Are you losing clients to online insurance carriers? Do you worry that an issue of inadequate limits, coverage gaps, or payment snafus can expose your agency to an errors and omissions claim? This article reviews some of the important issues your clients and your agency face in managing their personal and business risk.
Insurance losses related to jewelry are huge — much more than most insurers realize. According to Department of Justice statistics, 70% of all personal property (contents) theft losses are jewelry. Insurance companies process billions of dollars in jewelry losses each year. Some of these jewelry losses are hidden because they’re reported as “contents” losses under…
Personal lines policies offer liability coverage limits that protect your insureds if they injure someone or damage their property. But with today’s ever-increasing jury verdicts, it’s not hard to see how a minor accident can morph into something that plows through, if you’ll excuse the pun, the $300,000 combined single limits (CSL) on your insured’s…
Coinsurance may be the least mentioned yet easily explainable clause in both commercial and personal property and other policies. You will find coinsurance clauses in many types of policies. These and other policies usually contain a coinsurance clause. Business owners policy Commercial property policy Flood insurance policy Business income policy Dwelling policy Homeowners policy Health…
Test your knowledge of Homeowners’ using this 17-question quiz. Click here to access the quiz. Click here to download the answer key. Last updated: December 4, 2020
Test your knowledge of Personal Lines using this 10-question quiz. Click here to access the quiz. Click here to download the answer key. Last updated: November 6, 2020
This 36-page Big “I” Virtual University Risk & Reality Report was created by Danny Cook, an agent in Lumberton, North Carolina for more than 20 years. In October 2016, Hurricane Matthew devastated Lumberton with record setting rainfall and subsequent flooding, the likes of which the town had never seen before. Although touted to be a…
4 Key Personal & Commercial Lines Exposures Every Agent Must Understand – R&R Report This 44-page Big “I” Virtual University Risk & Reality Report was created by Christopher J. Boggs, CPCU, ARM, ALCM, LPCS, AAI, APA, CWCA, CRIS, AINS, Executive Director of the Big “I” Virtual University. Curious about current “disruptors”? This report covers a…
Property can be assigned many “values” depending on the purpose of the valuation and who is valuing it. Some examples include: The amount for which the property could be sold; known as “market value.” Market value is what a willing buyer will pay a willing seller. What an expert thinks it’s worth. In simple terms,…
Although May is the National Wildfire Awareness month, June is the month that brings back memories for me of the two most catastrophic wildfires in Colorado’s history (based on insured losses): Waldo Canyon (2012), and Black Forest (2013). Both wildfires erupted within ten miles of my home, destroying over 800 homes. Within three days…
