Trust Your Farm & Ranch Clients to the Best

As an IIAT Advantage partner, State Auto Farm & Ranch offers a diverse program to write a wide range of farming and ranching clients — from cotton-to-equine boarding to cattle to confinements and more.State-Auto-2color-horiz(1)

State Auto’s superior products include:

  • Special perils on farm machinery, such as foreign objects and cab glass;
  • Additional perils for livestock, and equipment breakdown for the farm;
  • Quoting tools that make it easy for you to write business.

State Auto Insurance Companies was founded in 1921 to create a new kind of insurance company.  With over 80 years of writing farm insurance, you can trust State Auto to protect what matters most to your clients … their farm and their family.

Already appointed with State Auto? Head out to SAConnect and sign up for our live Farm & Ranch Training webinars.

Interested in an appointment? Contact Polly Middlebrook, or click here to learn more.

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Ask Regina

Q. Does the PAP cover intra-family suits should a family member be injured in the reginainsured’s vehicle in an at-fault accident?

A. The TDI PAP limits recovery to any family member to the extent of the minimum limits of liability coverage required by the Texas Motor Vehicle Safety-Responsibility Act.  The ISO PAP does not have the same exclusion/limit in the policy.

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Custom On-Hold Messages for Independent Agents

What do your callers hear when they need to wait On Hold on the phone?  Are you presenting a professional image, showing appreciation, and conveying helpful information?

Commercials On Hold easily converts “hold time” into a powerful customer relations transmedia-logo-web-darktool.  You’ll notice more inquiries about your various insurance products featured in your on hold messages.  Order by APril, 1, 2019 and try the service 90 days for no charge!

Options start at just $29 monthly before your 10% IIAT discount.  Visit www.commercialsonhold.com/iiat for details or contact 800-832-4653 sales@commercialsonhold.com.  Commercials on Hold makes it EASY!

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Make an IMPACT: Invest in a Cause Committed to Your Livelihood

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Fundraising for IMPACT, IIAT’s state political action committee (PAC), is underway! Why is IMPACT important to you, your business and your clients?

IMPACT funds work to support business-minded candidates and elected officials whose decision-making directly affects the overall independent insurance agency system in Texas.

With an over 93% successful bill passage rate over the last decade, it is clear that IMPACT’s success has afforded IIAT with the opportunity to create lasting relationships with those in and around the Capitol.

Often, during a legislative session, eliminating negative legislation is just as important, or more so, than getting a priority bill passed. In either scenario, IIAT is able to collaborate with state legislators to generate the best possible outcome for you and your business.

Whether it is improving the licensing process, allowing access to needed data, providing greater options for agents to present to their clients, or creating enhancements at TWIA, IIAT is the only voice speaking for agents at your state capital. View the key issues IIAT is tackling during the current legislative session.

Contribute to IMPACT!

Click the button below.

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Questions? Contact Jill Douglas at 800.880.7428 to pay over the phone.

 


IMPACT is prohibited by law from accepting corporate contributions.  Investments may be made via personal or partnership check/credit card AND the following business entities may contribute via company check/credit card:

  • Limited Liability Companies (LLC’s) with no corporate partner members of their LLC
  • Limited Partnerships (LP’s) or Limited Liability Partnerships (LLP’s) with no corporate partner members of their LP or LLP
  • Partnerships with no corporate partners members of their Partnership
  • Sole Proprietorships with no corporate partner members of their Sole Proprietorship
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NFIP Changes Effective April 1

In accordance with current flood reform laws, April 1, 2019, NFIP Changes will include:

  • An average premium increase of 7%,
  • An expansion to the primary residence designation, and
  • The addition of a severe repetitive loss premium and a clear communications message added to the Declarations page.

Premium increases will apply to new business and renewals effective April 1, 2019, and are in accordance with both B-W12 and HFIAA flood reform laws.

  • The average premium increase is noted as 7.3%, including the HFIAA and Federal Policy Fee. ICC Fee will have an increase of 3% (Included in the total increase) for all policies except PRP and Newly Mapped rated policies.

Primary Residence guidance will be expanded for policies effective on or after April 1, 2019, to allow a 2-4 family building owner to be a primary residence for the purposes of assessing the HFIAA Surcharge. Proper documentation will be necessary to show the insured as a primary resident.

Severe Repetitive Loss (SRL) Premium has been newly established for all properties officially designated as SRL and will be 5% of the Annual Subtotal Premium. The 5% is included in the premium caps of 18% for full risk and 25% for subsidized rates.

Please refer to www.fema.gov/cost-of-flood for more information about flood risk and policy rating.


IIAT Advantage offers flood insurance programs for IIAT members underwritten by Assurant Flood Solutions and Selective. Learn more.

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Political Clout: How Main Street Agent Groups Stack Up

Political clout in Washington, D.C. is largely measured by political (PAC) fundraising, grassroots strength, and relationships with elected officials. The Big “I” has proven itself unparalleled when it comes to representing main street independent insurance agents in these areas.

Year-end financial disclosure reports have been filed with the Federal Election Commission, officially closing the 2018 fundraising year and election cycle. Last year, InsurPac not only established a new fundraising record by topping $1.13 million in receipts, but also set a new standard for the election cycle. See a contrast of main street independent agent PACs below. political muscle

The groups with the largest PACs develop and strengthen the most relationships and achieve the greatest results. Take a look at this comparison to see how much money Main Street agent PACs gave to your state Congressional delegation. Legislators are keenly aware of which groups have large PACs, because a large PAC reflects a thriving, active membership that is engaged in the policy decisions that come out of the nation’s capital.

The Big “I” uses its brand and relationships with elected officials to achieve meaningful results for independent agents. In addition to maintaining a strong daily presence on Capitol Hill, the Big “I” produces the most effective and largest federal legislative conference in the insurance industry – a key measure of grassroots strength.  The annual Big “I” Legislative Conference is widely recognized by both Capitol Hill and carrier partners as the preeminent event of its kind. It has featured keynote addresses from U.S. presidents, Senate and House majority and minority leaders, committee chairs and virtually every other elected official that is critically important to the insurance industry.

In 2018, approximately 1,000 attendees heard from both Senate Majority Leader Mitch McConnell (R-Kentucky) and now House Majority Leader Steny Hoyer (D-Maryland). Other main street agent group legislative events are a fraction of the size and don’t feature the same caliber of keynote speakers as seen in as seen in this chart.

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Agents are actively engaged in their communities and with their customers. Now is the time to carry that same activism and advocacy to Washington, D.C. by registering for this year’s Legislative Conference, to take place May 8-10.

 

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Formulating an Exit and Succession Plan

Click here to read the full article.


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IIAT Advantage partner InsurBanc is the bank of choice for Texas Independent Insurance Agents. Learn more.

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RLI Personal Umbrella Rate Change Approved in Most States

Effective April 1 for new business and June 1 for renewal business, RLI has received approval for a modest rate increase in most states, including Texas.

RLI will also introduce additional rating changes at this time, including:

  • A 5% increase on excess uninsured and underinsured rates, including states rated on a per driver basis. For example, a household paying $150 per driver will now pay $158 per driver.
  • An increase in the incident surcharge for drivers under 22 years old and over 80 years old from $100 per incident to $200 per incident. In addition, Question 14 on the new business application will be split into 14a and 14b in RLI’s portal but will remain as a combined question on the paper application.
  • For new business, removal of the $100 surcharge for households with a driver who has been licensed less than one year, has a permit or has an international license (Question 13). A response greater than zero will still place the risk in the personal umbrella policy special tier and restrict coverage to $1 million.
  • A surcharge increase for households with a youthful or inexperienced operator, as well as drivers over 80 years old, in New York, Pennsylvania, and Georgia.

The updated rates will be available when quoting within the RLI portal or the online Quick Quoter, and will be in compliance with state-approved filings.​

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Big ‘I’ Member Resources Available on Pass-Through Tax Regulations

In January, the Internal Revenue Service issued final regulations concerning a new tax deduction for “qualified business income” under Section 199A of the tax code. The Big “I” lobbied aggressively on this regulation as it is critically important for owners and shareholders of insurance agencies and brokerages organized as pass-through entities, such as partnerships and S-corporations.

The rule confirms that agency and brokerage owners and shareholders are eligible for a tax deduction of up to 20% on qualified business income—regardless of taxable income level. The new deduction reduces the top effective tax rate on pass-through income to approximately 29% from 37%. For those in the 24% bracket, it can reduce the rate to as low as 19.2%.

In response to the regulation, the Big “I” has posted multiple new resources for members on the Big “I” website. Big “I” members must log in to view the materials, which include:

  • recording of the 30-minute webinar the Big “I” hosted last week, for any members who were not able to attend
  • PowerPoint presentation that provides a comprehensive explanation of how the new tax deduction benefits pass-through owners and shareholders, including discussion of the specific sections of the over 200-page regulation relevant to insurance agencies and brokerages
  • one-page overview of the new tax rate for C-corporations and the new tax deduction available to some pass-through businesses
  • four-page FAQ document that outlines the must-know facts about the new 199A deduction

While a major victory Big “I” members, the regulations are complex. The Big “I” encourages members—especially those who derive income from non-traditional activities—to consult a tax professional to determine how the new deduction specifically impacts their businesses.

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Register for the 2019 Big ‘I’ Legislative Conference

Online registration is now open for the 2019 Big ‘I’ Legislative Conference. Agents don’t want to miss this opportunity to speak to their federal legislators with a unified voice. Early-bird registration pricing ends Friday, March 8. Hotel accommodations always sell out fast, so don’t delay in making guest room reservations.

Keep an eye on the State News e-newsletter in the coming months for more programming details.

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