 It seems more new businesses are getting started at home which then continue to be run from home after the initial start-up. It's possible you could be passing up many opportunities to write these policies. You may have customers with a home business that you are unaware of:
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A photographer
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An artist
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A young woman selling beauty products
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A florist
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Jewelry
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Candy/Nuts Confections
These are only a few of RLI's 140 or more home business scenarios.
Home business owners may not realize that their homeowners or renters policy will most likely exclude coverage for business exposures on premises. Your customers need business coverage if they sell a product or service. Generally coverage options on the homeowners policy are inadequate. Ask your customers about any home-based businesses and then review their current policy.
The RLI Home Business Insurance Policy has provided affordable coverage tailored for home-based businesses for over 20 years, and can provide your customers peace of mind. Don't miss out on the opportunity to protect your customers, increase retention, and grow your book. Quoting and submitting business is faster and easier than ever with RLI's new and improved submission process. For more information, quoting instructions, or to contact your state's administrator, visit www.iiaba.net/homebusiness.
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SPECIAL FEATURE
We're Famous! Big "I" Chairman Spencer Houldin Highlights Big "I" Markets
A comprehensive interview with Big "I" Chairman Spencer Houldin appeared in yesterday's Insurance Journal. In the article As Agents' Needs Change and Startups Emerge, Big 'I' Looks to Remain Relevant, Houldin discussed the future of the industry and the role of your Big "I" association in serving the agents of the future.
Of Big "I" Markets, he said:
"We do have markets. We have Big 'I' Markets, which is a Big 'I' initiative, where we have contracted with insurance companies that a smaller agency may not have the volume to be able to get an appointment on their own. But they can access many markets through Big 'I' Markets. Using the power of 22,000 independent agencies that are members, we're able to bring market access to those younger and startup agencies."
Read the full interview and accompanying video clips here, and be sure to follow the Big "I" on Facebook to keep abreast of association news and trends.
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Join AIG for Equine Owners Risk Management Webinar
 There are over 2 million horse owners and 575,000 horse farms located in the United States. Be it racing, polo, hunt seat, dressage or just pleasure, a significant number of affluent individuals and families have a passion for horses. Horse ownership comes with unique risks and owners may lack the proper protection under their personal insurance programs. As an agent or advisor catering to affluent clientele, it's important to understand the passion, inherent exposures and special insurance needs associated with horse ownership.
Many high-value homeowners own horses, boarded either on their own property or at nearby facilities. For your clients that own horses, AIG understands the unique needs associated with horse ownership and has experienced risk management specialists to assist in lessening risk and getting the proper coverage.
Coverage for equine is not excluded from the home or excess policy with AIG unless it would exceed the definition under incidental farming. Every carrier is different and some may exclude coverage. When an insured is in that situation involving their own personal horses, an Equine Liability Insurance Endorsement may be offered.
Join us on Tuesday, July 11th from 2:00 - 3:00pm EDT for a free webinar on AIG Equine Owners Risk Management. The presenter is Susan Weber, CPCU - AIG AVP, Capital Regional Underwriting Manager, Equine Specialist.
Register today!
AIG's Private Client Program and is available to registered members in all states. Gallop over to Big "I" Markets and click on Affluent Program - New Business to learn more!
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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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Chubb International Advantage - Foreign Property Policy NEW
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Chubb Recreational Marine NEW
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AIG Private Client Group - Affluent Homeowners Comprehensive Review NEW
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AIG Private Client Group Homeowner - Collections Coverage NEW
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Chubb Masterpiece Homeowner - Overview NEW
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CBIC Architects & Engineers NEW
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AIG Private Client Group Homeowner - Automobile NEW
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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" Product Webinars
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NEW - Tuesday, July 11 @ 2:00 - 3:00pm EDT. "AIG - Equine Owners Risk Management Webinar". There are over 2 million horse owners and 575,000 horse farms located in the United States. Be it racing, polo, hunt seat, dressage or just pleasure, a significant number of affluent individuals and families have a passion for horses. Horse ownership comes with unique risks and owners may lack the proper protection under their personal insurance programs. As an agent or advisor catering to affluent clientele, it's important to understand the passion, inherent exposures and special insurance needs associated with horse ownership.
Presenter is Susan Weber, CPCU - AIG AVP, Capital Regional Underwriting Manager, Equine Specialist.
Register here Cost: Free.
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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 2017. For more information, contact national staff.
Other topics in the 2017 schedule cover partial losses, contractual risk transfer, business income, contractors and more. The entire schedule, including registration links can be found online here.
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NEW - Wednesday, July 19 - 1:00 - 2:30pm EDT. "Contractual Risk Transfer, Additional Insureds, and the Primary and Noncontributory Requirements". If you deal with construction clients, you deal with contractual risk transfer, additional insureds, and primary and noncontributory problems. We discuss all these time-zapping "issues" in this webinar and answer three key questions:
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What is the purpose of contractual risk transfer?
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What is given to the Additional Insured?
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Is the Primary and Noncontributory required necessary, ethical, or even legal?
Beyond answering these questions, the laws of equity that apply to these issues will be reviewed along with the three key equity concepts applicable to and the basis for this entire "problem." Attend and learn:
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The goals of contractual risk transfer;
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How Additional Insured status should be granted (and to whom):
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The contractual disrupters of equity between parties; and
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The reality of the primary and noncontributory requirement.
Click here to register. Cost: $69 - includes live link, access to recording and a written transcript.
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STUDENT OF THE INDUSTRY PARTING SHOT
Farewell to a Colleague and a Nod to "=Mod"
By Paul Buse, President of Big I Advantage®
I missed writing my Student of the Industry Parting Shot last week as I was recovering from the news that my best friend and colleague, Dave Evans, was stepping down from his position at IIABA. Dave is pursuing a consulting opportunity aimed at "improving the 401k plans of the world" starting in August (my summary not his). He's also cutting back his travel and will be nearer his family more.
Yes, Dave Evans, "keeper of all miscellaneous knowledge," founder of our retirement program offerings at Big I Advantage®, Publisher of IA magazine and many things outside Big I Advantage at IIABA, is moving on! Accolades to Dave on the bold move. Tears, of course for me… I feel like the yang just fell off my Kung Fu shirt.
One of the things I enjoy with Dave is his "Wall Street" contacts. Often he forwards to me a newsletter from a financial historian and market watcher at UBS, Art Cashin, Director of Floor Operations at the NYSE. His newsletter takes a broad view of the financial news and history. He often throws in puzzles. On the day Dave announced his "retirement", the question was the below:
Today's Question:
What is the smallest positive number which, when divided by 2, 3, 4, 5, and 6, always leaves a
remainder of 1?
Source: June 19, 2017 UBS Financial Services Inc. "Cashin's Comments" All Rights Reserved. Member FINRA/SIPC, UBS Financial Services Inc. is a subsidiary of UBS AG
So what's the answer? 61. Those five numbers all "guz-in-tah" 61 with one leftover. I got it by using the Excel formula "=Mod(number, divisor)" and I just checked when computation each equals "1." I did the calculation in a row for each of 2, 3, 4, 5, and 6 and then did a check for when all remainders all equal "1." Spreadsheet is below. You may see "=Mod" used in formulas in neat ways by Excel aficionados but like the use of the two formulas Indirect() and Address() combined together, that subject is worth its own student column on another day!
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BIG "I" MARKETS SALE OF THE WEEK
Congratulations to our agent in New York on an Event Liability sale of $1,419 in premium!
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