 With changing weather patterns causing more severe and frequent rainstorms and snowstorms with significant snowmelt, the threat of costly flood damage due to inland flooding is growing. Today, even home-based business owners in normally low to moderate flood risk areas need coverage.
RLI's New, Affordable Coverage
RLI has partnered with Munich RE to provide affordable, inland flood insurance to cover the most common flood exposures. We offer Inland Flood Coverage as an endorsement to our Home Business Insurance policies.
Designed specifically for home-based business owners in lower flood risk areas, this coverage is affordable and insures the most common flood exposures. The endorsement covers:
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Business Personal Property
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Business Income and Extra Expense
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Business Personal Property Removed to Safety
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Limited Fungi, Wet Rot or Dry Rot
Exclusions include, but are not limited to, damage to business personal property not inside the home, sump pump discharge or overflow, or back up of sewers or drains, unless caused by flood. Eligibility includes single and multiple family dwellings (1-4 condo units) in all FEMA Flood Zones except those beginning with A and V prefixes, and it does not satisfy federally-regulated mortgage lender requirements.
Protecting a Home Business: A Claims Example
A creek behind a home overflowed, inundating normally dry land and causing damage. Water entered the basement through the windows, and the sump pump could not handle the excess water from the flood. In addition, there was a clear watermark on the outside of the home. The insured had $15,000 of Inland Flood Coverage Limit with a $500 deductible.
HOW RLI'S INLAND FLOOD COVERAGE APPLIED
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Damage to business personal property in the basement |
$10,200 |
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Lost revenues due to business interruption |
$5,700 |
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Total Damage: |
$15,900 |
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Deductible |
$500 |
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Full Limit Paid to Insured: |
$15,000 |
LEARN MORE
Find out how our new Inland Flood Coverage fills a growing coverage gap and protects home-based business owners against serious losses that can come with a damaging flood. Visit our RLI administrator today.
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SPECIAL FEATURE
Tralka Gets Wisdom from Agency Owners
 InsurBanc's David Tralka recently had an article published in National Underwriter/Property-Casualty magazine entitled "Wisdom from Agency Owners."
In the article, Tralka discusses five key lessons on agency ownership and perpetuation. He shares the wisdom he's heard from agency owners over the course of his career. These lessons can help current and prospective agency owners plan for the future of their agency.
The full article can be viewed here. This article was first published in National Underwriter Property & Casualty magazine and is republished here with permission. Copyright© 2018 by The National Underwriter Company, DBA ALM Media, LLC. All rights reserved.
Learn more about Insurbanc, the bank founded by and for independent insurance agents, at www.insurbanc.com. If you don't already like Insurbanc on Facebook, visit https://www.facebook.com/insurbanc to stay abreast of financial news relevant to you.
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Chubb - Driven By Clients' Safety
By Meghan Jackson, Chubb Business Development Manager
 It doesn't matter whether your clients are driving a Honda or a Jaguar, a sports car or an SUV. Vehicles today are complex machines. Their lightweight construction and specialized technology add fuel efficiency to the car and help protect your clients and their families. But they also make repairs challenging. After an accident, cars must be repaired precisely, to manufacturer's specifications, to be safe on the road again.
Chubb has been insuring cars since they were first invented - everything from everyday cars to high-end, luxury vehicles. They respond quickly and professionally to customers, regardless of whether they're in a small accident or a large catastrophic event. Chubb insists on the highest repair standards to keep customers safe. Chubb has created The Chubb Mobile Estimate app to settle claims within the same day, and they recently created an accident checklist for assistance gathering important information at a time when nerves can be at their worst.
Simply stated, Chubb's expertise gives them an advantage over the competition. Over the past five years, Chubb has resolved 100,000 auto collision claims involving complex vehicles. Because half of their fleet is comprised of European cars - known for being more complex - they have the expertise to manage any vehicle repair. Chubb's elite team of Auto Technical Specialists serve as your client's safety advocate by accessing specialized guidance on complicated repairs or hard to obtain parts. They ensure that vehicles are repaired according to manufacturer's specifications, or not at all.
97% of customers surveyed in a 2016 internal Chubb survey would recommend Chubb to a family member or friend and here are just a few reasons why: -
Customers can choose a dealership, local body shop or Chubb-approved Masterpiece Auto Preference Services (MAPS) shop for repairs. MAPS shops are pre-certified, based on their skill and expertise, and they guarantee any work performed on a vehicle for the lifetime an insured owns that car.
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They insist on Original Equipment Manufacturer (OEM) parts, which are designed to work with the vehicle's safety systems. Aftermarket, junkyard or remanufactured collision-damaged parts may not perform well in a subsequent crash.
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If your clients' vehicle cannot be safely repaired according to the manufacturer's specifications, Chubb will total it.
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With optional Agreed Value coverage, Chubb agrees to honor the value of a car for one calendar year. If that vehicle is stolen or totaled within that year, Chubb writes a check for the agreed amount, not a depreciated limit. Vehicle values are re-set each & every year the Agreed Value option is chosen.
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With Rental Car Reimbursement coverage, your clients can rent a car just like the one they own. Rental reimbursement coverage is offered up to $15,000 total, with no per-day limit, and emergency coverage for losses 50 miles or more from home.
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Chubb offers high coverage limits of up to $10 million for auto liability and up to $10 million for UM/UIM coverage.
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Your clients are covered for damage to a rental car most anywhere in the world when they purchase a liability limit of $1 million or more. Clients don't even need to have their auto insured with Chubb in order to access this coverage!!!
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125 dedicated auto claim professionals are available 24/7/365. Chubb has 3 call centers in the United States and Multinational Claim units are operational in 54 counties, providing assistance to your customers most anywhere in the world.
Hear from Angela E. regarding her experience with Chubb when her daughter was in an accident.
Complex construction and complicated technology can make auto repairs more challenging and costly, but if your client is insured with Chubb, there's no need to worry. The Chubb Masterpiece Auto Preference 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 about Chubb Masterpiece by logging into www.bigimarkets.com and clicking on Affluent Program - New Business.
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NEW Cyber Insurance - Coalition Training Sessions
Big "I" Markets
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Dates: July 25, 26 August 1, 2
Time: 2:00 - 3:00pm EST
Cost: FREE
Summary:
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.
Panelists:
Shawn Ram - Coalition
John Roberts - Coalition
Aimee Fawns - Big "I" Markets
Please send any questions to Aimee.Fawns@iiaba.net.
Registration:
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NEW The Never-Ending Problems with Certificates of Insurance
Big "I" Virtual University
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Lightning Learning for August
Big "I" Virtual University
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Date: Wednesday, August 15
Time: 1:00 - 2:30pm EST
Cost: $49 (includes live presentation, recording and written transcript)
Summary:
Ridiculous requests and tough situations regarding certificates of insurance (COI) NEVER go away. Every week the Big "I" Virtual University gets multiple questions about the proper use of COIs. Many are common questions, but on occasion, we get a question that hasn't been asked before.
Agents can never become complacent or lazy when dealing with COI issues, and although you are probably tempted, never give up or give in to the stupidity - stand and fight!
In this session, we will review the purpose of certificates (old information), answer the 21 (probably more) most common questions we receive, and will explore some of the more unusual questions we've heard as well.
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 Contractual Risk Transfer and Total Cost of Risk for the month of August. Please send any questions to VU staff.
Registration:
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Dates: August 7, 16, 28
Time: 11:30 - 11:50 a.m. EST
Cost: $9.99 for all three sessions
Summary:
The VU's August 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:
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August 7 - Your Insureds and Contractual Risk Transfer
Understanding contractual risk transfer is a key requirement for staying out of trouble when you insure contractor risks. But even if you don't insure construction-type operations, you will be subject to contractual risk transfer language at some point, you can count on it. This session answers seven related FAQ's.
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August 16 - Explaining the Total Cost of Risk (It's More Than Premiums)
What the insured doesn't understand is that insurance is not about the price of insurance (which the commercials seem to tout), it is about the cost of risk. In this session we detail the seven costs of risks insured must consider; the agents job to explain them.
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August 28 - Coinsurance - Down and Dirty Explanation
Co-insurance provisions found in property policies exist primarily to assure that the insurance carrier receives adequate premium for the coverage provided. Without a coinsurance condition, and its applicable penalties, insureds might be willing to purchase an amount of coverage somewhat less than the value of the subject property because of the statistically low probability of a total loss. This session dispels the myth that co-insurance is as easy as Did/Should x Loss - Deductible = Payment.
Consider presenting conference style for the entire agency to benefit. Please send any questions to VU staff.
Registration:
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BIG "I" MARKETS SALE OF THE WEEK
Congratulations to our agent in New Hampshire on an Eagle Express sale of $3,636 in premium!
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