BIG “I” MARKETS, FIREMAN'S FUND ANNOUNCE PRODUCT EXPANSION
Independent Agents and Brokers Gain Fast, Easy Access to
Company’s Non-Profit Directors & Officers Liability Product
ALEXANDRIA, VA, April 7—Big “I” Markets, the premier online market access program developed by the Independent Insurance Agents & Brokers of America (the Big “I”), today announced an expansion of its partnership with Fireman’s Fund Insurance Company that will empower member agents and brokers to expand coverage offerings through this major carrier.
Fireman’s Fund, currently a provider of high-value homeowner coverages through Big “I” Markets, is offering two non-profit director and officer (D&O) liability products to Big “I” members in states where the online market access program is available.
“This significant expansion of product availability marks the ongoing growth of Big ‘I’ Markets, as well as the power of our partnership with Fireman’s Fund,” says Paul A. Buse, CPCU, president of IIABA’s Big “I” Advantage products and services team.
The two products, DefenseFirstSM and DefensePlusSM, protect board members, executive directors, managers, supervisors, employees and volunteers of non-profit organizations from claims of mismanagement, including alleged employee discrimination.
DefenseFirstSM was created for smaller non-profits with annual revenues of less than $200,000. When faced with litigation, Fireman’s Fund selects the defense attorney and pays claim expenses incurred in excess of the insured’s retention. Legal expenses are included in the limit of insurance.
DefensePlusSM is targeted to organizations with annual revenues exceeding $200,000. The coverage pays for legal expenses outside the limit of insurance. Fireman’s Fund selects the defense attorney and pays claim expenses incurred in the organization’s defense. The insured’s retention applies only toward settlement of the claim.
“Our products are tailored for the non-profit niche market. One of the key attributes we bring to the market is our ability to partner with our agents and customers to reduce risk through expertise and innovation,” says Karen Callanan, Fireman’s Fund professional liability underwriting executive.
Fireman’s Fund, a member of Allianz, A.G., is “A” rated by A.M. Best. Allianz operates through 200 subsidiary companies with more than 175,000 employees, resulting in global collaboration based on financial strength and a philosophy that honors loyalty and service.
Agents seeking access to DefenseFirstSM and DefensePlusSM must be Big “I” members. To review underwriting criteria, download sales tools and policy specimens, and submit an online quote request for these products, member agents and brokers must login to the proprietary online system at www.bigimarkets.com.
Agents and brokers who are not Big “I” members must join their state independent insurance agent associations and then submit Big “I” Markets Registration Kits, which can be downloaded at www.independentagent.com/bigimarkets. Once the kits have been processed, the agent or broker will receive a user ID and password, giving him or her access to begin quoting business.
Big “I” Markets is revolutionizing the way independent insurance agents and brokers conduct business, providing them a vital gateway to specialized insurance products and services with no volume commitments or access fees. The program is taking technology to a higher level by bringing agents together with select insurance company partners and their products.
Big “I” Markets makes providing quotes easy and efficient. With highly rated, handpicked insurance providers, a robust product line, detailed underwriting guidelines, streamlined applications, effective sales tools and direct company submissions, Big “I” Markets can help any agency or brokerage firm grow revenues. Big “I” Markets recently rolled out the newest version of its software, increasing the efficiency and effectiveness of online submissions.
Big “I” Advantage, IIABA’s for-profit subsidiary, is adding more than 100 new agencies a month to Big “I” Markets. Big “I” Advantage is a wholly owned holding company that operates a nationally licensed insurance agency with $170 million in premiums of member exclusive insurance programs and $150 million in retirement assets. A sister entity publishes IIABA’s award-winning Independent Agent magazine.
Founded in 1896, IIABA is the nation’s oldest and largest national association of independent insurance agents and brokers, representing a network of more than 300,000 agents, brokers and their employees nationwide. Its members are businesses that offer customers a choice of policies from a variety of insurance companies. Independent agents and brokers offer all lines of insurance—property, casualty, life and health—as well as employee benefit plans and retirement products.
Web site addresses:
For more information about Big “I” Markets, visit www.independentagent.com/bigimarkets.
For more information about Fireman’s Fund, visit www.firemansfund.com.