Login to Big "I" Markets  /  Retrieve Password      March 20, 2018

In This Issue:
Personal Articles Floater    |    Special Feature    |    Recreational Vehicles Personal    |    Webinars    |    TRIVIA!

Their underwriting approach is to offer quality coverage at a competitive price, regardless of property age as long as updated within the last 30 years.
One of the premier portfolios of protection in the industry delivered by a team of experts dedicated to serving community banks.
Together, Big "I" Flood and Selective's relationship helps deliver members an unparalleled flood program.


What do Hot Wheels and Barbie dolls have in common, besides being the #1 boy and #1 girl toy of all time? Ruth Handler created the first Barbie doll in 1959 and named it for her daughter, Barbara. In 1968, Elliot Handler created the original Hot Wheels to be a more "tricked out" version of the then more realistic Matchbox cars. Ruth and Elliot were husband and wife.

Large collectors of the toys tend to be very passionate about them, usually starting in childhood. The woman with the largest Barbie collection runs a "hospital" where she fixes broken Barbies. The man with the largest Hot Wheels collection (valued at over $1 million) even had his home office designed to resemble Elliot's office in 1970.

Collectors of other iconic and lesser-known toys also tend to be equally devoted if not more so. Some collections may be extensive and include rare specimens and not really be worth anything, such as this collection of over 11,000 "Do Not Disturb" signs. Other collections are worth a wee bit more. Your own clients' collections will likely fall somewhere between, with some requiring detailed planning to protect them, including insurance.

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.  

2018 BIM Product Guide

Each year we publish a printed guide for Big "I" Markets, which is delivered to Big "I" member agencies the old-fashioned way, through the mail.

We're pleased to offer Two for Tuesday readers a preview of this guide, which gives an overview of most markets available on BIM. You should be receiving one in your agency mailbox very soon!

Our cover this year has the phrase, "We are the key for the markets you need today." And that's just how we hope you feel after reading through the wide array of markets available to you as a Big "I" Markets agent. Take a moment to flip through and perhaps discover a gem you hadn't noticed before.

Product availability does vary by state so be sure to log into www.bigimarkets.com for the most up-to-date product listing for your agency.  

RV Ownership on the Rise

According to the Recreational Vehicle Industry Association, RV wholesale shipments finished 2017 with 504,599 units up, 17.2% compared to the 430,691 units shipped in 2016. December sales were the best ever and 2017 sales were 17% higher than 2016. That's a lot of new RVs on the road nationwide, which spells big opportunity for Big "I" Markets agents.

Several trends point to continued growth. Baby Boomers continue to retire, the largest segment of buyers is between 35-54, and an increasing percentage of millennials are buying RVs. Manufacturers are offering innovative new products increasing energy and fuel efficiency, plus solar panels are appearing on more models.

This means that there are many first-time buyers that will need a lot of help. Fortunately the RV crowd tend to love to share information, from taking the time to choose the right RV, tips on making that first trip easier and an excellent list of risk avoidance advice because when it comes to low overhangs and bridges, "I think I can make it" is a statement often made just before a call to the insurance company.

What seems to be missing in advice among online communities is information about insuring an RV. Many new owners might not be aware their auto doesn't cover some important elements such as Vacation or Full-Timer Liability. Another difference between insuring an RV and a typical car is that RV coverage can often be suspended when the RV is placed in storage. This makes sense, as collision coverage would hardly be an issue when the RV is out of commission and in a long-term storage lot or trailer home. Especially for retired couples on a budget, this is a budget-snipping measure that makes a lot of financial sense.

National General knows personal RV coverage and offers many unique coverage options and discounts which are designed specifically to accommodate the avid RVer such as Accident Forgiveness, where a National General customer's first accident will not impact their rates. National General also helps you retain accident-free RV customers with their Diminishing Deductible option. When your RV customers add this option to their policy, 25% of their deductible is waived (up to 100%) for each annual renewal that they have no claims.

Additional Coverages:

  • Personal Belongings Coverage for full replacement cost up to $3,000 - From laptops and linens to attachments and accessories, their belongings are automatically insured for what they paid - not a depreciated amount. You can add more coverage if they need it. Automatic coverage, designed specifically for the way they really use their RV - at no extra charge.
  • Optional Full Replacement Cost Coverage - National General gives your client a comparable new RV if theirs is totaled or stolen.1 This protects them from depreciation - they could save thousands!
  • Permanent Attachments Coverage - National General automatically insures permanent attachments for the full amount it would cost to replace them - not a depreciated amount. Designed to provide extended coverages that make sense for RVs.
  • Emergency Expense Allowance - National General will reimburse your client up to $100 per day (maximum $500) for food and lodging if a covered accident leaves them stranded more than 100 miles from home. Provides peace of mind if they ever get stranded.
  • Full-Timer Coverage - For RVers who live in their RV full-time, National General offers specialty coverage with their specific needs in mind. Just the right combination of coverages for those who live in their RVs - not offered by regular car insurance.
  • Storage Option - Clients can save money by suspending the coverage they don't need during the months their RV is not on the road. They'll still be fully protected against threats like fire, storms, wind and theft. Just six months of this exclusive Storage Option could save insureds up to $400!
Recreational Vehicle - Personal coverage is available on Big "I" Markets for most recreational vehicles, including motorhomes, fifth wheels, mounted truck campers and more.

1 If your RV is totaled or stolen (and not recovered) in its first five model years it will be replaced with a comparable new RV, even if you're not the original owner. After the first five model years, you will receive your full original purchase price - not a depreciated amount - toward the purchase of the replacement RV. Replacement Cost Coverage must be purchased during the RV's model year or within the following four years.  

NEW March Lightning Learning
Big "I" Virtual University
NEW Condo Cases of Crime and D&O Defects
Big "I" Virtual University
Date: Wednesday, March 7, 20, 28
Time: 11:30 - 11:50 p.m. EDT
Cost: $9.99 for all three sessions
The Big "I" Virtual University's March Lightning Learning series features three 20-minute sessions dedicated to "property pimping". Even if you can't participate in the live sessions, you will receive a link to the on-demand recordings and can listen at your leisure. Register once to attend the following:
  • March 7 - Reviewing the Ridesharing Endorsements
    Ridesharing was the insurance industry's first major introduction to the sharing economy. This session reviews ridesharing endorsements and how coverage changes with each.
  • March 20 - Reviewing the Home Sharing Endorsements
    Airbnb, and other home sharing opportunities, hit the insurance industry about the same time as ridesharing. This session reviews home sharing endorsements.
  • March 28 - Understanding the Other "Property Pimping" Exposures
    Beyond cars and homes, your insureds are sharing more than you know; this among both personal lines and commercial lines clients? This session illuminates what is being shared and how underwriting might change.
When looking for quick strikes of information on focused topics the VU's monthly Lightning Learning series is there to help. The next extended webinar will focus on Pollution Exclusions and includes a 'seat' to attend live, a link to the on-demand recording, and a written transcript. Consider presenting conference style for the entire agency to benefit. Please send any questions to VU staff.
Date: Wednesday, April 11
Time: 1:00 - 1:30pm EST
Cost: $49 (includes live presentation, recording and written transcript)
Crime cases of embezzlement in community associations are undeniable and range in boldness and severity. Consider a true-tale of long-time Board of Director's member that decided to fund his gambling habit with subdivision assessments. Or a condo manager that transferred condo money into a fake maintenance company (herself). Attend the Condo Cases of Crime and D&O Defects webinar to learn how to build better fidelity and D&O policies for community associations, the type of claims covered under a broad policy and what you can do to protect your condo clients by building a better fidelity policy.

If you are looking for quick strikes of information check out the VU's 20-minute Lightning Learning series set to focus on good business and goal setting for the month of April. 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).

Don't forget to answer the Tie Breaker!

1. What is Barbies' full name?
2. On January 15th, 2018 it became illegal in New Jersey to operate what while drunk?
3. What is oxymoronic about the third stanza of the Gilligan's Island theme song?

TB - In what year did Airstream officially start production of their famous trailers begining with the Torpedo Car Cruiser?

Here are the top three items that got BIM agents clicking from our last edition... see what you missed!
  1. E&O Risk Management Disclaimers
  2. Chubb - Small Commercial Appetite Guide
  3. Customizable PUP Declination Form

Congratulations to our agent in Congratulations to our agent in Iowa on an Affluent Homeowners New Business sale of $68,894 in premium!  

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