| |  | | Special Features * Advantages of Big 'I' Membership * Commercial Property * Back to Basics * Agency Management * Life & Health * Insurance Laws & Statutes/Coverage Resources
Please note, the next edition of Insurance Illustrated will be published on September 9. Enjoy your Labor Day. |
|
| | |
| | If you’re using the phrase “full coverage,” you can be setting your agency up for an errors & omissions claim. This article published in IA Magazine and written by our Swiss Re E&O partners highlights the need for agent to help their clients insure to value. As the author points out, if your insureds are at the same value they were a year ago on their homeowners or commercial property policy, they may be underinsured given recent rates of construction increases. This article has great tips to help prevent an E&O claim involving insufficient limits or coinsurance reductions. |
|
| | |
| | An interesting post on LinkedIn by risk management consultant Jack Schwartz, managing director at Davis + Gilbert Risk Management, caught my attention. The issue, according to Schwartz is that insurers are increasing the number of warranties placed on property policies, whether these are location-specific policies or smaller scheduled locations. |
|
| | |
| | The independent agency channel places 62% of all property-casualty insurance written in the U.S., according to the Big “I" 2022 Market Share Report, which also points to independent agencies' dominance in commercial lines, finding that nearly 88% of all commercial lines written premium is placed by the independent agency channel. |
|
| | |
| | A mural is a very real insurance exposure. One underwriter reported writing $500,000 coverage on an exterior mural. Just for the mural, NOT the building. Just an “average” mural (painted by a local, unknown artist) can cost the building owner between $10 and $20 per square foot. Meaning that even a relatively small mural (20x20) could cost up to $8,000 to have redone. |
|
| | |
| | Within the wording of the commercial property policy’s replacement cost provision there is a 180 day “limitation.” How does this supposed limitation actually apply and to whom does it apply? For whatever reason, some insurance carriers routinely use this supposed limitation incorrectly. |
|
| | |
| | Although May is the National Wildfire Awareness month, June is the month that brings back memories of the two most catastrophic wildfires in Colorado’s history. A hard lesson learned was how poorly coverage was written for many homeowners. |
|
| | |
| | Recent settlements and jury verdicts against property owners and managers hit with premises liability claims continue to climb. Whether your clients own a tavern, a manufacturing plant, manage apartment complexes, or are homeowners, their current liability limits may be insufficient in today’s legal environment. |
|
| | |
| | Understanding the importance of coinsurance and describing it to your clients is important in both personal and commercial lines coverages. This article will explain what coinsurance is, why insurers rely on it and why, considering escalating property values, it is critical that your insureds understand and embrace this concept. |
|
| | |
| | Your team at the Big 'I' Virtual University receives hundreds of questions each year from members wanting help with denied claims, coverage and procedural issues, agency management concerns, and more. Here we intend to build a collection of your most frequently asked questions to help you be better informed. Scroll to the bottom of the page to see our running list. |
|
| | |
| | It’s hard to find and keep great employees. Just when you relax a bit, thinking you’re fully staffed and everyone’s happy, someone gives notice. Or perhaps an applicant you’ve offered to hire ghosts you. Virtually every agency owner we talk to struggles to recruit and retain top talent. Statistics about flight-risk employees are all over the map, from 25% of your workforce looking for new opportunities to much higher predictions. |
|
| | |
| | It's increasingly likely that your next prospect won't look like you. This IA Magazine article explains how to connect with diverse communities and win their business. |
|
| | |
| | Can information inadvertently left on a Certificate of Insurance limit the breadth of protection extended from the policy? The real question is, does a COI alter coverage? |
|
| | |
| | Insurance (or assurance), as we understand the concept today, is more than 700 years old. But what events shaped our modern world of insurance? Following are some interesting facts, myths, and legends that helped mold the current insurance world in America. |
|
| | |
| | Term insurance policies have always been a popular product. The premiums involved seem to make people feel that it is the ideal solution to their insurance needs. The belief is that needed coverage is given at affordable prices. There is little thought given to "initial premiums" versus "future premiums." That is one of the major flaws in this type of insurance. |
|
| | |
| | It may surprise a client to find that the company’s most valuable asset was not insured. This would be especially upsetting for an insured who felt that there was always needed coverage in effect. Property, liability and business income insurance were purchased to eliminate serious losses. What went wrong? Why wasn’t this possible major loss brought to their attention and why wasn’t it insured against? |
|
| | |
| | Download this chart that details workers’ compensation extraterritorial/reciprocity statues by state. |
|
| | |
|
|
| |
Item Audit Detail /_layouts/15/images/GORTL.GIF /vu/newsletter/_layouts/15/AuditingLog/ItemAudit.aspx?ItemId={ItemId}&ListId={ListId} 0x0 0x40000000 ContentType 0x01 300 Compliance Details javascript:if (typeof CalloutManager !== 'undefined' && Boolean(CalloutManager) && Boolean(CalloutManager.closeAll)) CalloutManager.closeAll(); commonShowModalDialog('{SiteUrl}'+
'/_layouts/15/itemexpiration.aspx'
+'?ID={ItemId}&List={ListId}', 'center:1;dialogHeight:500px;dialogWidth:500px;resizable:yes;status:no;location:no;menubar:no;help:no', function GotoPageAfterClose(pageid){if(pageid == 'hold') {STSNavigate(unescape(decodeURI('{SiteUrl}'))+
'/_layouts/15/hold.aspx'
+'?ID={ItemId}&List={ListId}'); return false;} if(pageid == 'audit') {STSNavigate(unescape(decodeURI('{SiteUrl}'))+
'/_layouts/15/Reporting.aspx'
+'?Category=Auditing&backtype=item&ID={ItemId}&List={ListId}'); return false;} if(pageid == 'config') {STSNavigate(unescape(decodeURI('{SiteUrl}'))+
'/_layouts/15/expirationconfig.aspx'
+'?ID={ItemId}&List={ListId}'); return false;}}, null); 0x0 0x1 ContentType 0x01 898 Document Set Version History /_layouts/15/images/versions.gif?rev=40 javascript:SP.UI.ModalDialog.ShowPopupDialog('{SiteUrl}'+
'/_layouts/15/DocSetVersions.aspx'
+ '?List={ListId}&ID={ItemId}') 0x0 0x0 ContentType 0x0120D520 330 Send To other location /_layouts/15/images/sendOtherLoc.gif?rev=40 javascript:GoToPage('{SiteUrl}' +
'/_layouts/15/docsetsend.aspx'
+ '?List={ListId}&ID={ItemId}') 0x0 0x0 ContentType 0x0120D520 350
|
|