see below for The Alarm Exchange
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comments
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Ken,
In response to one of Steve’s questions posted in the Sept 13, 2012 article, over the years I have had quite a few customers that have allowed the Limitation of Liability in their agreement to be increased. Usually the increased limit is under $10k but sometimes we’ve had the limitation increased to policy limits. When the proposed liability limit exceeds the alarm companies deductible on the general liability then it’s time for the alarm companies agent to speak with their insurer to obtain a quote for the increased limitation. There are many factors considered when the insurance underwriter is pricing an increased limitation of liability in a contract which include the scope of services provided, the length of the contract, the cost of the contract as well as specific details surrounding the end-user. Every scenario is different and increasing the limitation of liability can usually be avoided when it is properly addressed like in the scenario provided in Steve’s email.
Hopefully this information is helpful in understanding the process from an insurance perspective.
Warmest regards,
Alice Cornett Giacalone, Senior Vice President
Central Insurance Agency
(800) 917-2542
www.ciainsures.com
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Ken
…how often and what avenue is a higher limitation of liability placed on a customers location for a particular contract?... In eight years in the business, I have had a handful of instances where someone requested to see the rider and increased rates for increased liability (always a larger company where someone actually reads the entire agreement). I fretted about this at first, spent a lot of time figuring out what the rates should be, then they didn’t accept it. Ever since I just send them an email with this abridged table of rates and tell them there is no rider because no one has ever accepted the increased rates. This has always fixed the objection. I make the price significant, but not outrageous.
Rob Driscoll
Koorsen Fire & Security
Indianapolis
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Response
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One of the more precise provisions in a properly drafted alarm contract will be the limitation of liability provision. This is not something you want to change on your own. The limitation and the right to increase that limitation are essential provisions. You should have a form that can be used to increase the limitation. If your offer to increase is an illusory then a Judge may very well take the position that there really was no right to increase. That could prevent the enforcement of the limitation.
The Standard Form Contracts come with a Supplemental Agreement that is used to increase the limitation. Since it's not common for that to happen, the Supplemental Agreement is also used for add ons and other matters that arise after the contract has been signed.
How much should you increase when asked. I'd say you have two choices. One, it's 6 times the monthly charge; subscriber only has to pay more so the limit goes up. Or, tell subscriber you'll price out the additional insurance and add it to your price. Either option will probably convince the subscriber that it doesn't want to pay for your increased limitation since it has insurance in place anyway.
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This area is reserved for alarm company announcements, solicitations, offers, etc. Those wishing to sell or buy; borrow or lend; dealer program or dealer; central stations; insurance brokers; business brokers, insurance companies. Equipment to sell; looking for employees; subcontractors; mergers;
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Key West FL Alarm Company seeking experienced alarm technician. Send resume with references and salary requirements to scotts@barnesalarmsystems.com. No phone calls please.
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merger - small alarm company in Atlanta GA area looking to merge with similar size one may operation. Contact Ken Kirschenbaum,Esq. 516 747 6700 ext 301.
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Central Stations
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Nationwide Digital Monitoring - monitoring all of America UL Listed; NYC FD approved
800 221 0826 www.NationwideDigital.com Contact Alan Ankeles aankeles@NationwideDigital.com
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United Certified Central Station Inc - monitoring the New York City metropolitan area. NYC Fire Dept approved and UL Listed. Martin Lane 212 206 0900 http://www.weprotect.com/Monitoring%20station.html
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Counterforce Central Alarm Services Corp monitoring the NYC metropolitan area contact Gary Rose 718 575 3333 counterforce1@aol.com http://counterforcecentral.com/services/index.htm
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Metrodial Central Station - FDNY Approved and UL Listed. Contact Andy Lowitt at 866-900-METRO or andy@metrodial.com www.metrodial.com
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Business Brokers / Consultants
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Ron Davis Davis Mergers and Acquisitions Group Inc rdavis@graybeardsrus.com Office 847 955 2345
Cell: 847 910 7716 www.graybeardsrus.com
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Mitch Reitman S.I.C. Consulting, Inc. 817-698-9999 MReitman@sicc.us www.sicc.us
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Rory Russell Acquisition & Funding Services www.afssmartfunding.com (800) 354-3863 Cell 518-366-5111
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Insurance brokers / insurance companies for alarm industry
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Alice Cornett Giacalone, Senior Vice President - selling alarm E&O throughout the United States
Central Insurance Agency, (800) 917-2542 aliceg@ciainsures.com www.ciainsures.com
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Ralph A.Costa - specializes in alarm insurance in New Jersey and other states 973 835 8444
ralph@burglaralarminsurance.com http://www.burglaralarminsurance.com/category.aspx?id=MISC1
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Security America Risk Retention Group Alarm industry owned and sponsored E&O insurance – Call SARRG at 1-866-315-3838, or info@securityamericarrg.com. www.securityamericarrg.com
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Premier Alarm Insurance, Kristin Sikorski, Isle of Palms SC 29451 1-800-792-1728
info@premieralarminsurance.com www.premieralarminsurance.com
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Rick Gombar Insurance Services, Inc. CA. Rick Gombar, President 800-446-6227
Rick@gombarinsurance.com www.gombarinsurance.com
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New York State alarm license Approved 81-HOUR License Course www.mbfaa.com
contact Alan Glasser (718) 894-6712 mbfaa.ny@gmail.com
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Marketing for the Alarm - Security Industry
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Bob Maunsell - Security Marketing Guru - www.SecurityMarketingGuru.com 508-835-1123 support@securitymarketingguru.com
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Miscellaneous
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alarm contracts - get them at www.alarmcontracts.com
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alarm company valuation - go to www.WhatsMyAlarmCompanyWorth.com
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Legal service for acquisition or sale of accounts. Contact Ken Kirschenbaum, Esq https://www.kirschenbaumesq.com/page/kenneth-kirschenbaum at 516 747 6700 ext 301, Jennifer Kirschenbaum,Esq https://www.kirschenbaumesq.com/page/jennifer-kirschenbaum at 516 747 6700 ext 302 or Dennis Stern, Esq https://www.kirschenbaumesq.com/page/dennis-stern at 516 747 6700 ext 323
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Ken Kirschenbaum,Esq
Kirschenbaum & Kirschenbaum PC
Attorneys at Law
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Garden City, NY 11530
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email: ken@kirschenbaumesq.com
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