 In February, a professional photographer was hired by a real estate agency to take pictures of a home up for sale. Instead of a photo shoot, he got shot by the homeowner. The original photo shoot appointment had to be rescheduled but the agency failed to notify the homeowner of the new time and date; that's what led her to believe she had an intruder. Now the photographer is suing the real estate agency, the agent that hiring him, and the homeowner.
Just like independent insurance agents, real estate agents need errors and omissions insurance. And as a BIM agent, you have access to Travelers 1st ChoiceSM for Real Estate Professionals to protect them.
Check out these flyers and checklists to help you sell coverage to your clients.
Product Features:
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Bodily Injury and Property Damage resulting from a covered professional service(s).
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Disciplinary proceeding defense expenses reimbursement up to $25,000.
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Increased liability limits available for those who qualify.
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Defense expenses related to covered claims in additional to the limits of coverage.
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Deductible applies to defense expenses, unless endorsed or not allowed by state.
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Option to provide prior acts coverage without a retroactive date limitation, for those who qualify.
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Many extended reporting period options, including an unlimited time period endorsement option.
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No exclusion for fair-housing discrimination committed in real estate professional services as a real estate agent or broker.
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No exclusion for losses resulting from a real estate agent or broker failing to advise a buyer or seller that pollution, fungi and bacteria exists on a property.
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No sub-limits for certain types of claims.
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Coverage for employees and independent contractors of the insured automatically included as protected persons for claims resulting from professional services they perform for the named insured.
Need Realtor prospects or contact information for a Realtor you know? Try the "Find a Realtor" feature of Realtor.com (not an endorsement). Call five a day and you'll be homing in on sales in no time! Coverage is available in all states with the exception of CA, HI, and LA and is written on admitted paper. Log in to Big "I" Markets at www.bigimarkets.com and click on Real Estate Agents and Property Manager E&O to learn more or to request a quote.
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SPECIAL FEATURE
Activate Your Big "I" Member Discount with UPS
 Learn About Digital Dangers in Your Marketing Presence
Did you know that Big "I" members can take advantage of competitive shipping savings rates available from UPS?
Whether you need your documents or packages to arrive the next day or you're simply looking for the most affordable shipping option, UPS understands the importance of reliability, speed and savings.
UPS discounts can help your bottom line by saving you:
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Up to 34% on UPS Air letters including UPS Next Day Air
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Up to 30% on UPS Air packages weighing more than one pound
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Up to 32% on UPS International imports and exports
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Up to 16% on UPS Ground shipments
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70% or more on UPS Freight shipments more than 150 pounds
These discounts are available even if you already have a UPS account. To enroll and start saving, visit savewithups.com/iiaba or call 1-800-MEMBERS (1-800-636-2377) Monday-Friday from 8 a.m.-6 p.m.
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Get to Know Coalition: Underwriting Engine
 Insurance underwriters have always relied on agents to gather data about their clients' cyber risk exposures. This process is cumbersome at best, especially for a peril as complicated and dynamic as cyber. Agents must work with clients to fill out pages of applications that ask about firewalls, incident response plans, password policies, and prior breaches. This requires a lot of back and forth, and the answers rarely if ever provide the whole picture of a business's risk profile. But with Big "I" Markets' cyber partner Coalition, underwriting gets a whole lot faster and smarter.
As an insurance company founded by a team of leading cybersecurity experts, Coalition brings comprehensive technical know-how to the assessment of cyber risk. They've built a sophisticated underwriting platform that is able to collect thousands of data points automatically with just a company's name and web address (no more forms - or even any need to research a client's cyber preparedness at all). All agents need to do is enter a company name and web address and Coalition does the rest, looking at the company the same way a real life adversary would in a way that no form could ever capture, from what vulnerabilities exist in the software an organization uses to whether they enable remote desktop (RDP) connections, and even whether their employees' email addresses and passwords have been compromised on the dark web.
Utilizing Coalition's underwriting engine, Big "I" agents can generate quotes, bind coverage, and even receive issued policies, all in under four minutes. Coalition's automated underwriting platform also allows any agent to generate a free cyber risk assessment alongside a quote, and to automatically tailor coverage to your client's company and unique risk exposures. Even more importantly, capturing the right data and analyzing it appropriately allows Coalition to provide superior limits, pricing and coverage for good risks.
Having the technical expertise to collect and understand data about cyber exposures is a big part of what sets Coalition apart. During Coalition's online quoting process, your client's network and web properties will undergo an automated risk assessment to identify known issues and potential weaknesses in their security posture. This information not only makes it possible for Coalition to deliver an accurate quote, it also provides valuable data that your customers can use to further strengthen themselves against the possibility of an attack. Once Coalition spots a company's cyber weaknesses, they share that information with you so that your clients can address issues and mitigate risk - which in turn can lower their premiums.
Coalition is changing the way companies manage cyber risk, utilizing technology to easily identify and assess risk, prevent attacks and losses before they occur, and quickly recover when all else fails. And in the process, they're making agents' jobs easier and faster.
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.
Coalition Cyber Program Update: Upon finalizing a Coalition cyber quote, a Specimen Policy specific to the quote, and the Cyber Risk Assessment now populate automatically as separate PDFs. Agents no longer need to request a copy of the assessment.
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NEW Inland Marine - Wrap-Ups, OCIPs, and CCIPs: Issues and Solutions
Big "I" Virtual University
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Dates: October 17
Time: 1:00 - 2:30pm EDT
Cost: $49 (includes live presentation, recording and written transcript)
Summary:
Insurance agents and brokers who provide services to construction managers, general contractors, and subcontractors - this is a MUST ATTEND EVENT for you.
You will come away from this workshop with:
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An understanding of the use of CIPS and current trends
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The ability to identify issues inherent with CIPs
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Contract documents
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CIP manuals
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CIP policies
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Useful tips and solutions you can use to better advise your clients and structure appropriate insurance programs
Don't miss this overview of the major additions, deletions, and revisions you need to understand in order to advise your clients.Please send any questions to VU staff. Review all VU education offerings here.
Registration:
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NEW Lightning Learning for October
Big "I" Virtual University
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Dates:October 10, 24, 31
Time: 11:30 - 11:50 a.m. EDT
Cost: $9.99 for all three sessions
Summary:
The VU's October Lightning Learning series features three 20-minute sessions dedicated to trick or treaters, blogging, and Ordinance or Law 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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October 10 - The Trouble with Trick or Treaters – What to Tell Your Clients
Three weeks from the date of this session, those little candy beggars will coming knocking on your and your insured's door. From a liability standpoint, would it be better to turn the light off and go someplace else to avoid any liability issues?
No, I don't want to take away your fun. Stay home and pass out all the candy you don't eat yourself.
But, I do know there are those among us who like to prank before being pranked – what about their liability?
This is the focus of this session – legal liability for injury on your premises suffered by one of the little darlings disturbing your evening. In this session we:
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Review legal liability; and
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Discuss whether your HO policy provides the necessary protection.
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October 24 – Do Your HO Clients Blog (Or Talk Bad About ANYONE)? You Better Know
Social media has made it easier than ever for everyday citizens to ruin the life of a neighbor or a local business. Blogging, facebooking, etc. allows your insureds to spread rumors, tell lies, criticize or just blow off steam about those around them.
The ability to denigrate someone to a large audience has increased the personal injury exposure for your homeowner clients. This is easily remedied by an endorsement, but are carriers going to begin asking new questions? I don't know. But it's worth a thought.
In this session we review the personal injury exposure, the endorsement and some ideas you can pass along to your clients to help them avoid being sued.
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October 31 – Ordinance or Law Problems for Homeowners
Any house not in compliance with current building codes subjects the owner to a potentially major coverage gap following a "major" loss because ISO's homeowners' policy provides only a limit amount of coverage to pay the additional costs of rebuilding a home in compliance with current building codes.
In this session we:
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Define what constitutes a "major" loss from a building code perspective;
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Highlight the limited amount of coverage provided by the unendorsed HO policy; and Detail the HO policy Ordinance or Law endorsement.
Consider presenting conference style for the entire agency to benefit. Please send any questions to VU staff.
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 - (#1 stumped almost everyone and only Ed got them all correct) Ed James (FL), Tianna Rogers (OK), Brenda Woitalla (MN), Julie Singley (AL), & Megan Yochum (OK).
1. What classic cartoon character name was inspired by a car dealership commercial? - ODIE from Garfield (also accepted Ernest P. Worrell)2. Weather Channel reporter Mike Seidel was caught on live TV faking the severity of the wind during Hurricane Florence. What gave him away? - TWO PEOPLE WALKING CASUALLY IN THE BACKGROUND
3. What famous fictional journey began on this day in 1872? - AROUND THE WORLD IN 80 DAYS
TIE BREAKER
TB - What is the size limitation for community banks, savings and loans, or savings banks under the Community Banks Business Insurance Program product? (Please note that credit unions have a different limit) - NO SIZE LIMITATION (Credit Unions - $20-$750 million range)
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BIG "I" MARKETS SALE OF THE WEEK
Congratulations to our agent in Idaho on a Travel Insurance sale of $1,206 in premium!
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