 When it comes to covering the architects in your community, where do you turn? Did you know that you have access to comprehensive professional liability coverage for architects, engineers and surveyors?
CBIC Design Professionals Insurance, an RLI Company, provides comprehensive professional liability coverage for architects, engineers, and surveyors. CBIC has deep knowledge in the professional services and construction industries, which means when you work with a CBIC underwriter, risk manager or claim manager, you're speaking with a longtime veteran who has both the expertise to understand a firm's needs and the decision-making authority to get the job done. The policy features are:
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Defendants' reimbursement of expenses - $500 per day subject to $12,500 maximum (reimbursement applies day one)
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ADA/FHA/OSHA regulatory or administrative action reimbursement - $30,000 per policy period
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Free pre-claims assistance
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Disciplinary proceedings reimbursement - $5,000 per proceeding
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Worldwide coverage
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Liberalization clause
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Waiver of subrogation provision
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Punitive damages extension where allowable by law
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Deductible mediation credit of 50% subject to a $12,500 maximum
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Automatic 90-day coverage for acquired or merged entities
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5 Year Extended Reporting Period
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Innocent insured provision
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Consent to settlement provision - 50/50 co-share between "Insured" and "Insurer"
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60-day automatic extended discovery period
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Automatic excess coverage for separately insured projects
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Management Pack Enhancement Endorsement (Directors & Officers, Fiduciary and Employment Practices Liability Insurance Coverages)
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High Self Insured Retention Program (Top & Drop)
Learn more by logging into Big "I" Markets and clicking on Big "I" Architects & Engineers Professional Liability by CBIC an RLI Company from the commercial products menu.
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 Did you miss Big "I" Professional Liability's Agency Risk Management Essentials: Is Your Website Doing More Harm Than Good? No problem—the slides and a recording of the webinar are now available on the E&O Happens website.
This installment—part of a quarterly series for Big "I" members from Big "I" Professional Liability and Swiss Re Corporate Solutions—focuses on the risks associated with insurance agency website content. Presenters discussed the dos and don'ts of agency website content from the viewpoints of an E&O underwriter, auditor, claims specialist and defense counsel.
Log in to the E&O Happens website to review the session and other key risk management resources. If you have any questions regarding the webinar, contact Jim Hanley.
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By Michael Welch, Big I Advantage Marketing Assistant
 The beginning of a new year is when many people reevaluate things in their lives. As an insurance agent it's also a good time to reevaluate changes in your clients' risk exposures, especially since so many may have added an expensive new item or two over the past week or so. Gifts of art work, jewelry, antiques and collectibles should be considered, among others.
Most collections are not usually acquired at once, but are put together over time, eventually becoming more valuable. The wife of a friend gives him rare football trading cards every year, so he now has quite a collection worth several thousand dollars. My wife has Lladros and Hummels she has bought and received throughout her life that is also collectively worth thousands. At some point these went from being a single piece to a valuable collection and at that point they needed special protection.
Whether your clients received a single new item or an additional piece to a collection it is time to ask, "Are your clients properly covered for valuable articles?"
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When is the last time you reviewed your client's valuable articles?
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Do you recommend periodic reviews of appraisals?
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Have you spoken to each new client and mentioned a PAF, as well as the fact that certain items like Jewelry are often capped at $1000 max coverage in a standard HO form?
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Have you reminded your seasoned clients to add a PAF or update their current one?
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"Hmmmm, when was the last time I checked my own PAF?"
If you need help convincing your clients here is a nice article about the need for a personal articles floater.
Jewelry/Jewelry Collector
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Minimum policy premium: $1,000
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Target: $50K up to $30MM jewelry collections, higher limits available
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Minimum: $50K minimum personal jewelry collections & at least 2 items
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Replacement cost valuation
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Competitive rates for collections kept in the residence, residence safes, and bank vaults
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Scheduled or blanket policies
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Worldwide coverage
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No restrictions for California earthquake
Private Corporate*
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Minimum policy premium: $1,000
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Target: Any limit (minimum premium applies)
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No policy deductible requirements, deductible options available for rate credits
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Replacement cost valuation
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Scheduled or blanket policies
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Newly acquired objects automatically covered, up to 25% of the limit
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Worldwide coverage
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Coverage available for single or multiple locations
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Art reference library coverage available
Artist*
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Minimum policy premium: $2,500
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Minimum policy deductible: $1,000
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Enhancement options include coverage for:
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Commissioned works in progress
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Non-commissioned works, if completed
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Studio contents
Conservator*
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Minimum policy premium: $2,500
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Minimum policy deductible: $1,000
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Valuation:
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Objects in conservator's care, custody & control: Agreed Value
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Furniture & fixtures: Replacement Cost
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Enhancement options include:
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Art reference library coverage
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Studio contents coverage
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"Workmanship" coverage for property damage
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Bailee legal liability coverage
Dealer*
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Minimum policy premium: $2,500
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Minimum policy deductible: $1,000
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Valuation: Cost Plus (+%) / Selling Less (-%) for inventory
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Property included: inventory, loaned items & objects on consignment
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Blanket coverage available with approved coverage locations
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Enhancement options include:
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Art fair/trade show coverage
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Bailee legal liability coverage enhancement available
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Art reference library coverage
Exhibition
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Minimum policy premium: $1,000
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No policy deductible requirements, deductible options available for rate credits
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Valuation:
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Fine Art: Agreed Value
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Exhibitry: Actual Cash Valuation or Replacement Cost
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Scheduled policies
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Worldwide coverage for US domestic insured
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"Wall-to-Wall" / "Nail-to-Nail" coverage
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Earthquake/Windstorm coverage based on availability
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Flexible term by day, month or year
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Multi-year policies available
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Policy can be rated for multiple venues and storage needed between sites
Historic Property*
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Available for corporation-owned properties, excludes private residences
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Minimum policy premium: $2,500
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Minimum policy deductible: $1,000
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Building contents, real property and business interruption covered under one policy
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Valuation:
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Building contents: Agreed Value, Current Market Value, or Current Market Value-150%
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Real property: Agreed Value or Replacement Cost
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Coverage for multiple buildings and locations
Museum*
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Minimum policy premium: $1,000
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Minimum policy deductible: $1,000 (Owned property on premises)
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Coverage for owned (permanent collection) & loaned (short & long-term) objects
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Valuation:
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Owned property: Current Market Value
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Loans: Agreed Value
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Worldwide territory
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Large line capacity
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Flexibility in limits throughout policy term to accommodate exhibitions
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Blanket coverage for single or multiple venues
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Coverage for outdoor sculptures
Here are a couple sample letters you can use to inquire with new PAF prospects or current PAF customers:
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Post-Holidays letter
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Generic letter
The Crown Coverage Stand-alone Valuable Articles Program - [Commercial or Personal] is written on AXA Insurance Company paper at www.bigimarkets.com. Available in all states.
* Earthquake restrictions apply in California. Windstorm coverage restrictions apply in Florida and coastal locations.
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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".
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AIG Private Client Group Homeowner - Overview NEW
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TravPay
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Commercial Lessor's Risk
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Affluent Homeowners
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Travel Insurance
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Community Banks
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Affluent Homeowner
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Real Estate E&O
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RLI Personal Umbrella
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"Oh, by the way...Flood Sale"
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Habitational
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Student Housing
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BIM WEBSITE TRAINING WEBINAR
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.
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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.
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January 18 - 1:00 - 2:00pm EST. "Cracking the Condominium Conundrum". ". How can a policy generating about $75 in revenue cost you $5,000, $10,000, or more? Believing that writing an HO-6 is quick and easy is the beginning of an E&O storm that can cost you thousands (your E&O deductible). Join newly appointed Big "I" Virtual University Executive Director Chris Boggs as he answers the three KEY questions faced by every agent when analyzing and placing coverage for either a unit owner or a condominium association: who "owns" the property; what value applies to the owned property/what should be used; and who is liable for bodily injury and/or property damage. Click here to register.
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February 15 - 1:00 - 3:00pm EST. "Understanding Commercial Property Underwriting - COPE in all its Glory". Today's commercial property underwriters use the same information their predecessors used nearly 400 years ago: Construction, Occupancy, Protection, and Exposure. Combined, these four elements are known as "COPE underwriting." Join Big "I" VU Executive Director Chris Boggs as he instructs participants in the purpose of and methodology for gathering all necessary commercial property underwriting information. In addition, this course discusses what can be done to reduce and control losses using "COPE" data. Click here to register.
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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 - Megan Thomas (OK), Toni Bowers (LA), Ed James (FL), Nikki Eagle (NM) & George Roane (LA).
1. According to the Society Research Foundation approxiamately how many people are killed by icicles in the U.S. each year? - 15
2. On this day (December 27) in 1947, a childrens television show debuted on NBC. Name it. - HOWDY DOODY
3. The ball that will drop in New York's Times Square this Sunday weighs almost six tons and is covered by 2,688 _________ ________? - WATERFORD CRYSTAL TRIANGLES
TIE BREAKER
TB - The Non-standard article above references additional LexElite enhancements. Name at least three of them. - LEX CYBERSAFETYSM COVERAGE / UPGRADE TO GREEN® RESIDENTIAL / ECO-HOMEONWER® MANDATORY EVACUATION RESPONSE COVERAGE / LEXELITE® PET INSURANCE
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BIG "I" MARKETS SALE OF THE WEEK
Congratulations to our agent in New Hampshire on a Personal Umbrella sale of $2,054 in premium!
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