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Target Markets Program Administrators Association Program Administrator Liquor Pak Associates According to a popular centuries-old Chinese proverb, “The more things change, the more they stay the same.” Insurance professionals sometimes agree—but only to a point. Larry Chasin, president of LiquorPak Associates of Cedar Knolls, New Jersey, is quick to cite numerous changes in liquor business coverages over just this past decade. “Before 1996, liquor stores were generally directed toward the surplus lines market for their insurance,” says Chasin, who joined the family business in 1993. “But we changed all that by developing a program designed exclusively for retail wine and liquor merchants. We’re not involved with hotels, lounges or taverns, nor with liquor wholesalers. Just the retail store level. Because we specialize, we’re proud to be recognized for our track record in being uniquely qualified to cover this market. “Retailers clearly realize that they need insurance coverage, but they told us they resented paying the higher premium charges assessed to bar and restaurant owners for liquor liability coverage. So we created an insurance program including coverage that liquor store owners needed. We joined with Great American Insurance Companies to offer the most competitive and comprehensive insurance program available to wine and liquor merchants. Great American continues as our carrier. All rating and underwriting functions are handled here at LiquorPak.” LiquorPak’s connection with the liquor industry began almost by accident. When Chasin’s father-in-law opened his New Jersey insurance agency in 1964, one of his early clients ran a retail wine business. As the insurance enterprise grew, so did its owner’s wine collection and his business contacts with several major New Jersey and New York liquor retailers. LiquorPak and its retail programs evolved from those relationships. The LiquorPak business has grown over the past few years, and a significant portion of it focuses solely on wine retailers. Many “wine people” are relatively new to the retail liquor business. “There are a lot more specialty wine shops opening around the nation now,” observes Chasin, “and we prefer to develop relationships with insurance agencies that target the wine and liquor class. We recently expanded our definition of eligible agents. There might be multiple wine merchants in a town, but if agents pinpoint just one top-quality wine shop, then I urge them to focus vigorously on it. Many such establishments conduct wine-tasting events, so we remind agents to include liquor liability coverage. Top-shelf wine shops continue to proliferate. That means wider markets are available for agents to explore.” Reaching independent agents, according to Chasin, and apprising them of its programs, is one of the prime benefits LiquorPak receives from its membership in the Target Market Program Administrators Association. “I’m continually impressed with the quality of the membership and the level of professionalism of these entrepreneurs in the program business world,” he says. “They’ve achieved something special. No question that they’re surely ‘Best in Class’.” Chasin describes another satisfying aspect of his professional endeavors: “We are passionate about wine. It’s really very nice when a personal passion ties in with the work you enjoy.” * |
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