Login to Big "I" Markets  /  Retrieve Password      January 22, 2019

In This Issue:
Jewelry Insurance - Jewelers Mutual    |    Special Feature    |    Commercial Auto - Monoline    |    Webinars    |    TRIVIA!

A high-skill, high-service national surety broker specializing in surety bonds. 100's of Bonds...All 50 States
1000's of Satisfied Customers.
Just ONE Company!
Big ā€œIā€ Markets offers agents access to Jewelers Mutual, an insurer dedicated solely to jewelry since 1913. Retain clients with a specialty policy and reduce stress on homeowners carriers.
Having access to top carriers that specialize in serving affluent clients sets you apart from the competition. Big "I" Markets connects you to two of the best for high-value clients.

Anyone who's turned on the news in recent months has seen reports of severe weather events occurring around the country. Inland floods and mudslides, windstorms, and fire are becoming more frequent and severe and unfortunately, many who experience them lack valuable coverage.

That's where you come in. You can protect your clients who have home businesses by ensuring that they are covered with a home business policy. Insureds often believe their existing homeowners or apartment-dwellers policy will cover any loss or damage to their business equipment, furniture and supplies in the event of fire, theft or other catastrophe, when in fact, those policies usually explicitly exclude coverage for any business exposures on their premises.

Home business policies from RLI have the ability to protect an insured's loss to business personal property, business income loss, along with extra expense in the event of a covered weather occurrence. Policies can be endorsed if they do not carry the valuable coverage of inland flood if location is eligible.

Popular Business Classes Include:

  • Residential Inspection Services
  • Teacher/Tutors
  • Photographers
  • Accounting Services
  • Bakers
  • Computer Consultants
  • Interior Decorating
  • Jewelry (Costume)
  • Art Gallery / Art Studio
  • Crafts
  • Personal Assistant
  • Wedding Officiate
  • Knife Sharpening
All classes subject to further underwriting guidelines.

View full list of over 140 business classifications.

Be sure to use our home business declination form to record that coverage was offered and declined.

Learn more today at www.iiaba.net/HomeBusiness or log into www.bigimarkets.com.  

Save the Date for Free Agency Risk Management Webinar on Commercial Placements

In the article below, we delve into the risk management resources available through our Coalition cyber product.

Do you have other questions about the program? We invite you to contact Big "I" Markets' dedicated cyber program manager Carla McGee. She is ready to assist you and can even schedule a personal demo of our submission process for you and/or your staff.

You can also read a conversation with Carla, and answers to some FAQs she's been receiving from agents.

Contact McGee with your cyber program questions at carla.mcgee@iiaba.net or 703-647-7800, Option #1.  

Get to Know Coalition: Risk Management Tools

We now live at a time where a cyber attack can cause everything from data theft to supply chain disruptions, hospital shutdowns, hotel room lockouts, blackouts, and even nuclear centrifuge explosions-literally the entire spectrum of known risk. For small to midsized businesses this risk can be especially challenging to combat.

That's why Big "I" Markets has partnered with Coalition, the first technology-enabled cyber insurance firm. Coalition offers a robust solution to cyber risk, bringing together insurance, risk management tools, and cybersecurity services to help small to midsized businesses remain resilient in the face of growing cyber threats.

As an insurance company founded by a team of leading cybersecurity experts, Coalition can provide your clients with world-class technical know-how to prevent, mitigate, and respond to cyber incidents. Coalition's suite of easy-to-use risk management tools and dedicated security team are all available free of charge to all policyholders.

Through Coalition's apps platform, your clients can easily access and configure threat and intelligence alerts, enable ransomware and denial of service protection, and receive patch and vulnerability notifications without any complex setup or configuration. Specific tools include:

Credential Monitor: This monitor alerts organizations when an employee's password or identifying information is stolen and may be used by a hacker. Once a source of intelligence generally only available to large corporations with dedicated security teams, Coalition makes this valuable threat intelligence available to all policyholders. Ransomware Prevention: A company is hit with ransomware every 40 seconds according to the latest data from Kaspersky. Coalition's provided anti-ransomware software protects businesses against 99% of known ransomware, including WannaCry and Petya/NoPetya.

Patch Manager: Coalition's Patch Manager passively scans an organization's internet-facing infrastructure for out-of-date software and vulnerabilities. Customers can configure alerts and work with the Coalition security team (at no additional cost) to ensure they never miss an update or reported vulnerability again.

Threat Monitor: Companies today are under the constant threat of breach. Coalition's Threat Monitor combines threat intelligence and analysis to mitigate the likelihood of a breach before any damage is done. This includes passive monitoring for signs of phishing activity, anomalous network and DNS activity, domain monitoring, and other indicators of breach, as well as practical advice on how to prevent and detect breaches.

DDoS Mitigation: Loss of revenue following a denial of service attack during peak business hours can cost an organization upwards of $200K/hour. Coalition's provided denial of service (DDoS) mitigation service is always on, and can easily be set up in under four minutes. This service includes over 15 Tbps of available network capacity, over 300x the capacity of the average large DDoS attack.

HackerOne Response: Coalition customers can create a vulnerability disclosure program on HackerOne to receive and respond to vulnerabilities discovered by ethical hackers - before criminals can exploit them. Coalition automatically rewards policyholders who utilize this service.

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.  

NEW Lightning Learning for January
Big "I" Virtual University
Dates: February 5, 12 & 26
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 Agency vs. Fiduciary Relationships 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:
  • February 5 - The Current Fiduciary Environment
    There is much confusion about who is a fiduciary in a client relationship and what that standard entails. The Department of Labor’s multi-year effort of establishing fiduciary standards in certain situations was vacated by the 5th Circuit Court. The issuance of the 5th Circuit mandate has been replaced by the Securities and Exchange Commission (SEC) initiative as it relates to new conflict of interest regulations that could impact the retirement planning marketplace. Further, the 5th Circuit Court’s action does not change the fiduciary standard that retirement plan trustees and corporate boards still must satisfy for their own retirement plans. Independent agents that write D&O coverage should be aware of the current fiduciary environment.

  • February 12 – Current and "Best Interest" Standards for Annuities
    It was assumed that the fiduciary standard that the DOL attempted was only relevant to plan advisors and registered reps. However, state insurance departments and the NAIC have been involved in an effort to establish “Best Interest” standard for annuities, and in New York State, effective August 1, 2019, for both life and annuity sales. The webinar will discuss the difference between the current suitability standard and a “Best Interest” standard and the implications for agents and registered reps.

  • February 26 - Helping Clients Avoid "Longevity Risk"
    The biggest purchase most people will make is the “cost” of their retirement. With increasing life expectancies, “longevity risk” – i.e. the possibility of outliving one’s financial assets to provide a desired standard of living in retirement – is a broad concern to most Americans. This webinar will highlight the related considerations and present a way for agents to help their clients address this risk and generate revenues to the agency. Many independent gents cede this arena to local brokers because they have a misperception that it involves securities licensing to address this need. This is a strategic opportunity for agents to position their agency to be risk managers in this area for their clients.

PRESENTER: Dave Evans CFP, AIFA, RICP, former Big "I" SVP, Retirement and Benefits Solutions

Consider presenting conference style for the entire agency to benefit. Please send any questions to VU staff. Review all VU education offerings here.
NEW Deliver World Class Claims Experience with DocuSign
Business Resources
NEW Commercial Lines Coverage Placements
Agency Risk Management
Dates: January 17
Time: 1:00 - 2:00pm EST
Cost: FREE
In today's world of one click shopping and two day shipping, customer expectations have evolved - faster, easier and smarter is the new mantra. According to McKinsey, customers are increasingly ready to leave manual claims processes behind and move to a purely digital model. Are you meeting your customers' expectations? Become a truly digital insurance company by delivering a great customer experience through omni-channel onboarding and claims processing. Join this session to see how DocuSign can help you:
  1. Accelerate insurer on-boarding
  2. Streamline claims processes
  3. Minimize fraud risks and make claims more secure
Big "I" members save 20% on DocuSign annual plans! Sign-up online at www.docusign.com/IIABA or contact brett.sutch@iiaba.net for more information.
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.  

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 - Cynthia Kress (NV), Meghan Yochum (OK), Kathy Falconer (MO), Deborah Truelove (AL), & Lana Campbell (NM).
1. On this date (1/15) in 1861 Elisha Otis received Patent No. 31,128 for a device that protected passengers from serious injury or death. What was the name of the device? - IMPROVEMENT IN HOISTING APPARATUS (Emergency Brake)
2. According to the National Retail Federation what percentage of 18-24 year old shoppers planned to give Jewelry this past holiday season? - 30%
3. What is the gross vehicle weight limit for Commecial Auto through MetLife? - 20,000lb

TB - A New Years Eve truck fire caused the Lexington KY, police to post expression of their grief on social media even though no one was injured. What cargo was destroyed in the fire? - KRISPY KREME DOUGHNUTS

Here are the top three items that got BIM agents clicking from our last edition... see what you missed!
  1. Jewelry Quote Online
  2. Travel Insurance
  3. Agency Risk Management Essentials: Commercial Lines--Back to Basics Webinar (2/6) Registration Link

Congratulations to our agent in Nevada on a Cyber Insurance - Coalition sale of $6,802 in premium!  

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