KEN KIRSCHENBAUM, ESQ
ALARM - SECURITY INDUSTRY LEGAL EMAIL NEWSLETTER / THE ALARM EXCHANGE
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comments on insurance E&O / SARRG goes A rated
January 23, 2018
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SARRG goes A rated
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    Security America Risk Retention Group is the only alarm industry owned insurance program.  Because of that and it's experienced claims administration I recommend it.  Here is recent announcement that SARRG is now A rated, which should meet almost all of your insurance E&O needs.  SARRG gives a discount when you use the Standard Form Agreements.  What more incentive do you need to use the Contracts?  You get the contracts here:  www.alarmcontracts.com or call our Contract Administrator Eileen Wagda at 516 747 6700 x 312 and you get SARRG by calling Crystal Jacobs or Brett Butler at 1-866-315-3838.  Tell them you read it here.
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IMPORTANT SHAREHOLDER UPDATE
    Security America Restructures to Keep Operational Costs Down and Expand Coverage Offerings
Company Withdraws from AM Best Ratings, Consolidates Operations to A Rated Insurance Line
    Electronic security and life safety installation and monitoring companies face significant risk each day: injury to workers, fleet accidents, property damage and lawsuits can all impact day-to-day operations and bottom lines. Fourteen years ago, the Electronic Security Association set out to create a program that would cover the specific needs of the industry at reasonable rates, shielding its members from the unexpected. At that time, Security America RRG was formed.
    With no significant rate increases throughout fourteen years of operations, Security America is now restructuring to continue to deliver on its mission of providing quality coverage at minimal cost.
    Today, Security America announces it is consolidating its general liability insurance program under its A Rated insurance program, Security America Risk Purchasing Group. This consolidation simplifies Security America’s insurance offerings under one entity and provides various efficiencies, including reduced overhead costs related to service provider fees, regulatory compliance and maintenance of A.M. Best ratings.
    Under the consolidated approach, Security America will no longer need an A.M. Best rating, as all insureds will now receive A Rated insurance coverage through Security America Risk Purchasing Group’s binder with syndicates of Lloyds of London. Pursuant to the restructure, all current Security America insureds will qualify for A Rated coverage upon their next annual renewal with no significant increase in rates.
    Security America is committed to being there for electronic security and life safety installation and monitoring companies when they need it most, offering top-of-the-line customer service, satisfaction, and coverage at stable and affordable rates.
    In addition to the higher-rated backing for all insureds — as many larger projects may contractually require this — the consolidation will allow Security America to expand its line of offerings. The expansion is slated to allow the company to offer:

    While members of the Electronic Security Association will continue to receive discounted rates on all insurance lines offered by Security America, the program will also now allow all companies in the technology integration and monitoring space the ability to purchase its industry-specific coverage.
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comments on insurance E&O
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Ken,
    In response to Jerry, we place almost all of our Alarm Accounts within the Philadelphia program.  We know their form well along with where the rates should be in order to keep premiums in line with the current marketplace. 
    I would be happy to assist, please feel free to reach out.  Thanks
Jeff Schulz,, 
J.Krug & Associates, Inc.
Mount Prospect, IL 60056
(847) 818-7508
www.jkrug.com
jschulz@jkrug.com
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Ken,
    A big thank you for all you do within this industry. To address  some previous questions about the Alarm Association of Florida endorsement of industry insurance, first we have no direct financial interest in the program. It was developed at our request by Merrill Insurance (www.merrillinsurance.com/products/alarm/) (800-256-5432)  in Eustis, Florida to include errors and omissions and as many as possible necessary industry products to meet the demands of today’s market and our members.
    Second it is available outside the state of Florida as an “A” rated program underwritten by Lloyds. Of course there is a premium discount for our AAF members as well. Merrill has an excellent reputation and has served many of our members with excellent products over several years with great coverage at reasonable rates.
    Please contact us if you need further information.
Bob Neely - Executive Director
Alarm Association of Florida, Inc.
Plantation, FL
954-748-7779
bneely@fla-alarms.org
www.fla-alarms.org
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Response
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    The Philadelphia alarm program is a good program too.  I don't know anything about the Florida program, other than its sponsored by the Florida Alarm Association, which says a lot, favorably.
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Ken Kirschenbaum,Esq
Kirschenbaum & Kirschenbaum PC
Attorneys at Law
200 Garden City Plaza
Garden City, NY 11530
516 747 6700 x 301
ken@kirschenbaumesq.com
516 747 6700
www.KirschenbaumEsq.com