Login to Big "I" Markets  /  Retrieve Password      July 10, 2018

In This Issue:
Personal Articles Floater    |    Special Feature    |    Long-Term Care - Crump    |    Webinars    |    TRIVIA!

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The FBI maintains a National Stolen Art File from which they highlight successfully recoveries by their Art Crime Team ($165 million since 2004). This database includes items stolen from museums and individual collections.

You never know why some art is stolen, especially the more famous pieces. No one is going to be able to walk into an auction house with a stolen Mona Lisa under their arm. In March of 1990, thirteen pieces estimated to be collectively worth $500 million were stolen from a Boston museum. Among the stolen art is The Concert by Vermeer and Rembrandt's only known seascape, The Storm on the Sea of Galilee. There is a $10 million reward for the recovery of the art and the museum still displays empty frames where they hung.

So where are they, since they can clearly never be sold on the open market? Someone who would organize a theft of this level must have wanted them for themselves or were hired by someone who did. A West Virginia man just pleaded guilty to attempting to sell the pieces for $5 million, but he was attempting to defraud foreign buyers and doesn't appear to have any knowledge of their actual location.

Lesser known pieces can also be stolen and sold with a few pieces finding their way back, sometimes decades later. Most do not, but what can you do with a nine-foot long aluminum Staff of Asclepius that was obviously not stolen for scrap metal?

The Personal Articles Floater on Big "I" Markets offers customized products and services for commercial and personal inland marine fine art and valuable articles. Coverage is available for museums, galleries, private dealers and corporate collections as well as private fine art collections, jewelry, fine wine, silverware, musical instruments, antiques and any collectible imaginable. This program offers many specialized features designed for all types of risks that will appeal to even the most discerning collector, regardless of risk size. The carrier's in-depth knowledge of both personal and commercial exposures allows them to underwrite diverse risks resulting in policies that are individually tailored to meet the unique needs of your insureds.

Working with a specialty company that understands the unique elements of these risks leads to the most competitive pricing, considerably broader and more flexible coverage than your standard homeowners insurer, and expert claims handling.

Special items warrant special coverages and terms not commonly found in standard policies, offering the following coverages and unique features:

  • All risks of physical loss or damage
  • Worldwide coverage, including transit
  • Valuation options to meet individual risk needs
  • No per-item limitations
  • Newly acquired property coverage
  • No deductibles
  • Optional buy-back for recovered property
  • Legal liability coverage for objects in your care, custody or control
Expertise in claims adjusting is vital when specializing in niche coverages. Claims are processed in-house and are assigned to one of expert adjusters from a tight network of specialists in the US. These specialists then work directly with your insured guaranteeing privacy and utmost discretion in adjusting the claim. This high-profile network of adjusters gives your clients access to a host of niche industry specialists to aid in the claims process such as:
  • Fine art, collectible and jewelry appraisers
  • Specialty jewelers
  • Collectible societies
  • Conservation and restoration specialists
  • Auction houses
  • Museums and gallery curators
  • University historians and experts for unique items
  • Curating services for collectors
Policies are written on an admitted basis. The carrier is rated A XV by A.M. Best. The Personal Articles Floater (which replaces the Stand-alone Fine Arts commercial & personal products) is available on Big "I" Markets in all states (except AK & HI) for both commercial and personal lines.  

Insurbanc Weighs in on Agency Sales

InsurBanc's executive vice president and chief lending officer Robert Pettinicchi was recently interviewed for an article in Insurance Business America. In the article, "Why selling your agency might be the worst financial mistake you can make," he discusses what happens when agency owners come to a crossroads in their career. Should they sell their agency? He discusses the many options available to agency owners and why it might be beneficial to not sell right away.

"If they are dead set on selling, getting out of the business and not doing anything else, and not having any more income, then sell because they can reap a large financial reward by selling their agency, and then you hope that what you got is going to sustain you for the rest of your life," said Robert Pettinicchi.

Read more insights in the full article, which can be viewed here.

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

Long-term Care Options from Crump

The Big "I" partners with Crump to bring the expansive long-term care insurance market to members through the Crump LTC Solution Center.

Crump is one of the largest brokerage agencies, offering some of the most comprehensive sales and medical underwriting support in the industry. Big "I" members who register with Crump gain access to more than 200 carriers, a state-of-the-art website, live personal assistance, and a vast array of educational tools and resources.

Why Crump?

  • Crump specializes in LTCi. With nearly two decades of LTCi experience, Crump can help you recommend a suitable plan for your clients at a competitive premium.
  • Crump has full-time LTCi staff. Sales support associates provide illustrations, as well as product and competitive support. Licensing associates know what it takes to get you appointed and ready to sell. New business associates keep you informed of your case status and work to issue cases quickly.
  • Crump connects you with quality LTCi carriers. Carriers include LifeSecure, Lincoln Financial, Mutual of Omaha National Guardian Life, OneAmerica, Securian and Transamerica.
  • Crump is nationwide. Crump has LTCi specialists to support you across the country.
  • Crump knows how to underwrite. Crump's familiarity with health underwriting gives you added experience to help match your client's individual health issues with a suitable carrier.
  • Crump has the right marketing tools. Policy comparisons and training tools are a must for day-to-day agent use. Working with carriers, Crump provides the tools you need to successfully market LTCi.
For more information, contact Christine Muñoz at christine.munoz@iiaba.net. Ready to get started? Visit www.iiaba.net and click on "Products" to find Crump.  

NEW Cyber Insurance - Coalition Training Sessions
Big "I" Markets
Dates: July 11, 12, 18, 19, 25, 26 August 1, 2
Time: 2:00 - 3:00pm EST
Cost: FREE
Introducing Coalition Cyber Liability through the Big "I" Markets platform. Gain an understanding of how to enter business into BIM, be redirected to the Coalition website, view the automated risk assessment process, bind coverage and launch epay collection process for taxes and fees.
Shawn Ram - Coalition
John Roberts - Coalition
Aimee Fawns - Big "I" Markets

Please send any questions to Aimee.Fawns@iiaba.net.
NEW Pricing is Dead! Long Live Pricing!
Big "I" Virtual University
Lightning Learning for July
Big "I" Virtual University
Date: Wednesday, July 18
Time: 1:00 - 2:30pm EST
Cost: $49 (includes live presentation, recording and written transcript)
Insurance agents are losing their influence on policy pricing. Underwriters are rolling out new tools such as artificial intelligence, machine learning, big data, and cloud computing. As a result, agents must ask themselves, "What is MY role if I am no longer able to influence pricing for my clients and prospects?"

Over the next several years, agents who disconnect their value proposition from the traditional "I can get you a great price" and relearn how to better service their clients will thrive. Those that don't will likely find there their performance levels quickly eroding. Attend this webinar and learn how to adapt to the process and change your game with solid strategies from instructor Frank Pennachio.

VU webinars offer comprehensive looks at industry issues. If you are looking for quick strikes of knowledge check out the VU's 20-minute Lightning Learning series that will focus on Personal and Business Auto Policies for the month of July. Please send any questions to VU staff.
Dates: July 10, 24, 31
Time: 11:00 - 11:30 a.m. EST
Cost: $9.99 for all three sessions
The VU's July Lightning Learning series features three 20-minute sessions dedicated to Personal and Business Auto Policies 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:
  • July 10 - Insurance and Autonomous Vehicles
    Autonomous vehicles are coming, the only question is when. Many evolutions and revolutions must occur before US streets are fully autonomous and everyone in the vehicle is nothing more than a passenger.
  • July 24 - Applying the "Business Use Exclusion" in the Personal Auto Policy
    For most PAP insureds, the business use exclusion is irrelevant. In practical application, the PAP extends coverage for the business use of a "your covered auto" provided it's not used to carry people or property for a fee (i.e., Uber or Lyft). Absent material misrepresentation in the application regarding the use of the vehicle, the PAP responds to an incident arising from most business use.
  • July 31 - Why Personally-Owned Autos Don't Belong on the BAP
    Personally-owned autos belong on a Personal Auto Policy. However, sometimes you are forced by the insured to place the individually-owned auto on the BAP. Or, you add a personally-owned auto to the BAP without knowing it.
Consider presenting conference style for the entire agency to benefit. Please send any questions to VU staff.  

Be one of the first five with the correct answers and win a $5 gift card (Starbucks, Dunkin' Donuts, Baskin Robbins, or Krispy Kreme).

1. In 1911 Vincenzo Peruggia stole the real Mona Lisa from the Louvre but was arrested two years later after contacting an Italian art dealer. He claims he didn't do it for money, so what was his given motivation?
2. On May 11th the Troy Police Department in Michigan swore in an unusual new officer. What is her name?
3. True or False: Disability insurance and long term care (LTC) insurance cover the same things.

TB - On this date in 1040, Lady Godiva is reported to have ridden naked through the English city of Coventry in protest of something her husband had done. What was she protesting?

Here are the top three items that got BIM agents clicking from our last edition... see what you missed!
  1. ACT's New Customer Experience Planning Website
  2. Selective Flood
  3. Cyber Insurance - Coalition: Submission Training Webinar Registration

Congratulations to our agent in Florida on a Eagle Express sale of $6,900 in premium!  

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