Pest Management Professional, November 2009
The evaluation of your insurance portfolio with your advisor should include a review of the financial security provided by your insurance carrier Admitted vs Non Admitted In this buyers market PMPs should be able to purchase coverage from an admitted vs a nonadmitted insurance company The admitted insurance company receives a license to operate in the state and is regulated by the states insurance department The admitted insurance company participates in the State Guaranty Association which pays claims the insurer is liable for in the event of its insolvency The non admitted insurer is not licensed and is not regulated by the states insurance department The non admitted insurance company does not participate in the State Guaranty Association and therefore is not subject to financial solvency regulation Clearly PMPs dont want to be insured by an inexperienced non admitted carrier who may become insolvent and not be able to pay claims Your advisor should have the buying power needed to place coverage with an admitted carrier who has the financial security to protect your business assets There are several non admitted companies who may have coverage options that sound appealing however when capacity is available through an admitted market that has the coverage you need while providing affordable rates your insurance advisor should highly recommend you take it continued on next page Now more than ever its a goo d time to weigh your options Call Fred Murray 1 800 858 6937 fmurray@ terminix com www mypmp net NOVEMBER 2009 PEST MANAGEMENT PROFESSIONAL 41
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