YES--As an insurance producer licensed in PA with property authority you will
now RETAIN COMMISSIONS for policies that result from the Mine Subsidence
Insurance (MSI) applications you submit to the MSI Fund. SINCE THERE ARE MORE
THAN ONE MILLION STRUCTURES
AT RISK AND UNINSURED, YOU MAY BE ABLE TO PROVIDE MANY OF YOUR CUSTOMERS WITH
THIS VALUABLE COVERAGE. IF SO, IT WILL BE HIGHLY
PROFITABLE FOR YOU.
Invest a Little, Make A Lot
Invest a few minutes into learning how to use the MSI eCommerce system, which
is located on the Insurance Producer web page. We recommend that you print the
Instruction page and keep it for reference. Although we understand that any new
computer application can be intimidating, you only need to submit a few applications
to become an expert in the use of these systems. The Insurance Producer web page
also contains all the tools you need to successfully market and sell MSI. Those
tools include a Sales Kit, Customer Data Sheets, Instructions and a link
to the DEP GreenPort, your gateway to the MSI eCommerce system.
A generous onetime commission is based on 50% of the first year's premium. For
example, the premium for a Residential policy providing $130,000 of coverage,
a typical coverage amount, is $72.50. It would provide a commission of $36.25.
Applications submitted by insurance producers must be submitted electronically
using the MSI eCommerce system located on the DEP GreenPort. The systems are
so user friendly that you can easily complete an application while your customer
is on the phone, given that they are familiar with the physical condition of
their structure (preexisting damages). The MSI Fund will continue to accept paper
applications directly from property owners for which no commissions will be paid.
Insurance producers must retain their commission. The applicant will now make
the full premium payable to the insurance agency. The agent or agency will
keep 50 percent of the first year premium and submit the other half to the MSI.
Commissions will not be paid if the structure under application has carried coverage within one year of the date of a new application and the titled ownership has not changed. Commissions will not be paid if the structure under application has carried coverage within two years of the date of a new application, if the titled ownership has not changed and if the agent or agency submitting the application has not changed.
If MSI notifies an insurance producer that a policy was canceled within a year
of its issuance, then the insurance producer must promptly refund the commission
to MSI. Commission Refunds are based upon a
prorated portion of the unearned premiums.
Make the Most of Your Time
We recommend that you provide your customers with information about MSI that
you can print from our Marketing Materials page. Send it with a Customer Data
sheet that can be returned to you. When the data sheets are returned, you can
go on line and quickly submit applications. On average, it only takes about four
minutes to complete and submit an application if you have all the required data.
At that rate, if you are an agent splitting the commission 50-50 with your agency,
and given an average net commission to an agent of $18.12 (based upon $130,000
of coverage, see COMMISSION RATE above) YOU COULD BE MAKING $271.80 EVERY HOUR THAT
SUBMIT MSI APPLICATIONS!
After more than 40 years of operations, we in the MSI Program are excited about our partnership with the insurance producers. This partnership combines the most effective insurance delivery system (you the insurance producers) with the Commonwealth?s mining and other technical expertise, and the MSI Fund?s nonprofit status, which allows us to efficiently, economically, and authoritatively process claims. Together, we can encourage all those at risk to subscribe and provide the most cost effective MSI coverage possible.