PLM Monthly Highlights series for insurance producers and brokers – our newsletter to keep informed on news and updates from Pennsylvania Lumbermens Mutual.
Working with a wood industry-related client? Send your applications to: NewBiz@plmins.com
Housing Affordability Declines with Rising Interest Rates
Rising home prices and interest rates coupled with elevated construction costs, low existing inventory and solid demand resulted in a significant decline in housing affordability during the second quarter of 2023.
According to the National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity Index (HOI), 40.5% of new and existing homes sold between the beginning of April and end of June were affordable to families earning the U.S. median income of $96,300. This is down from 45.6% posted in the first quarter of this year, and the second-lowest reading since NAHB began tracking affordability on a consistent basis in 2012. As another reminder of ongoing housing affordability challenges, the second quarter 2023 HOI reading remains lower than the second quarter 2022 score of 42.8%.
Harold Jamison Joins NAAIA Foundation Board of Directors
Harold L. Jamison, Corporate Secretary and Senior Vice President of the Human Resources and Regulatory Departments at PLM, has been appointed to the board of directors of NAAIA Foundation. NAAIA Foundation is a recently launched not-for-profit foundation that will provide assistance and philanthropic support for programs aligned with its focus in communities around the world.
NAAIA Foundation was born out of the desire of National African American Insurance Association leaders to expand influence beyond the membership, networking, education, recognition, and other benefits the association delivers. NAAIA Foundation will focus its efforts on addressing four key areas related to its mission: scholarship, leadership development, community redevelopment, and agency ownership.
Equipment Breakdown Coverage
From advanced manufacturing applications to cloud connected machines equipment risks are changing yet breakdowns remain inevitable. Talk to your clients about these three equipment breakdown risk trends to help them understand the importance of having equipment breakdown coverage.
1.Aging Infrastructure and Evolving Technology
2. High-Tech Equipment Can Mean Higher Risks
3. Prevention Remains Key
View Video With More Information Here
PLM is pleased to offer our customers Cyber Liability policies as well as an online portal for business owners to use in order to prepare for and respond to any data breachers or cyber-attacks that may occur.
Learn More about how to keep your client’s information safe by visiting our Loss Control Center.
Wondering about new business opportunities in your own neighborhood? Here are some examples of accounts successfully written by PLM or with WC placed through Green Tree Risk Partners.PLM
Lumberyard & Custom Wood Shop – PA : $3,000
Countertop Mfg. – NJ : $6,500
Prefabricated Cabin Builder – PA : $30,200
Custom Furniture Mfg. – NJ : $32,000
Door Stile Mfg. – GA : $30,000
Kiln Drying Services – SC : $3,400
Cabinet Mfg. – KY : $19,000
Urban Timber Recovery – TN : $2500
Custom Woodworking – CA : $9600
Home Improvement Store – CA : $13,000
Hardwood Components Mfg. – WA : $73,000
Cabinet & Cupboard Mfg. – CA : $9,400
Green Tree Risk Partners
Pallet Mfg. – NJ : $18,000
Sawmill – NC : $6,000
Custom Woodworking – MD : $2,000
Architectual Millwork – MA : $2,100
Pallet Mfg.- FL : $18,000
Lumberyard – MS : $50,000
Hardware Store – LA : $13,000
Wood Barrel Mfg. – AL : $3,700
Cabinets & Cupboard Mfg. – CA : $9,400
Hardware Store – MO : $8,000
1-Person Woodworking Shop – ID : $4,500
Wood Moulding Mfg. – AZ : $5,200
Find PLM and GTRP at these upcoming insurance conventions and trade show events:- 09/25 – NHAIA – Annual Convention – Meredith, NH
- 09/25 – PIA MN – Education Day – St. Cloud, MN
- 09/27 – IIAB/PIA Washington/Alaska Joint Annual Conference & Trade Show – Spokane,WA
- 09/28 – FIWT – Annual Convention – Waco,TX
- 09/28 – IIANC – InsurEXPO – Winston-Salem, SC
- 09/29 – PIATN – Annual Convention – Pigeon Forge, TN
- 10/01 – IIASD – Annual Convention – Deadwood, SD
- 10/03 – IA&B – Young Agent Conference – Lancaster, PA
- 10/04 – PIA – IACON – Columbus, OH
- 10/04 – PIAW – Annual Convention – Lake Geneva, WI
- 10/04 – PIA MI – Annual Convention – Traverse City, MI
- 10/05 – IIAWC – E-Day – White Plains, NY
- 10/09 – IIAWV – Annual Convention – White Sulphur Springs, WV
- 10/10 – IIA IL – CONVO – Peoria, IL
- 10/10 – Sacramento Big I-Day – Sacramento, CA
- 10/12 – ISPO – Independence Gala – Philadelphia, PA
- 10/16 – Pittsburgh I-Day – Pittsburgh, PA
- 10/16 – Target Markets Annual Summit – Scottsdale, AZ
