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By Michael Souza
PBN Staff Writer
By Michael Souza
PBN Staff Writer
Lawrence T. Wilson of Bristol was recently named to the position of president and chief executive officer of Partners Insurance Group LLC, an affiliate of BayCoast Bank. Wilson joined Partners as executive vice president of commercial lines after serving as a partner and executive vice president at Feitelberg Insurance in Fall River.
Partners is comprised of five insurance agencies throughout the south coast region of Massachusetts.
PBN asked him to comment on recent insurance and financial trends.
PBN: What trends have you seen in the residential property coverage?
WILSON: Rhode Island and southeastern Massachusetts continue to be challenged by the coastal exposures inherent to our area. Windstorm deductibles and coverage restrictions near the coastline continue to be driven by the insurance industry and the claims experience. The windstorm models used by the insurance industry will continue to evolve and will have an impact further inland from the coast throughout New England. The devastating damages in Vermont last summer from the remnants of that Hurricane are evidence of this evolving trend.
PBN: What trends have you seen in business coverage?
WILSON: There is positive economic movement in the commercial insurance arena. Liability insurance and workers’ compensation premiums are calculated using total sales and total payroll. Sales and payrolls are on the upswing as these policies renew and audits on these figures confirm this fact. So this is good news.
PBN: What trends have you seen in the financial area?
WILSON: Over the last three years we have seen substantial movement of the banking relationships of our clients from the national banks and the large regionals to the more local and friendly community banks. Our clients are typically small to mid-size family owned businesses and a close business relationship with service providers is important to them. BayCoast Bank and Partners Insurance Group focus on that stable relationship which has been well received by our clients.
PBN: Do customers need to be aware of any changes in a certain state of federal law, either right now or in the future?
WILSON: An existing situation is that there are many uninsured or underinsured motorists on the road. During difficult economic times vehicle owners may reduce coverages or let their coverages lapse altogether. You should check your own auto policy to be sure you have adequate Uninsured and Underinsured protection in the event you or a family member is involved in an accident with an uninsured motorist.
PBN: How do you see this year to be shaping up? Are there any plans for growth?
WILSON: The upswing in payrolls and sales is a positive indication, the presidential election process will continue to create a positive outlook, and successful businesses will take advantage of opportunities as they arise which I think creates positive momentum for 2012. Hard work, attention to detail, and meeting and exceeding the expectations of your customers will always have positive results. How many times did I use the word positive? Be positive!