Login to Big "I" Markets  /  Retrieve Password      October 24, 2017

In This Issue:
Chubb - Affluent Homeowner    |    Special Feature    |    Chubb - Recreational Marine    |    Webinars    |    Parting Shot    |    TRIVIA! Winners

Access to two stand-alone personal umbrella markets: RLI (preferred) and Anderson & Murison (alternative). Protect yourself from “failure to offer” E&O claims; offer a personal umbrella to every client.
Each Wrap+ coverage has been crafted to seamlessly work in conjunction with all of the other Wrap+ coverages or function as a single policy.
Three carriers, one submission. Broader options put choice and quality at your fingertips.

Through Big "I" Markets you have access to the same great flood products available to Chubb homeowner and condo/cooperative ("condo") policyholders. Offering higher limits and broader coverage options than what is available from the National Flood Insurance Program (NFIP), they come with the same exceptional Chubb claim service your clients have come to expect.

Highlights of Chubb's Primary and Excess Flood coverage include:
  • Higher limits for high-value homes: Up to $15 million in total property coverage.
  • Replacement cost for damaged property and possessions: In many cases, standard flood policies won't cover the full cost to repair or rebuild the home after a flood. Chubb will pay to replace your clients' property and possessions (up to the policy limit), without deduction for depreciation, in the event of a covered loss.
  • Rebuilding to code: Coverage up to $30,000 is included for costs to comply with any law or ordinance requiring that your clients repair, rebuild, elevate, flood-proof or demolish your home after a covered loss. Higher limits are available for an additional premium.
  • Better coverage where floods are likely to cause the most damage: If your client has a finished basement that serves as a home theater, billiard room, or other purpose, Chubb offers added protection for "real property" as well as contents in this damage-prone section of the home.
  • More coverage for precious possessions: Chubb offers higher-than-average limits for special possessions such as art, collectibles, jewelry and silverware, furs and even golf carts - $5,000 for each category.
  • Coverage if your client must live away from home due to flooding: Additional Living Expense coverage up to $7,500 pays for a temporary residence, meals, and other expenses if your client's home can't be lived in during rebuilding or repairs after a covered flood loss. Higher limits are available for an additional premium - refer to the table below for more information.
  • Loss avoidance measures: Coverage up to $5,000 is included for expenses to help protect the home from flood damage and to move property out of harm's way when a flood warning is issued.
  • Related coverages: Coverage for debris removal, condo or homeowner association loss assessments and business property is also included.
  • More deductible options: Chubb offers deductibles ranging from $500 - $50,000.
  Automatically Included
Buy-upLimits Available
Contents in Basement* $15,000 Up to $500,000 total, in $5,000 increments
Real Property in Basement** $30,000 Up to $1,000,000 total, in $5,000 increments
Additional Living Expenses*** $7,500 Up to 50% of total flood coverage, in $5,000 increments
Rebuilding to Code $30,000 Up to 25% of flood coverage for the building or A&A 
*Contents in Basement coverage is not available if Contents coverage is not selected. Not to exceed total amount of flood coverage for contents.
**Real Property in Basement coverage is not available for a condo if Additions & Alterations coverage is not selected. Not to exceed the total flood coverage for the building, or if a condo, combined contents and A&A coverage.
*** Additional Living Expenses overage is only available for House and Condo/Co-op policies and is not available for Other Permanent Structure ("OPS") policies.

Basic Eligibility Criteria

A unique feature of the Chubb Flood program is that underwriting goes beyond FEMA Flood Zone information, to include specific risk characteristics and prior loss experience. While final eligibility will be determined during the underwriting process, here are some basic eligibility guidelines:
  • Client has a Chubb Masterpiece Homeowners policy in good standing for the same location
  • The first living floor of the residence must be at or above Base Flood Elevation (BFE)
  • No prior flood losses at the location for Primary Flood eligibility
  • The Dwelling or Additions and Alterations limit on the underlying home policy cannot exceed $25M, regardless of the amounts of flood coverage being requested
  • For locations subject to surge, the Excess Flood product may be an option
  • The world-renowned Chubb claims team will adjust all flood losses, which means that one of our claim professionals will make initial contact with your client within six hours or less (once the claim has been reported) and most covered claims will be paid within 48 hours of settlement.
The Chubb admitted Flood products are available in the following 37 states:
Arizona Indiana New Jersey Tennessee
California Kansas New Mexico Texas
Colorado Maine1 New York Utah
Connecticut Massachusetts North Carolina1 Vermont New
District of Columbia Maryland Ohio Virginia
Delaware1 Michigan Oklahoma Washington
Florida Minnesota Oregon Wisconsin
Georgia Missouri Pennsylvania  
Idaho Nevada New Rhode Island1  
Illinois New Hampshire New South Carolina  
1 Only Excess Flood is available in these states

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."  
Don't Get Left Behind in a Rising Rate Environment
By David W. Tralka, president and CEO of Insurbanc

Interest rates are rising again. In June, the Federal Reserve made its fourth upward adjustment in 18 months. The Fed's recent tightening brings to a close a remarkable chapter in our monetary history. In December 2008, the prime rate fell to a near-record low of 3.25 percent and remained unchanged for seven straight years. Not since 1955 had rates been that low, and not for that long a period of time. As a consequence, many younger agency managers have never lived through a rising rate environment and may not fully appreciate the impact of higher rates on borrowing costs, cash management and agency values.

While most economists expect the Fed's rate hikes to be gradual, it's important to understand that because we have had low interest rates for so long, even relatively small increases will have a big impact on the cost of capital. The historical average for the prime rate is 7 percent. As we move back towards that mean, borrowing costs will increase significantly - in fact, double. Agencies need to be prepared and take steps to better manage their capital needs.

Click here to read the full article.

Learn more about Insurbanc, the bank founded by and for independent agents, at www.insurbanc.com.  

Winter Lay-Up Boat Tips From Chubb

With the summer boating season now behind us, boat owners across the country are beginning to prepare their vessels for winter storage. To help customers with this important lay-up process, Chubb is sharing its "Going Into Lay-Up" tip sheet, along with a full length "Going Into Lay-Up" brochure. Developed by Chubb's team of highly experienced marine specialists, these education resources are designed to help yacht and boat owners store their vessels safely over the winter and ensure readiness for spring commissioning next year. We encourage you to share this valuable information with your clients whenever possible. You can download the PDFs from the following links: Chubb Recreational Marine has been a leading provider of boat and yacht insurance for decades, offering comprehensive policies for private pleasure watercraft of all sizes. The Yachtsman®/Boatsman® Policy provides all-risk protection for a wide range of pleasure boats and yachts, including select occasional charter opportunities, along with many unique benefits and features. Some eligibility info:

Yachts (27' or greater and up to $3 million in value) - Yachtsman®/Boatsman® Policy
  • Length: Minimum 27' - no maximum
  • Hull values: No minimum - $3 million maximum
  • No high performance vessels (refer to our Performance Policy)
  • Available in all states except Alaska and limited availability for permanently moored Florida risks: Florida eligibility is only available for preferred vessels over $1 million in value with a permanent, full time captain employed
  • Pleasure use
  • Owners/Named insured must be 21
  • Vessel owners should be experienced in similar size/type vessels. Refer first time boat owners or those making a jump of 10' or more.
  • Condition and Valuation surveys required at 10 years of age for salt water risks. 20 years of age for fresh water risks.
  • Lay-ups - afloat or ashore
Small Boats (less than 27') - Yachtsman®/Boatsman® Policy
  • Length: no minimum - maximum under 27'
  • Hull values: no minimum - no maximum
  • No high performance boats (refer to our Performance Policy)
  • Bass boats acceptable. Pontoon boats on inland waters acceptable.
  • Available in all states except Alaska
  • Limited availability for permanently moored Florida risks
  • Pleasure use
  • Owners/Named insured must be 21
  • Some boating experience is desired - refer first time boat owners
Elite Yacht® Program (70' or larger and valued at $3 million or greater, having a full-time paid captain) The Elite Yacht® Program is Chubb's exclusive program to fulfill the specialty insurance needs of luxury yacht owners with vessels valued at $3 million or greater. Exceptional yachts require specialized insurance protection and the Elite Yacht Program provides significantly increased benefit levels for a broad range of coverage, along with many other valuable and unique policy features. Log into www.bigimarkets.com for full details.

Personal Watercraft (PWC)
  • Owners/Named insured must be 21
  • Licensed driver
  • Personally Owned
  • Pleasure Use only
  • No more than 2 unrelated owners
  • Speed up to 60 mph
  • Seats 2-3 people
  • 7 ft. up to 16 ft. in length
  • No modifications
  • Water-jet propulsion
  • Owner and Operators must have clean MVR (0-2 points)
  • MVRs required if operator under 25 years old
Make fast and head over to www.bigimarkets.com to choose any of these products from the personal products menu, review full coverage details, or submit a quote.

Please note that the four Marine Insurance products are now consolidated under a single product on Big "I" Markets named Recreational Marine. There will be absolutely no changes to carrier, coverage, or availability.  

BIM Website Training Webinar
Big "I" Markets
Date: Thursday, November 2
Time: 2:00 - 2:30 p.m. 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.

Here are the top three items that got BIM agents clicking from our last edition... see what you missed!
  1. Non-standard Homeowners
  2. Travel Insurance article
  3. Wrap+ Executive Liabilty

Congratulations to our agent in Alabama on an Eagle Express sale of $3,614 in premium!  

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