Orchid Updates Q2 | Orchid Newsletter

Quoting Tips + Tricks

The quoting process can be filled with questions and accidental errors. Here are some quoting tips and reminders to help!

Tips

Risks can be quoted up to 45 days in advance, but all quotes are good for only 30 days. The 30 days starts from the date the quote is initially entered into Connect.
Confirm insured's date of birth is correct. Incorrect date of birth can pull an incorrect insurance score or a "No Hit" which can greatly impact premiums.
Need to requote an existing quote? Save time by using "Copy" from actions instead of retyping the information.
Editing a quote is easy. Simply click "Save and Refresh" then go to "Actions" and select "Calculate Quote." The system will not automatically run rates until "Calculate Quote" is selected.
Change the policy type from HO3 to Wind Only by selecting "Calculate Premium" twice for the correct premium.
Consumer reports must be agreed upon to run.
If Wind Mitigation is unknown, select "No" to ensure an accurate premium is displayed.
Please insure all information entered is accurate.

Reminders

All homes are subject to exterior inspection including New Business and every renewal, regardless of policy type.
Homes 30 years and older that have $1M Coverage A will be subject to interior and exterior inspection to qualify.
We do not offer $1,000,000 liability.
Frame constructed homes in Florida (within a mile of the coast) need Window Opening Protection.
Rental Only or risks with more than 26 weeks of rental, must be on a DP3 form to avoid referral.
Provide all updates for risks that are 30 years or older, this is required.
Florida risks with updates older than 30 years should include a 4 point inspection in the quoting submission for review. This can help reduce the number of declinations on your risks.
Run an RCE prior to quoting and upload it to Connect to support the Coverage A amount entered for your risk. Connect does not calculate RCE.
Agency Billed on the first term of all New Business and Re-writes.
You can complete Mortgagee changes directly in Connect. Learn more here!
You can submit and track premium bearing endorsements, cancellations, and manage agency roster and profiles via the Agent Servicing Portal.

Direct Bill vs. Agency Bill Reminder

Direct Bill

Policyholders will receive their renewal offer and an invoice via regular USPS mail. If you are making a payment on behalf of the policyholder, please pay the total gross amount, as we do not accept partial payments.

If Direct Bill, do not withhold agency commissions. The system will view this as a short pay and send out a NOC.
All refunds are mailed directly to the policyholder's mailing address on file or designated payee.

PRO TIP: If submitting a cancellation, make sure the mailing address on file is correct. This will prevent delays and help ensure a timely receipt of funds.

Agency Bill

The agent will receive an automated email with a link to make a payment prior to the binding of the policy.

All policies are Agency Billed for the first term.
- Policies will switch to Direct Bill at renewal, unless the policy is rewritten with another carrier at renewal.
Refunds are sent directly to the agency.
Agents must remit premium to Orchid, less your commission. **Commissions are paid on base rate only. Ancillary fees are not commissionable.**

PRO TIP: Please note, all policy changes/endorsements that result in additional monies owed will be billed as Agency Bill regardless of whether the policy is Agency Bill or Direct Bill. This gives the agent time to dispute, ask questions, and/or discuss with the insured. It is the responsibility of the agency to provide the insured with the invoice and collect funds, or an NOC will be sent.

Important Connect Information

Password Resets

Users can reset their passwords by using the "Forgot Password" link on the Connect home page. A system generated email will be received with a link. Please use Google Chrome when logging into Connect, and verify that your pop-up blockers are disabled. Please click here for more information on how to disable pop-ups in Google Chrome.

ACCESS PDF HERE

Northeast E&S Products

As the admitted market continues to harden, Orchid has the E&S solutions and capacity to offer your clients the coverage they need. Orchid prides itself on unique, coastal solutions for homes with wind exposure. However, you may not realize that Orchid has diverse product offerings further inland as well.

Products

HO3, HO5 & HO6
DP3 (up to a 4plex)
Wind Only
Short Term Rental
Builder's Risk

We also have other solutions for your agency, including NFIP and Private Flood, and Excess Liability. If you'd like a refresher on Orchid's product offerings, please reach out to your Agency Development Manager.

QUOTE NOW!

Agent Servicing Portal Training

Join us for a live step-by-step training on the fourth Thursday of every month at 1:00 p.m. EDT. Topics we will cover in this webinar:

Create and submit policy service requests and check the status of service cases
Live Chat with a service representative
Update your agency profile information and manage user logins
Search policies and review your book of business
View important underwriting bulletins, announcements, and moratoriums
Access frequently asked questions and locate your designated Orchid Agency Development Manager

Meet Our Summer Intern!

Conrad Nelson is finishing up his last year at Appalachian State University and joined our team for 5 weeks learning the ins and outs of the insurance industry with many of our teammates! Read what Conrad had to say about his internship with us below!

"Over the past 5 weeks, I have had the amazing opportunity to intern at Orchid Insurance as a 2023 WSIA Intern (Wholesale & Specialty Insurance Association). I have been able to shadow and learn from many industry professionals. My knowledge of the E&S and Wholesale Insurance Industry has grown greatly. I gained firsthand experience in underwriting, binding policies, endorsements on policies, agency development, programs/rating of premiums, and much more. I would like to thank Orchid Insurance for everything they have done for me! The passion and expertise the teammates here at Orchid have for insurance have helped my knowledge, experience, and confidence thrive and prosper for a career in the insurance industry."

Upcoming Trade Shows

Here are some upcoming trade shows that we will be attending!

PIA VA/DC

Trade Show Date & Time: July 26th, 2:00 p.m. - 5:00 p.m. EDT

SIG Annual Agents' Meeting

Trade Show Date & Time: August 3rd, 4:00 p.m. - 6:00 p.m. CDT

The Woodlands Financial Group (TWFG)

Trade Show Dates & Times:

September 7th, 4:00 p.m. - 7:15 p.m. CDT

September 8th, 8:30 a.m. - 10:00 a.m. CDT