HOW TO CAPTURE THE FIRE AND WATER RESTORATION CONTRACTORS THAT ARE PROSPECTING YOUR AGENCY
A Guide For Agents
There is nothing easier than prospecting the firms that are already prospecting the insurance agency. Virtually every insurance producer has a stack of business cards from the local restoration firms who call on the agency looking for referrals on restoration jobs from the agency’s customers. ARMR has exceptional skill sets in this class of business. We feature access to the best markets and insurance products for this class of business. Our hit ratios approach 90% on new business when we work with an agent/broker that is credible with the customer and uses the sales process detailed
The insurance needs of restoration contractors are very complex and the insurance markets for this class of business are limited. For these reasons, many agents try to avoid this class of business simply because they do have an easy way to get the insurance written for the client. ARMR staff
actually invented some of the specialized insurance policy forms that all of these firms need. From a sample of over 1200 of these firms, we know that 88% of them are buying insurance programs with fundamental insurance design flaws. By fundamental insurance design flaws we mean, a coverage
glitch that would leave the firm uninsured for a core part of what they do for a living. A fundamental design flaw is sufficient to get the person who sold them the defective insurance policy fired if the insured knew of the flaw. Yes, 88% of these firms have material coverage design flaws. This fosters a prospect rich environment for producers that know where to look. As a service to our retail producers, ARMR will review the current coverages on a restoration firm. We advise if there are coverage glitches or where things could be improved. In practice, it usually takes less than five minutes for us to find a material coverage glitch in most of the policies we look at.
Over the past few years, we are seeing more and more national brokerage firms soliciting restoration contractors to capitalize on the coverage design flaws common in this class of business. The reality is, restoration firms really want to buy their insurance locally. The company
with the highest chance of winning the business (utilizing the state of the art insurance coverage designs of ARMR), is you. Since you already have the business cards of your best prospects, this is an easy way to produce new business.
The following five steps will enable you to win in this class of business, utilizing the resources
of ARMR. Following the production strategy detailed within, there should be o
reason not to write every restoration firm in your area!