| |  | | | Special Feature * Advantages of Big 'I' Membership * Agency Management * Back to Basics * Personal Lines * Commercial Lines * Insurance Laws & Statutes/Coverage Resources |
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| The Foundation for Community Association Research Factbook reported that 52.9% of U.S. housing was built prior to 1979, leading to aging roofs, failing plumbing, and more.
"The habitational market has long been claim-ridden," O'Connor Corrigan says. “High frequency, high severity—you know, the insurance covers accidents that are typically confined to one home, but now imagine it's spreading to your neighbors." Visit this link to listen to this podcast, a highly enlightening 30-minute trip through the challenges of the multi-family housing insurance market. |
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| | Do you want to prioritize diversity, equity, and inclusion for your agency, but aren't sure where to start? The Big "I" Diversity Council is pleased to release a training series for independent agency leaders. The Inclusive Agency Training series includes four-parts that will provide foundational knowledge to better support diversity, equity, and inclusion across an agency force. Participation is not limited to leaders - anyone within a team can complete the training. Sessions are go-at-your-own-pace, a downloadable PDF workbook is available to create your plan of action, and there are opportunities to earn extra credit through recommended readings and videos. This series is free for all Big "I" member agency staff. Register today! |
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| | When can an insurance carrier cancel a policy during the middle of the policy term? Everyone knows and can easily explain cancellation for non-payment, but that’s not the issue. The real problems and misunderstandings seem to flow from the concept of a “change” in risk. How much “change” must there be before the insurance carrier can cancel a policy during the term? |
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| | Banks are required to accept private flood insurance as broad as the NFIP policy per the Biggert-Water Flood Insurance Reform Act of 2012. The problem is, they want the AGENT to certify the flood policy meets the guidelines of the Act. No agent should ever certify something the banks are required to certify. This article explains why. |
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| | Your agency has finally concluded that following up on late-paying and past-due customers is too big an E&O exposure and too expensive and time consuming to continue. You believe it would be in order to contact all of your customers and advise that you are discontinuing this practice. What is your next step? While this is an older article written by two insurance gurus, the same solid advice holds true today. |
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| | Flood insurance is, unusual. A flood policy essentially covers one peril but it is surrounded by many unusual facts and facets that make flood coverage unlike any other. Agents must understand the uniqueness of flood to more effectively present it to clients. |
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| | Vacant land, or what qualifies as vacant land, is a common question for the VU. Two recent “Ask an Expert” questions specific to vacant land indicated the need to address the question again. |
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| | In 2021 according to the Insurance Information Institute (III), almost 24% of losses under homeowners insurance arose from water damage (including freezing-related) claims. From 2017 to 2021, III reports that the average claim severity for water damage claims for homeowners multi-peril policies was $12,514. What if some simple homeowner education could help your insureds prevent or reduce costs arising from water damage claims? Read this article for tips on preventing water damage insurance claims. |
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| | 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. |
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| | Non-BOP business income coverage is written on a coinsurance basis; however, some agents are afraid of coinsurance for a couple reason: 1) they don’t know how to develop the proper coinsurance percentage; and 2) they don’t want to explain the CP 15 15 Business Income Report and Worksheet. Well, there are three alternatives to coinsurance agents can use. One doesn’t save the agent from having to explain the worksheet, and two may not indemnify the insured – but agents do have alternatives. All three are touched on in this article. |
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| | This article from IA Magazine, originally a question through the Big "I" Ask An Expert service, provides information on premises endorsements. |
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| | Does the breath of coverage depend on the inclusion or exclusion of the assumed business name, the DBA? Well, the answer isn’t as clear as you might think. |
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| | This chart details workers' compensation and undocumented workers statutes by state. |
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