You gave us feedback, and we responded.
The premium for the Auctioneer Insurance Program has been reduced from $2,070 to $1,035. This should make it more affordable for all auctioneers. The only change in coverage is on the E&O endorsement. The E&O endorsement will now have a $1,000,000 limit with a $1,000,000 aggregate. Due to renewal dates, the new pricing was implemented on February 15, 2010.
To summarize: The first change is that ISAA will receive a bonus for "the referral of any client," not just on the sale of the AIP program product. For each new member who purchases an insurance product, ISAA will receive a $25 marketing referral fee. This is on both first year sales and on the renewal for as long as they stay insured.
In addition, if the auctioneer chooses the Auctioneer Insurance Program, ISAA receive a one time $25 marketing referral fee bonus. Making the total compensation on the AIP program $50 first year and $25 on the renewal. This is in proportion to the premium reduction. We understand that this change may look like a reduction but with the new affordability of products and the inclusion of all insurance products (except for bonds), we believe ISAA will actually see increased marketing fee revenue.
Once again, thank you for your support.
Sincerely,
Larry Harb
IT Risk Managers, Inc.
517-381-9909 voice
517-381-8699 fax
517-614-5159 cell
888-280-8710 toll free
www.ITRiskManagers.com
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