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Big "I" Flood Program
For Profit Programs
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Flooding - Anytime, Anywhere
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Flooding can occur any where at any time of the year resulting from many different causes: flash floods, excessive rain, snow melts, mudflows, hurricanes, tropical storms, dam downstream hazard potential, coastal erosion, tsunamis, closed basin lake overflow and uncertain flow paths from urban development.
Protection against the peril of flood is the property owner and local community’s responsibility thru individual risk management and local floodplain management. Almost every property is in a flood zone as indicated on the FEMA Flood Insurance Rate Maps (FIRM’s). A property could be in a special flood hazard area (SFHA) or a low to moderate risk zone often referred to as a Preferred Risk zone.
For a property owner (residential or commercial) their insurance protection is provided thru the purchase of a National Flood Insurance Program (NFIP) policy that is available either from the NFIP direct or a Write-Your-Own (WYO) company. The coverage is one of the federal flood insurance programs. Consumers can only obtain a flood policy through a licensed insurance agent.
Agents recognize the need for flood insurance and offer this important coverage to their clients helping consumers analyze the risk potential that exists - regardless of the flood zone since over 30% of flood losses occur in non-special hazard areas or the low to moderate zones.
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Our Flood Program
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IIABA first started helping independent agents understand and write flood insurance when it was first created by Congress in 1968, and we continually seek to provide Power through Partnerships with market access to top-notch insurance providers.
Today, the tradition continues with our flood insurance partner, Selective – Flood Operations and the Big “I” Advantage Flood Program. Selective was one of the first insurance companies to join the NFIP WYO program as a carrier in 1984; and as such can offer the federal flood policy with the same rates and same coverage as other WYO carriers. It is the quality of service Selective delivers that makes the process easier and less frustrating for both agents and consumers.
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Our Flood Partner - Selective
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Selective is a longtime supporter of IIABA and its member agents. The company has maintained an A.M. Best rating of “A+” consecutively since 1962 and has participated in the NFIP WYO program since 1984. Selective – Flood Operations offers online processing and inquiry, free flood zone determinations and market access for excess flood coverage from their home office in Branchville, NJ. In addition, Selective has an innovative, state of the art processing system approved by the NFIP to make the policy issuance process quick and seamless. Some quick facts about Selective:
Selective – Flood Operations is contracted by the National Flood Insurance Program (NFIP) to write the same federal flood policy with the same rates; however, the quality of service we can deliver makes the process easier and less frustrating. Now you can participate in a program that provides education, guidance, assistance and competitive commissions.
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Big "I" Program Highlights
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Since the Big "I" Flood Program’s inception in 2001, almost 3,000 IIABA members nationwide have taken advantage of the program’s comprehensive design and placed their business and trust in the Big "I" and Selective – Flood Operations. Talking flood has become not than just a campaign, but a way of life for the agents who participate and actively market flood insurance.
We challenge all IIABA members to take a look at their flood partner and evaluate their needs. Are you getting the service, assistance, education and commission that you need and deserve? The Big "I" flood team will help you review and analyze your agency's flood insurance needs. We can provide a "do-it-yourself" or a "we help" environment to customize the flood program to your specific agency needs.
The Big "I" Advantage
Big “I” Advantage operates as a managing general agency and agents participate as sub-producers for the Big “I” Flood Program. Selective Insurance makes writing flood insurance easy and profitable leaving the method of quoting up to the agent. Quotes can be requested by:
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Fax submissions to Selective underwriters for a 24-48 hour turnaround
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Big “I” Markets submissions via our internet site working with Selective underwriters for a 24-48 hour turnaround
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Accessing Flood OnLine, an internet-based, flood system for an immediate quote/application by the agent
Selective’s Flood Service Center consisting of Customer Service, Underwriting, Accounting, Claims and Marketing processes all quotes, applications, policy changes, cancellations, commission payments and inquiries for the Big “I” Flood Program. To find Selective’s service commitment, please click here.
Selective Advantages:
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A+ Best rating since 1961
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Free, guaranteed Zone Determinations
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Flood Online® - State-of-the-art, internet flood system
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Both Personal and Commercial Flood
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Dedicated and experienced Underwriters
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Territory Managers with field underwriting experience
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Base Commissions of: 18%* New & Rollovers; 15%* Renewals
(*can be negotiated even higher with written premium volume or rollover commitment)
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Program Structure - How Does it Work?
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If you are still writing your federal flood insurance through the ‘NFIP Direct Program’ for only 15% commission (less if the premium is over $2,000), there is a better way! Unlike in the past, the new Big “I” Flood Program structure benefits all levels of flood producers:
- Agents New to Flood Insurance
- Agents with Small Volumes of Flood Insurance
- Agents positioned for e-commerce
- Agents that just want to fax and/or mail applications
- Agents with Large Volumes of Flood Insurance
Operating as a marketing agency, the Big “I” Flood Program will work with the industry to bring information, marketing and training opportunities to member agents and help agents take advantage of Federal Emergency Management Agency (FEMA) education, advertising and marketing resources--all at no access fees or volume commitment from the member agency.
Also, the Big “I” Flood Program will provide online resources and quick quote access for agencies positioned for e-commerce.
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Commission Structure
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Big “I” Flood Advantage agents participating in the Big “I” Flood Program will receive at least 18% commission on new business and 15% for renewal business. Commissions can be negotiated higher with a roll over book or based on written premium. Commissions are arranged with Selective’s Territory Managers.
Commissions are not capped at the first $2,000 in premium per policy as with the NFIP direct program or other WYOcompanies. Agents are paid monthly by Selective – Flood Operations.
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How Do IIABA Member Agents Participate?
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Although the program is available to all IIABA members, it is necessary to register to become an appointed producer with the Big “I” Flood Program/Selective and begin using the services today. Simply gather the following information:
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Agency/Broker insurance license – Resident/nonresident
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Agent/Broker/Producer insurance license(s) – Resident/nonresident
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Federal tax id#
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Errors & Omissions policy information
Then complete your online profile registration with Big “I” Markets to participate in the Flood Program as well as access many other specialty insurance products.
Click here to complete your registration!
It's that easy and you can submit your first Big “I” Markets quote today!
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Claims Information
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From the rain downpours in Texas or on the East Coast, flooding is occurring or might occur in all parts of the country. The Big "I" Flood Program wants to be sure that all IIABA agents know about how to file a claim and what their responsibilities are.
You must first determine if the damage is "water" damage (to be settled as a property claim) or "flood" damage. Flood is defined as a general or temporary condition of partial or complete inundation of:
1) Two or more acres of normally dry land area or;
2) Two or more properties (at least one of which is the flood policy holder's property from:
- Overflow of inland or tidal waters; or
- Unusual and rapid accumulation or runoff of surface waters from any source;
- or Mudflow;
- or Collapse or subsidence of land along the shore of a lake or similar body of water as a result of erosion or undermining caused by waves or currents of water exceeding anticipated cyclical levels.
If the event meets the definition of a flood, then you should file a First Report of Loss claim form as soon as is practical using either the NFIP Notice of Loss Form, a similar form such as the Acord Property Loss Form or the loss form provided by the Write-Your-Own Program insurance company.
Claims can be phoned or faxed but should be as complete as possible with information so the assigned certified adjuster can make immediate contact. Be sure to indicate if the damage was caused by flood only or by a combination of wind and flood so the Single Adjuster Program can be used on the loss, if necessary.
Click here for Selective's Claim Reporting Instructions
Resources:
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Staff Contacts
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Do you have a flood situation you need help with? Or a question on flood insurance? Click here to send an e-mail to “Ask IIABA Flood Experts.”
Rolling over a book of business or simply writing your first piece of flood insurance can be tricky! National staff members are able to assist members with their flood insurance needs. Call us toll-free at (800) 221-7917 or use the direct contact information below.
Linda Mackey, CIC, CISR, AIAM (primary contact)
Big "I" Markets Flood Program Manager
Linda.Mackey@iiaba.net
703-706-5380
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NFIP Program Overview
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Flood insurance may be written only in those communities that have been designated as participating in the National Flood Insurance Program (NFIP) by the Federal Emergency Management Agency’s (FEMA’s) Federal Insurance and Mitigation Administration (FIMA). The Emergency Program is the initial phase of a community’s participation in the NFIP. Limited amounts of coverage are available. The Regular Program is the final phase of a community’s participation in the NFIP. In this phase, a Flood Insurance Rate Map is in effect and full limits of coverage are available.
Flood Insurance Coverage Available Limits Of Liability
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Coverage Category
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Emergency Program
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Regular Program
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BUILDING COVERAGE
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Single family dwelling
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35,000
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250,000
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2-4 family dwelling
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35,000
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250,000
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Other residential
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100,000
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250,000
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Non-residential
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100,000
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500,000
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CONTENTS COVERAGE
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Residential
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10,000
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100,000
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Non-residential
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100,000
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500,000
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A community is notified that it has flood-prone areas when FIMA publishes a map showing the areas subject to severe flooding. If the community chooses not to participate in the program, then the community is ineligible for the flood program.
Policies through the WYO Program are:
A. Standard Flood Insurance Policy (SFIP) consisting of a Dwelling Form, a General property Form and a Residential Condominium Building Association Policy (RCBAP).
B. Preferred Risk Policy for owners of properties in B, C or X zone:
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1-4 single family Building and Contents combination.
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Residential Contents only.
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Non-Residential Building and Contents combination
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Non-Residential Contents only.
C. Residential Condominium Building Association Policy (RCBAP) is a condominium association policy that covers the common elements and all structural items of the units within a building. It also covers contents owned in common.
D. Mortgage Portfolio Protection Program (MPPP) offers a force-placed policy available only through a WYOcompany.
E. Scheduled Building Policy is available to cover 2 to 10 buildings. The policy requires a specific amount of insurance to be designated for each building. To qualify, all buildings must have the same ownership and the same location. The properties on which the buildings are located must be contiguous.
Source: National Flood Insurance Program Manual, May 1, 2005
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Write Your Own (WYO) Overview - What is it?
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The Write Your Own (WYO) Program began in 1983 as a cooperative undertaking of the insurance industry and the Federal Insurance & Mitigation Administration (FIMA). The WYO Program allows participating property and casualty insurance companies to write and service the Standard Flood Insurance Policies in their own names. The companies receive an expense allowance for policies written and claims processed while the Federal Government retains responsibility for underwriting losses. The WYO Program operates within the context of the National Flood Insurance Program (NFIP), and is subject to its rules and regulations.
The goals of the WYO Program are:
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To increase the NFIP policy base and the geographic distribution of policies
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To improve service to NFIP policyholders through the infusion of insurance industry knowledge
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To provide the insurance industry with direct operating experience with flood insurance
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Important NFIP Links
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About FEMA/NFIP - An overview of the federal flood program
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NFIP Forms Room - Forms, policies and order forms to view or download, including elevation certificate instructions
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NFIP Site Index - Quick reference to this comprehensive, ever-changing site
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FloodSmart.gov - New official site of the NFIP for Flood Facts, Resources, Insurance Center & Weather Events
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Agents.FloodSmart.gov- For sales tools, Agent Co-op Advertising Program, Agent Referral Program, Newsletter Registration, Map Modernization& much more...
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