Welcome to Wayne’s Claims World!

In this series, we share information on claims trends as well as tips and resources for our agents to better protect themselves and their clients if they face a claim. This month, we’re diving into an important and timely topic: thermonuclear verdicts and their impact on the industry.

Thermonuclear verdicts are extraordinarily high jury awards, often reaching into the millions or even billions of dollars. As the hard market intensifies, it’s crucial for P&C agents to understand the evolving risks that are shaping our industry.

We delve into key issues surrounding thermonuclear verdicts, such as third-party litigation funding and traumatic brain injury (TBI) claims, all of which have significant implications for risk management and insurance stability.

Understanding the dynamics of these hot button issues can help mitigate their impact on P&C clients. We break down each of these categories to help inform our agents on how to best navigate this landscape with their clients.

Through proactive measures and strategic planning, agents can navigate these complexities — ensuring stability and continued growth for their clients even in an increasingly litigious environment.

Check Out Wayne’s Tips on Mitigating the Impact of Thermonuclear Verdicts

Agents, if you have any claims, please inform us immediately.

Disclaimer: The information and recommendations in this blog are not legal advice and are not intended to constitute legal advice. If anyone reading any part of this blog believes that they want legal advice or need legal advice, they should seek legal counsel with lawyers who are licensed to practice law in their State. The recommendations in this blog are for general informational purposes only.

As a benefit of partnering with NSM Insurance Group, Wayne is available as a resource to help agents and their insureds at any time! Wayne can assist in many ways, from reviewing manuals to visiting a site to discuss loss mitigation.

Wayne King
wking@nsminc.com
(860) 707-6273

The post Mitigating the Impact of Thermonuclear Verdicts appeared first on Novacore.

Continuing the tradition since 1991, CEO & Founder Geof McKernan and President Bill McKernan, alongside the entire NSM team, celebrated our employees of the year at two recent Crystal Award ceremonies.  

“Winning an award does not mark the conclusion of an accomplishment, but instead pushes me to want to continue to grow and see where we can take the business from here.”

– Darryl Vadell, KBK Underwriting Manager

In April, we hosted a party in New Orleans to recognize Brett Kirsch and Darryl Vadell, Underwriting Managers with our tow & garage program, KBK Insurance Group. Brett and Darryl have been true assets to the KBK team for over two decades — paving the way for significant advancements and growth in the KBK program. KBK is now one of NSM’s largest commercial insurance programs.

In May, we hosted a party at NSM’s headquarters in Conshohocken, PA to recognize Joe Spinelli, AR Manager in our corporate finance department. Joe was acknowledged for his contributions to building success and improving operational efficiencies and team morale in the finance department at NSM. Since Joe joined the team in 2022, he has showed up every day with a positive attitude and has excelled in improving relationships among team members which has enhanced collaboration in and outside of the office. 

Thank you to Brett, Darryl and Joe for your continuous hard work at NSM. We are grateful for the tremendous contributions you have made to NSM and KBK — you truly embody the meaning behind the Crystal Awards — demonstrating hard work, passion and excellence in everything you do.

The post NSM Honors 2023 Crystal Award Winners appeared first on Novacore.

Welcome to Wayne’s Claims World!

In this series, we share information on claims trends as well as tips and resources for our insureds to better protect themselves if they have a claim. This month, we’re diving into an important and timely topic — preparing for tornado and hail season. 

While traditionally hail and tornado season runs from March through July, we experienced tornadoes and hail in December last year, proving these storms can truly happen at any time. This can be a stressful time for insureds as they brace for intense storms with the potential for wind and hail that can damage their property and vehicles. 

Preparation is the key to avoiding or minimizing costly claims and avoiding further damage. Now is the perfect time for agents (and your insureds) to review the important steps to take before, during and after a tornado or hailstorm — as well as what to do after a loss occurs.

Check Out Wayne’s Tips

Agents, if your insured suffers damage to their property as a result of a storm, please inform us immediately.

Disclaimer: The information and recommendations in this blog are not legal advice and are not intended to constitute legal advice. If anyone reading any part of this blog believes that they want legal advice or need legal advice, they should seek legal counsel with lawyers who are licensed to practice law in their State. The recommendations in this blog are for general informational purposes only.

As a benefit of partnering with NSM Insurance Group, Wayne is available as a resource to help agents and their insureds at any time! Wayne can assist in many ways, from reviewing manuals to visiting a site to discuss loss mitigation.

Wayne King
wking@nsminc.com
(860) 707-6273

The post Tornado & Hail Season Safety & Readiness Tips appeared first on Novacore.

The insurance marketplace hasn’t exactly been a walk in the park for body shop owners. With many large carriers exiting this market, shop owners may have some concerns about finding the right coverage for the many risks they encounter on a daily basis:

• Will my shop have the proper protection? 
• How can I find a competitive rate? 
• Will I have support if I face a claim?

While it may be true that some carriers are pulling back, that doesn’t mean their unique risks will go unprotected — they may just need to tune up their existing insurance strategy.

In this article for Body Shop Business, KBK Program Director Brian Atkinson shares three strategies for improving body shop operations and setting shop owners up for success in 2024.

Read the full article here.

The post 3 Strategies to Improve Your Insurance Protection appeared first on Novacore.

Welcome to Wayne’s Claims World!

In this series, we share information on claims trends as well as tips and resources for our KBK insureds to better protect themselves if they have a claim. This month, we’re exploring subcontractor misconceptions.

As the labor market continues to evolve, we are seeing more companies — including those in the towing industry — leveraging subcontractors to fill their employment needs. This is largely because it is hard to find qualified, full-time employees in this current climate.

Did you know…
In the past 18 months, we have seen an increase in claims for subcontractors on tow accounts. 

There are misconceptions out there about whether using subcontractors does or does not impact the insured’s policy. The biggest misconception is that subcontractors’ personal insurance policies would take care of any coverage needs.

Learn more about the subcontractor trend and how it can impact your client’s insurance policies in this month’s issue. You’ll find out why it’s a best practice for insureds to employ full-time W-2 employees for their towing operations.

Agents, this is an important conversation to have with insureds for both renewals and new business!

Check out Wayne’s Info and Tips about Subcontractors

Disclaimer: The information and recommendations in this blog are not legal advice and are not intended to constitute legal advice. If anyone reading any part of this blog believes that they want legal advice or need legal advice, they should seek legal counsel with lawyers who are licensed to practice law in their State. The recommendations in this blog are for general informational purposes only. 

As a benefit of partnering with KBK Insurance Group, Wayne is available as a resource to help agents and their insureds at any time! Wayne can assist in many ways, from reviewing manuals to visiting a site to discuss loss mitigation.

Wayne King
wking@nsminc.com
(860) 707-6273

The post Subcontractor Misconceptions appeared first on Novacore.

Welcome to Wayne’s Claims World!

In this series, we share information on claims trends as well as tips and resources for our KBK insureds to better protect themselves if they have a claim. This month, we’re diving into an important and timely topic — hurricane preparedness.

September begins the height of hurricane season. This can be a stressful time for insureds as they brace for intense storms with the potential for flooding and winds that can damage their property and vehicles.

This is especially relevant for tow truck operators, as their trucks may be utilized to tow disabled vehicles out of flooded areas. What’s more, businesses offering repairs or used car sales are likely to store vehicles on their property that may be exposed to the elements and put at risk of damage or loss.

Hurricane preparation is the key to avoiding or minimizing costly claims. Now is the perfect time for agents (and your insureds) to review the important steps to take before, during and after a hurricane — as well as what to do after a loss occurs.

In this issue:

Agents, if your insured suffers damage to their property as a result of a storm, please inform us immediately. Submit claims to our TPA, North American Risk Services (NARS), via email at reportaclaim@narisk.com.

Check out Wayne’s Tips for Hurricane Preparedness

Disclaimer: The information and recommendations in this blog are not legal advice and are not intended to constitute legal advice. If anyone reading any part of this blog believes that they want legal advice or need legal advice, they should seek legal counsel with lawyers who are licensed to practice law in their State. The recommendations in this blog are for general informational purposes only. 

As a benefit of partnering with KBK Insurance Group, Wayne is available as a resource to help agents and their insureds at any time! Wayne can assist in many ways, from reviewing manuals to visiting a site to discuss loss mitigation.

Wayne King
wking@nsminc.com
(860) 707-6273

The post Hurricane Preparedness  appeared first on Novacore.

Welcome to Wayne’s Claims World!

In this series, we share information on claims trends as well as tips and resources for our KBK insureds to better protect themselves if they have a claim. This month, we’re diving into an important and timely topic — electric vehicle handling and storage.

With the electric vehicle trend continuing to gain momentum, towing operators, repair shops and salvage operations need to understand the differences and added risks for towing and repairing these vehicles compared to gas-powered vehicles. If not handled properly, it can lead to costly claims for the insured!

Here is a snapshot of the guiding principles:

• Know your local regulatory requirements regarding who is responsible for disconnecting the batteries after a loss — in many states, this should be done by emergency responders
• When storing an electric vehicle, make sure to place it away from buildings or other vehicles, if at all possible

Agents, make sure your insureds are aware of this information, as it not only relates to claims and cost savings but also their personal safety. 

Check out Wayne’s Information & Resources

Disclaimer: The information and recommendations in this blog are not legal advice and are not intended to constitute legal advice. If anyone reading any part of this blog believes that they want legal advice or need legal advice, they should seek legal counsel with lawyers who are licensed to practice law in their State. The recommendations in this blog are for general informational purposes only. 

As a benefit of partnering with KBK Insurance Group, Wayne is available as a resource to help agents and their insureds at any time! Wayne can assist in many ways, from reviewing manuals to visiting a site to discuss loss mitigation.

Wayne King
wking@nsminc.com
(860) 707-6273

The post Claims Trends: Key Differences for Electric Vehicle Handling & Storage appeared first on Novacore.

Welcome to Wayne’s Claims World!

In this series, we share information on claims trends as well as tips and resources for our KBK insureds to better protect themselves if they have a claim. This month, we’re diving into the claims process with a step-by-step breakdown and important do’s and don’ts.

Agents, make sure your insureds are aware of this information, and more importantly, that they understand it.

Most insureds don’t have claims very often, so it’s unlikely they understand the flow of claims from start to finish. However, if and when a claim does occur, it’s imperative agents and their insureds know the steps to take and when — especially because many steps are time-sensitive, and research shows the longer a claim is open, the more costly it becomes.

Agents should review and file this information so it is easily accessible when a loss occurs.

Check out Wayne’s Breakdown of the Claims Process and Important Tips

Disclaimer: The information and recommendations in this blog are not legal advice and are not intended to constitute legal advice. If anyone reading any part of this blog believes that they want legal advice or need legal advice, they should seek legal counsel with lawyers who are licensed to practice law in their State. The recommendations in this blog are for general informational purposes only. 

As a benefit of partnering with KBK Insurance Group, Wayne is available as a resource to help agents and their insureds at any time! Wayne can assist in many ways, from reviewing manuals to visiting a site to discuss loss mitigation.

Wayne King
wking@nsminc.com
(860) 707-6273

The post The Claims Process for Tow Truck Drivers, Garages and Auto Body Shops appeared first on Novacore.

Welcome to Wayne’s Claims World!

In this series, we will share information on claims trends as well as tips and resources for our KBK insureds to better protect themselves if they have a claim. This first issue covers the importance of training documentation and standardized procedures.

In this issue:

• Tips for Training Tow Truck Drivers
• Tips for Creating Procedural Manuals
• Procedural Manual Template for Insureds
• Bill of Lading Example and Resources
• Case Studies: On-Hook Operations

Why should agents and insureds care about training and procedural manuals?

• Training and standardized procedures are especially important in the commercial towing space. They not only ensure the success of the employee and the brand, but also lessen the likelihood of costly mistakes.
• If an accident happens and a claim goes into litigation, two of the first questions the driver will be asked are, “What training did you receive? What documents on procedures did you receive?” If the driver didn’t receive any training or a manual, it is a real set back.

Download Wayne’s Tips and Resources

Disclaimer: The information and recommendations in this blog are not legal advice and are not intended to constitute legal advice. If anyone reading any part of this blog believes that they want legal advice or need legal advice, they should seek legal counsel with lawyers who are licensed to practice law in their State. The recommendations in this blog are for general informational purposes only. 

As a benefit of partnering with KBK Insurance Group, Wayne is available as a resource to help agents and their insureds at any time! Wayne can assist in many ways, from reviewing manuals to visiting a site to discuss loss mitigation.

Wayne King
wking@nsminc.com
(860) 707-6273

The post Wayne’s Claims World: Training & Procedural Manuals appeared first on Novacore.

If you’re looking for a new competitive market for tow operator insurance and garage insurance, look no further than KBK Insurance Group. Our team recently hosted a webinar to provide a deep dive on program appetite information and claims trends that matter for YOUR clients.

Didn’t get to join us live? Check out these four key takeaways you missed during our session.

KBK is more than tow. Though KBK has specialized in the tow space for over 30 years, we have expertise in several key garage classes, including auto salvage, repair and non-franchised used car dealers. We can fill all your commercial auto and commercial auto package insurance needs.

We can write garage risks with tow! KBK is in a strong position to help with tough risks in this space due to our strong carrier relationship.

Our in-house claims resources are here to help. We value information sharing with agents and insureds so everyone is aware of trends in this space, such as use of dashcam technology to prevent unnecessary loss. We will help you navigate the claims process in partnership with our TPA to help insureds mitigate risk and get back on the road faster after a loss.

KBK-appointed agents can leverage all of NSM’s niche solutions. KBK is just one of the many niche insurance programs NSM Insurance Group has to offer. Already working with KBK? Reach out and learn how you can get appointed with our other programs for access to more specialized industries, such as nonprofit, behavioral health and fitness facilities.

For more insight from the KBK team, watch our full webinar recording here.

The post Need Tow & Garage Insurance? Don’t Miss These Four Takeaways From KBK’s Webinar appeared first on Novacore.