Scott Simmonds - Insurance Newsletter

Insurance from an Unbiased Point of View
www.ScottSimmonds.com

September, 2007
Issue #88 - Since 2000

The Work Comp Experience Mod Worksheet Explanation

I'm often asked to explain the workers' compensation experience modification worksheet provided to most employers who have more than $5,000 in worker's comp premium.

The modification factor can have a dramatic affect on your insurance costs. Understanding the worksheet will help you understand the impact your losses have on your premiums.

I thought a video would be the best medium. Pull out your worksheet (sent to you by NCCI) and watch the explanation - www.ScottSimmonds.com/wc_modsheetvideo.html.

Comments are welcome.

Simmonds On Bank Insurance

For the past few newsletters I have been talking about my book. Well, Simmonds on Bank Insurance is ready for publication.

The work covers all aspects of bank insurance - bond, d&o, property, workers' comp, mortgage impairment, forced placed property, liability, and e-banking. I include sections on selecting agents, the bid process, and a glossary. The book is designed to be a practical and useful reference for bankers who manage their bank's insurance program.

Several bankers around the country have reviewed drafts and galley copies. Everyone who has read it so far has agreed its a great tool with new information.

I'm offering pre-publication pricing for those who order before October 15 - Go To My Bookshop.

Order Now With Free Shipping

Special Prepublication Price: $25.00 Until October 15, 2007
Regular Price: $35.00

Available October, 2007

Stay tuned for my second book (at the publisher now for formatting), Simmonds on Workers' Compensation Insurance. It should be ready in November.

Podcast on Insurance Issues Faced By Law Firms

Ed Poll of LawBiz Management interviewed me a few weeks ago on the insurance issues that law firms should consider as they manage their insurance. Listen to the session here.

Workers Comp Tool - Understand Your Experience Mod

My work comp tool is now available. It's been well received by everyone who has used it.

ModManager pulls apart the components of your mod - telling you how your frequency of loss and the severity of you claims impacts your premium. You'll also learn your "Perfect Mod" - the mod you would have if you had no claims. By knowing the intricacies of your mod you can see how you impact your premium.

Go to www.ModManager.com

Maine and Other Stuff

No hummingbirds in the past two weeks. I'm afraid they have left for South America. We are keeping the feeder out to pick up any stragglers. For most of the summer there was a bird at the feeder every ten minutes. A fat woodchuck made an appearance in the yard last week. That's a first for this neighborhood.

The leaves are stating to turn. It was 39 degrees yesterday morning.

I'm in the final stages of earning my Certified Management Consultant designation. Awarded by the Institute of Management Consultants, the designation is a rigorous review of a consultant's work, writing, client relationships, ethics, and experience. Best I can tell, I'll be the first insurance consultant to earn the designation. I recently completed a two hour panel interview where 3 well established consultants grilled me. Next comes a review by a national panel.

I started teaching a class at the local community college last week, Small Business Management. Sixteen students from 20 to probably 55 years old. It's a very interesting group. We have met twice so far. Each class has been an interesting conversation including a wide variety of experiences and perspectives by the students. They are not terribly happy with the book report I assigned. Oh well!

Do You Have The Right Insurance?

Contact me to discuss an unbiased review of your insurance program. Do you have the right coverage? Can your policies be fine-tuned to improve the protection? Can changes be made to ease the administrative burden insurance causes? Are you getting the service you should from your broker? I can help. Remember, I don't sell insurance so I'm unbiased.

Need A Speaker?

I'm pleased to speak to trade, business, or service associations about insurance topics. See my speaker's page.

Please Forward This Newsletter To Your Business Associates

Scott Simmonds, CPCU, ARM
Insurance Consulting
Phone 207-284-0085
Fax 802-992-4027
Scott@ScottSimmonds.com
www.ScottSimmonds.com

See My Insurance Blog - www.InsuranceBuzzer.com

Comments regarding insurance policies or products in this newsletter do not constitute an endorsement. I accept no fees of any kind from any company mentioned in this newsletter.