 Big "I" Markets partner Coalition was built at the intersection of technology and insurance to address what is now the single most prevalent risk for small and medium businesses-cyber risk. Not content with the breadth of existing cyber insurance policies, they created their own. This is a huge factor in what makes Coalition such a great resource to share with your customers.
Coalition doesn't just help protect your customer's networks, they help protect their entire business with up to $10 million of the most comprehensive insurance coverage available. Coalition policies come standard with broad coverage for data breaches including breach response costs outside the limit, privacy and multimedia liability, business interruption events (including an industry-leading one-hour time retention), system failures, ransomware and cyber extortion, social engineering and funds transfer fraud losses, regulatory fines and penalties, among many others.
Furthermore, Coalition is the first insurance market to affirmatively provide coverage for cryptomining and service fraud, computer replacement costs in the event of a malware attack, as well as property damage, bodily injury, and pollution coverage for so-called physical cyber attacks. No matter which coverages you elect to offer your customers, all include full prior acts coverage.
Just as cyber threats evolve every day, so too must insurance coverage. The Big "I" is committed to giving our members the tools they need to help their clients understand, combat and mitigate these evolving risks, and to ensure that our agents have market solutions at their disposal. We scoured the market to find the best cyber solution for our agents, and we're proud to partner with Coalition to offer the most innovative and comprehensive coverage available.
For a fun look at how Coalition measures up to other cyber insurance providers, check out this recent blog post from Coalition co-founder Joshua Motta, entitled 10 costs your cyber insurance policy may not cover (unless it's with Coalition) . We think you'll be as impressed as we were - and your customers will be too!
To learn more about Coalition's mission to "solve cyber risk," and begin quoting business today, log into www.bigimarkets.com and select "Cyber Insurance - Coalition" from the commercial products menu. You may contact Big "I" Cyber Liability Program Manager Carla McGee directly with any questions, or to have her walk you through a quote, at carla.mcgee@iiaba.net or (800) 221-7917.
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SPECIAL FEATURE
Don't Forget the Declination Forms!
 Offering personal umbrella coverage to every client is essential. That's why the Big "I" developed a customizable PUP declination form that you can use to document that you've offered umbrella coverage in your client files. This is a top-clicked resource among Big "I" members, and with good reason. Offering your client coverage can lead to a sale, and when it doesn't, documentation that it was offered can provide protection for your agency in the event of an agency E&O claim.
Given the success of the PUP Decline form, our team worked with RLI to add a similar resource for Home Business. Use our customizable Home Business declination form when discussing potential home business risks with your clients.
Visit www.iiaba.net/RLI and www.iiaba.net/homebusiness to download the forms from the right hand menu. Simply add your agency name to the bottom of each form using the PDF form field.
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Are You Up On RLI PUP Changes?
 In case you haven't heard the news, the RLI Personal Umbrella policy has made some major eligibility and underwriting changes for new and renewal business!
The major changes to the eligibility guidelines are summarized below:
Drivers under the age of 20 will be eligible with one (1) incident (violation OR at-fault accident). Previously, drivers age 20-21 were eligible with one incident, while those under the age of 20 were ineligible. As a result, the yes/no question pertaining to a driver under the age of 20 with an incident has been removed.
Drivers under the age of 22 will be eligible with basic underlying automobile limit B (250/500/50 OR 300/300/50 OR 300 CSL). Previously, drivers under the age of 22 required basic underlying automobile limit of A (500/500/50 OR 500 CSL). Note that basic underlying auto limit A will continue to give a discount.
Up to $5M limits will be available for certain PUP Special risks. If a risk is in PUP Special due to the number of autos and/or properties (questions 1 and 2), and no other response(s) make the risk PUP Special, up to $5M limits will be available. Previously, any response that made the risk PUP Special was limited to $1M.
Up to nine (9) residential properties rented to others that are not occupied in whole or in part at any time will be eligible. Previously, ownership of six (6) or more of these properties was ineligible. As a result, the yes/no question pertaining to six or more rental properties has been removed.
Simplification of the farm/timberland question. Previously, RLI asked for how many acres of timberland and/or land that is farmed. RLI have removed that distinction and instead ask for how many acres of land are owned or leased.
Simplification of the target political figure question. In most states, appointed or elected political figures lower than the state level in a political subdivision with a population above 100,000 were previously ineligible. That distinction has been removed.
Increase of the prior liability loss amount for eligibility. Previously, the prior liability loss amount for eligibility was $25,000. Along with re-wording the question to include open liability claims or lawsuits, the prior liability loss amount has been increased to $50,000.
Learn more about the Big "I" Personal Umbrella Program at www.iiaba.net/RLI.
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NEW Five Contractor Coverage Concepts Every Agent MUST Understand
Big "I" Virtual University
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Date: Wednesday, December 12 (Date corrected)
Time: 1:00 - 3:00pm EST
Cost: $179 nonmembers / $79 members (includes live presentation, recording, and written transcript)
CE credits available in some states
Summary:
Contractor risks are unique regarding their risk profile, exposures and coverage needs. Agents must understand these unique risks, exposures and coverages to properly manage their contractor clients.
This session focuses on five of the most common contractor risk exposures:
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Contractual Risk Transfer
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Properly Extending Insured Status
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Business Auto Issues
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Misuse of the Absolute Pollution Exclusion
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Professional and Pollution Exposures Faced by Contractors
A lot of material is covered in this fast-moving, two-hour session. Agents will be better prepared to analyze the risks presented by their contractor clients and know how to properly respond to their coverage needs and claim questions.
All 2-hour Big “I" Virtual University webinars include access to the live session, a link to the post-event on-demand recording available to you 24/7, and a transcript, a valuable and value-added reference tool. Please send any questions to VU staff. Review all VU education offerings here.
Registration:
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NEW Lightning Learning for December
Big "I" Virtual University
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Dates: December 6 & 19
Time: 11:30 - 11:50am EDT
Cost: $9.99 (includes both sessions)
Summary:
The VU's December Lightning Learning series features three 20-minute sessions dedicated to "Premium Leakage" & Exclusions Even if you can't participate in the live sessions, you will receive a link to the on-demand recordings and can listen to them at your leisure. Register once and attend:
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December 6 - What Does Your Underwriter Mean by "Premium Leakage"
Carriers spend many hours in underwriting meetings discussing "premium leakage." Maybe you have heard the underwriter slip up and use that term when explaining why they can't class something a certain way or why the premium cannot be altered any further. And if you didn't ask the underwriter, I bet you've asked yourself – what in the wide-open world is premium leakage?
In this session we define and remove the mystery from the concept of premium leakage. Maybe you can help the underwriter help you with this knowledge.
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December 19 – Why are Exclusions Excluded?
Insurance exists to protect insureds against the economic consequences of an unforeseen, potentially catastrophic individual loss; however, P&C insurance policies are not designed to protect against every possible source of financial loss. Traditional insurance policies contain a list of incidents, causes or results not covered by the policy. Exclusions always exist, and there are reasons for each one.
In this session we:
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Introduce the three categories of exclusions; and
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Detail why exclusions exist.
Consider presenting conference style for the entire agency to benefit. Please send any questions to VU staff. Review all VU education offerings here.
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 - Theresa Krause (TX), Lana Campbell (NM), Linda Gammill (MS), Cheryl Sedich (CT), & Katrina Willard (FL).
1. What is the Single Bond Limit for surety bonds through the Goldleaf Short Cut Bond Program? - $500,000
2. On this date in 1961 which professional hockey player became the first to play in 1,000 NHL games - GORDIE HOWE
3. In the Employee Theft article above, what type of product was being redirected? - FAJITAS
TIE BREAKER
TB - On November 4th, in Pasco County, FL, Don Swartz received a speeding ticket in a Smart car customized to look like what? - FRED FLINTSTONE'S FOOTMOBILE
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BIG "I" MARKETS SALE OF THE WEEK
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