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Cook, Hall & Hyde, Inc. is a leading regional provider of commercial insurance, personal insurance, employee benefits and risk management services that employs over 100 people operating out of three offices located in Melville and East Hampton, New York, and Fair Lawn, New Jersey.
The agency differentiates itself by providing a unique level of personal service and expertise in identifying, evaluating and solving insurance problems. Having trained, seasoned professionals that specialize in each major area of the business, Cook, Hall & Hyde utilizes a team concept to handle the varied needs of its customers. This philosophy has resulted in consistent growth since the organization was founded in 1894. Today, Cook, Hall & Hyde enjoys relationships with nearly 15,000 clients and is one of the nation's largest and fastest-growing insurance brokerage firms.
A privately held ESOP (Employee Stock Ownership Program) company, Cook, Hall & Hyde is approximately 30% employee-owned. With low employee turnover, high levels of longevity, and consistency in both ownership and management, the agency is able to provide outstanding customer service.
View of the Market
In today's insurance marketplace, risks and exposures are more complex than ever. Standard policy language is being used less frequently in favor of customized wording that specifies coverage, definitions and conditions that specifically meet a client's needs. Non-traditional risk transfers other than insurance are also becoming more prevalent and viable.
In our increasingly litigious society,
restrictive and limited policy wording demands that a full-time team of
professionals evaluate a client's total risk management needs. This is Cook,
Hall & Hyde's specialty.
Carrier Relationships
Cook, Hall & Hyde prides itself on the longstanding relationships it has
developed with major carriers in diverse insurance markets. These
strong relationships uniquely position the agency to
negotiate with carriers on its clients' behalf.
Cook, Hall & Hyde's major carrier relationships include: Hartford, CNA, Travelers, Chubb, Chartis, Farmers, Ace, Pure, Crum & Forster, Fireman's Fund, MetLife Auto & Home, Encompass, Zurich, Safeco, Merchants Mutual, General Casualty, Lexington, Utica, Empire BlueCross and BlueShield, as well as dozens of other specialty relationships.
Compensation Disclosure
Cook, Hall & Hyde is an independent insurance agent that places personal, commercial and benefits related insurance coverage for its customers with a variety of insurance carriers. The agency's compensation is primarily derived from commissions paid by carriers based on a fixed percentage of the premiums paid on customers' policies. In a few cases where insurance is placed with a carrier that does not pay commissions, Cook, Hall & Hyde must charge its customers a fee. When a fee is charged, the agency provides its clients with a service agreement that specifies the fees that will be charged and the services that will provided in return.
Although commissions are Cook, Hall & Hyde's principal source of revenue, the agency derives additional compensation from a number of sources: The agency earns interest income on the premiums that pass through its bank accounts, and may also receive payments from insurance carriers for the costs it incurs for marketing and business development. In addition, the agency may earn income from "contingency agreements" - profit sharing arrangements that offer compensation based on the profitability and volume of the agency's book of business with an insurance company. These payments are not guaranteed, and because they are based on the results of Cook, Hall & Hyde's annual book of business with a carrier, the compensation earned is calculated after the close of each calendar year. This makes it impossible to ascertain what impact a specific policy may have on Cook, Hall & Hyde's end-of-year results.
It is important to note that contingency agreements are
filed with and approved by state insurance departments, and the payments
generated by such agreements are not passed on to customers. Finally, since
most - if not all - insurance companies have these agreements, the presence
of such an agreement with a particular carrier has no influence on which
carrier Cook, Hall & Hyde recommends for its clients. The agency's
recommendations are based solely on cost competitiveness and the policy's
suitability for a client's risk profile.
Professional Education
Professional skills also differentiate Cook, Hall & Hyde's staff. The agency
encourages its employees to pursue
professional insurance designations such as CPCU, Chartered Property
Casualty Underwriter; CIC, Certified Insurance Counselor; ChFC, Chartered
Financial Consultant; CFPTM, Certified Financial Plannertm; and
CLU, Chartered Life Underwriter, and promotes continuing education. The
current insurance marketplace demands this type of commitment to
professional education. Cook, Hall & Hyde employees also have access to
extensive electronic reference library, which helps them stay abreast of
trends in the insurance industry.