The Franklin Mutual Group FMI Insurance Company Fidelity Mohawk Insurance Company The Franklin Mutual Insurance Company

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1 The Franklin Mutual Group FMI Insurance Company Fidelity Mohawk Insurance Company The Franklin Mutual Insurance Company

2 Home Sweet Home Or Business? Code # How Franklin Mutual Group Insures Home-Based Businesses Course Outline

3

4 Many people know very little about FMI, yet we are proud of what we have accomplished in the insurance field and the services we provide. Here are some facts about FMI we would like you to know: The Franklin Mutual Insurance Company has been in business since 1879, making us one of the oldest and most experienced insurance companies in New Jersey. "Over 125 years of selling insurance ONLY in New Jersey. This is our home and we are here to stay!" We sell our products only through Professional Independent Agents Although we are the largest domestic mutual property and casualty insurance company in New Jersey, we are not a large conglomerate. By being smaller, we can offer you the personal service you need and desire.

5 Insurance is our only business. We are not owned or controlled by a large financial institution as are may other insurance companies. FMI Consists of three separate companies. They are: The Franklin Mutual Insurance Company FMI Insurance Company Fidelity Mohawk Insurance Company By having three separate companies, we can offer a variety of insurance products, one that will meet your individual needs. We are financially sound. A. M. Best s Insurance Report (the Dunn & Bradstreet of the Insurance Industry) gives us a financial rating of A+ (superior) VIII. In 2004 our premium volume reached, for the first time, one hundred million dollars. Our goal is to provide you with the best insurance products and personal service available in New Jersey, at the most reasonable price.

6 We re with you for the long run

7 Home Based Business Concept of the Home Based Business The Agency s role Liability and Property Issues Previous Coverage Available Home Business Endorsement

8 Origins and Growth Colonial Times Blacksmiths, Dry Goods Stores Tavern Owners Industrial Revolution Computer Revolution Present Economy

9 Small Business Administration How many are there? 22.9 Million Office of Advocacy 53% of all small businesses are home based Million need in home business coverage.

10 Home Workers by Age Group Home Workers by Age Group Years - 9.3% Years % 60 + Years %

11 Work At Home 2006 U.S. Census Bureau survey 25 Million do some work at home 4.2 Million Self-Employed 57% Increase over last 10 years

12 Types of Home Businesses Management / Professional % Service / Healthcare / Food / Personal Care % Sales / Related Offices % Farming / Fishing / Forestry 1.50 % Maintenance / Repairs 4.40 % Production / Video, Music, Stage 6.10 %

13 IN HOME EARNINGS $1 to $9, % $10,000 to $34, % $35,000 to $54, % $55,000 to $99, %

14 In Home Work Week

15 Past and Projected Home Workers

16 Estimate of Workers 2010 Total Workers 134,095,005 In Home Workers 8,184,223 Other 312,190

17 Agency s Role Agency s Role Inquiry of Clients All New Homeowners Policies Homeowners Renewals Primary and Secondary Occupations Be creative and thorough Offer examples Don t forget hobbies Youth Activities

18 Annual Reviews and Monitoring Form Letters Review Letters In Home Business Brochures Agency Newsletter Agency s Role Educating Homeowners Marketing Programs Letters and Brochures

19 New Brochure

20 Agency s Role Business Exposures Accounting Barber/beauty shop Ceramics / Pottery Chiropractor Computer consulting Cosmetic sales Costume jewelry Court transcribers Desktop Publishing Florist wedding flowers Music / Art / Dance Lessons Pharmaceutical Rep Photography Professionals Sales persons Tupperware Longaberger PartyLite, etc.

21 Agency s Role Marketing Opportunities Increase Revenues Professionalism Recommendation Cross-Selling Packages are not just with auto Total Account Development (TAD) Increase Retention Referrals

22 Errors & Omissions Important Exposure Documentation Overlooked exposures Workers Compensation Out buildings Product Liability Professional Liability Performance Bonds It could happen to you

23 Policies for Business in the Home Business Owner s Policy Commercial General Liability

24 HO Business Coverages Business Includes any occupation, profession, trade or commercial activity undertaken for a fee or payment. Expectation of profit.

25 HO Business Coverage Business Personal Property Under HO Form Property used or procured for use in Business $3,000 Limit 15% applied off premises ($450) Open Perils and Replacement Cost is added on all Homeowners Policies Computers MHO 14 Open Perils and Replacement Cost Basic Limit $3,000 Business property held for sale or delivery is excluded Business property insured elsewhere is excluded

26 HO Business Coverage Other Related Structures Insured for 10% of Coverage A But structures used for business, even occasional or partial, are not covered. (ISO & MSO)

27 HO Business Coverages Liability Policy Excludes Bodily injury or property damage arising out of: Business activities of any insured; Rental or holding for rental, wholly or partially, of any premises by the insured

28 HO Business Coverages Liability Extends and Modifies Liability provisions for the following three activities: Business activities not done for business Business activities of a student under 21 Insured s cashier, clerical or sales activities, other than those involving demonstration, installation or service, if the insured is not self-employed

29 HO Business Coverages Other Related Structures Coverage can be purchased with endorsement MPL 52A All of our homeowners include coverage for increased cost due to code, law or ordinance Liability for Business Activity Business Activities must be endorsed on the policy

30 MPL 58 Special Business Coverage for Business Activities in the Home Personal Property used in business Special maximum limits Personal Property away from resident premises Liability

31 Home Business Coverage Home Business Endorsement MPL 38 An Occupation, profession, trade, or commercial activity listed in the Supplemental Schedule, undertaken with an objective of a profit and conducted at or from the residence premises

32 Classes of Business Accounting Barber/Beauty Shop Cake Decorating Ceramics / Pottery Chiropractor Computer Consulting Court Transcribers Crafts Desktop Publishing Graphic Artists Financial Planners Insurance Manicure Shop Lessons Music, Art, Dance Photography Lawyers, Dentists, Doctors, Engineers, etc. Party Plan Sales Tupperware, Longaberger, Party Lite, etc Pharmaceutical Representative

33 Home Business Coverage Endorsement Procedures Application Name/Entity Inspection Mandatory Forms MPL 38, MPL 39, MPL 59, MPL 55 Minimum Premium $200 Minimum Deductible $500

34 MPL 38 Primary Coverages Related Structure used for Business 10% of Coverage A is automatic Increase in limits is $4 per $1000 Exclusion IC.2.A - Structures used for business does not apply

35 MPL 38 Primary Coverages Home business property on & off premises On premises limit must be stated Off premises is automatically 20% of stated limit MPL 42 allows full limit to be used on or off premises Business property held for sale or delivery after the sale is not excluded Business personal property of others Automatically covered if not insured elsewhere $1,000 sub limit can be increased at same rate as personal property

36 MPL 38 Primary Coverages Liability for the Premises and Operations Limit is the same as the Homeowners $500,000 Min. (personal catastrophe available) Personal Injury and Advertising Injury Can be excluded with the MPL 45 Products & Completed Operations Can be deleted with the MPL 57

37 Supplemental Coverages - Accounts Receivable Property Includes increased expenses of collection and expenses incurred to replace the accounts receivable records $3,000 basic limit No deductible All of Property Not Covered and Losses Not Insured (except for 9.A) do not apply

38 Supplemental Coverages - Property Credit Card, Forgery & Counterfeit Money $2,000 limit unless increased with the MPL 44 No Deductible Exclusion for business use is deleted Loss of Business Income $25,000 basic limit May be increased to $200,000 Can be deleted or limited to extra expenses

39 Supplemental Coverages - Money & Securities Property Coverage for both on and off premises On premises within the residence or the bank Off premises while being transported by an insured or authorized officer or employee to or from the bank as well as the authorized custodians home Basic limit is $2,000 on premises and $1000 off premises Increases available

40 Supplemental Coverages - Valuable Papers Property $3,000 basic limit can be increased No Deductible applies All of Property Not Covered and Losses Not Insured (except for 9.A) do not apply

41

42

43

44

45 Liability Supplemental Coverages Contractual Oral or Written Fire Legal Damage to Non owned premises Perils of explosion, fire, smoke Defense Loss Assessment Personal & Advertising Injury See your Underwriter for approval

46 Home Business MPL-38 Review Homeowner and Business Coverage Under One Roof The FMI Home Business Program is designed to give the essential protection you need for your home business under the same policy that insures your home. This includes Comprehensive replacement cost coverage for your home business property Coverage for Related Structures Used for Home Business Loss of Income and Extra Expense Protection Business Liability Money and Securities Coverage Valuable Papers and Records Coverage Accounts Receivable Coverage Property of Others Coverage We also provide the Ability to Customize the Policy for Your Needs. Computer and Software Coverage Professional Liability Coverage for Certain Professions Excess Liability Coverage included on your Homeowners Policy

47 CLASSROOM DISCLAIMER PLEASE BE SURE TO CHECK THE APPROPRIATE PROVISION OR ENDORSEMENT FORM FOR EXACT COVERAGE AND APPLICABLE POLICY LANGUAGE. THIS COURSE ATTEMPTS TO OUTLINE AND DESCRIBE COVERAGES BUT IS SUBJECT TO THE ACTUAL ISSUE AND ANY RENEWAL OF POLICIES ISSUED BY THE COMPANY. IF THERE IS ANY CONFLICT BETWEEN THIS COURSE GUIDE AND THE ACTUAL POLICY, THE PROVISIONS OF THE POLICY PREVAIL.

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