Login to Big "I" Markets  /  Retrieve Password      August 01, 2017

In This Issue:
Affluent Homeowner - Chubb    |    Special Feature    |    Cyber Liability    |    Webinars    |    Parting Shot    |    TRIVIA! Winners
Count on AIG's world-class underwriting, financial strength, and white-glove claim service to help mitigate the complex risks of your clients' distinctive lifestyle.
A robust variety of coverages for your clients' small businesses. Proprietary BOP product, Workers' Comp, Commercial Automobile, & Commercial Umbrella.
A high-skill, high-service national surety broker specializing in surety bonds.
100's of Bonds...All 50 States
1000's of Satisfied Customers.
Just ONE Company

So far this year's hurricane season (June 1 - November 30) is shaping up as predicted, higher than normal with 17 named storms, 11 hurricanes, and 3 major hurricanes (Cat 3 or higher). Five named tropical storms have already formed with Cindy coming ashore in southwestern Louisiana in late June and about the time this newsletter is sent, Emily will be over Central Florida. In an average year the fourth (much less the fifth!) named storm doesn't occur until mid-August.

As El Niño continues to weaken it means the wind shear in the Atlantic will also be weaker. Wind shear helps to suppress hurricane formation. Warmer water temperatures in the Atlantic Basin and near the U.S. coast make for storms intensifying or forming further westward, reducing the likelihood of them curving back out to sea. The dominant jet stream pattern is also expected to favor more U.S. landfalls, while higher than normal coastal water temperatures increases the potential for storms to maintain intensity or even get stronger as they approach. All told this may be a season to remember.

An active season however doesn't mean the U.S. mainland will get pummeled as the 2010 season produced 19 named storms and 12 hurricanes, but only a single tropical storm made landfall in the U.S. Conversely, a calm season can be devastating as one of only six named storms in 1992 Hurricane Hugo (Cat 5) flattened south Florida. Hurricane Alicia (Cat 3) in 1983 pummeled the Houston-Galveston area and was one of a record low of only four named storms. What all this means is that no matter the predictions, coastal and inland residents need to be prepared.

Being prepared is essential and Chubb has a Hurricane and Windstorm Planning paper for your clients. Below is a summary of pre-storm prep but it also covers what to do during and after a storm. Tips include:
  • Prepare an emergency supply kit
  • Reinforce windows and doors
  • Reinforce your garage door
  • Clear loose objects
  • Prepare an "Action Plan" in the event of an evacuation
  • Protect personal belongings and important documents
  • Test and refuel your backup generator
Following a Hurricane or Windstorm Event

Chubb Property Manager - Now available in 13 additional states! This is a complimentary service to help pre-enrolled homeowners after a hurricane. Proactive assistance is provided if your secondary and seasonal home is damaged due to hurricane-force winds. Chubb will automatically conduct a home inspection as soon as it is safe, provide a property condition report and assist with claims and short-term repairs. This service is now available for enrolled homes (including Legacy ACE and Legacy Chubb policy-holders) with wind coverage in the following states: AL, CT, DC, DE, FL, GA, LA, MA, MD, MS, NC, NH, NJ, NY, PA, RI, SC, VA and coastal TX counties.

Post-Hurricane Coverages

Most of Chubb's homeowner policies provide "all risk" coverage which means physical damage to your client's home or other structures at the insured location caused by hurricane or windstorm may be a covered loss. However, a special deductible may apply in lieu of the standard deductible. Chubb only covers damage caused by flood, surface water or ground water if your clients have purchased a Chubb Personal or Excess Flood Insurance policy. Chubb may, however, pay the following extra coverages (the base deductible or a special deductible may apply) depending upon the policy under which your client is insured:

Forced Evacuation: If your client is forced to evacuate the home or other permanent structure as a direct result of a covered loss or a reasonable threat of a loss covered under the policy, Chubb may cover the reasonable increase in normal living expenses for up to 30 days. This might include hotel and meal expenses or kenneling for pets. Under some policies, this coverage only applies if a civil authority has forced the insured to evacuate the home.

Additional Living Expenses: If a covered loss to the house, other permanent structure or contents makes the dwelling(s) uninhabitable, Chubb may provide coverage for any reasonable increase in your client's normal living expenses, which could include:
  • Temporary residence
  • Hotels, meals, transportation, etc.
  • Pet kenneling
  • Replacing lost fair rental value
  • Other increases to normal living expenses, as described in the policy
(Power outages that do not result from a covered loss to the property will not trigger additional living expenses.)

Temporary Precautionary Repairs: After a covered loss, Chubb may provide coverage for temporary precautionary repairs to protect the home, contents, or other structures from further damage.

Food Spoilage: If the insured has coverage for contents, Chubb may cover the cost of spoiled food and wine caused by power interruption. Special coverage limits and deductibles apply in most states.

Debris Removal: Chubb may pay for the cost to demolish damaged property and remove debris.

Tree Removal: Unless covered elsewhere under the policy, Chubb may pay the reasonable expenses incurred to remove trees fallen due to wind. Special coverage limits will apply.

The Chubb Masterpiece Program is available to registered members in all states except auto in HI, KY, MA, NC, SC and VA as those are being placed in the legacy-ACE system. Additionally, NJ auto and NC home business are being written in the Chubb Non-Masterpiece environment. Learn more by logging into www.bigimarkets.com and clicking on "Affluent Program-New Business."  
Have You Added the RLI Personal Umbrella to Your Web Site?
Recently we told you that RLI, the Big "I"-endorsed umbrella provider, has created a video to educate consumers about the benefits of a personal umbrella liability policy. The video is brief and entertaining. It explains an umbrella in simple terms, then provides examples of umbrella claims that any consumer can relate to.

Have you added it to your web site yet? If not, what are you waiting for?

The video is available on RLI's YouTube channel and webpage on the Big "I" website.

Feel free to add or share it on your agency websites, as well as in marketing materials and other communications, helping your clients understand how a personal umbrella safeguards their personal assets and future earnings.

Learn more about the Big "I" Personal Umbrella program at www.iiaba.net/RLI.  

Success With Cyber Policies

Shout out to Big "I" Markets agents in Alabama, Arizona, Florida, Kentucky, Michigan, New York, South Carolina, Tennessee and many more states nationwide for binding cyber policies with our new program! Agents across the nation are catching on to this easy and essential new product offering on BIM.

According to the National Cyber Security Alliance, 60 percent of small companies close down within the six months following a cyberattack. Are your small business clients protected with cyber liability insurance?

By now you've read all about our Cyber Liability-Small Business Solution product in Two for Tuesday. $200 in annual premium provides $100,000 of coverage for businesses with up to 50 employees and less than $20 million in annual sales.

Now it's time to market this new offering to your small business clients!

We've made it easy with a prewritten letter for Big "I" Markets agents. Here's the text:

Valued Business Customer:

Cyber Liability-Small Business Solution is a $100,000 cyber liability policy for businesses that fit a specific size and class of business for $200 a year (subject to eligibility requirements).

You need cyber coverage. Consider these real-life claim examples and whether your business could afford losses such as these:

A dental practice had patient records exposed costing the practice $33,000 for breach response and notification to affected individuals.

A restaurant suffered a breach of payment card information costing $24,000 in audit expenses and $75,000 in fines and penalties from the payment card brands.

A travel agency suffered a breach costing $27,000 in audit, fines and legal expenses.

A movie theater was fined $5,000 for non-compliance.

A retail store was fined $39,000 after spending more than $10,000 on a forensic audit.

A bowling alley was fined over $60,000 for a breach of payment card information.

The program application is limited to a signed acknowledgement statement. Coverage is effective the next business day upon payment with the downloadable certificate of insurance available within three days of the effective date. The cyber liability insurance is underwritten by a carrier rated "A" by A.M. Best.

Please contact me today for more information and to apply for coverage.

Best regards,
[Your Agency]

This document is available for download from the product resources section of Big "I" Markets, along with our declination form.

Put the wheels in motion today and inoculate your book against this emerging risk!  

BIM Website Training Webinar
Big "I" Markets website
When (and Why) Partial Losses Become Total Losses
Virtual University
Date: Thursday, August 03
Time: 2:00 - 2:30pm EDT
Cost: Free
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.
Date: Wednesday, August 23
Time: 1:00 - 3:00pm EDT
Cost: $69
We do a bad job explaining the concept of "replacement cost." We tend to tell clients they will get new stuff for old junk - which is partially true; but partial truths get you sued.
  • Attendees in this session learn:
  • The coverage gaps in property policies making Ordinance or Law Endorsements necessary;
  • Who promulgates and who enforces local building codes;
  • What constitutes "major" damage;
  • The details of various ordinance or law endorsements; and
  • How to develop coverage limits for each coverage part.
Approved for CE in select states.
Agency Risk Management Essentials: Emerging Exposures: Marijuana, Mold and More
E&O Risk Management
Date: Wednesday, September 13
Time: 2:00 - 3:00pm EDT
Cost: Free
Join us to learn about a number of exposures facing insurance agents that have plaintiff attorneys licking their chops! The webinar will not only identify the exposures, but also give you the tools you need to reduce your agency’s risk of Errors & Omissions (E&O) Claims. The discussion will feature a Member Insurance Agent, Virtual Risk Consultant Representative, Swiss Re Claims Specialist, as well as E&O Defense Counsel.

If you have any questions relating to the topic that you would like addressed during the discussion, please email Jim Hanley.

Learn more about risk management resources available to your agency at www.iiaba.net/EOHappens.


Hard-working Paul Buse is taking a well-deserved vacation and then will be deeply involved in association end-of-the-fiscal-year projects.
Parting Shot will return in September.

Here are the top three items that got BIM agents clicking from our last edition... see what you missed!
  1. E&O Happens
  2. AIG Safe Boating Practice Flyer
  3. Eagle Agency

Congratulations to our agent in Illinois on a Non-standard Homeowners or Rental Dwelling sale of $19,060 in premium!  

TFT Archives    |    Big "I" Markets Help Desk    |    Email Us    |    703-647-7800  (9am-5pm ET)    |    BACK TO TOP

You have received Two for Tuesday because you are a registered member of Big "I" Markets. Two for Tuesday is a weekly newsletter designed to provide you with information concerning commercial products and services available to you through Big "I" Markets. (Product availability varies by state.) IIABA, your professional association, along with its subsidiaries, including Big "I" Advantage, Inc., works hard to bring information to you about valuable products and services that could enhance your ability to succeed in the industry's competitive environment. If you do not wish to receive Two for Tuesday click the link below.
Click here to unsubscribe.
IIABA Social Channels
Share on Facebook Share on Twitter Share on LinkedIn Share Share