 If your house catches fire and you flee into the night in just your pajamas, you can likely find shelter at a neighbor's or a local hotel.
If your boat catches fire at sea, your options are far more limited. Being prepared might help put out the fire but that doesn't mean you're out of danger as the fire may have left you adrift with damaged engines, no power for a radio, or burned sails. Even worse the boat could now be sinking. Hopefully another boat is nearby or you'll need to swim to land, provided you are close enough to know where it is and the current doesn't prevent you from getting to it. Once in the water you can't count on a dolphin to keep you afloat.
Being prepared and knowing what to do saves lives. AIG has a two-page flyer to send to your maritime clients that are full of great beforehand tips and ideas for safe boating. Tips include:
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Know the laws and regulations for your boating region (federal, state & local)
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knowing the water temperature
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Know how far from shore you'll be
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Prepare a "to-go' bag for worst-case scenarios kept in a readily available location regardless of the size of the boat.
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Plenty of fire extinguishers and for larger boats, fire suppression systems
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Visual Distress Signals - flags, flares, smoke, etc.
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And of course - Life vests (personal floatation device - PFD)
AIG's Private Client Group homeowner coverage is available for dwelling replacement cost coverage valued at $500k or more in most states.
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Yachts of $100,000 in value or more
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Jewelry, fine art, collections, as part of a package acct.
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High symbol, high performance vehicles with acceptable driving records as part of a package acct.
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Collector car accounts as part of a package acct.
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Condo or Renters with at least $75,000 in contents ($150,000 for Florida)
Included are:
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Guaranteed replacement cost - Included
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Back-up of sewers and drains - Included; up to dwelling value
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Business property - Up to $25,000
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Deductible options - Up to $100,000 available
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Primary flood - Available
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Equipment breakdown - Available
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Identity fraud restoration expenses, ATM robbery, and financial fraud, embezzlement or forgery - Available
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Traumatic threat or event recovery - Available
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Green rebuilding expenses - Available
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Waiver of deductible on losses over $50,000 - Available
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Replacement cost cash out option - Included
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Lock replacement - Included; no deductible
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Food spoilage - Included
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Loss prevention devices following a claim - Included; up to $2,500 available
AIG's Private Client Program and is available to registered Big "I" Markets agents in all states. Ride the waves over to Big "I" Markets and click on Affluent Program - New Business to learn more!
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SPECIAL FEATURE
Visit E&O Happens to Review Common Causes of Agency E&O Claims
 Knowing the common insurance agency E&O claims, understanding the root causes of E&O losses and implementing change can go a long way to eliminate E&O exposure in your agency. Being informed can point your agency in the right direction of knowing how to proactively avoid issues for your agency.
In general, E&O losses occur because of inadequate training and education, poor risk identification and analysis, lack of uniform practices and procedures, inappropriate organizational structure, lack of compliance with office practices and procedures, time constraints and/or chronic backlog.
As a Big "I" member you can get information on these topics through the Big "I" Professional Liability risk management web site at www.iiaba.net/EOHappens.
Log in with the same credentials you use to access Big "I" Markets, and click on the "Claims Happen" tab to access these materials and more.
Learn more about the Big "I" Professional Liability Program at www.iiaba.net/EO.
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Covering Small Commercial Professionals
 Small businesses that involve professional services are at greater risk than basic retailers because of the additional exposures they face. Consider for a moment business classes such as these:
Bridal shop
Travel agency
Wedding planner
Media buyer
Court reporter
Clients can claim fraud in the final product, misrepresentation, or theft. Third parties can sue if they experience "economic damages" due to the actions of the professional. The cost of defending against such claims can be enough to cripple or close the business even if they win the case, more so if they lose. This exposure requires professional liability coverage such as that offered by CNA through the Connect® program.
Coverage highlights include limits of up to $5 million, worldwide coverage, pre-claims assistance, and broad definition of insured person, among others. CNA will defend against claims of alleged and intentional wrongdoing until final adjudication.
CNA Small Business currently offers a market for a broad variety of businesses, representing Healthcare, Financial Institutions, Professional Services, Business Services, Technology, Retail, Real Estate, Wholesalers and Manufacturing. Coverage are BOP, Workers Compensation, Commercial Automobile, and Umbrella and Miscellaneous Professional Liability.
For more information, log into www.bigimarkets.com and click on Small Commercial Standard Markets or contact Big "I" Markets commercial underwriter Tom Spires at tom.spires@iiaba.net or (800) 221-7917 x5470.
This market is available in all states except AK & HI.
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BIM Website Training Webinar
Big "I" Markets website
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When (and Why) Partial Losses Become Total Losses
Virtual University
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Date: Thursday, July 27
Time: 2:00 - 2:30pm EDT
Cost: Free
Summary:
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.
Registration:
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Date: Wednesday, August 23
Time: 1:00 - 3:00pm EDT
Cost: $69
Summary:
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.
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Attendees in this session learn:
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The coverage gaps in property policies making Ordinance or Law Endorsements necessary;
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Who promulgates and who enforces local building codes;
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What constitutes "major" damage;
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The details of various ordinance or law endorsements; and
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How to develop coverage limits for each coverage part.
Approved for CE in select states.
Registration:
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Agency Risk Management Essentials: Emerging Exposures: Marijuana, Mold and More
E&O Risk Management
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Date: Wednesday, September 13
Time: 2:00 - 3:00pm EDT
Cost: Free
Summary:
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.
Registration:
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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).
Congratulations to this week's winners - Katrina Willard (FL), Rose Haynes (MD), Linda Gammill (MS), Janet Lackey (OH), & Steve Ward (SC).
1. Under the Architects & Engineers Professional Liability product how long is the Extended Reporting Period? - FIVE YEARS
2. On this date in 1927 this controversial slugger recorded his 4,000th hit. Name him. - TY COBB
3. Claude Hall died last week (7/7). He was best-known for coining what music-related term?strong style="font-size: 12pt; font-family: Arial, Helvetica, sans-serif; color: black;"> - EASY-LISTENING
TIE BREAKER
Italian bank Credito Emilian has since 1953 been accepting and storing an unusual collateral in exchange for low-interest loans to regional producers. What is the collateral? - PARMIGIANO-REGGIANO CHEESE
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BIG "I" MARKETS SALE OF THE WEEK
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