Login to Big "I" Markets  /  Retrieve Password      March 5, 2019

In This Issue:
Recreational Vehicles Nat Gen    |    Special Feature    |    RLI - Agent Portal    |    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!
Property and casualty insurance for personal motor homes, bus conversions, & travel trailers and campers.
Provides affordable coverage for those people who operate small home-based businesses as most HO policies usually explicitly exclude coverage.

24/7 customer service is the gold standard - but this may seem out of reach for many independent agencies to provide. With the Big "I" endorsed provider Insure Response, you may be surprised at what's possible.

Last week we announced that Big "I" members can now enjoy deeply discounted rates on packages from the Insure Response call center, including $200 off the one-time set-up fee and over $150 off the monthly minimum fee, bringing your base monthly price to just $99/month.

Insure Response offers:

  • Two fully redundant locations in the USA: Missouri and South Carolina
  • CSRs with insurance training including some licensed P&C agents
  • Licensed management and supervisory staff
  • Customized agency profile including a pop-up screen at call center with the agency's profile information, location address, names of staff, office hours etc.
  • Branded greetings: they answer as the agency for more transparency
  • All calls recorded and available to agency upon request
  • Detailed reports available in real time via email and online reporting site
  • E-mail support
  • Bilingual staff
Take a few minutes today to listen to a recent Agency Nation interview with Insure Response founder Micheal Hunter. This is a stirring discussion about what happens when your agency expands into unlimited availability and will have you considering what possibilities will open up for your agency with the extra support of licensed agents at your disposal 24/7.

Visit www.insureresponse.com/iiaba to find out more or contact Insure Response at clientrelations@insureresponse.com (866) 466-7891.  

Insurbanc Talks Succession Planning

InsurBanc's Robert Pettinicchi was recently interviewed in an article for Property Casualty 360. The article discusses how to get prepared for the future and start formulating a plan for succession. Whether you are moving on from your insurance agency, going into retirement, or going into another business, a strong succession plan is key to setting up your agency for success after you have left or getting a fair price if you choose to sell.

You can view the full article and more recent news from Insurbanc here.

Learn more about Insurbanc, the bank founded by and for independent insurance agents, at www.insurbanc.com.  

Community Bank Coverage You Can Trustee

Trust-ee /tr? sté/ noun - an individual person or member of a board given control or powers of administration of property in trust with a legal obligation to administer it solely for the purposes specified.

Community banks can serve as trustee and the vast majority do a good job, however if the beneficiaries feel they are not doing a good job they can sue, resulting in costly legal fees even in the ruling is favorable, moreso if settled. If criminal acts occur the bank can still be sued for failing to catch the misdeeds. Trust funds are not usually accessible for the defense, although sometimes the cost can be recouped from the plaintiff.

Among the many overage offered by Travelers Community Banks Business Insurance is trust errors and omissions coverage to help protect banks (and any insured persons) from a wide range of exposures related to providing trustee services:

  • All trust liability protection is under one policy, with coverage extending to the bank, its directors, officers and employees
  • Coverage applies to a wide range of trust acts, including executor, administrator or personal representative of estates, administrator of guardianships, manager of personal property, and more
  • Policy automatically includes coverage for the bank as trustee of any IRA or Keogh account
Critical Policy Features:

Directors and Officers Liability (D&O):
This policy provides liability protection when claims are asserted against directors and officers for actual or alleged wrongful acts. The assets of the company or organization, as well as the personal assets of its directors and officers, are protected from costly litigation.

Employment Practices Liability (EPL):
This policy helps protect company assets from employee lawsuits alleging discrimination, harassment or wrongful termination and other employment-related claims.

This policy provides coverage to protect against data breaches and other fast-evolving cyber exposures not covered by standard property and liability policies. The Travelers CyberRisk policy responds in multiple ways, such as security breach remediation and notification expense, network and information security liability, regulatory defense expenses, crisis management event expenses and computer program and electronic data restoration expenses.

Fiduciary Liability:
Fiduciary liability insurance responds to claims made against employers, employee benefit plans, board members and employees for breaches of fiduciary duty with respect to employee benefit plans. These claims can include allegations of imprudent investment of plan assets, excessive fees paid to service providers, non-compliance with plan documents, and false and misleading statements to plan participants.

Bankers Professional Liability Coverage:
Community banks offer a variety of services to customers, and such services continue to expand - especially with the evolution of the e-business platform. Personnel who manage these professional services, as well as the bank itself, could be liable if errors and omissions occur in the execution of services. With bankers professional liability coverage from Travelers, banks can be protected from a wide range of related exposures.

Trust Liability Insurance:
Among the many roles potentially served by a bank and its employees is that of trustee. As a trustee, a bank may be responsible for managing an estate, a trust account or other similar asset. This representation could occur in a variety of capacities, including executor, administrator, custodian, and other roles. But the banker who assumes this role, as well as the bank itself, could be liable if a customer is not pleased with the service provided, or if errors and omissions occur.

Professional Liability for Financial Institutions:
Professional liability coverage is designed to protect all types of financial institutions and their directors, officers, and employees from claims relating to the rendering of professional services. Insurance company professional liability insurance is intended to protect insurance companies from claims arising out of their claims handling. Financial institutions professional liability can assist banks and credit unions with lender liability and professional services claims.

Financial Institutions Bond:
Financial Institutions Bond, with optional endorsements for social engineering fraud, electronic signatures, virtual currency, and account takeover coverages, provides an important backstop against the actions of dishonest employees, protecting a financial institution's balance sheet, assets and stakeholders' investments.

Kidnap & Ransom (K&R):
This coverage helps safeguard companies and their key managers against the significant costs associated with kidnappings and extortion, including threats of bodily harm, property damage, product contamination, computer viruses or loss of trade secrets.

Identity Fraud Expense Reimbursement:
The coverage reimburses certain expenses relating to restoring a victim's identity, including lost wages, pre-approved attorneys' fees, long distance telephone charges, loan re-application fees and notary and certified mailing charges.

Travelers SelectOne® for Community Banks, underwritten by Travelers Casualty and Surety Company of America, is endorsed by the Independent Community Bankers of America. To find your local community bank, visit ICBA's community bank locator at www.icba.org/locate. Simply type in your zip code and the app will show you all the community banks in your area.

A specimen policy is located in "Product Resources" on www.bigimarkets.com.  

Lightning Learning for March
Big "I" Virtual University
3 Keys to Getting the Named Insured Correct
Big "I" Virtual University
Dates: March 7, 14 & 21
Time: 11:30 - 11:50am EDT
Cost: $9.99 (includes all sessions)
The VU's March Lightning Learning series features three 20-minute sessions dedicated to Company-Agency Appointment Contracts 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:
  • March 7 - Overview of Company-Agency Appointment Contracts
    This session will provide general information about these critical contracts and identify the top provisions to review closely. These provisions include ownership of expirations, post-termination provisions, commissions, carrier communications with insureds, indemnification, and others.
  • March 14 – Deeper Dive on Key Contract Provisions
    This session will take a closer look at how contracts should address issues such as ownership of expirations and post-termination provisions.
  • March 21 - Emerging Trends in Contract Provisions
    This session will highlight new provisions that are becoming more common, such as information security and data breach provisions, and cyber insurance requirements.
PRESENTER: Scott Kneeland, Big "I" General Counsel

Consider presenting conference style for the entire agency to benefit. Please send any questions to VU staff. Review all VU education offerings here.
Next Date: Tuesday, March 12 (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.
Five Contractor Coverage Concepts Every Agent MUST Understand
Big "I" Virtual University
Next Date: Wednesday, March 28 (occurs monthly)
Time: 11:30 - 1:30pm EDT
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 - Kathy Niedermyer (IA), Kelly Sheik (KS), Barbie Bradham (SC), Megan Yochum (OK), & Pam Lind (NE).
1. On this day in 1955, this Dutch-American musician was born in Nijmegen, Netherlands. Name him. - EDDIE VAN HALEN
2. According to the RV checklist above, where is the manufacturer's recommended tire pressure decal located? - INSIDE YOUR CABINET
3. Name three of the most popular business classes for the RLI Home Business Insurance product.
  • Residential Inspection Services
  • Teacher/Tutors
  • Photographers
  • Accounting Services
  • Bakers
  • Computer Consultants
  • Interior Decorating
  • Jewelry (Costume)
  • Art Gallery / Art Studio
  • Crafts

TB - On February 16th in Lauchringen, Germany thousands of people turned blue and it wasn't becuase of the cold. Why were they blue? - TO SET NEW WORLD RECORD OF THE LARGEST GATHERING OF SMURFS

Here are the top three items that got BIM agents clicking from our last edition... see what you missed!
  1. National General RV Ready for Spring Checklist
  2. Agency Call Answer Center Flyer
  3. Real Estate Agents E&O

Congratulations to our agent in Michigan on a Habitational - Apartment Program sale of $11,033 in premium!  

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Two for Tuesday is a weekly newsletter designed to provide you with information concerning commercial products and services available to you through Big "I" Markets. (Product availability varies by state.) IIABA, your professional association, along with its subsidiaries, including Big "I" Advantage, Inc., works hard to bring information to you about valuable products and services that could enhance your ability to succeed in the industry's competitive environment.
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