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Arranging health club insurance

Arranging health club insurance - 0 ERICAN The Publication...

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ERICAN The Publication for Insurance Agency Succes ~j~J:uh1tt1G1IiF Articles Subscribe Products Conferences My Account About Us Contact Us Ad I’ Arranging insurance for health clubs by James L Foley, CPCU Health clubs are great kr our agency’s fiscal fitness. AT IriterWest Insurance Services we’ve found that health clubs are great for our agency’s fiscal fitness. Using an insurance package geared to this niche, we~e built a book of some 400 clubs. Furthermore, the outook for our specialty is bright Fitness-conscious baby boorners continue to be heavy users of health dubs. Meanwhile parents, aware that many schools are curbing their physical education programs are enrolling their children in health clubs. Aware of such trends, the International Health, Racquet and Spoc-tsclub Association (IHRSA) has a goal of getting 50 million people into its members’ clubs by 2010, That would require the industry’s 17,000 commercial health clubs to expand to about 25.000. Things weren’t always so rosy for this niche. When InterWest started worldng with health clubs back in 1984, the industry did not have the best reputation- Some clubs would open in strip malls, heavily promote the sale of annual or even lifetime memberships, then fold six moths later-without refunding any of the membership fees. In California, health dubs were one of the top sources of complaints to the 8etter Business Bureau. As the hard market hit clubs across the board had a difficult time getting coverage and were relegated to the surplus-lines market In this environment however, our agency saw an opportunity. We knew the better clubs were competing for business by offering monthly memberships, which provided patrons with greater convenience and shielded them from the financial risk of long-term membership contracts. These tended to be owner-managed clubs that held memberships in organizations like IHRSA Unlike the ‘fly-by-night” dubs, they also had a substantial investment in exercise equipment and such facilities as swimming pools and racquet-ball courts. To us, they looked like pretty good risks, and we put together a customized program for them and placed it with lndustiial Indemnity Co. We called the program FitriessPak and copyrighted the name. Today, we place the program with TIC Insurance through K&K Insurance Group, which has given us an exclusive in the health-dub niche in 10 Western states. We continue to write most of the business ourselves (I’m one of three producers for the program, along with ken Mckay and Steve Azevedo), although we also have a small amount of brokerage business, Our program is quite broad. For property exposures, it includes business income, 0 0 Letters Down to Cases For the Manager Policy Issues Study Sales Automation What’s Going On New Policies Technology Update L i~’i Advertiser Index An Agent’s Guide to Web Sites An Agent’s Guide to Automation and Technology Advertised Products Market and Service- Provider Directories
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