What Have We Done for You Lately?
By: Brett Nilsson
One of the best things about being chairman of the Big “I” is getting to know so many members from across the country. This experience has reinforced for me how truly “independent” we are. Being independent is one of the common characteristics we share, and it bonds us together. We each make independent choices about how and where to do business, regardless of whether our agency is big or small, urban or suburban, local or national.
I value all I have learned from and about you through my extensive travels across this great country. You have shared with me your successes and your challenges, all of which help me better understand your needs. Through this experience, I have gained greater insight about how the Big “I” provides value to you and your business.
I am sometimes surprised to learn what you know, and what you don’t, about the benefits of being a Big “I” member. I have singled out some of these benefits in the past, and now want to highlight another outstanding service—legal advocacy.
As an independent insurance agent, one of the first things you need to conduct business is appointments with carriers. The terms of those appointments lay the foundation for your carrier relationships. Each carrier has its own contract form, with terms and conditions controlling each party’s rights and responsibilities.
When presented with the appointment contract, you read it through the lens of an insurance agent, which makes sense because that’s who you are. But what about business and legal problems you don’t see, since it is, after all, a contract?
That is where the Big “I” comes in. Your association’s legal advocacy team reaches out to national and super regional carriers to provide input about the terms of their appointment contracts. Whether they are doing a simple update to an existing contract to adapt to new needs in changing times or creating an entirely new contract, your association advocates for enhancements and provisions that will create a balanced and fair contract.
When a carrier works on its appointment contract with the Big “I” legal advocacy team, you benefit through enhanced and new contract terms, and the carrier benefits by using a contract that helps agents feel good about doing business with them. Ownership of expirations, indemnification, changes in commission, termination grounds, post-termination rights and renewal/run-off procedures are just a few examples of the kinds of provisions addressed in this process.
But it does not end there. The legal advocacy team also prepares a written “review” of those carrier’s appoint¬ment contracts, both for newly-created and revised contracts. Each review addresses industry-specific provisions that may be troublesome, if any, and suggests possible changes you may want to request. Whether or not changes are requested and made, you have a resource to enhance your understanding of the contract. The Big “I” legal advocacy team understands our business needs and has read more appointment contracts over the years than anyone else in the country.
These contract reviews are available exclusively for Big “I” members, and are accessible by logging in to www.independentagent.com and choosing Legal Advocacy, Contract Reviews. While you are on the site, look around at the other valuable information posted for members. There is a memoranda & FAQ section, with materials explaining the business impact and compliance requirements of federal laws and regulations; a section on Industry Issues, with information on hot topics like producer compensation; a section on governance & member information, where you can find board policies on issues like certificates of insurance and credit scoring; a cases section, with court decisions that have a national impact on your business and a section with links to other sites with information that may be helpful.
This legal advocacy work goes on at the Big “I” all the time. Much of it is so specialized that it would be difficult to find local counsel able to provide these services. And, even if you could, the cost would be substantial. Luckily, these services and benefits are part of your membership.
So, the next time you wonder what the Big “I” has done for you lately, I hope legal advocacy will come to mind.
—Brett Nilsson, Chairman
I value all I have learned from and about you through my extensive travels across this great country. You have shared with me your successes and your challenges, all of which help me better understand your needs. Through this experience, I have gained greater insight about how the Big “I” provides value to you and your business.
I am sometimes surprised to learn what you know, and what you don’t, about the benefits of being a Big “I” member. I have singled out some of these benefits in the past, and now want to highlight another outstanding service—legal advocacy.
As an independent insurance agent, one of the first things you need to conduct business is appointments with carriers. The terms of those appointments lay the foundation for your carrier relationships. Each carrier has its own contract form, with terms and conditions controlling each party’s rights and responsibilities.
When presented with the appointment contract, you read it through the lens of an insurance agent, which makes sense because that’s who you are. But what about business and legal problems you don’t see, since it is, after all, a contract?
That is where the Big “I” comes in. Your association’s legal advocacy team reaches out to national and super regional carriers to provide input about the terms of their appointment contracts. Whether they are doing a simple update to an existing contract to adapt to new needs in changing times or creating an entirely new contract, your association advocates for enhancements and provisions that will create a balanced and fair contract.
When a carrier works on its appointment contract with the Big “I” legal advocacy team, you benefit through enhanced and new contract terms, and the carrier benefits by using a contract that helps agents feel good about doing business with them. Ownership of expirations, indemnification, changes in commission, termination grounds, post-termination rights and renewal/run-off procedures are just a few examples of the kinds of provisions addressed in this process.
But it does not end there. The legal advocacy team also prepares a written “review” of those carrier’s appoint¬ment contracts, both for newly-created and revised contracts. Each review addresses industry-specific provisions that may be troublesome, if any, and suggests possible changes you may want to request. Whether or not changes are requested and made, you have a resource to enhance your understanding of the contract. The Big “I” legal advocacy team understands our business needs and has read more appointment contracts over the years than anyone else in the country.
These contract reviews are available exclusively for Big “I” members, and are accessible by logging in to www.independentagent.com and choosing Legal Advocacy, Contract Reviews. While you are on the site, look around at the other valuable information posted for members. There is a memoranda & FAQ section, with materials explaining the business impact and compliance requirements of federal laws and regulations; a section on Industry Issues, with information on hot topics like producer compensation; a section on governance & member information, where you can find board policies on issues like certificates of insurance and credit scoring; a cases section, with court decisions that have a national impact on your business and a section with links to other sites with information that may be helpful.
This legal advocacy work goes on at the Big “I” all the time. Much of it is so specialized that it would be difficult to find local counsel able to provide these services. And, even if you could, the cost would be substantial. Luckily, these services and benefits are part of your membership.
So, the next time you wonder what the Big “I” has done for you lately, I hope legal advocacy will come to mind.
—Brett Nilsson, Chairman
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