| |  | | Special Feature * Advantages of Big 'I' Membership * Homeowners' Insurance * Back to Basics * Commercial Auto * Agency Management * Insurance Laws & Statutes/Coverage Resources
The next edition of Insurance Illustrated will be published on January 6. Happy Holidays from Big "I"! |
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| Insurance Journal's Insurance Carols album is here with hits like "Bundle Your Housetop" and "O Property O Casualty." The album, “Have a Claims Free New Year”, features 10 original tracks, with insurance-themed lyrics to the tune of your favorite Christmas carols. You can use these songs to spread insurance-themed holiday fun and cheer in your office.
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| | Big “I” Markets, featuring Big “I” Eagle Agency, connects member agents with top tier insurance markets. More than 10,000 Big “I” member agencies nationwide have looked to Big “I” Markets to access our affluent homeowner and personal package programs, hundreds of bonds, commercial auto, commercial package policies, community bank package, cyber liability, flood insurance, habitational program, non-standard homeowner, real estate agents E&O, and more. |
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| | An insured’s offer to purchase insurance is made in the form of the application, supposedly completed by the insured. Acceptance flows from the insurance carrier in the form of a policy. Logically, then, the insurance negotiation begins with the application. |
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| | 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. |
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| | Homeowner carriers often have restrictions and capacity limitations for jewelry. Many carriers are not willing to write higher-value jewelry. It can be difficult to find a policy that adequately covers jewelry and offers your client a competitive price. A stand-alone jewelry policy (personal articles floater—PAF) with a carrier that does not report jewelry losses to national databases addresses the jewelry need without impacting the homeowners policy. |
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| | There are two distinct marketplaces in today’s insurance arena: the admitted market – those insurers that are admitted to write insurance business in the state or country where the insured’s property or business is located, and the surplus lines market, which writes coverage that the carriers do not file with the state’s department of insurance before offering coverage. Surplus lines insurers write unusual or hard-to-place risks, including emerging dangers such as active assailant coverage, risks with high loss experience or unusual risk profiles, or where there is limited capacity in that line of business. |
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| | Insurance Services Office (ISO) recently introduced several changes to its Auto Dealer Coverage Form (CA 00 25) with a November 2020 edition date and a proposed effective date of December 1, 2020. These changes are in response to changes in the business auto program, the general liability program and the dissolution of the garage program. |
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| | Insurance Services Office (ISO) recently introduced several changes to the Business Auto Coverage Form (CA 00 01) with a November 2020 edition date and a proposed effective date of December 1, 2020. |
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| | Nuclear verdicts are hitting most insurance sectors, but nowhere is the threat more prevalent than in the trucking industry. From 2010 to 2018, average trucking verdicts over $1 million were up 1,000%. This Burns & Wilcox article details some of the challenges facing trucking companies and their brokers. |
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| | Lawyers can pull information off an internet archive, such as the Wayback Machine, which retrieves assertions agents have made to long-term clients on earlier versions of websites. When used well, a website is an effective consumer marketing tool. But have you thought about it also as an E&O risk? |
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| | Hurricanes and other communal disasters draw public adjusters to the affected areas like sharks to the smell of blood. One public adjuster likened the influx to a pack of wolves stalking prey. Be prepared to advise your clients on the best ways to deal with public adjusters. |
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| | The federal Telephone Consumer Protection Act requires insurance agents to follow best practices outlined in that legislative rule. The Big “I” Agents Council for Technology offers resources that can help agents comply with the legislation and help ensure agents fully document all text conversations they have with their clients. Following some simple best practices can help all your employee capture all communications with your clients in your agency management system, or otherwise document conversations in your agency’s files. |
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| | You can download this ACV Rules and Depreciation of Labor State List for easy reference. Note that not every state has common law, statutory law, or DOI reaction regarding depreciation of labor. Only those states that have addressed the issue are indicated in this reference list. |
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