Login to Big "I" Markets  /  Retrieve Password      April 04, 2017

In This Issue:
Personal Umbrella    |    Special Feature    |    Community Banks    |    Webinars    |    TRIVIA! Winners
"A" Rated Excess & Surplus Lines carrier offering Homeowners, Rental, Condomium, & Vacant Dwelling insurance for risks other carriers decline or are unable to write.
Each Wrap+ coverage has been crafted to seamlessly work in conjunction with all of the other Wrap+ coverages or function as a single policy.
A wide variety of BOP & Package classifications in the service, retail, light manufacturing, construction and, hospitality sectors.

In our previous article of personal umbrella mythbusting, we busted the myth that a personal umbrella is something that agents only need to offer to wealthy customers. In fact, because anyone can be sued, everyone needs a personal umbrella. Check out the first of the mythbusting articles here.

In this installment, we'll tackle another myth:
MYTH: Millions of dollars in liability coverage must be really expensive.
TRUTH: A personal umbrella liability policy is a very affordable way to obtain a lot of coverage.

Since other kinds of policies that provide a few hundred thousand in coverage can cost thousands of dollars per year, it seems logical to assume that a policy which provides millions of dollars in coverage must be even more expensive. In fact, the opposite is usually true when it comes to a personal umbrella.

The purpose of a personal umbrella policy is to provide coverage only once a customer's underlying policy (homeowners, auto, watercraft, etc.) has paid out at the full minimum required limit, and has been exhausted. Since a personal umbrella isn't meant to provide coverage from the first dollar, and usually only comes into play when the injury costs several hundreds of thousands of dollars, claims (though very costly) are infrequent, relative to home or auto claims.

For that reason, and others, umbrella rates for the average household tend to be quite affordable. For a household with 1 home, 2 cars, and 2 drivers with clean driving records, $1 million of personal liability coverage can cost just $150-250 annually. Households that present greater risk will pay more but arguably have a greater need for the coverage as well. Examples would be households with a teen driver, a DUI, multiple jet skis, an international seasonal home, or those who live in a particularly litigious region.

Having a personal umbrella is vital to protecting a customer's assets (including future earnings), in the event that they are sued. A personal umbrella also covers defense costs. In light of what it can cost a customer who doesn't have the extra liability from a personal umbrella, agents should be quoting a personal umbrella to every client. It's also wise to document that offer and if the customer declines the coverage. Visit www.iiaba.net/RLI for a form which makes it easy to offer an umbrella and document your customer's decision.

Keep in mind that you have access to the IIABA-endorsed RLI Personal Umbrella, which offers limits of up to $5M ($1M in NM) and excess UM/UIM nationwide. Obtain a quote today at www.bigimarkets.com or at www.iiaba.net/RLI.  
E&O Happens Website Revamp Is Complete
The E&O Happens website, a trove of risk management information available exclusively to Big "I" members and Swiss Re Corporate Solutions policyholders, has been redesigned and relaunched based on member input.

Visitors will now find not only clearly organized risk management content and dropdown menus, but also a new, broader search function, as well as improved accessibility for mobile users-all for the sake of an improved user experience.

E&O Happens provides Big "I" members with more than 700 pages of exclusive risk management information, accessible with a simple swipe on a smartphone or tablet.

Other website features include:
  • Claims examples
  • Risk management articles
  • Big "I" Claims Advisor e-newsletter archives
  • Sample disclaimers
  • Sample customer letters
  • Webinars and podcast archives
All insurance agency staff can use this valuable information to reduce their risk of errors & omissions claims. Access the website with your Big "I" username and password. For password assistance, visit the Big "I" password recovery page.

If you're not a Swiss Re Corporate Solutions policyholder but are interested in learning more about the Big "I" Professional Liability program, visit www.iiaba.net/EOContact to learn more and receive a proposal.  

Breaking Down Community Banks Coverage

Community Bank risk coverage can seem incredibly complex and in some ways it is. But you don't have to fear offering it. Big "I" Markets' partner for this market, Travelers, has extensive knowledge about banks. Travelers will walk with you through the entire operation, explaining the process and details of coverages. They will even go with you to pitch the coverage to the client.

So what exactly is available? Today we'll be breaking down the coverages a little more.

Coverage options

Corporate management
  • Directors and officers liability
  • Employment practices liability
  • Financial institution professional liability
  • Fiduciary liability (ERISA)
  • Financial institution bond
  • Kidnap and ransom

  • General liability
  • Auto liability
  • Workers compensation
  • Umbrella/excess liability
  • Property
Directors and officers liability
  • Provides not only the defense costs, settlements and judgments associated with directors and officers claims, but also protects the personal assets of a director's or officer's spouse or domestic partner, including the deceased director's or officer's estate
Employment practices liability
  • Includes protection for an extensive array of employment practices acts
  • Coverage can expand to include directors, officers, employees, leased employees and the bank
  • Access to Risk Management Plus+ Online®, a one-stop resource available at no additional cost that provides comprehensive tools that will help protect against costly litigation. From ethics training guidelines to coverage-specific white papers and articles, all of the materials are delivered via a dynamic web-based platform to ensure the most up-to-date information
Financial institution professional liability
  • For lender liability coverage, professional services liability and trust services liability protection, coverage extends to the bank, its directors, officers and employees
  • An expanded definition of lending acts applies, including loan servicing when the bank has an ownership interest in a loan
  • For professional services liability protection, the professional services to be included in the policy do not need to be scheduled and the coverage applies to a wide range of professional services
Fiduciary liability
  • Extends to the bank, the plans, directors and officers of the bank, and any natural person trustee, director or officer of any bank-sponsored plan
  • Features an enhanced definition of covered plans, including employee benefit plans not subject to Title I of ERISA, except for multi-employer plans or employee stock ownership plans (ESOPs)
Financial institution bond
  • Provides a wide range of protection for financial losses due to specified exposures, and the optional extended insuring agreements eliminate the need to carry multiple insurance policies
Kidnap and ransom
  • Coverage not only for ransom monies and the numerous costs associated with an incident, but the most important benefit, at no additional cost, is the immediate priority access to Olive Group Crisis Response Services when an event occurs
  • The Olive Group consultants have many years' experience in dealing with crisis situations, and this combined with their local knowledge allows for informed decisions to be made
  • Liability insuring agreements cover costs associated with the liability of a claim or suit related to a breach and include:
    • Network and information security liability
    • Communications and media liability
    • Regulatory defense expenses, including fines and penalties coverage
  • First-party insuring agreements cover such things as the material costs of a breach, including forensic analysis, fees to determine the nature and extent of the breach as well as notification costs that are legally mandated in 46 states, and include:
    • Crisis management event expense
    • Security breach remediation and notification expense
    • Computer program and electronic data restoration expenses
    • E-commerce extortion
    • Business interruption and additional expenses
Also included in the CyberRisk coverage is access to the Travelers eRisk Hub® powered by NetDiligence® - an information portal that includes reference material, news updates and other tools that may be helpful in avoiding a breach, as well as access to a Breach Coach® for a 30-minute consultation if you have a data breach event.

  • Includes the more traditional types of property/casualty coverages, along with many designed especially for banks, such as coverage for:
    • Foreclosed properties
    • Trust properties
    • Mail
    • Repossessed autos and equipment
    • Mortgage holders errors and omissions or impairment
    • ATMs
    • Financial leasing operations
    The right policy is only one part of your insurance carrier's value. Travelers also partners with you to help educate your bank on emerging and potential risks, and provides tools and solutions to better prepare your bank for the future

    To find your local community bank, visit ICBA's community bank locator at community bank locator. Simply type in your zip code and the app will show you all the community banks in your area.

    Travelers SelectOne®, underwritten by Travelers Casualty and Surety Company of America, is endorsed by the Independent Community Bankers of America.

    A specimen policy is located in "Product Resources" on www.bigimarkets.com.  


Remember that you can view the following webinars 24/7 by checking out the BIM Webinar Library. To do that log onto Big "I" Markets and click on "Publications".
  • AIG Private Client Group Homeowner - Collections CoverageNEW
  • Chubb Masterpiece Homeowner - Overview NEW
  • CBIC Architects & EngineersNEW
  • AIG Private Client Group Homeowner - Automobile NEW
  • AIG Private Client Group Homeowner - Overview NEW
  • TravPay
  • Commercial Lessor's Risk
  • Affluent Homeowners
  • Travel Insurance
  • Community Banks
  • Affluent Homeowner
  • Real Estate E&O
  • RLI Personal Umbrella
  • "Oh, by the way...Flood Sale"
  • Habitational
  • Student Housing

For all you folks who recently registered for Big "I" Markets, remember you can participate in a webinar from the comfort of your office to help you learn how to navigate around the system. Every Thursday at 2:00 p.m. EDT we'll show you how to navigate the Big "I" Markets platform, including how to submit a quote! A recording of this webinar can be found under "Publications" after logging into Big "I" Markets.

Big "I" Product Webinars

  • Wednesday, April 19 - 2:00 - 3:00pm EDT. "Big "I" Swiss Re Corporate Solutions Quarterly Risk Management Webinar". The Big "I" Professional Liability/Swiss Re Corporate Solutions quarterly risk management webinar is approaching. Agency Risk Management Essentials: Preparing for a Catastrophic Event is scheduled for April 19, 2017 at 2 P.M. Eastern and will discuss effective ways insurance agents and brokers can reduce their risk of catastrophic E&O claims. The discussion will be presented from the viewpoints of an insurance agent, a Swiss Re Claims specialist, an E&O defense counselor and a Selective Insurance Company of America representative. The session is free to Big "I" members.

    Please register today. More promotional materials are forthcoming in state news in the coming weeks.

    If you have any questions relating to the topic that they would like addressed during the discussion, please email Jim Hanley no later than April 1, 2017. Cost: Free.

Big "I" Virtual University Webinars

Don't miss the following education opportunities provided from the Big "I" Virtual University experts that focus on topics agents need to know to make a smart start in 2016. For more information, contact national staff.

  • April 19 - 1:00 - 2:30 EDT. "Untangling the Work Comp Mess" - Part 1 of 2. Workers' compensation is a relatively easy coverage to understand. Work comp is work comp is work comp. The difficulty in work comp does not arise out of the policy but rather from the myriad statutes that surround and control how a work comp policy responds. April and June webinars combine to untangle many of these laws that cause problems. Two key questions to be answered during in the April webinar include: What makes an injury or disease compensable under workers' compensation? Who is covered by the work comp policy? Plus more. Click here to register.

Be one of the first five with the correct answers and win a $5 gift card (Starbucks, Dunkin' Donuts, Baskin Robbins, or Krispy Kreme).

Don't forget to answer the Tie Breaker!
Congratulations to this week's winners - James Abatelli (NY), Sharon Kaplan (WA), Lana Campbell (NM), Megan Thomas (OK), & Nikki Eagle (NM).
1. What is the maximum per location Total Insured Value to qualify for the Travelers Healthcare endorsements? - FIFTEEN MILLION DOLLARS
2. On this date in 1866 the first of these goes into service, saving countless lives ever since. Name it. - AMBULANCE
3. Per the first article above, Chubb's Multinational Claims units are in how many countries? - FIFTY-FOUR

TB - What chemical recently turned the water in a Canadian town...pink? - POTASSIUM PERMANGANATE

Here are the top three items that got BIM agents clicking from our last edition... see what you missed!
  1. Keeping Your Money Safe While Traveling blog post
  2. Travel Insurance Comparison Chart
  3. Travel Insurance International blog

Congratulations to our agent in Washington on a Habitational Condominium Program sale of $10,489 in premium!  

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