October 23, 2010
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Ken,
Thank you for the opportunity to talk about SARRG and answer the questions from your readers.
Today I received the following disclaimers from the Prudential Insurance Company as part of an invitation to a webinar for current policy holders. What struck me was that I never really scrutinized the policy or the rating of the company when I bought the policy, it was PRUDENTIAL, who would think that years later AIG and others would crumble from the economic conditions, terror attacks or weather conditions such as hurricanes.
Besides the first sentence, the verbiage below also says that there are many sub-insurers under the Prudential name and that, "each is solely responsible for its own financial condition and contractual obligations.
So my question is, who is The Hartford, Scottsdale or others that are offering to quote coverage? Their contracts (and we all love contracts that limit our exposure whether we are an alarm company or an insurance company) in effect say that they are only around as long as the money is available.
SARRG remains a viabile option for specialized coverage in a market that has seem many fluctuations since I have been in this business, for 28 years now.
I invite your readers to get a quote. Many will save money! Some will not and some others we will decline to quote for various reasons such as claim history or because they do armed guard response, etc.
*All guarantees are based on the claims-paying ability of the issuing company.
This communication has been preceded or accompanied by a prospectus. To obtain another copy of the prospectus, please ask your licensed financial professional or go to prudential.com. It is possible to lose money by investing in securities.
As of November 12, 2001, Variable Appreciable Life (VAL) was no longer issued for sale. VAL was issued by The Prudential Insurance Company of America, Pruco Life Insurance Company (except in New York and New Jersey) and/or Pruco Life Insurance Company of New Jersey (in New York and New Jersey). All VAL was offered by prospectus only through Pruco Securities, LLC (member SIPC). All are Prudential Financial companies located in Newark, NJ, and each is solely responsible for its own financial condition and contractual obligations.
Prudential, the Prudential logo and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities.
Bart A. Didden
Executive Claims Administrator
SARRG - Security America Risk Retention Group
866-315-3838
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Comment on credit card charges
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Service fee, be it credit card or Paypal is part of business expense. Do you charge your customers for the stamp you need to mail invoice? You can not itemize these charges on the invoice sent to customers. They also pay for stamp when sending you payment. Your business overhead should be included when you price a job. Instead of let say $20 your price should be $21. Then you don't need to cry about service fee. What happens when you break drill bit on a job? Do you send additional invoice to the customer also? Undercutting price may get you more jobs, but you will also work more - for less money.
Dusan