| |  | | | Special Feature * Advantages of Big 'I' Membership * Personal Lines * Back to Basics * Agency Management * Workers' Compensation * Insurance Laws & Statutes/Coverage Resources |
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| | Many experienced business owners are unaware of their need for a Directors & Officers (D&O) liability policy. According to a white paper on this issue developed by Gallagher, a Chubb study found that 25% of private companies surveyed had a D&O claim in the three years. The average cost of those claims, according to Chubb, was just under $400,000. This article will explain some basics of D&O coverage, private company exposures, and how to help your clients understand their risks. |
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| | The Best Practices survey is conducted by Reagan Consulting and the Big 'I' as a joint initiative and analyzes the performance of the nation's leading agencies to uncover the methods, procedures, techniques, strategies, and business practices they use to achieve superior results. The resulting Best Practices Study establishes benchmarks against which agency performance can be measured and offers guidelines on how to use the study as a tool to help improve operations and maximize potential. All of the Best Practices tools are greats resource for agency managers or principals who are interested in reviewing their operations to enhance agency performance and profitability. |
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| | Your clients may be unaware of the flooding risks they face. A free, online assessment tool pioneered by First Watch Foundation may help your policyholders better recognize their flood risks. |
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| | The National Flood Insurance Program (NFIP) updated its Flood Insurance Manual effective April 1, 2020. Following are links to the updated manual appendices. |
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| | Liability policies, whether the HO, PAP or CGL, respond when the insured is judged to be “legally liable” for the injury or damage. But how is “legal liability” determined? That is the question answered in this short article. |
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| | What does it mean when an adjuster reports that your insured is not “legally liable,” so the carrier will deny the claim. This article explains the basics of legal liability so that you can explain it to your clients. |
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| | Increasingly inclement weather, civil disobedience, electrical grid failures – all these problems can create a nightmare for insurance agents. Not only will these events impact your clients, but your agency’s staff and its agency management system may be unable to handle the flood of incoming calls and email requests for assistance. Every agency needs a disaster plan, and the Big 'I' offers plenty of resources. |
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| | Following a horrific natural disaster, agents must plan on receiving calls from angry insureds. Knowing the angry calls are coming is the first step toward managing them. Storm victims need to feel some level of control to move through and past the “inventory” / “reaction” stage. Knowledge allows a feeling of control. Provide clients as much information as possible – even if it’s news they may not want to hear. Storm victims follow a known pattern of recovery, know the pattern. |
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| | If you have placed coverage with any Bermuda-based carriers, your agency management team should monitor their financial strength. |
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| | Traveling employees create workers’ compensation coverage nightmares; but many agents are unaware of these travelling landmines until after the injury. The problems arise at the junction of two key concepts: 1) Extraterritoriality and 2) Reciprocity. If these two concepts don’t align, serious coverage implications – including no coverage – can exist. |
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| | When employees travel, it's important to know the extraterritoriality and reciprocity statutes in the state where that employee is working. This reference document will help you do just that. |
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| | Constant debate swirls around the difference between independent contractors and employees. It seems that every contractor wants everyone to believe that everyone on the job site is an independent contractor; but we know that’s not true. Use these 17 “tests” to differentiate between a de facto employee and a true independent contractor. |
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| | Every state and the District of Columbia grants insurance carriers an “underwriting period.” Insurance carriers are granted broad authority to cancel a newly-written policy during this statutorily-limited period. |
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