Login to Big "I" Markets  /  Retrieve Password      January 8, 2019

In This Issue:
Affluent Homeowner - Chubb     |    Special Feature    |    Travel Insurance - Travel insurance Int'l    |    Webinars

Count on AIG’s world-class underwriting, financial strength, and white-glove claim service to help mitigate the complex risks of your clients' distinctive lifestyle
Access to two stand-alone personal umbrella markets: RLI (preferred) and Anderson & Murison (alternative). Protect yourself from “failure to offer” E&O claims; offer a personal umbrella to every client.
ARMR.Network, LLC specializes in environmental risks, including restoration contractors, commercial properties, trade contractors, and underground storage tanks.

By Meghan Jackson, Business Development Manager for the Washington DC Territory, Chubb PRS

ou've probably had a customer say, "Is flood insurance really necessary where I live?" The answer is YES! While everyone is financially vulnerable to flood losses which occur year-round, recent research shows that policyholders located outside of mapped high-risk areas file over 20% of NFIP claims. That said, only 1/3 of the monies set aside for Federal Disaster Relief can go to areas located outside of mapped high-risk flood zones.

The good news is that through Big "I" Markets you have access to the same great flood products available to Chubb homeowner and condominium/cooperative policyholders! Chubb Personal Risk Services is open for primary & excess flood business via their partner, WNC First, and the product offers higher limits and broader coverage than what is available from the NFIP. Better yet, the product comes with the same exceptional claims service that your clients have come to expect because actual Chubb claims adjustors will be dispatched in the event of a flood loss! This means that a Chubb claims professional will make initial contact with your client within six hours or less (once the claim has been reported) and most covered claims will be paid within 48 hours of settlement.

Highlights of Chubb's Primary Flood coverage include:

  • Higher limits for high-value homes: Up to $15M in total property coverage available.
  • Replacement cost for damaged property & possessions: In many cases, standard flood policies won't cover the full cost to repair or rebuild the home after a flood. Chubb will pay to replace your clients' property and possessions (up to the policy limit), without deduction for depreciation, in the event of a covered loss.
  • Rebuilding to code: Coverage up to $30,000 is included for costs to comply with any law or ordinance requiring that your clients repair, rebuild, elevate, flood-proof or demolish your home after a covered loss. Higher limits are available for an additional premium.
  • Better coverage where floods are likely to cause the most damage: If your client has a finished basement that serves as a home theater, game room or other purpose, Chubb offers added protection for "real property" as well as contents in this damage-prone section of the home.
  • More coverage for precious possessions: Chubb offers higher-than-average limits for special possessions such as art, collectibles, jewelry and silverware, furs and even golf carts -- $5,000 for each category.
  • Coverage if your client must live away from home due to flooding: Additional Living Expense coverage up to $7,500 pays for a temporary residence, meals and other expenses if your client's home can't be lived in during rebuilding or repairs after a covered flood loss. Higher limits are available for an additional premium - refer to the table below for more information.
  • Loss avoidance measure: Coverage up to $5,000 is included for expenses to help protect the home from flood damage and to move property out of harm's way when a flood warning is issued.
  • Related coverages: Coverage for debris removal, condo or homeowner association loss assessments and business property is also included.
  • More deductible options: Chubb offer deductibles ranging from $500-$50,000.

  Automatically Included
Buy-upLimits Available*
Contents in Basement** $15,000 Up to $500,000 total, in $5,000 increments
Real Property in Basement*** $30,000 Up to $1M total, in $5,000 increments
Additional Living Expenses**** $7,500 Up to 50% of total flood coverage, in $5,000 increments
Rebuilding to Code $30,000 Up to 25% of flood coverage in $5,000 increments;
* The buy-up limits are only available in states where higher buy-up limits are filed. Some states have limitations (i.e. $50,000 contents in the basement, $250,000 real property in the basement, $107,500 ALE, $45,000 rebuilding to code). All higher limits are subject to underwriter review.
** Contents in Basement coverage is not available if Contents coverage isn't selected. Not to exceed total amount of flood coverage for contents.
*** Real Property in Basement coverage is not available for a condo if Additions & Alterations coverage isn't selected. Not to exceed the total flood coverage for the building, or if a condo, A&A coverage.
****Additional Living Expenses coverage is only available for House and Condo/Co-op policies. It is not available for Other Permanent Structures.

Basic Eligibility Criteria

A unique feature of the Chubb Flood program is that underwriting goes beyond FEMA Flood Zone information to include specific risk characteristics and prior loss experience. While final eligibility will be determined during the underwriting process, here are some basic eligibility guidelines:
  • Client has a good-standing Chubb Masterpiece or Platinum Portfolio Homeowners policy
  • The first living floor of the residence must be at or above Base Flood Elevation (BFE)
  • No prior flood losses at the location for Primary Flood eligibility
  • The Dwelling or Additions and Alterations limit on the underlying home policy cannot exceed $25M, regardless of the amounts of flood coverage being requested
  • For locations subject to surge, the Excess Flood product may be an option - see below for listing of state where Excess Flood is available
The Chubb admitted Flood products are available in the following 37 states:
Arizona Indiana New Jersey Tennessee
California Kansas New Mexico Texas
Colorado Maine* New York Utah
Connecticut Massachusetts North Carolina* Vermont
District of Columbia Maryland Ohio Virginia
Delaware* Michigan Oklahoma Washington
Florida Minnesota Oregon Wisconsin
Georgia Missouri Pennsylvania  
Idaho Nevada Rhode Island*  
Illinois New Hampshire South Carolina  
* Only Excess Flood available in these states

Learn more by today logging into www.bigimarkets.com and clicking on "Affluent Program - New Business."  

Sign-up for EFT to receive Big "I" Markets commissions

Agents writing business through Big "I" Markets must now receive commission on their policies monthly via Electronic Funds Transfer (EFT). Otherwise, you'll receive commissions semi-annually, in March and September via paper check.

Getting signed up is easy to do from the Big "I" Markets website. Note, only a user with System Admin or Organizational Admin roles can update your registration. Don't know who that is? Call Big "I" Markets at 703-647-7800.
  1. Gather your banking and related information:
    1. Bank account number and routing number
    2. Tax ID (to be sure it hasn't changed from when you first registered for BIM)
    3. Email address of the person to receive commission statements
  2. Now, go to www.bigimarkets.com and click on "Register/Update EFT Commission Deposits" in the upper right area of the screen.

  3. Enter your user credentials and select 'Login'
    1. Verify/Update your agency information on the first page (Step 1). Click Update or Next
    2. Verify/Enter Federal Tax ID and related questions on Step 2
    3. Enter information indicated under EFT Information
    4. Click 'Next' to save the information.
You may exit the online registration after this step and your EFT sign up will be complete. However, we encourage you to continue and verify all of the information for your agency, including adding any new users.

Please note, no money is drafted from your account for return commission as that is handled via a paper invoice mailed to your agency. So, they'll put money in but not take money out.

We know security of your information is a primary concern. Big "I" Markets uses secure socket layer (SSL) protocol to secure the information exchanged between the server and browser. SSL encrypts the data before it is sent over the Internet and decrypts at the server side. Standard security protocols are being used to protect your data on the BIM server.

For questions, concerns or require technical assistance, please contact bigimarkets@iiaba.net or 703-647-7800.  

Travel Insurance - Don't Medevac Without It

American travelers spent a whopping 8.7 billion hours planning and booking travel according to this 2017 study. Unfortunately, 41% of those Americans traveling internationally don't buy travel insurance. Read this account from a travel agent who forgot to secure coverage for her own trip for a reminder of how badly things can go awry.

In some countries life-saving care may be denied even at first-rate facilities depending on the scenario.

Even a minor medical treatment can result in price gouging and travelers being required to pay thousands or tens of thousands in order to be dismissed.

Accidents and illness can strike anywhere and victims are not always close to accessible and decent medical care. Examples include:

  • Skiing in mountains
  • Contracting a major illness on a cruise ship. The captain of the ship is under no obligation, and may even be prohibited, from changing course to get you to a hospital sooner.
  • Falling down the steps of Tibetan temple
As a Big "I" Markets agent you can offer your clients travel insurance through our partner carrier Travel Insured International. The typical plan will cover emergency medical expenses, baggage loss and delay, and recover at least some of the cost of the trip if the vacation had to be canceled or cut short.

Emergency Medical Evacuation and Repatriation under our Travel Insurance product covers three areas. The first is transport from where the accident/illness occurs to the closest medical facilities with adequate medical treatment. The second is transport back to the U.S. with adequate escort if needed. The third is for transport of remains back to the U.S. if the worst should happen.

By investing in a plan with Cancel for Any Reason Coverage, clients may cancel their plans and get up to 75% of their total trip cost for any reason they choose, including a travel alert. They just to have purchased within 21 days of deposit (other eligibility conditions must also be met) and cancel 48 or more hours prior to scheduled departure in order to be eligible.

The TII travel blog covers a myriad of travel related subjects, including travel agent myths, avoiding germs on flights, using a cellphone abroad, beating motion sickness, and picking the right hotel, just to name a few.

Travel Insurance is available in all states, coverages may vary. The Travel Insurance International help desk can be reached at (800) 243-3174.

Nancy Doherty can be reached by email nancy.doherty@iiaba.net or at (800) 221-7917 x5389. Submit business online at www.bigimarkets.com.  

NEW Lightning Learning for January
Big "I" Virtual University
Dates: January 15, 24 & 29
Time: 11:30 - 11:50am EDT
Cost: $9.99 (includes all sessions)
The VU's January Lightning Learning series features three 20-minute sessions dedicated to Cyber Issues and Your Independent Agency 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:
  • January 15 - It's a Cyber World
    In this session, learn about the ever-changing and accelerating world of cybercrime. Participants will gain an understanding of the escalation of worldwide cyber threats and incursions, and drill down to the very real threats against small business owners in the independent agent distribution channel. We'll also cover potential costs , from prevention and post-breach standpoints.

  • January 24 – Cyber Hygiene as a Regulatory Requirement
    In the emerging regulatory environment for cyber prevention, agents and brokers need to understand what is required of them nationally, and from the states in which they do business. Participants in this session will learn more about:
    • Gramm-Leach-Bliley
    • NY DF
    • The NAIC Model Law
    • Emerging state online privacy laws

  • January 29 - Real Cyber Resources to Get Started and Stay Prepared
    Admittedly, knowing where to start on something as complex as a cyber hygiene program is key. Participants in this session will learn more about the Agents Council for Technology’s ‘Agency Cyber Guide’, and how it provides clear background, details on regulations, and resources to address cyber regulations.

Consider presenting conference style for the entire agency to benefit. Please send any questions to VU staff. Review all VU education offerings here.
NEW Commercial Lines Coverage Placements
Agency Risk Management
Dates: February 6
Time: 2:00 - 3:00pm EST
Cost: FREE
The next session in the Big "I" Professional Liability/Swiss Re Corporate Solutions quarterly webinar series will focus on commercial lines coverage placements.

Commercial placements have been a leading cause of insurance agents errors & omissions claims for years. If your agency has exposure to these types of coverages, you don't want to miss this webinar scheduled for Feb. 6, 2019 at 2 p.m. EST.

Our panelists will take an in-depth look at a number of different claims and answer the following: What went wrong? What was the outcome? And what could be done differently to prevent a similar type of claim at your agency?

Reserve your spot for Agency Risk Management Essentials: Commercial Lines - Back to Basics today.

If you have any questions, contact Jim Hanley at 703-706-5469.
NEW 3 Keys to Getting the Named Insured Correct
Big "I" Virtual University
NEW Five Contractor Coverage Concepts Every Agent MUST Understand
Big "I" Virtual University
Next Date: Wednesday, February 6 (occurs monthly)
Time: 1:00 - 2:00pm EST
Cost: $179 nonmembers / $79 members (includes live presentation, recording and written transcript)
Before any claim is paid, status as an “insured” must exist. Is the person or entity suffering or causing loss, injury or damage an insured? If the answer is “no,” there is no need to go any further. If “insured” status does not exist, all your hard work is wasted; no one will ever find out how good you are at designing coverage – because you messed up at the beginning.

If you mess this up, you will have a ticked off insured and maybe an E&O claim you never expected. You have to get this one detail – the named insured – correct.

Participants in this class will be able to:
  • Identify improperly named insureds;
  • Understand the amount of protection extended to an insured;
  • Describe the technical difference between a “DBA” and a “TA";
  • Explain why one “person” can't do business/trade as another “person"; and
  • Properly manage multiple named insureds.
CE credits are available in select states. Check web page for details. Please send any questions to VU staff. Review all VU education offerings here.  
Next Date: Wednesday, February 13 (occurs monthly)
Time: 1:00 - 3:00pm EST
Cost: $179 nonmembers / $79 members (includes live presentation, recording, and written transcript)
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:
  • Contractual Risk Transfer
  • Properly Extending Insured Status
  • Business Auto Issues
  • Misuse of the Absolute Pollution Exclusion
  • 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.

CE credits are available in select states. Check web page for details. Please send any questions to VU staff. Review all VU education offerings here.  

Here are the top three items that got BIM agents clicking from our last edition... see what you missed!
  1. InsurBanc Case Study - Chase, Clarke, Stewart & Fontana
  2. Small Commercial
  3. Affluent Homeowners

Congratulations to our agent in Maryland on a Cyber Insurance - Coalition sale of $24,500 in premium!  

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