwriter if you should have any questions. We are confident this new program will provide your customers with the proper coverage for their Home-based Business. Fulmont Mutual Agency of the Year 1997 (posted 2/28/98) As part of a new program this year, The Putman Insurance Agency has been selected Fulmont Mutual Insurance Company's Agency of the Year 1997 1998 Retention Bonus (posted 11/15/98) Congratulations to the following Sixteen Fulmont agents who recently shared in over $19,000 of extra commission for the Retention Bonus Program:
Special congratulations to Burt Marshall and staff at the Miles B. Marshall Agency, Inc. for the great job of 98% retention and to David Briggs and staff at the Harvey-Triumpho Agency for their great job in retaining 97% of business with Fulmont Mutual Insurance Company. This program is in effect each year from October 1 through September 30. It is an incentive program over and above the Regular Commission Program for agents to retain their business with Fulmont. Extra commission is paid for a minimum of 90% retention ranging from 1 to 3%. The first dollars for the retention program were paid in 1992. Since that time Fulmont has paid more than $99,000 in bonus commission dollars to its agents. If you have any questions on this program please contact your marketing representative How to Make Fulmont or Your Agent Page Your Start Page (posted 11/15/98) If you want to make the Fulmont Mutual Insurance Company website or your own web page your "start page," click the link below that corresponds to your browser and follow the instructions. For your convenience, print the page to use as you set your default page.
Fulmont Celebrates 145th (posted 11/15/98) This year (1998) Fulmont Mutual celebrated its 145th
anniversary. The Kinowski Agency, Inc. was the first non-Director Agent appointed to
represent our In the spirit of things, the staff dressed in period costumes to honor our anniversary of 145 years in business. Pictured from left to right are Catharine Levee, Mike Kinowski and Debbie Binon. The Kinowski Agency, Inc. of Amsterdam, New York was established in 1956 by Edward Kinowski. His son, Mike Kinowski, joined the business in 1970, and opened their branch office in Johnstown in 1980. The Kinowski Agency, Inc. branch is located in historic downtown Johnstown, New York. Catharine Levee, Customer Service Representative, and her husband, City Historian Noel Levee are very active in local historical activities in Johnstown. Contact the Kinowski Agency, Inc. at 108 North Perry Street Johnstown, NY 12095 or phone (518)762-0211. NAMIC Bank: (A Bank Branch Office in Your Agency) (posted 4/12/98) The concept that people have been looking for in the financial and insurance field is a one-stop supermarket approach. This concept may become a reality for Fulmont Agents through a federally chartered thrift bank being formed by our National Association of Mutual Insurance Companies (NAMIC) and its member companies. The NAMIC bank, expected to be in operation by late 1998, will offer personal, agricultural and small commercial loans, as well as savings vehicles. These services will be available to the consumer only through a member company of NAMIC or through an insurance agent of the member company. The bank will not have the traditional branch network. Instead consumers will be able to apply for the loans when they visit their insurance agent. This development came about as a realistic way for insurance companies to address the increasing variety of competitive pressures from other banks and financial institutions which are now in the insurance business. In summation this is an exciting venture we feel is critical to our Company and agency force in meeting our banking competition! New York State Insurance Department (posted 4/12/98) We highly recommend that you periodically visit the New York State Insurance Department Web site. You can obtain useful information on insurance issues, review insurance laws, circular letters, and regulations. Also check out the current hot topics, and disciplinary actions. This site can also be accessed from our other site page. Business Cards (posted 4/12/98) On the lighter side, check out this Web site to send your business associates an electronic card regarding a deal you have made, or invite him/her to a round of golf or lunch There are also the usual personal cards available like birthday, anniversary, thank you, etc. This site can also be accessed from our Other Links page. Ice Storm of 1998 (posted 4/12/98) We sympathize with the residents of Clinton, Essex, Franklin Lewis and any other counties that endured the ice storm of 98. The storm caused considerable property damage and hardship to the many residents in those areas. Our main goal has been to assist our policyholders in restoring their property by our timely adjustment and payment of their claims. We feel Barb Tyler, Manager of our Westport office, has done a remarkable job in keeping current in adjusting and paying claims. To date we incurred slightly under 500 claims. We also commend FEMA and the other government agencies for the fine job they have done in helping to restore the economic position of the residents. 1997 Commission Schedule (posted 11/9/97)
1997 Retention Bonus (posted 11/9/97) Congratulations to the following fifteen Fulmont agents who recently shared in over $16,000 of extra commission for the Retention Bonus Program:
This program is in effect each year from October 1 through September 30. This is an incentive program over and above the Regular Commission Program for agents to retain their business with Fulmont. Extra commission is paid for a minimum of 90% retention ranging from 1 to 3%. The first dollars for the retention program were paid in 1992. Since that time Fulmont has paid more than $80,000 in bonus commission dollars to its agents. Calculation of Contingent Commission Program (posted 11/9/97) Written January 1, 1992 Premium Base: The premium base for the Contingent Commission Program will be Earned Premiums. Losses and Loss Adjusting Expenses: Losses will be on an Incurred Basis. Loss Adjusting Expenses will equal Allocated and Unallocated. Stop Losses: A "Stop Loss" will be included in the program at $100,000. Amounts of individual losses over $100,000 will not be included in the Contingent Commission calculation. Number of Years in Contingent Commission Calculation: One year, being January 1 through December 31, will be used in the calculation. Eligibility Computation: The computation for Contingent Commission will be (Earned Premiums) - (Losses and Loss Adjusting Expenses) =l Profit. If loss ratio is 50% or less, you would be eligible for Contingent Communion Program. Contingent Commission Rates: The following Contingent rates will be paid for the Earned Premiums of $35,000 and over:
Bonus Program: If the Earned Premium for current year is at least 10% more than the previous year, 1% additional commission times earned premium will be paid. This does not include rollover business. This bonus program will apply only to agents eligible and qualifying for the Contingent Commission Program. Contingent Commission Reduction: If the Earned Premium for the current year is more than 5% less than the previous year, 1% commission times the earned premium will be subtracted from the Contingent Commission check. This applies only to agents qualifying for the Contingent Commission Program. Special Eligibility: If an agent was grandfathered under the previous contract as of April 13,1982, the following contingent commission rate will be paid for Earned Premiums of $20,000 to $34,999 with a Loss Ratio of 50% or less: 1/2% x Profit. First Electronic Commissions Paid to Agents 10/4/97 (posted 11/9/97) October of 1997 marked a new first! Fulmont paid commissions electronically by ACH (Automated Clearing House) to 77% of its agency force. The agents that elected to have their commissions deposited electronically into their bank accounts received their money on October 6, 1997. This first date was nine days before commission checks would normally be mailed. In the future, the electronic deposit will be done sometime between the 5th. and the 10th. of each month. This is another program designed to show our appreciation to Fulmont agents. Retention Bonus Program (posted 11/9/97) Introduction: This program is advantageous to both the Agent and the Company. For the Agent, it is an incentive to obtain additional commission. For the Company there are three objectives:
Agents will be paid an additional commission for retaining their policies with the Company from one year to the next. This program was initiated on 9/30/91. Eligibility:
Period Covered:
Basis for Determining Retention: By individual policy and written premium; for the purpose of this program only, written premium is defined as the annualized premium. A detailed report listing every individual policy and written premium recorded on the books as of 9/30 will be prepared for each eligible agent. The report will include the total number of policies and the total written premium. A similar report will be prepared each subsequent year. We will produce a listing of all policies written during the period of 10/31 to 9/30 with the exception of new business written during that period. Only those individual policies (or renewal thereof) that have been retained from one year to the next will be considered eligible in the calculation for additional commission. The total written premium on the policies that are retained from one year to the next will be divided into the written premium from the previous 9/30 year to obtain a percentage of retention. If the premium retained at current year 9/30 equals at least 90% of the premium at previous year 9/30 then the agent is eligible for additional commission under this program. Additional Commission: The additional commission percentage will be calculated by applying the applicable percentage and multiplying it by the written premium of the retained business. Please note this additional commission does not apply to the agent's total written premium, only the written premium of the retained business. Commission Percentages Are:
The additional commission will be paid within 45 days from September 30. It will normally be paid by automated deposit to the agents designated account. It will be a separate entry from the regular monthly commission automated deposit. Data Processing Reports:
Landlord Package Policy (posted 09/30/97) Are you aware of the rating difference in the 10/95 LLP rating manual for dwellings constructed prior to and since 1960? The fire construction year classifications shall be determined according to the following definitions:
Please examine your risks carefully when selecting the applicable rating program. Choosing the incorrect rates could result in a large, unnecessary premium increase. Automated Property Loss Underwriting System (A Plus) (posted 09/30/97) Fulmont Mutual is a now a subscriber to the Automated Property Loss Underwriting System (A Plus). This system was developed by the American Insurance Services Group, Inc. (AISG) with the support of the property/casualty insurance industry. It is the first of its kind for the collection, maintenance and distribution of insurance loss information to property insurance underwriters. This system provides Fulmont with the opportunity to investigate and evaluate potential risks. The A Plus system is an on-line system which accepts requests submitted by subscribing companies, and processes results against its database of claims histories and returns the results to the requesting office. Results can be made available immediately with the on-line processing option or within hours with batch processing. Loss information received can be used by the underwriter in evaluating the accuracy of information submitted by the applicant, as well as the level of risk represented by the risk location. This information will be used in conjunction with the property inspection to determine if the risk is acceptable. Signatures on Applications (posted 09/30/97) Are you signing your customer's names on applications? Please re-think this action as there could be risky consequences for your Errors & Omissions coverage. If you sign the application for your customer, you are stating that all information contained in the application is true and it reduces the Company's opportunity to cancel a risk if misrepresentations are later found. It will be a No-Win situation for everyone involved. Push Cart Special Coverage (posted 07/31/97) Fulmont Mutual Insurance Company offers a "Push Cart" Special Multi Peril Policy to the food vendor with a mobile push cart unit. Our policy can provide a special floater endorsement to cover the stationary or mobile push cart, business personal property coverage for stock and equipment, General Liability coverage while at different locations, products coverage and medical payments to others coverage. Our premiums are very competitive and we feel this policy is designed to meet the insurance needs of vendors. Contact your Commercial Underwriter for more information. Hobbyist Special Coverage (posted 07/31/97) Fulmont Mutual Insurance Company offers a Special Multi Peril policy designed to cover the hobbyist who takes merchandise to the various fairs and shows, usually held during the summer and fall months. Our policy can provide coverage for business personal property while at the insured's home or away from the premises at a show, General Liability coverage, including products liability coverage either at the insured's premises or while at a show. We can provide a "Special Events" charge for the hobbyist who only attends a limited number of shows or fairs during the year. Our premium is very reasonable for this type of coverage and we feel this policy is designed to meet the insurance needs of vendors. Contact your Commercial Underwriter for more information. Hairstylists Special Coverage (posted 07/31/97) Fulmont Mutual Insurance Company offers a Businessowners Policy designed to cover hair stylists. Our policy can provides business personal property coverage for stock and equipment, General Liability coverage, which includes products and completed operations liability coverage and Beauty and Barber Shop Professional Liability coverage. Our premium is very competitive and provides the policyholder with a package policy to cover their barber or beauty shop exposures. Contact your Commercial Underwriter for more information. Automated Payment (posted 06/09/97) In the near future we are adopting automated clearing house (ACH) functions. One of the automated functions will be a direct deposit of your agent commission on a monthly basis to your designated account. For you this will mean better cash flow as you will have the commission money in your account for immediate use. Fulmont will benefit by eliminating costly check handling. The ACH function will be also be offered to policyholders for paying insurance premiums in a single lump sum or direct payment plan. For more information on this go to the Policy Holder Resources section in this web site and review Automated Payments. We are looking into using this method of payment on claims where there are no mortgagees and where the insureds have a joint checking account. The ACH claim function would be good public relations with the claimant for you as well as our Company. We welcome any comments you have on the ACH functions. Please e-mail your comments to ach@fulmontmutual.com. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Agent Resources: For further information regarding our policies,
send e-mail to Copyright Fulmont Mutual Insurance Company. All rights reserved. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
New and updated policies, procedures, manuals, products,
staff, etc. will be posted here. We anticipate new postings each month.
Complete Acord Form - make sure to include:
Company in 1970. Prior to this date, our
policyholders were serviced by "Director Agents" of the Company.