August President’s Report

(Please keep in mind when reading that this report was done prior to the district meetings. The changes and updates from the meeting will be discussed as they develop.)

This report will be a little different than the previous reports. It will include August happenings, the insurance board report, and what will be going on in early September.

On August 8, KFBIAA Board of Directors met with President Mark Haney for two hours at the Shelby County Farm Bureau. Many questions were asked and several subjects were discussed. It was deemed very successful. On August 16 I had dinner with President Haney in Somerset, KY where we discussed more issues. On September 11, the KFBIAA Board of Directors will meet with CEO Brad Smith and VP John Sparrow.

In August, the Agent’s Advisory Committee was announced with the Agent’s Association being represented by Second VP, Roger Fannin. It was discussed with President Haney that agents might speak more freely if the President of the Association wasn’t leading the talks.

The insurance board met on Wednesday, August 22 in Louisville and all main issues were addressed: rate increases, earthquake insurance, and ACV roofs.

  • ACV – It seems that this endorsement will go in effect in May 2013 with the buy-back option for replacement. The price for this has yet to be determined.
  • Earthquake – This will also go into effect sometime in May 2013. We will be writing earthquake coverage through a third party. Again, price has yet to be determined.
  • Rate increases– Rate increase, deductible changes, and the discount packages will all go into effect December 1, 2012.

As some of you may know, the new CEO of Southern Farm Bureau taking the place of Joey Stroble will be Larry Fabero.

Here is a shout out to the four counties that have met their quotas: Warren, Boyd, McCleary, and Whitley. Congratulations to you!

In September, KFB will hold CSR meetings across the state to help them explain to our clients the rate changes and other activities that will affect their policies.

Single Unit Autos have been discussed once again. These single unit autos with 5 years’ experience with Kentucky Farm Bureau and have no at-fault accidents will get an approximate 15% discount.

It appears that the three counties with open AM positions will not be filled until January 2013. Also, there will be a new AM contract available for those and any other counties that become open beggining in January 2013. All exsisting AM contracts will be grandfathered in with no changes.

As of August 20, 2012 there are 382 agents with Kentucky Farm Bureau Mutual Insurance Company.

Please remember the Agent’s Association Annual Conference is September 11-12 in Lexington at the Crown Plaza. It is very important to have large attendance for both days. Please make your plans to attend and support YOUR organization.

Thank you for all of your help this year!

Mickey Sirls, President

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